Steel prices today January 10, 2024: The domestic market has positive signals, thanks to which Hoa Phat Group's construction steel consumption reached its highest level in the past 20 months.
Steel price today January 10, 2024 on the trading floor
Steel price today January 10, 2024: Steel price delivered in May 2024 on the Shanghai Exchange decreased 18 yuan to 3,826 yuan/ton.
On Monday (January 8), iron ore futures fell for the third consecutive session, to their lowest level in a week, as some investors canceled long positions to take profits amid demand and Steel profit margins decreased, according to Reuters.
May iron ore futures contracts on China's Dalian Commodity Exchange (DCE) closed 1.1% lower at 992.5 yuan/ton (equivalent to $138.65 USD). /ton), lowest since January 2.
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| The domestic steel market has more positive signals |
Standard iron ore price for February delivery on the Singapore Exchange (GSX) decreased 0.71% to 137.6 USD/ton, also hitting the lowest level since January 2.
Other steelmaking components on the DCE also reported losses, with DJMcv1 coking coal and DCJcv1 coking coal down 4.54% and 2.62%, respectively.
Falling raw material prices have pushed benchmark steel prices down on the Shanghai Futures Exchange. Accordingly, rebar SRBcv1 decreased by 1.43%, hot rolled steel coil SHHCcv1 decreased by 1.34%, steel bar SWRCcv1 decreased by 0.77% and stainless steel SHSScv1 decreased by 0.58%.
“Hot metal output is expected to hover at relatively low levels with many mills still operating at a loss, which will weigh on iron ore demand,” said analysts at Soochow Futures.
Hoa Phat's construction steel consumption reached its highest level in 20 months
In December 2023, Hoa Phat Group produced 648,000 tons of crude steel, an increase of 4% compared to the previous month. Sales of hot rolled coil (HRC) steel products, construction steel and steel billets reached 760,000 tons, an increase of 7%. Of which, construction steel and high quality steel were 462,000 tons, an increase of 13% compared to the previous month.
In the last month of the year, construction steel and high quality steel of all types recorded the highest level in the past 20 months. The domestic market, including the civil sector and public investment projects, has shown more positive signs after a long period of quiet. Hoa Phat construction steel products have been used in Long Thanh international airport project, Dien Bien airport expansion, Tan Son Nhat airport renovation project, North-South expressway,...
For export markets, Hoa Phat exported 113,000 tons of construction steel and high quality steel to make wire rods and welding rod cores. The steel export market includes 30 countries and territories such as Canada, Korea, Japan, Singapore, Australia, and Sri Lanka.
Cumulatively for the whole year of 2023, Hoa Phat Group has produced 6.7 million tons of crude steel, down 10% compared to 2022. Sales volume of HRC steel products, construction steel, high quality steel and steel billet reached 6.72 million tons, down 7%.
According to the Vietnam Steel Association, in 2024, steel production and consumption can reach 29 million tons and 21.67 million tons, up 6.7% and 7.4% respectively compared to 2023.
After the upward adjustment period, today's steel price on January 10, 2024 is specifically as follows:
Steel price today in the North
Hoa Phat steel price today with CB240 steel coil line increased by 200 VND/kg to 14,140 VND/kg; D10 CB300 rebar steel increased by 290 VND/kg to 14,530 VND/kg.
Vietnam-Italy steel price, with CB240 steel coil line, increased by 270 VND/kg to 14,140 VND/kg; D10 CB300 rebar steel increased by 370 VND/kg to 14,540 VND/kg.
Viet Duc steel price for CB240 steel coil line increased by 400 VND/kg to 14,040 VND/kg, D10 CB300 rebar steel price increased by 300 VND/kg to 14,640 VND/kg.
The price of Viet Nhat Steel (VJS), with the CB240 steel line increased by 300 VND/kg to 14,210 VND/kg, with the D10 CB300 steel line increased by 300 VND/kg to 14,310 VND/kg.
The price of Viet My Steel (VAS) increased by 310 VND/kg with the CB240 steel coil line to 13,910 VND/kg, with the D10 CB300 rebar steel line increasing by 360 VND/kg to 14,210 VND/kg.
Steel price today in the Central region
Hoa Phat steel price, with CB240 steel coil line, increased by 200 VND/kg to 14,140 VND/kg; D10 CB300 rebar steel increased by 150 VND/kg to 14,490 VND/kg.
Viet Duc steel price, with CB240 steel coil line, increased by 400 VND/kg to 14,540 VND/kg; D10 CB300 rebar steel increased by 100 VND/kg to 14,850 VND/kg.
The price of Viet My Steel (VAS), with the CB240 steel coil line, increased by 200 VND/kg to 14,210 VND/kg; D10 CB300 rebar steel is stable at 14,260 VND/kg.
Pomina steel price, with CB240 steel coil line, is stable at 14,890 VND/kg; D10 CB300 rebar steel is stable at 15,300 VND/kg.
Steel price today in the South
Hoa Phat steel price, with CB240 steel coil line, increased by 190 VND/kg to 14,140 VND/kg; D10 CB300 rebar steel increased by 280 VND/kg to 14,530 VND/kg.
Pomina steel price, with CB240 steel coil line, increased by 200 VND/kg to 14,790 VND/kg; D10 CB300 rebar steel increased by 310 VND/kg to 15,300 VND/kg.
Viet My Steel (VAS), with CB240 steel coil line increased by 360 VND/kg to 13,960 VND/kg; D10 CB300 rebar steel increased by 410 VND/kg to 14,260 VND/kg.
Tung Ho steel, with the CB240 steel coil line increasing by 360 VND/kg to 14,060 VND/kg, with the D10 CB300 rebar steel line increasing by 350 VND/kg to 14,410 VND/kg.
Duy Anh.
