On the trading floor, steel prices recovered after falling for five consecutive sessions, thanks to the latest support for the real estate market and fresh hopes of monetary easing in top consumer China.
The price of steel delivered in February on the Singapore Exchange increased nearly 1% to 134.1 USD/ton, erasing the previous loss. Iron ore prices hit their lowest level in nearly four weeks at $131.50 early in the session.
On the Dalian Commodity Exchange, steel prices for May delivery were unchanged at 976.5 CNY (equivalent to 136.42 USD)/ton, after hitting a three-week low at 952.5 CNY/ton earlier in the session. .
Prices of steelmaking raw materials also recorded increases, with coking coal and coking coal prices increasing by 2.07% and 0.97%, respectively.
Steel prices on the Shanghai futures exchange increased sharply. Rebar price increased by 0.21%, steel coil price increased by 0.4%, stainless steel price increased by 2.45% while steel wire price decreased by 0.65%.
Data from consulting firm Shanghai Metals Market (SMM) shows that expected output of rebar (reinforced steel) at surveyed factories fell 6.5% on month to 9.67 million tons. in January with losses among mills ranging from 100 CNY to 200 CNY/ton.
SMM added that some mills have recently established plans to temporarily reduce output while some others have postponed the resumption of blast furnaces that have been under maintenance since December to prevent losses.
Domestic steel price today
The domestic steel market shows signs of positive recovery. Steel consumption in December 2023 of some brands increased significantly. In 2024, domestic consumption is forecast to grow at nearly 7%.
Many experts believe that this is a good sign. In the coming time, the Government, ministries and branches need to have more breakthrough policies for the real estate market to pull the steel market to strong growth.
Steel prices today January 12, 2024 are specifically as follows:
Today's steel price 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 with CB240 steel coil line increased by 400 VND/kg to 14,040 VND/kg; D10 CB300 rebar steel 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; D10 CB300 steel increased by 300 VND/kg to 14,310 VND/kg.
Viet My Steel (VAS) price increased by 310 VND/kg with CB240 steel coil line to 13,910 VND/kg; D10 CB300 rebar steel increased by 360 VND/kg to 14,210 VND/kg.
Today's steel price 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.
Today's steel price 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 increased by 360 VND/kg to 14,060 VND/kg and with the D10 CB300 rebar steel line increased by 350 VND/kg to 14,410 VND/kg.
Source: Vinanet/VITIC
