New developments in world steel prices, will domestic prices decrease?

Material prices today, especially world steel prices on the Shanghai exchange turned to increase 48 yuan to 5,081 yuan / ton at the time of the survey at 9:30 am (Vietnam time).

The increase in world steel prices on the Shanghai floor is due to the influence of the complicated development of the Covid-19 wave in China, causing more challenges for domestic steel demand than steel production.

China’s steel production is expected to increase this April, but supply chain disruptions and logistical hurdles across parts of the country could continue to undermine end-user steel demand.

China Iron and Steel Association (CISA) estimated that China’s daily crude steel output in the period March 21 to March 31 increased by 4.9% compared to mid-March to 2.788 million tons/day. .

Steel prices in China are expected to soar next month with an average adjustment of 2.95%, amid rising production costs due to escalating raw material prices.

The leading Chinese steelmaker said that adverse conditions are unlikely to abate as prices of coal, iron ore, nickel and other metals are on the rise due to the war in Ukraine; parallel is the increase in transport costs due to port congestion.

Steel supplies are particularly tight in Asia, as steelmakers from Indonesia, Japan, South Korea and Turkey ship most of their products to Europe in search of higher profits.

In Vietnam market, steel prices of steel brands Hoa Phat Viet Nhat, Viet Italy, Pomina, continued to maintain the same selling price at the peak from mid-March to today (April 19).

In the Northern market, Hoa Phat steel price did not have price adjustment. Specifically, CB240 steel coil stabilized at 18,940 VND/kg; D10 CB300 rebar is priced at 19,040 VND/kg. In the Central region, Hoa Phat Steel has CB240 coil price currently at 18,990 VND/kg; D10 CB300 rebar is priced at 19,090 VND/kg.

The southern market recorded that Hoa Phat steel kept its selling price unchanged for more than 31 days with CB240 coils currently at 18,990 VND/kg; D10 CB300 rebar is priced at 19,090 VND/kg.

Similarly, Vietnam Italy steel price maintained a stable series of days with CB240 coil price currently at 18,890 VND/kg; D10 CB300 rebar line is priced at 18,990 VND/kg.

Viet Duc steel brand has no price fluctuations. With 2 product lines of the company including CB240 steel coil at 18,880 VND/kg; and D10 CB300 rebar is priced at 19,180 VND/kg; In the Central region, Viet Duc steel recorded a stable price with 2 products of the company, including CB240 coil, currently at 18,980 VND/kg; D10 CB300 rebar is priced at 19,280 VND/kg.

VAS steel continues to maintain the same selling price, CB240 coil line is at 18,180 VND/kg; rebar line D10 CB300 is priced at 18,280 VND/kg; In the Central region, VAS steel continued to maintain the highest price in the past 1 month. Currently, CB240 coil line is priced at 18,790 VND/kg; Rebar D10 CB300 reached 18,840 VND/kg.

Vietnam-Japan Steel continued its series of days of stabilizing selling prices, with CB240 coils at 18,820 VND/kg; D10 CB300 rebar is priced at 18,920 VND/kg.

Pomina steel price in the Central region with CB240 coil line was stable at 19,380 VND/kg; and D10 CB300 rebar is priced at 19,580 VND/kg. In the South, Pomina Steel recorded a stable price, with 2 product lines including CB240 coil at 19,430 VND/kg; D10 CB300 rebar is priced at 19,630 VND/kg.