Steel prices surged again

Material prices today 5/17: Steel price today increased to 4,685 yuan/ton

Material prices today May 17: Steel prices today increased to 4,685 yuan/ton on the Shanghai Exchange, up 40 yuan. Iron ore price China’s futures are currently being supported by supply concerns and a drop in port inventories.

Domestic, construction steel price today stood still after domestic steel companies simultaneously reduced about 300-920 VND/kg, down to 18-19 million VND/ton. But steel prices are still above the record level set last year.

Steel prices in the South: Hoa Phat steel brand in the southern market remains high, with CB240 coil being priced at 17,710 VND/kg; and D10 CB300 rebar at 17,560 VND/kg.

Similarly, Tung Ho steel brand kept its selling price unchanged for many consecutive days, with CB240 coil price at 17,810 VND/kg. D10 CB300 rebar is currently priced at 17,360 VND/kg.

Pomina steel brand in the southern market, with CB240 coils priced at 17,510 VND/kg and D10 CB300 rebars at 17,610 VND/kg.

Southern steel brand has stabilized prices, unchanged today. With CB240 steel coil product, the price is at 17,200 VND/kg; and with rebar D10 CB300 is 17,710 VND/kg.

Steel prices in the North: Hoa Phat steel brand still maintains the same selling price of products. CB240 coil is at 17,960 VND/kg; D10 CB300 steel is currently priced at 17,810 VND/kg.

Vietnam-Italy steel brand also has no change in selling price, with 2 products of the company, including CB240 steel coil, priced at 17,860 VND/kg. And D10 CB300 steel is at 17,560 VND/kg. In the past 30 days, Vietnam Italy steel price is at the highest price.

Viet Duc steel brand, currently the price of steel has not been adjusted, still at a high level. With CB240 coil, the price is 17,810 VND/kg and D10 CB300 steel is now at 17,610 VND/kg.

Kyoei steel brand does not change its selling price, two products of CB240 coil and D10 CB300 rebar are priced at VND 17,810/kg and VND 17,610/kg, respectively.

With Thai Nguyen Steel Company, steel price remains the same in the first working day of the week, currently 2 CB240 coil products are priced at 17,960 VND/kg; and with D10 CB300 steel at the price of 17,710 VND/kg.

The US steel brand shows price stability for many consecutive days, currently CB240 coil is still priced at 16,200 VND/kg, while D10 CB300 rebar is priced at 16,220 VND/kg.

Steel prices in the Central region: In the central market, Hoa Phat construction steel remained at the same price, with CB240 coil being priced at 17,760 VND/kg; rebar D10 CB300 at 17,810 VND/kg.

Similarly, Viet Duc steel brand still maintains the same selling price, with CB240 coil line being at 18,110 VND/kg. As for the rebar D10 CB300, the price is 18,060 VND/kg.

Brand Pomina Steel today unchanged price. Currently, CB240 coil product is priced at 17,810 VND/kg; D10 CB300 steel is at 17,910 VND/kg.

In April, construction steel exports only reached 175 thousand tons, a sharp decrease of 44% compared to March. This was due to a slowdown in demand for construction steel.

Previously, construction steel exports in March had a strong breakthrough in March when reaching 313 thousand tons, up 76% over the same period in 2021.

Generally, in 4 months, construction steel exports reached 888 thousand tons, up 42% over the same period in 2021, accounting for 35% of total steel exports.

Explaining this decrease, VSA said that from the end of March until now, consumption demand has increased Construction steel slowdown. Distributors seek to reduce inventory, so the amount of exported goods is much lower than usual. In addition, businesses are also looking for more markets and boosting exports to Cambodia, Hong Kong, Canada, the US…

Data from the Vietnam Steel Association (VSA) shows that, in the first four months of the year, the steel industry produced more than 11.4 million tons of finished steel in general, an increase of more than 2% over the same period in 2021. nearly 10.6 million tons, of which nearly 2.5 million tons were exported (up over 9% compared to last year).

According to VSA, the production capacity of Vietnamese steel enterprises has met the demand for the domestic market. But domestic raw materials only meet 20-30% of production needs, 70-80% of raw materials still depend on imports. So, steel price in Vietnam is almost dependent on world raw material prices.

VNDirect’s May macro update report forecasts that public investment realized this year will increase by 20-30% compared to 2021. But this depends on the price of construction materials, in which steel accounts for a high proportion. whether cooling down and supply chain disruptions improve.

Job steel prices fall will help contractors for traffic infrastructure, public investment or industrial civil construction accelerate construction due to less pressure and difficulties when price of building materials higher. They hope the construction steel discount chain will last longer in the near future to reduce the cost burden. Steel currently accounts for about 20-30% of construction costs of construction contractors in each project.