Steel prices continue to fall, rebar is the lowest in more than 4 months

Construction iron and steel prices today on the Shanghai Exchange: Steel price today October 2022 delivery on the Shanghai Exchange decreased by 13 yuan to 4,539 yuan/ton at the time of the survey at 9:50 am (Vietnam time).

Rebar futures price in China on May 25 was 4,601 yuan/ton ($691/ton), down 1.5% from the previous day.

Hot rolled coil spot price in China on May 24 was 4,796 yuan/ton ($720/ton), down 1.1% from the previous day.

China’s real estate sales in April fell 38.8% year-on-year. Previously, in March, the decrease was 17.7% compared to the same period in 2021. The sluggish real estate industry contributed to the decline in steel demand.

In the new development, China cut interest rates larger than expected to stimulate the real estate sector – a key to helping the Chinese economy recover in the short term.

Last week, Chinese Premier Li Keqiang said Beijing would accelerate policy adjustments to bring the world’s second-largest economy back to what he called “normal growth”.

Before Mr. Li Keqiang’s statement, it is likely that there will be more stimulus measures in the near future, in the hope that the manufacturing industry will also receive a boost.

Along with signs that Shanghai is beginning to emerge from its strict lockdown, many market participants are expecting the Chinese economy to recover in the second half of the year.

Domestic construction steel price leveled off after two corrections, both due to the downtrend of billet and input material prices. But steel prices still exceed the record level set last year.

According to data of VSA, construction steel price in May decreased by 300,000 – 500,000 VND/ton compared to the end of April, averaging around 18.25 – 18.5 million VND/ton depending on type. Domestic billet price decreased by 500,000 – 800,000 VND/ton to 16.2 – 16.5 million VND/ton. Even, there was a time when the price of steel lost the mark of 18 million VND/ton to 17.8 million VND/ton. In just 3 days, construction steel price 2 times discount.

Steel prices in the South

Today, Hoa Phat brand maintains the same price as CB240 coil at VND 18,010/kg; Rebar D10 CB300 remains the same, priced at 17,560 VND/kg.

Pomina steel brand in the South market, with CB240 coil steel remaining unchanged at 17,510 VND/kg and D10 CB300 rebar being stable at 17,610 VND/kg.

Similarly, Tung Ho steel brand, with CB240 coil price is at 17,810 VND/kg; D10 CB300 rebar is currently priced at 17,360 VND/kg.

Southern steel brand, with CB240 coil steel product, is priced at 17,960 VND/kg; Rebar D10 CB300 remained at the price of 17,810 VND/kg.

Steel prices in the North

Hoa Phat steel brand, with CB240 coil price at VND 18,270/kg; D10 CB300 steel is priced at 17,810 VND/kg.

With Vietnam-Italy steel brand, CB240 steel coil price is high at 18,170 VND/kg. As for D10 CB300 steel, the price was stable at 17,560 VND/kg.

Similarly, Viet Duc steel brand, CB240 coil price is at 18,110 VND/kg. D10 CB300 rebar is priced at 17,610 VND/kg.

Kyoei steel brand, with CB240 coil at VND 18,110/kg; D10 CB300 rebar is priced at 17,610 VND/kg.

Thai Nguyen Steel Company, with CB240 steel coil is priced at 17,960 VND/kg; D10 CB300 steel at the price of 17,710 VND/kg.

American steel brand stabilized CB240 coil price at 17,960 VND/kg; D10 CB300 rebar is priced at 17,810 VND/kg.

Steel prices in the Central region

In the central market, Hoa Phat construction steel brand kept the price unchanged for many consecutive days, with CB240 coil at VND 18,060/kg; Rebar D10 CB300 remains the same, priced at 17,810 VND/kg.

Viet Duc steel brand, CB240 coil line is priced at VND 18,420/kg; Rebar D10 CB300 remains unchanged, currently at 18,060 VND/kg.

Pomina steel brand continues to maintain the same price, with CB240 steel coil priced at 17,810 VND/kg; D10 CB300 steel is at 17,910 VND/kg.