Steel prices are still volatile

Steel price for October delivery today on the Shanghai Exchange increased by 20 yuan to 4,769 yuan/ton at the time of the survey at 10:00 am (Vietnam time).

Yesterday the market recorded iron ore price Futures in Asia fell as traders worried about high prices denting steel mills’ profit margins while Chinese demand for the steelmaking raw material fueled an earlier rally.

On the Dalian Commodity Exchange, China’s September iron ore delivery ended in daytime trading 0.6 percent lower at 928.50 yuan ($139.32) a tonne, after when it hit a 10-month high.

The most actively traded iron ore contract in July on the Singapore Exchange fell 0.2 percent to $143.55 a tonne.

The prolonged price increase of iron ore ended in the first session of the week, bringing price of raw materials for steel production in China to a six-week high of $144.50 a tonne following Beijing’s pledge to support the struggling domestic economy.

Moves by China’s top steelmaker to ease Covid-19 restrictions have fueled a price rally while shrinking stockpiles of imported iron ore at Chinese ports.

However, high raw material steel prices are increasing challenges for mills as demand has not yet increased strongly after weeks of shutdown and China is determined to limit steel production this year.

“Short-term iron ore demand has been stronger than expected, but downstream steel mills profitability has been weak,” said Sinosteel Futures analysts.

China’s crude steel output falls in 2021 for the first time in six years, after hitting a record in 2020 as the country ramps up efforts to curb emissions

On the Shanghai exchange, rebar prices fell 1.2% and hot rolled coil fell 1.1%, but stainless steel increased 0.2%.

On the Dalian Commodity Exchange, coking coal fell 0.5% and coke fell 0.1%.

Domestic steel price continues to decrease by more than 300,000 VND/ton for the 5th time

In the country, many steel enterprises lower prices of steel products from the afternoon of 6/6 and is the 5th consecutive decrease in more than 3 weeks.

Hoa Phat in the North decreased by 300,000 VND/ton for CB240 and D10 CB300 steel, down to 16.95 million VND/ton and 17.51 ​​million VND/ton. In the South, the prices of these two types also decreased by 300,000 VND/ton, down to 16.95 million VND/ton and 17.41 million VND/ton.

With the Vietnam-Italy steel brand, CB240 and D10 CB300 are respectively VND 300,000/ton and VND 310,000/ton down to VND 16.92 million/ton and VND 17.42 million/ton, respectively.

With Viet Duc in the North, CB240 and D10 CB300 were adjusted to VND 16.82 million/ton and VND 17.47 million/ton, respectively, with a decrease of VND 300,000-310,000/ton, respectively.

Southern steel also reduced the same level for the above two types of steel. From 6/6, the price of CB240 and CB300 is 17.36 million VND/ton and 17.76 million VND/ton.

Pomina Steel also reduced 300,000 VND/ton for CB240 and CB300. After adjustment, the prices of the two types above remained at VND 17.76 million/ton and VND 17.96 million/ton.

From 11/5, steel companies have 5 consecutive price cuts with a total reduction of more than 2 million VND/ton. Specifically, Hoa Phat’s CB240 and CB300 in the North decreased by VND 2.04 million/ton and VND 1.58 million/ton, respectively. Along with the above two types, Vietnam Italy steel decreased by 1.97 million VND/ton and 1.57 million VND/ton, respectively.

Steel prices in the North: According to SteelOnline.vn, Hoa Phat steel brand adjusted down 300 dong, with 2 of its products including CB240 coil to 16,950 dong/kg; D10 CB300 rebar is priced at 17,510 VND/kg.

Similarly, Vietnam Italy Steel, with CB240 coil, also adjusted down 300 dong to 16,920 dong/kg; rebar line D10 CB300 reduced by 310 VND, currently priced at 17,420 VND/kg.

Viet Duc steel brand today 6/6 adjusted its selling price, CB240 coil line decreased by 300 VND to 16,820 VND/kg; and D10 CB300 rebar reduced by 310 dong, priced at 17,470 dong/kg.

VAS steel, currently 2 of its products, including CB240 coil, decreased by 310 VND, currently at 16,660 VND/kg; rebar line D10 CB300 reduced by 300 dong, priced at 16,770 dong/kg.

Vietnam Japan Steel adjusted down 300 dong, with CB240 coil at 16,870 dong/kg; D10 CB300 rebar is priced at 17,070 VND/kg.

Viet Sing Steel, with CB240 coils down 310 VND, to 17,000 VND/kg; rebar line D10 CB300 reduced by 310 VND, priced at 17,200 VND/kg.

Steel prices in the Central region: Hoa Phat Steel in the Central market decreased by 300 dong, currently CB240 coil is at 16,900 dong/kg; D10 CB300 rebar is priced at 17,410 VND/kg.

Viet Duc Steel has adjusted its selling price, CB240 coil is priced at 17,070 VND/kg and D10 CB300 rebar is at 17,470 VND/kg.

VAS steel adjusted down with 2 of its products, currently CB240 coil is at 16,970 VND/kg; D10 CB300 rebar is priced at 17,020 VND/kg.

Pomina Steel reduced selling price, with CB240 coil line down to 17,760 VND/kg; and D10 CB300 rebar is priced at 17,960 VND/kg.

Steel prices in the South: Hoa Phat Steel is down 300 dong from yesterday, with CB240 coil now at 16,950 dong/kg; D10 CB300 rebar is priced at 17,510 VND/kg.

Pomina Steel lowered its selling price, with CB240 coil line down 300 dong to 17,510 dong/kg; Rebar D10 CB300 reduced by 310 VND, priced at 17,910 VND/kg.

VAS steel, with CB240 coil line today 6/6 down 310 VND, down to 16,660 VND/kg; Rebar D10 CB300 reduced by 300 VND, priced at 16,770 VND/kg.

Tung Ho Steel has cooled down its selling price, with CB240 coils priced at 16,950 VND/kg; D10 CB300 rebar is currently priced at 17,150 VND/kg.