Great pressure on imported steel

Steel prices on the exchange.

Steel prices today, April 20, 2024 - Steel futures for September 2024 delivery on the Shanghai Futures Exchange fell by 11 yuan to 3,599 yuan/ton.

The September DCIOcv1 iron ore contract on China's Dalian Commodity Exchange (DCE) closed 3.07% higher at 874 yuan/tonne ($120.75/tonne), up 4% in more than a month.

Steel prices today, April 20, 2024: Significant pressure from imported steel.

The benchmark SZZFK4 iron ore futures contract for May delivery on the Singapore Exchange (SGX) rose 0.52% to $116.45 per ton, its highest level since March 8, after gaining more than 5% the previous day.

According to analysts at Jinrui Futures, steel demand will increase further with the rapid pace of special bond issuance and further equipment upgrades in the second quarter of 2024.

Some mills have begun stockpiling goods to meet consumer demand during the upcoming May holiday. Iron ore trading volumes at surveyed ports increased by 24.6% from April 16th to 1.15 million tons on April 17th.

According to reports, China's state planning agency said it will push for all newly issued debt-financed projects to begin construction by the end of June, also supporting prices.

Domestic steel market

Steel imports into Vietnam increased sharply in quantity from 2023 to the first few months of 2024. According to the Vietnam Steel Association (VSA), while Vietnam imported approximately 13.33 million tons of finished steel products in 2023, it imported about 1.488 million tons in January 2024 alone. The main steel suppliers to Vietnam include China (67.6%), Japan (9.12%), followed by Taiwan (China), South Korea, and others.

Data from the General Department of Customs also shows that the total import volume of hot-rolled coil (HRC) steel in the first quarter of 2024 is estimated at 3 million tons, 1.5 times higher than domestic production, with imports from China and India increasing dramatically, accounting for up to 75%.

With unprecedented levels of imports, domestic steel production has suffered heavy losses.

According to a survey on Steel Online, steel prices today, April 20, 2024, remain unchanged, specifically:

Steel prices in Northern Vietnam

Hoa Phat steel prices decreased by 100 VND/kg today for both steel lines. CB240 coiled steel fell to 14,040 VND/kg; D10 CB300 ribbed steel bar fell to 14,430 VND/kg.

Viet Y Steel's prices, with CB240 coiled steel decreasing by 100 VND/kg to 14,040 VND/kg; D10 CB300 ribbed steel bars also decreased by 100 VND/kg to 14,540 VND/kg.

Viet Duc Steel's prices for CB240 coiled steel decreased by 100 VND/kg to 13,940 VND/kg, while D10 CB300 ribbed steel bars decreased by 10 VND/kg to 14,630 VND/kg.

Viet Nhat Steel (VJS) prices decreased by 100 VND/kg for the CB240 series, down to 14,110 VND/kg, while the D10 CB300 series remained at 14,310 VND/kg.

Kyoei Vietnam Steel (KVSC) prices for CB240 coil steel decreased by 100 VND/kg to 13,970 VND/kg, and for D10 CB300 ribbed steel bars decreased by 100 VND/kg to 14,270 VND/kg.

Viet My Steel (VAS) prices for CB240 coiled steel remained stable at 14,110 VND/kg, and for D10 CB300 ribbed steel bars remained stable at 14,210 VND/kg.

Steel prices in Central Vietnam

Today, steel prices in Central Vietnam decreased by 100 VND/kg across some brands. Specifically:

Hoa Phat steel prices, with CB240 coiled steel decreasing by 100 VND/kg to 14,040 VND/kg; D10 CB300 ribbed steel bars decreasing by 100 VND/kg to 14,390 VND/kg.

Viet Duc Steel's prices decreased by 100 VND/kg for CB240 coiled steel, down to 14,440 VND/kg; and by 100 VND/kg for D10 CB300 ribbed steel bars, down to 14,750 VND/kg.

Viet My Steel (VAS) prices for CB240 coiled steel remained stable at 14,210 VND/kg; and D10 CB300 ribbed steel bars remained stable at 14,670 VND/kg.

Pomina steel prices, with CB240 coiled steel remaining stable at 14,690 VND/kg; and D10 CB300 ribbed steel bars remaining stable at 15,300 VND/kg.

Steel prices in Southern Vietnam

Steel prices in the South also decreased by 100 VND/kg today. Specifically:

Hoa Phat steel prices, with CB240 coiled steel decreasing by 100 VND/kg to 14,040 VND/kg; D10 CB300 ribbed steel bars decreasing by 100 VND/kg to 14,430 VND/kg.

Pomina steel prices for CB240 coiled steel remained stable at 14,590 VND/kg; D10 CB300 ribbed steel bars remained stable at 15,300 VND/kg.

Viet My Steel (VAS) maintains stable prices for CB240 steel coils at 14,010 VND/kg and D10 CB300 ribbed steel bars at 14,410 VND/kg.

Tung Ho Steel maintains stable prices for its CB240 coiled steel at 14,210 VND/kg and its D10 CB300 ribbed steel bars at 14,510 VND/kg.

This information is for reference only; actual prices may vary depending on the location!

Source: https://congthuong.vn/gia-thep-hom-nay-ngay-2042024-ap-luc-lon-truoc-thep-nhap-khau-315650.html