MXV-Index falls to lowest level in more than 3 months

(Chinhphu.vn) - According to the Vietnam Commodity Exchange (MXV), world raw material prices fluctuated slightly in yesterday's session. At the close, the MXV-Index fell another 0.15% - extending its decline to the fifth session to 2,154 points.

Iron ore prices near early April peak

At the end of yesterday's trading session, the metal market continued to record a dominant buying force with 6/10 items closing in the green. Of which, the highlight was the price of iron ore, which increased for the third consecutive session with an increase of nearly 1% to 102.47 USD/ton - approaching the highest level since early April.

According to MXV, the increase in iron ore prices was mainly supported by weak supply while inventories continued to decline sharply. In addition, positive developments in the real estate market when new home prices improved across the board became an important driving force for a strong recovery in steel prices in China. This trend has led to a rebound in demand for essential input materials such as iron ore, thereby contributing to supporting ore prices in recent trading sessions.

According to data from steel market research organization Mysteel, the volume of iron ore shipped from ports and mining enterprises in Australia and Brazil in the week from July 28 to August 3 reached only 24.6 million tons, down 2.1 million tons - equivalent to a decrease of nearly 8% compared to the previous week.

At the same time, data from SteelHome showed that as of August 1, iron ore inventories at major Chinese ports were only around 130.3 million tons – the lowest level since late February 2024 and down 14% year-on-year. Since the beginning of the year, inventories of this commodity have been continuously declining, further reinforcing expectations of tight supply, thereby creating momentum for iron ore prices to rise again.

In addition to the supply factor, the iron ore market also received positive signals from the demand side, especially in the real estate sector. According to research by the CIA, in July, the average price of new houses in 100 major Chinese cities increased by 2.6% compared to the same period last year, reaching 16,877 yuan/m² (equivalent to 2,360.5 USD/m²). This development partly reflects the recovering demand in one of the largest steel consuming industries, while strengthening confidence in the future prospects of the iron ore market.

The real estate market's clear recovery in July has become an important support for strong growth in steel prices in China.

In the domestic market, steel prices are still at their lowest level since the beginning of the year after a downward adjustment in early July. Specifically, CB240 coil steel is kept at VND13.23 million/ton, while D10 CB300 rebar is priced at VND12.83 million/ton. However, compared to the same period last year, domestic steel prices still recorded a positive increase, with CB240 steel prices increasing by 4.4% and D10 CB300 steel increasing by nearly 10%.

On the other hand, red covered most agricultural products in yesterday's trading session. In particular, world corn prices continued to plummet, marking a series of three consecutive declines after two days of slight recovery at the end of last week. The adjustment pressure mainly stemmed from high expectations for a bumper crop in both the US and Brazil, in the context of slowing export demand. At the end of the session, corn prices fell 1.42% to 150 USD/ton - the lowest level in the past year.

Source: https://baochinhphu.vn/chi-so-mxv-index-roi-xuong-muc-thap-nhat-trong-hon-3-thang-102250806092222878.htm