Iron ore prices rise to 2-week high, domestic steel stable

World price developments: Iron ore leads the increase

In the international market, iron ore futures prices rose to a two-week high on November 18, mainly due to expectations of new economic stimulus packages from China and signs of improvement in short-term demand. This development has positively impacted the prices of other steel products.

Specifically, the January iron ore contract on the Dalian Commodity Exchange (DCE) increased by 1.81% to 788.5 yuan/ton (equivalent to 110.97 USD/ton), the highest level since November 3. Similarly, the December benchmark iron ore price on the Singapore Exchange (SGX) also increased by 1.57% to 104.2 USD/ton, the highest level since November 4.

Steel and iron ore prices in international and domestic markets. — Illustration photo/TL

The rise in raw materials has supported finished steel prices. On the Shanghai Futures Exchange (SHFE), the price of rebar for delivery in July 2026 rose 10 yuan to 3,160 yuan/ton. Other products also recorded gains: steel bars rose 1.64%, hot-rolled coil rose 1.57%, and wire rod rose 0.52%.

Cause from Chinese market

The main driver for the price recovery comes from expectations that the Chinese government will soon roll out new stimulus measures at a Politburo meeting in December, after a series of recent economic data showed challenges ahead even as the economy remains on track to hit its growth target of around 5%.

Meanwhile, actual iron ore demand unexpectedly improved. Average daily hot metal output, a gauge of iron ore demand, rose 1.1% week-on-week to 2.37 million tonnes as of November 13, ending a six-week decline, according to brokerage Zhenxin Futures. However, the price rally was still limited by pressure from port inventories and rising exports.

Domestic steel market remains stable

In contrast to the fluctuations of the world market, domestic construction steel prices on November 18 did not record any changes, continuing to move sideways in all three regions. According to distribution enterprises, the main reason is due to abundant supply, stable input costs and demand from the construction industry showing no signs of breakthrough in November.

In the short term, domestic steel prices are forecast to remain stable, awaiting clearer signals from the international market and policies to promote public investment at the end of the year.

Reference steel price list at some major brands:

Trademark	Product	Price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 rebar steel	13,090
Vietnamese-Italian	CB240 steel coil	13,640
Vietnamese-Italian	Rebar	12,880
Viet Duc	CB240 steel coil	13,350 - 13,650
Viet Duc	Rebar	12,850 - 13,050
VAS	CB240 steel coil	13,130 - 13,430
VAS	Rebar	12,730 - 12,830