Iron ore prices continue to fall.

The hot-rolled coil steel market is sluggish.

Steel prices today, April 8, 2024: In Europe, according to Fastmarkets, the European hot-rolled coil (HRC) market remained quiet last week, with low trading volume, but the rate of price decline slowed. Buyers continued to avoid purchasing large quantities, placing only small orders for immediate needs.

Steel prices today, April 8, 2024: On the Singapore Commodity Exchange (SGX), iron ore prices continued to fall by 0.91%, to $96.85 per ton.

Analysts believe that weak demand from major steel-consuming sectors and uncertainty about future price trends are limiting activity in the spot market.

According to data from the European Commission, some import quotas for steel products allocated to “other countries and regions,” including India and China, for the second quarter of 2024 have been exhausted.

Specifically, the allocation of HRC steel quotas for the second quarter of 2024 for “other countries and regions” was 923,594 tonnes, beginning on April 1st, and was fully allocated within just a few days, with 11 tonnes still awaiting allocation as of April 4th.

In the first quarter of 2024, the "other countries and regions" quota with the same volume as above was also fully allocated within just a few days of being announced.

According to data from the European Statistical Agency (Eurostat), in 2023 imports of HRC steel products with HS code group 7208 (including steel plates) increased by 13% compared to 2022. Specifically, imports from Vietnam increased by 181% to 1.13 million tons; from Taiwan (China) increased by 24% to 1.05 million tons; from Egypt increased by 41% to 749,665 tons; and from Saudi Arabia increased by 11% to 103,995 tons.

Domestic steel market prices

In the first week of April, manufacturers continued to adjust the price of construction steel coils downwards by another 100,000 VND/ton. This is the third price reduction for steel coils since the beginning of 2024, bringing the total cumulative reduction to 500,000 VND/ton.

The decline in domestic steel prices this year started earlier than in the past two years; in 2023, the downward trend began in April, and in 2022, it started in May. Meanwhile, in 2021, prices fell in February and March and then rose again from April. Overall, the steel market in recent years has largely deviated from the usual pattern, with unpredictable and difficult-to-forecast fluctuations.

According to a survey on Steel Online, the price of steel today, April 8, 2024, is as follows:

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 at 14,210 VND/kg for its CB240 coiled steel and 14,510 VND/kg for its D10 CB300 ribbed steel bars.

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

Source: https://congthuong.vn/gia-thep-hom-nay-ngay-842024-gia-quang-sat-tiep-da-giam-313401.html