Steel price today November 16: Iron ore increases, Shanghai steel slightly decreases

Iron ore futures edged up on signs of short-term demand, while Shanghai rebar prices fell. In the domestic market, major players kept prices steady.

World market developments

At the end of the trading session on November 14, the prices of steel and iron ore on the world market recorded mixed developments in the context of investors facing inconsistent economic signals from China.

On the Shanghai Futures Exchange (SHFE), the December rebar contract fell 0.13 percent, or 4 yuan, to 3,007 yuan a tonne. Meanwhile, on the Dalian Commodity Exchange (DCE), the January iron ore contract rose 0.26 percent to close at 772.5 yuan a tonne (US$108.45 a tonne). On the Singapore Exchange (SGX), the December iron ore contract fell 0.20 to US$102.59 a tonne.

Compared with the same period last year, Shanghai rebar prices fell 0.5%, while Dalian iron ore prices rose 0.9% and Singapore prices fell 1.3%.

Factors affecting the market

The market is torn between positive and negative factors. Sentiment is partly supported by data showing better-than-expected short-term demand. Specifically, average daily hot pig iron production increased 1.1% from the previous week to a three-week high of 2.37 million tonnes, according to data from consultancy Mysteel.

However, the rally was hampered by a series of weak data from China’s property sector, the biggest steel consumer. New home prices fell at their fastest pace in a year in October. Other key indicators such as property investment and construction starts continued to decline. In addition, new credit from Chinese banks fell sharply and less than expected in October.

Market outlook

Analysts said the market is expecting Beijing to announce new economic stimulus packages at a Politburo meeting scheduled for late December. However, experts at brokerage Jinrui Futures said the upside momentum will be limited due to rising supply and a seasonal trend of weak demand as cold weather affects construction activities.

Domestic steel market

In Vietnam, the domestic construction steel market remains stable. Major enterprises did not adjust their selling prices in today's trading session.

Domestically, businesses stabilize construction steel prices.

Reference price list of construction steel on November 16

Trademark	Steel type	Price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 ribbed steel bar	13,090
Viet Duc	CB240 steel coil	13,350
Viet Duc	D10 CB300 ribbed steel bar	12,850
Pomina	CB240 steel coil	14,440
Pomina	D10 CB300 ribbed steel bar	14,290
VJS	CB240 steel coil	13,230
VJS	D10 CB300 ribbed steel bar	12,830

Source: https://baolamdong.vn/gia-thep-hom-nay-1611-quang-sat-tang-thep-thuong-hai-giam-nhe-403094.html