Steel price today May 16: Slight increase again

World steel price today May 16

World steel prices on May 16 recorded a slight recovery, followed by an increase in iron ore prices. However, the increase was limited due to cautious market sentiment after China announced unfavorable credit data.

In the trading session on May 15, the price of rebar for May delivery on the Shanghai Futures Exchange increased by 0.79% to 3,066 yuan/ton. On the Dalian Commodity Exchange, the price of iron ore for May delivery increased by 0.25% to 800 yuan/ton. Meanwhile, the price of iron ore traded on the Singapore Exchange also increased slightly by 0.4 USD to 101 USD/ton.

Market sentiment turned cautious after China released credit data showing new bank loans fell more than expected in April, partly due to the lingering impact of the trade war with the US, which has weakened domestic demand and investment confidence.

In India, demand for iron ore imports has surged. In the first four months of this year, the country imported about 2.88 million tonnes of iron ore, up 76% from the same period last year. Despite having large reserves in the east and south, India still has to import raw material from Oman to supply plants in the west such as in Maharashtra. Major supplies come mainly from Oman and Australia, with JSW Steel being the largest importer, as domestic supplies were disrupted by the prolonged monsoon season in late 2024.

India’s iron ore production is expected to reach a record 289 million tonnes in FY2024–25, up 4.3% YoY. Pellets alone are expected to reach 105 million tonnes, up 5%, driven by steady steel production and domestic capacity expansion. While growth slows in the second half of the year, the trend is likely to continue, driven by demand for pellets in manufacturing.

On the business side, JSW Steel led the way with an output of 27 million tonnes, up 8%. In contrast, AM/NS India saw a 14% drop in output due to a sharp drop of more than 55% in pellet exports. Tata Steel increased its output by 16%, thanks to the commissioning of a new line in Kalinganagar.

Pellet production is forecast to continue to increase in the financial year 2025–2026. However, the key factors influencing the market will be international demand and the trend of adopting energy-saving technology in the steel industry.

Domestic steel price today May 16

In the domestic market, steel prices on May 16 continued to be stable, with no new fluctuations recorded in the three regions of the North, Central and South. Major brands still maintained the same prices for two main product lines: CB240 rolled steel and D10 CB300 rebar.

In the North, Hoa Phat and Viet Duc steel are both priced at VND13,650/kg for both types of steel. Viet Y steel remains at VND13,890/kg, while Viet Sing is also stable at VND13,650/kg. VAS lists slightly lower prices, CB240 rolled steel is VND13,330/kg, and D10 CB300 steel is VND13,380/kg.

In the Central region, Hoa Phat steel maintained the price of VND13,700/kg for both products. Viet Duc steel was slightly higher, reaching VND14,050/kg. VAS sold coil steel at VND13,740/kg and ribbed steel at VND13,790/kg.

In the Southern region, Hoa Phat still maintains the price of VND13,650/kg for both types of steel. VAS supplies CB240 rolled steel at VND13,380/kg, and D10 CB300 steel at VND13,480/kg.

In general, the domestic steel market is maintaining stability in the context of world steel prices showing signs of slight recovery.

Source: https://baoquangnam.vn/gia-thep-hom-nay-16-5-tang-nhe-tro-lai-3154883.html