Steel price today January 17: Reversal to increase more than 2.5%

Chinese steel prices reversed to increase more than 2.5% after recording two consecutive declines, with 2024 finished steel exports to South Korea reaching a record high in the past 7 years.

World steel prices

At the close of the session on January 16, the price of the January 2025 rebar futures contract on the Shanghai Futures Exchange (SHFE) increased by 82 CNY/ton (equivalent to 2.56%) to 3,292 CNY/ton, after recording two consecutive declines.

Steel price today 171 Reversal increased more than 25 — Source: Trading Economics.

According to the Korea Iron and Steel Association, South Korea imported 8.77 million tons of steel products from China in 2024, recording the largest shipment volume from China in a year since 2017, (imported 11.53 million tons).

South Korea's imports of steel products from China rose to a seven-year high despite a decline in total steel imports, reflecting China's growing position in the South Korean steel industry.

However, compared to 2023, South Korea's steel imports are still 5.4% lower (at 14.7 million tons) due to the slowing economy .

Last year, Seoul launched an anti-dumping investigation into Chinese and Japanese steelmakers after South Korean companies filed anti-dumping complaints with the Ministry of Trade, Industry and Energy. Industry officials said Chinese steelmakers dumped their products in South Korea at prices 20 percent cheaper for thick plates and 5 to 10 percent lower for hot-rolled plates than those of domestic companies such as POSCO Co. and Hyundai Steel Co.

Rising raw material prices and a weakening local currency are adding pressure on South Korean steelmakers. South Korean steelmakers are hoping that China’s economic stimulus measures will revive steel demand on the mainland and reduce steel exports to South Korea.

In the iron ore market, Port Hedland's iron ore exports totalled approximately 47.6 million tonnes in December 2024, down 1.14 million tonnes (2%) from November. Compared to the same period in 2023, exports fell by 2.3 million tonnes, or a 5% decline.

In this statistic, the export volume of iron ore to China recorded 41.76 million tons (accounting for 88%) in December, an increase of 1.8 million tons (5%) compared to November but a decrease of 1.2 million tons (3%) compared to the same period in 2023.

Port Hedland remains a key iron ore export hub, with China continuing to be the main destination despite fluctuations in trade volumes.

Domestic steel prices

In the domestic market, according to SteelOnline.vn, steel prices remain stable. Specifically, CB240 steel is traded at around 13,640-13,800 VND/kg, while D10 CB300 steel is around 13,700-13,840 VND/kg.

Steel prices in the North

Hoa Phat Steel: CB240 coil steel at 13,690 VND/kg; D10 CB300 ribbed steel at 13,940 VND/kg.

Viet Duc Steel: CB240 rolled steel is priced at VND13,640/kg; D10 CB300 ribbed steel is priced at VND13,940/kg.

VAS Steel: CB240 coil steel remains at 13,600 VND/kg; D10 CB300 ribbed steel is 13,700 VND/kg.

Viet Y Steel: CB240 steel coil costs 13,640 VND/kg; D10 CB300 ribbed steel bar costs 13,840 VND/kg.

Viet Sing Steel: CB240 coil steel costs 13,600 VND/kg; D10 CB300 ribbed steel is 13,800 VND/kg.

Steel prices in the Central region

Hoa Phat Steel: CB240 coil steel at 13,690 VND/kg; D10 CB300 ribbed steel at 13,940 VND/kg.

Viet Duc Steel: CB240 rolled steel costs 13,940 VND/kg; D10 CB300 ribbed steel is 14,340 VND/kg.

VAS Steel: CB240 coil steel price is 13,910 VND/kg; D10 CB300 ribbed steel bar is 13,960 VND/kg.

Pomina Steel: CB240 coil steel is priced at VND14,180/kg; D10 CB300 ribbed steel is priced at VND14,180/kg.

Steel prices in the South