The domestic steel market on August 2 continued to maintain a stable state, especially the construction steel group. Meanwhile, the prices of iron ore and some other industrial metals continued to face downward pressure due to increasing inventories and not-so-positive signals from China - the world's largest metal consumer.
World metal prices
In the international market, copper prices in the US recorded a slight recovery after a sharp decline on July 31. The September copper futures contract on the Comex exchange increased by 1.1% to $4.4015/pound (equivalent to $9,703.70/ton), while the price on the London Metal Exchange (LME) increased modestly by 0.1% to $9,616/ton. However, pressure on the copper market remained, as inventories at Comex warehouses reached a 21-year high, while inventories at the LME also doubled in July.
The surprise move by the Trump administration to waive 50% import tariffs on refined copper has weighed on prices and raised expectations of capital returning to the U.S. metals market. The Comex-LME spread remains high – though it has narrowed significantly from recent highs – suggesting that short-term volatility remains.
Meanwhile, steel and iron ore prices continued to be under pressure. On the Shanghai Futures Exchange, rebar for April 2026 delivery fell 25 yuan to 3,369 yuan a tonne. Most steel futures contracts were weaker: rebar fell 1.2%, while hot-rolled coil and wire fell 0.6%. Stainless steel was largely unchanged.
September iron ore futures on the Dalian Commodity Exchange (China) fell slightly by 0.19% to 783 yuan/ton (equivalent to 108.60 USD/ton), down 2.1% for the week. On the Singapore Exchange, the same-month futures contract edged up slightly to 100.25 USD/ton but still down nearly 3% from the beginning of the week.
The main reason came from disappointment after the Politburo meeting in July, when no specific stimulus measures were introduced to support the real estate sector - the largest steel consumer in the country. At the same time, China's July PMI index fell to 49.3 points, indicating weakening manufacturing demand.
In addition, raw materials related to the steel production chain such as coking coal and coke fell sharply by 8.88% and 3% respectively on the Dalian exchange.
In other metals, aluminium on the LME fell 0.5% to $2,552 a tonne; zinc fell 1.4% to $2,723 a tonne; lead fell 0.2% to $1,965.50 a tonne. Meanwhile, tin rose 1.1% to a high of $32,970 a tonne and nickel fell 0.5% to $14,855 a tonne.
Domestic steel prices
Domestically, steel prices have not recorded any new adjustments. In the North, Hoa Phat Steel listed CB240 rolled steel at VND13,650/kg and D10 CB300 ribbed steel at VND13,790/kg. Viet Y Steel offered slightly higher prices, at VND13,890/kg and VND13,990/kg, respectively. Meanwhile, Viet Duc kept its prices lower at VND13,550/kg for both types of steel, equivalent to the prices of Viet Sing and VAS, which fluctuated around VND13,580 - VND13,740/kg.
In the Central region, Hoa Phat and VAS steel are listed at 13,530 - 13,790 VND/kg. Notably, Viet Duc steel has the highest price in the region, with rolled steel reaching 14,050 VND/kg.
The Southern region continued to be stable with Hoa Phat coil steel prices at VND13,790/kg and rebar steel at VND13,740/kg. VAS steel was offered at the same price.
Source: https://baolamdong.vn/gia-thep-hom-nay-2-8-thi-truong-the-gioi-nhieu-bien-dong-386155.html
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