World market developments
Steel and iron ore prices on international exchanges recorded mixed developments in the trading session on November 22. The Chinese market was under pressure to reduce prices due to concerns about oversupply in the fourth quarter, while domestic construction steel prices continued to remain stable in all three regions.
On the Shanghai Futures Exchange, the December rebar futures price fell 0.66%, or 20 yuan, to 3,017 yuan/ton. Other key steel indexes also recorded declines:
- Steel bars: down 1.01%
- Hot rolled steel coil: down 0.55%
- Steel wire: down 0.42%
- Stainless steel: down 0.45%
In contrast to steel, iron ore futures on the Dalian Commodity Exchange edged up 0.06 percent (0.5 yuan) to 806.5 yuan per tonne. However, on the Singapore Commodity Exchange, iron ore futures for December delivery fell 0.4 US cents to 103.95 US cents per tonne.
The main reason for this decline is due to the market's renewed concerns about oversupply in the fourth quarter, in the context of increasing supply but demand in China showing signs of weakening.
Stable domestic steel market
On November 22, the domestic construction steel market had no fluctuations, selling prices at major factories remained unchanged in all three regions of the North, Central and South. Below is a reference price list at some major brands in the North:
| Trademark | CB240 coil steel (VND/kg) | D10 CB300 rebar steel (VND/kg) |
|---|---|---|
| Hoa Phat | 13,500 | 13,090 |
| Vietnamese-Italian | 13,640 | 12,880 |
| Viet Duc | 13,350 | 12,850 |
| Viet Sing | 13,330 | 12,930 |
| VAS | 13,330 | 12,730 |
Prices in the Central and Southern regions were also maintained similarly. According to distributors, domestic steel prices remained stable thanks to abundant supply, input costs did not fluctuate much and demand from the construction industry did not show signs of a breakthrough in November.
Short-term forecast
Experts predict that domestic steel prices will likely continue to move sideways in the coming time. The market is waiting for clearer signals from international developments as well as the impact of policies to promote public investment at the end of the year.
Source: https://baolamdong.vn/gia-thep-hom-nay-2211-giam-tai-trung-quoc-trong-nuoc-on-dinh-404442.html
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