Steel price today May 22: Under pressure when consumer demand...

World steel prices

At the end of the trading session on May 20, the price of June rebar futures on the Shanghai Futures Exchange decreased by 0.13% (4 yuan) to 3,047 yuan/ton. On the Dalian Exchange, the price of June iron ore futures increased by 0.13% (1 yuan) to 767 yuan/ton. Similarly, the price of May iron ore futures on the Singapore Exchange decreased by 0.09 USD to 100.11 USD/ton.

In China, high temperatures in the north and the rainy season in the south are limiting demand for construction steel, causing steel prices to continue to weaken, according to Shanghai Metals Market.

For EAFs, some steel mills have continued to produce as planned recently, and overall supply remains relatively stable. On the demand side, many areas in southern China have entered the rainy season, while northern China is experiencing widespread high temperatures, hindering construction activities at construction sites.

The decline in consumer demand, coupled with a weakening futures market, has led to sluggish speculative activity. Traders are watching the market cautiously, leading to weak trading. This market trend is expected to continue in the short term, and construction steel prices may continue to decline slightly.

Recently, the British-Australian mining group Rio Tinto predicted that the demand for iron ore in China will stabilize. The company's CEO, Mr. Jakob Stausholm shared at an event.

Mr. Stausholm said the company’s business in China remained strong thanks to steady growth, and iron ore demand in the country increased in the first quarter of this year. He also stressed that iron ore demand from other parts of the world remained stable.

In another development, Japanese steel company Nippon Steel is expected to invest $14 billion in US Steel if the Trump administration approves the acquisition of the company, Reuters reported based on related sources and documents.

According to details outlined in the document, Nippon Steel will invest $11 billion in US Steel's infrastructure by 2028. This includes $1 billion for a new manufacturing site. The investment in the site is expected to increase by another $3 billion in the following years.

The new investment commitment is significantly higher than the original $1.4 billion figure – offered as a last-ditch effort to secure the deal.

Domestic steel prices are stable in all three regions.

In the North, steel prices today recorded slight fluctuations between brands. Hoa Phat Steel is listing CB240 rolled steel at 13,790 VND/kg, D10 CB300 at 13,740 VND/kg.

Viet Y Steel has a higher price with CB240 coil steel at 13,890 VND/kg, while Viet Duc Steel remains lower with D10 CB300 at only 13,350 VND/kg. The lowest price in this area belongs to VAS steel - 13,330 VND/kg for CB240.

In the Central region, steel prices tend to be higher than in the North. Viet Duc Steel has the highest price: CB240 at 14,050 VND/kg and D10 CB300 at 14,000 VND/kg. Hoa Phat Steel and VAS in this region both have prices around 13,740 - 13,840 VND/kg.

In the South, steel prices were stable, with Hoa Phat steel listed at VND13,790/kg for CB240 and VND13,990/kg for D10 CB300. Other brands such as VAS and TungHo had prices ranging from VND13,380 - VND13,750/kg, with no major fluctuations compared to the previous session.

Source: https://baodaknong.vn/gia-thep-hom-nay-22-may-chiu-ap-luc-khi-nhu-cau-tieu-thu-o-trung-quoc-suy-yeu-253273.html