Steel and iron ore prices continued to rise sharply after China announced the construction of a giant dam in Tibet. Domestically, construction steel prices at enterprises were stable, fluctuating between VND12,520 and VND13,580 per kg.
World steel prices
At the end of the trading session on July 23, the price of October rebar futures on the Shanghai Futures Exchange increased by 1.78% to 3,264 yuan/ton. On the Dalian Commodity Exchange, the price of iron ore continued to increase by 0.28% to 98.11 USD/ton.
Iron ore prices rose 3.55% over the past month, but are still 8.98% lower than a year ago.
China has announced that construction of the world's largest hydroelectric dam has begun, a project expected to require three to four times more steel than the 22,000 MW Three Gorges Dam - currently the world's largest hydroelectric power plant, according to Bloomberg and Reuters.
Atilla Widnell, managing director at Navigate Commodities in Singapore, said the iron ore and rebar markets were reacting positively to the announcement of the giant dam project.
The dam's construction will significantly benefit local steel markets and could attract construction-quality steel from all over China, especially as the project is three to four times larger than the Three Gorges Dam, Atilla added.
In another development, Japan has launched an anti-dumping investigation into cold-rolled nickel-based stainless steel sheets and coils from China and Taiwan.
The investigation is based on a complaint filed in May by Nippon Steel and other Japanese manufacturers, Japan's Ministry of Economy, Trade and Industry and the Ministry of Finance said on July 22.
Domestic companies say cheap imports have forced them to cut prices as domestic demand weakens. They also say they are unable to reflect rising costs in their prices, leading to lower operating profits and financial losses.
Steelmakers said imports are being sold in Japan at 20% to 50% lower prices than in China and 3% to 20% lower than in Taiwan.
Japan is expected to complete the investigation within a year and will decide then whether to impose anti-dumping duties.
The incident comes as China's steel production and exports attract global attention.
Many countries have accused China of subsidizing steel producers, allowing them to produce more and sell it abroad at low prices. Many countries have taken trade measures to counter it, but Japan has yet to take similar steps.
Tadashi Imai, chairman of the Japan Iron and Steel Federation and president of Nippon Steel, has warned that Japan could face more cheap imports if other countries continue to block Chinese steel.
Domestic steel prices
Updated from SteelOnline.vn, steel prices in the Northern, Central and Southern regions are stable, currently steel prices fluctuate from 12,520 - 13,580 VND/kg for products such as CB240 and D10 CB300.
In the North: Viet Duc Steel: CB240 rolled steel at 13,050 VND/kg; D10 CB300 ribbed steel bar at 12,440 VND/kg. Hoa Phat Steel: CB240 rolled steel at 13,230 VND/kg; D10 CB300 ribbed steel bar at 12,830 VND/kg. Viet Sing Steel: CB240 rolled steel at 13,130 VND/kg; D10 CB300 ribbed steel bar at 12,930 VND/kg.
Viet Y Steel: CB240 steel coil price 13,130 VND/kg; D10 CB300 ribbed steel bar price 12,520 VND/kg. VAS Steel: CB240 steel coil price 13,130 VND/kg; D10 CB300 ribbed steel bar price 12,730 VND/kg.
In the Central region: Viet Duc Steel: CB240 coil steel is priced at 13,550 VND/kg; D10 CB300 ribbed steel is priced at 13,500 VND/kg. Hoa Phat Steel: CB240 coil steel is priced at 13,230 VND/kg; D10 CB300 ribbed steel is priced at 12,830 VND/kg. VAS Steel: CB240 coil steel is priced at 13,230 VND/kg; D10 CB300 ribbed steel is priced at 13,730 VND/kg.
In the South: Hoa Phat Steel: CB240 coil steel is priced at VND13,230/kg; D10 CB300 ribbed steel is priced at VND12,830/kg. VAS Steel: CB240 coil steel is priced at VND13,130/kg; D10 CB300 ribbed steel is priced at VND12,730/kg. TungHo Steel: CB240 coil steel is priced at VND13,030/kg; D10 CB300 ribbed steel is priced at VND12,530/kg./.
Source: https://baolamdong.vn/gia-thep-hom-nay-24-7-tiep-da-tang-manh-gan-2-383468.html
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