Steel prices today recorded a flat trend in the domestic market as major brands such as Hoa Phat and Mien Nam did not make any moves to adjust their selling prices. Meanwhile, the international market fell across the board due to concerns over increased supply.
World market
At the close of trading on July 24, the October rebar contract on the Shanghai Futures Exchange recorded a slight decrease of nearly 0.1%, falling to 3,280 yuan per ton. At the same time, the iron ore futures price on the Dalian Commodity Exchange also fell 0.87% to 800.5 yuan per ton.
Signs of increased supply have weakened iron ore prices on the Dalian exchange, according to ANZ analysts, Hellenic Shipping News Worldwide.
Brazilian miner Vale reported a 3.7% year-on-year increase in second-quarter iron ore output, while Australia's Fortescue also posted record iron ore exports in the fourth quarter at lower costs, beating analysts' expectations.
According to data from the China Iron and Steel Association, daily steel output of key enterprises increased 2.1% month-on-month, while inventories increased 3.9%.
Meanwhile, China’s steel billet exports from January to May hit a record high of 4.72 million tonnes – almost equal to the total for the whole of 2024, according to data from consultancy Mysteel.
However, market sentiment remained positive this week after China announced plans to build the world’s largest hydroelectric dam – a factor supporting steel prices.
Other steelmaking raw materials on the DCE rose sharply during the session. Specifically, coking coal prices NYMEX:ACT1! increased 7.97% and coke prices (DCJcv1) increased 1.97%.
China’s continued tightening of coal output in key mining hubs is raising expectations of a deeper supply-demand imbalance, contributing to maintaining bullish sentiment in the market, Mysteel Global said.
On the Shanghai Futures Exchange, steel product prices were mixed. Rebar RBF1! and hot-rolled coil EHR1! rose about 0.35%; while stainless steel HRC1! fell 0.08% and round coil SWRcv1 fell 1.22%.
Domestic market
Domestic construction steel prices remain stable as large manufacturing enterprises have not made any adjustments.
Accordingly, Hoa Phat steel prices today remain unchanged compared to recent sessions, with CB240 rolled steel remaining at 13,230 VND/kg, while D10 CB300 rebar steel continues to be maintained at 12,830 VND/kg.
For other brands, the selling price has not fluctuated much. Viet Y Steel currently lists CB240 rolled steel at 12,520 VND/kg and D10 CB300 at 13,130 VND/kg. Similarly, Viet Duc Steel maintains the price of CB240 at 12,440 VND/kg and D10 CB300 at 13,050 VND/kg. Viet Sing Steel also has no change, with CB240 price kept at 13,130 VND/kg and D10 CB300 at 12,930 VND/kg.
In the high-end segment, Promina continues to maintain its leading position in terms of selling price, with CB240 coil steel reaching VND14,440/kg and D10 CB300 ribbed steel reaching VND14,290/kg.
Notably, Southern steel prices are still among the highest in the market. The price of CB240 steel of this brand is maintained at 14,210 VND/kg, while D10 CB300 continues to be stable at 14,410 VND/kg.
Source: https://baolamdong.vn/gia-thep-hom-nay-26-7-tiep-tuc-di-ngang-trong-nuoc-383781.html
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