Steel and iron ore prices moved in opposite directions, with Chinese rebar recovering strongly after a slight correction.
World steel prices
At the end of the trading session on July 25, the price of October rebar futures on the Shanghai exchange increased by 1.1% to 3,316 yuan/ton.
Meanwhile, iron ore on the Dalian Commodity Exchange continued to fall 1.11% to 802.5 yuan/ton. However, iron ore prices still rose nearly 1% last week, marking the fifth consecutive weekly gain.
Global steel production fell 5.8% year-on-year to 151.4 million tonnes in June. Crude steel output from the world's top producer and consumer, China, fell 9.2% to 83.2 million tonnes, according to data from the World Steel Association.
China’s total iron ore inventories rose 0.11 percent week-on-week to 131 million tonnes in the week to July 25, according to SteelHome data, suggesting prices remain under pressure.
Steel output, a gauge of iron ore demand, fell 0.1% from the previous week, according to data from consultancy Mysteel.
Meanwhile, the operation of smelters in China improved in the week ending July 25, reaching 83.46%, up 0.31 percentage points from the previous week.
According to data from the China Iron and Steel Association, daily steel output from key enterprises increased 2.1% month-on-month, while inventories increased 3.9%.
In addition, China's steel billet exports hit a record high in the first five months of the year, reaching 4.72 million tonnes, close to the total expected output for the whole of 2024, according to Mysteel.
Although the growth rate of steel demand for the entire manufacturing sector has slowed, the price rally continues, according to brokerage Galaxy Futures.
Market sentiment remained broadly positive this week following an announcement that China will resume construction of the world’s largest hydroelectric dam, helping to support steel prices.
Although the real estate market situation has not shown any signs of improvement and the market is in a seasonal slump, recent stimulus measures could help keep steel prices stable in the short term, according to brokerage Heuxn Futures.
Investors are awaiting the next policy meeting of China's Politburo next week for clues on economic policy, Reuters reported.
In addition, the market is also paying attention to the new round of trade negotiations between the US and China in Stockholm next week.
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-27-7-tang-tro-lai-hon-1-vao-cuoi-tuan-383907.html
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