Steel price today May 28: Continues to decrease due to concerns about China tightening supply

Steel prices today, May 28: June rebar futures on the Shanghai Futures Exchange continued to fall. Iron ore futures fell for the third consecutive session amid renewed speculation about crude steel output cuts in China.

At the end of the trading session on May 27, the price of June rebar futures on the Shanghai Stock Exchange continued to decrease by 0.6% to 2,990 yuan/ton.

On the Dalian Exchange, iron ore futures for June delivery fell 1.84% to 747 yuan/tonne.

On the Singapore Exchange, iron ore futures for May delivery fell $0.19 to $99.21 a tonne.

Iron ore futures fell for a third straight session amid renewed speculation of crude steel output cuts in China, the top consumer that is facing a persistent supply glut.

China is trying to control the expansion of its steel industry to address the imbalance between supply and demand. China's steel industry faces excess capacity while demand is falling, partly due to the real estate crisis.

Speculation about crude steel production cuts has raised fresh concerns in the iron ore market, especially after unofficial reports that some mills in Shandong have reduced output.

China's industrial profits improved in April, showing signs of economic recovery.

In the US, metallurgical enterprises reduced imports of rolled steel products (1.61 million tons, down 11.8%) and total steel imports (2.07 million tons, down 17.1%) in April 2025 compared to the previous month. The main imported products are listed.

In the first four months of the year, the US reduced imports of rolled steel products (5.1%) and total steel imports (4.4%) compared to the same period in 2024. The main imports came from Canada, Brazil, and Mexico.

Domestically, businesses keep steel prices stable. Hoa Phat 's CB240 steel price is recorded at 13,790 VND/kg, CB300 is 13,740 VND/kg. Viet Duc Steel has CB240 price at 13,600 VND/kg, D10 CB300 at 13,350 VND/kg. Viet Sing Steel quotes CB240 price at 13,690 VND/kg, D10 C300 at 13,580 VND/kg.

Source: https://baoquangnam.vn/gia-thep-hom-nay-28-may-tiep-da-giam-truoc-lo-ngai-trung-quoc-siet-nguon-cung-3155645.html