Steel price today April 29, 2025: Slight increase again

Steel prices on April 29 increased slightly again, the market is still struggling

World steel prices rose slightly in the trading session on April 28. On the Shanghai Stock Exchange, rebar for May delivery rose 0.86% to 3,060 yuan/ton. However, iron ore prices on the Dalian Stock Exchange fell 0.72% to 758 yuan/ton, while ore prices on the Singapore Stock Exchange rose slightly by 0.16 USD to 98.41 USD/ton.

The market is closely watching China’s moves following reports that the country may cut crude steel production by 50 million tonnes this year. The production cuts could boost steel prices but also put pressure on raw material costs.

Baoshan Iron & Steel Group, China's largest steelmaker, said production cuts were likely but not expected in April or May.

According to the first quarter 2025 report, Baosteel is expected to produce 52.61 million tons of steel and 48.79 million tons of pig iron for the whole year, with 12.85 million tons of steel and 11.55 million tons of pig iron completed in the first quarter alone.

The company also recorded 1.55 million tons of export orders in the first quarter. Total steel exports in 2024 reached 6.07 million tons, up nearly 4% year-on-year.

If crude steel output falls below 50 million tons this year compared to 2023, China’s domestic steel supply and demand could return to equilibrium, Wu Wenzhang, chairman of consultancy Steelhome, said. However, steel consumption in 2024 could fall by about 30 million tons, while exports are also expected to fall by 15 to 25 million tons.

Global markets are also being affected by mixed signals from the US and China regarding trade negotiations. On April 27, US Treasury Secretary Scott Bessent denied President Trump’s claim that the two sides were in talks. Beijing also confirmed that no negotiations were taking place.

Update domestic steel prices

In Vietnam, construction steel prices remain stable in many businesses. Hoa Phat 's CB240 steel is sold at VND13,550/kg, while CB300 steel is VND13,600/kg.

In Viet Sing, CB240 steel remains at VND13,450/kg and D10 CB300 at VND13,650/kg. Viet Duc Steel quotes D10 C300 at VND13,740/kg, while CB240 steel is at VND13,500/kg.

Source: https://baoquangnam.vn/gia-thep-hom-nay-29-4-2025-tang-nhe-tro-lai-3153877.html