Steel price today May 29: Down to the lowest level since...

Steel prices and iron ore futures fell for a fourth straight session, while rebar prices fell to their lowest since 2020, due to slowing steel output in China.

World steel prices

At the end of the trading session on May 28, the price of June rebar on the Shanghai Futures Exchange decreased by 0.97% (29 yuan) to 2,961 yuan/ton. On the Dalian Exchange, the price of June iron ore futures decreased by 0.4% (3 yuan) to 744 yuan/ton, recording a decline for 4 consecutive sessions amid increasingly pessimistic prospects for metal consumption in China. Similarly, the price of June iron ore futures on the Singapore Exchange edged up by 0.2 USD to 96.09 USD/ton.

China's crude steel output in 2025 is expected to fall to 968 million tonnes, down 37 million tonnes from 2024, Mark Ferguson, director of metals and mining research at S&P Global Commodity Insights, said at a conference in Singapore yesterday.

According to consulting firm Lange Steel, based on data from the China Iron and Steel Association, the average daily crude steel output of major steel enterprises in May fell 0.3% month-on-month to 2.2 million tonnes/day.

Although Beijing has previously said it would cut crude steel output this year, traders and steelmakers say the cuts are unlikely to be implemented amid improving industry profits.

China's industrial profits accelerated in April, official data showed on May 27, giving policymakers hope that recent stimulus measures are helping to sustain the economy .

The oversupply in the property market has prompted Beijing to signal it may ban developers from selling homes before they are completed – cutting off a key source of financing for companies in the industry. This would add to liquidity pressure on companies, risking large-scale liquidations and removing a key source of demand for the global steel market.

Speculation about upcoming output curbs was further fueled when Baosteel said total mainland output could fall by as much as 50 million tonnes this year.

Prices continued to fall despite measures to stimulate Chinese consumers, including key interest rate cuts and liquidity from the People's Bank of China (PBoC), as well as signals of increased bond issuance.

Domestic steel prices

Steel prices in the North: Hoa Phat steel brand, with CB240 coil steel line at 13,790 VND/kg; D10 CB300 ribbed steel bar is priced at 13,740 VND/kg.

Viet Y Steel brand, CB240 rolled steel line is priced at 13,890 VND/kg; D10 CB300 ribbed steel bar is priced at 13,640 VND/kg.

Viet Duc Steel, with CB240 coil steel line at 13,600 VND/kg, D10 CB300 ribbed steel bar is priced at 13,350 VND/kg.

Viet Sing Steel, with CB240 coil steel, is priced at VND13,690/kg; D10 CB300 ribbed steel is priced at VND13,580/kg.

VAS steel, with CB240 coil steel line at 13,740 VND/kg; D10 CB300 ribbed steel bar is priced at 13,740 VND/kg.

Steel prices in the Central region: Hoa Phat Steel, with CB240 coil steel line, is at 13,840 VND/kg; D10 CB300 ribbed steel bar is priced at 13,790 VND/kg.

Viet Duc Steel, currently CB240 rolled steel is at 14,050 VND/kg; D10 CB300 ribbed steel is priced at 14,000 VND/kg.

VAS steel, CB240 coil steel line is at 13,740 VND/kg; D10 CB300 ribbed steel bar is priced at 13,790 VND/kg.

Steel prices in the South: Hoa Phat Steel, CB240 rolled steel, at 13,790 VND/kg; D10 CB300 ribbed steel is priced at 13,740 VND/kg.

VAS steel, CB240 coil steel line is at 13,740 VND/kg; D10 CB300 ribbed steel bar is priced at 13,840 VND/kg.

Source: https://baodaknong.vn/gia-thep-hom-nay-29-5-giam-xuong-muc-thap-nhat-ke-tu-nam-2020-253942.html