Steel price today 7/6: Strong increase last week

Steel and iron ore prices rose for a second consecutive week on hopes of reform of China's steel industry.

World market

At the end of the trading session on July 4, the price of steel rebar for July delivery on the Shanghai Futures Exchange increased by 0.95% (29 yuan) to 3,078 yuan/ton. On the Dalian Exchange, the price of iron ore for July delivery increased by 6.3% (45.5 yuan) to 768 yuan/ton. Meanwhile, the price of iron ore for July delivery on the Singapore Exchange-SGX decreased by 0.46 USD to 95.89 USD/ton.

Compared to the end of last week, the prices of rebar on the Shanghai Stock Exchange, iron ore on the Dalian Stock Exchange and SGX changed respectively (+2.8%), (+6%) and (+1.4%).

Steel price today 67 Strong increase last week — Specifically, the price of Hoa Phat 's CB240 steel is recorded at 13,430 VND/kg; CB300 steel is at 13,030 VND/kg.

Iron ore futures extended gains late in the week, posting their second straight weekly gain, largely due to improved market sentiment after Chinese officials called for a clampdown on fierce price competition among companies.

Earlier this week, China’s Central Financial and Economic Affairs Commission called for stronger measures to curb excessive price competition in the industry, raising expectations for a new round of supply-side reforms in the oversupplied steel sector that could support steel mills’ profit margins and improve their ability to absorb the price of inputs like iron ore.

Total iron ore inventories at Chinese ports fell 0.15 percent week-on-week to 133.4 million tonnes as of July 4, supporting prices, according to SteelHome data. However, signs of weakening demand due to production controls in Tangshan have somewhat limited the price gains.

Average daily pig iron output also fell 0.6% on the week to its lowest since April 19 at 2.41 million tonnes, according to data from Mysteel.

Meanwhile, the Chinese government’s commitment to industrial restructuring and cutting excess capacity is seen as a positive for the market. The reforms are expected to support mills and smelters amid a prolonged property crisis and rising trade protectionism in major import markets that are dampening steel demand. China’s major producer Baosteel Group forecasts a 50 million tonne drop in national steel output this year.

Domestic market

Domestically, businesses stabilized selling prices. Specifically, the price of Hoa Phat's CB240 steel was recorded at VND13,430/kg; CB300 steel at VND13,030/kg. Meanwhile, at Viet Y Steel, the price of CB240 steel was VND13,530/kg; D10 CB300 steel was VND13,230/kg. Viet Sing Steel recorded VND13,430 and VND13,180/kg, respectively.

Steel prices in the North

According to SteelOnline.vn, Hoa Phat steel brand, with CB240 steel coil line at 13,650 VND/kg; D10 CB300 ribbed steel bar is priced at 13,790 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 13,990 VND/kg.

Viet Duc Steel, with CB240 coil steel line at 13,550 VND/kg, D10 CB300 ribbed steel bar is priced at 13,550 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 13,530 VND/kg; D10 CB300 ribbed steel bar is priced at 13,530 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://baolamdong.vn/gia-thep-hom-nay-6-7-tang-manh-tuan-qua-381326.html