Steel price today 11/9: World fluctuates, domestic remains stable

Mixed developments in global markets

At the end of the weekend trading session, the prices of iron and steel products on the world market recorded an inconsistent trend of fluctuations. Although steel prices have slightly recovered, iron ore prices continue to be under downward pressure due to weak demand and production cut policies in China.

Specifically, on the Shanghai Futures Exchange (SHFE), the price of steel rebar for December delivery increased by 0.33%, equivalent to 10 yuan, to 3,022 yuan/ton. However, for the whole week, the price of this item decreased by 2.2%.

Meanwhile, on the Dalian Commodity Exchange (DCE), the January 2026 iron ore futures contract fell 1.87% to 760.5 yuan/ton (about 106.77 USD/ton), recording a decrease of 3.95% for the week. On the Singapore Exchange (SGX), the December iron ore futures contract also fell 2.64 USD, closing at 103.91 USD/ton.

Pressure from the Chinese market

According to Reuters, the main reason for the pressure on iron ore prices is the weakening demand for steel along with production cuts in China. ANZ analysts said that Beijing is trying to solve the problem of overcapacity in many industries, including the steel industry, to control the risk of deflation.

Data from SteelHome also confirmed a significant drop in steel output after blast furnaces in key northern China production areas cut operations. Brokerage firm Galaxy Futures forecast that iron ore prices will remain under pressure as steel demand has not shown any clear signs of improvement in the fourth quarter, amid year-on-year declines in consumption in the real estate, infrastructure and manufacturing sectors.

In Europe and South America, steelmakers are calling on governments to take protectionist measures against the influx of cheap steel from China. The Latin American Steel Association (ALACERO) said Chinese steel exports to the region have increased 233% in the past 15 years, threatening domestic production.

Stable domestic steel market

In contrast to the fluctuations of the world, the domestic construction steel market maintains a stable price state. Large enterprises have not adjusted their listed prices.

Domestic construction steel prices remain stable amid volatile world market. — Domestically, businesses stabilize construction steel prices.

Reference price list of construction steel on November 9:

Trademark	Steel type	Unit price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 rebar steel	13,090
Viet Duc	CB240 steel coil	13,350
Viet Duc	D10 CB300 rebar steel	12,850
Pomina	CB240 steel coil	14,440
Pomina	D10 CB300 rebar steel	14,290
VJS	CB240 steel coil	13,230
VJS	D10 CB300 rebar steel	12,830