Steel price today May 9: Reversing downwards

World steel prices

At the end of the trading session on May 8, the price of May rebar futures on the Shanghai Stock Exchange reversed and decreased by 1.14% (35 yuan) to 3,022 yuan/ton. On the Dalian Stock Exchange, the price of iron ore decreased by 0.39% (3 yuan) to 765 yuan/ton. Similarly, the price of iron ore on the Singapore Stock Exchange decreased by 1.42 USD to 97.93 USD/ton.

In the futures market, iron ore prices fell as traders worried about the weakening demand outlook, amid fresh news of crude steel output cuts in China.

The most-traded September iron ore contract on China's Dalian Commodity Exchange was also affected, according to GMK Center.

“The main reason is that expectations of resumption of steel production cuts are driving market volatility, with the price declines of steelmaking raw materials being even steeper than those of finished steel,” said Zhuo Guiqiu, an analyst at brokerage Jinrui Futures.

Authorities are now actively promoting control of national crude steel output, the China Iron and Steel Association recently said.
In March, China announced plans to restructure its giant steel industry through production cuts, but did not specify the specific timing and scale.

The weakness in the steel market comes as Beijing launched a series of monetary stimulus packages on April 7 in an effort to minimize the economic damage caused by the trade war with the United States.

“This is not a positive sign for the Sino-US trade talks if you look at the stimulus package, it shows preparation for the worst case scenario,” said an analyst who declined to be named because of the sensitivity of the issue.

In the spot market, the price of iron ore with 62% Fe in China fell from $98.94/ton to $97.76/ton CFR Qingdao from April 29 to May 5, according to Kallanish. A rise to the psychological level of $100/ton in the near term is unlikely.

This is reflected in trading data from the Singapore Exchange, where the offering price of the 62% Fe iron ore futures contract increased by 0.66 USD/ton to 95.73 USD/ton for delivery in June from April 29 to May 5. This price is significantly lower than the current spot price.
Brazilian high-grade iron ore Fe 65% increased by $1/mt – to $110/mt CFR in the period from April 30 to May 6.

According to the report, 53% of steel companies were profitable in March 2025, according to the National Bureau of Statistics of China. Meanwhile, the figure was only 25% in March 2024.

Domestic steel prices

Domestic steel prices continued to move sideways after the upward adjustment on May 7. Previously, construction steel prices at some enterprises were adjusted upward from May 7. Specifically, the price of Hoa Phat's CB240 steel was recorded at VND13,640/kg, an increase of VND90/kg, and CB300 steel increased to VND13,690/kg. Similarly, at Viet Y Steel Enterprise, the price of CB240 steel was recorded at VND13,740/kg, an increase of VND160 compared to March; D10 CB300 steel was quoted at VND13,740/kg, an increase of VND50.

Source: https://baodaknong.vn/gia-thep-hom-nay-9-5-dao-chieu-di-xuong-251976.html