Steel prices today: Iron ore falls due to Chinese output

Iron ore futures fell nearly 2% due to weak steel production in China and rising inventories. Meanwhile, the domestic construction steel market remained stable.

Steel and iron ore prices on international exchanges fell simultaneously in the trading session on November 4, mainly due to concerns about weakening demand and declining production in China. Specifically, the price of rebar on the Shanghai Futures Exchange (SHFE) for May 2026 delivery fell 9 yuan to 3,143 yuan/ton.

On the Dalian Commodity Exchange (DCE), the January iron ore contract fell 1.82% to close at 782.5 yuan a tonne (US$109.86 a tonne). Similarly, the December benchmark iron ore on the Singapore Exchange also fell 1.59% to US$104.45 a tonne.

World market analysis

The decline in steelmaking raw material prices stems from many factors in China, the world's largest steel consuming country.

Main reasons for the decline

• Steel output falls: Output at China’s blast furnace steelmakers fell for a fifth straight week as of October 30, according to consultancy Mysteel. Average capacity utilization fell 1.3 percentage points to 88.6%. Daily hot metal output, a key indicator of iron ore demand, fell 1.5% from the previous week.
• Inventory rises: Data from SteelHome showed that total iron ore inventories at Chinese ports rose 1.53% week on week to about 135.6 million tonnes as of October 31.
• Weak Downstream Demand: Analysts from brokerage Galaxy Futures said the core issue now is the impact of weak end-user demand on iron ore market fundamentals.

Illustration photo/TL.

In a related development, the China Steel Association announced plans to reduce steel production to below 1 billion tonnes by 2025, in line with the government 's commitment to reduce excess capacity. Other steelmaking raw materials such as coking coal and coking coal on the DCE also recorded declines of 0.85% and 1.17%, respectively.

Stable domestic steel market

Contrary to developments in the world market, construction steel prices in the domestic market did not record any fluctuations, continuing to maintain stable prices in all three regions.

Steel prices in the North

Trademark	Product	Price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 rebar steel	13,090
Vietnamese-Italian	CB240 steel coil	13,640
Vietnamese-Italian	D10 CB300 rebar steel	12,880
Viet Duc	CB240 steel coil	13,350
Viet Duc	D10 CB300 rebar steel	12,850
Viet Sing	CB240 steel coil	13,330
Viet Sing	D10 CB300 rebar steel	12,930
VAS	CB240 steel coil	13,330
VAS	D10 CB300 rebar steel	12,730

Steel prices in the Central region

Trademark	Product	Price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 rebar steel	10,090
Viet Duc	CB240 steel coil	13,650
Viet Duc	D10 CB300 rebar steel	13,050
VAS	CB240 steel coil	13,430
VAS	D10 CB300 rebar steel	12,830

Steel prices in the South

Trademark	Product	Price (VND/kg)
Hoa Phat	CB240 steel coil	13,500
Hoa Phat	D10 CB300 rebar steel	13,090
VAS	CB240 steel coil	13,130
VAS	D10 CB300 rebar steel	12,730

Source: https://baolamdong.vn/gia-thep-hom-nay-quang-sat-giam-do-san-luong-trung-quoc-399816.html