Steel prices on May 29 fell to their lowest level since 2020

Steel market today May 29 recorded steel prices falling to the lowest level since 2020

At the end of the trading session on May 28, the price of June rebar futures on the Shanghai Stock Exchange decreased by 0.97% (29 yuan) to 2,961 yuan/ton.

On the Dalian Exchange, iron ore futures for June delivery fell 0.4% (3 yuan) to 744 yuan/ton, marking a fourth consecutive decline amid increasingly pessimistic prospects for metal consumption in China.

Similarly, the price of iron ore futures for June delivery on the Singapore Exchange edged up 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.

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 .

However, oversupply in the property market has prompted Beijing to signal it may ban developers from selling homes before construction is complete – cutting off a key source of financing for businesses in the industry.

This would increase liquidity pressure on businesses, risking large-scale liquidations and removing a key source of demand for the global steel market.

Update domestic steel prices

Domestically, businesses have kept steel prices stable. Specifically, Hoa Phat 's CB240 steel price is recorded at 13,790 VND/kg, CB300 steel is quoted at 13,740 VND/kg.

Similarly, at Viet Duc Steel Enterprise, the price of CB240 steel is at 13,600 VND/kg, D10 CB300 steel is recorded at 13,350 VND/kg.

With Viet Sing Steel, the company quoted CB240 steel at 13,690 VND/kg and D10 C300 steel at 13,580 VND/kg.

Source: https://baoquangnam.vn/gia-thep-ngay-29-5-giam-xuong-muc-thap-nhat-ke-tu-nam-2020-3155716.html