Chinese steel prices recorded a significant increase last week. China's crude steel and finished steel output in 2024 was recorded at 1 billion tons and 1.4 billion tons, respectively.
World steel prices
At the close of the session on January 19, the price of the January 2025 rebar futures contract on the Shanghai Futures Exchange (SHFE) increased by 38 CNY/ton (equivalent to 1.15%) to 3,333 CNY/ton, after recording two consecutive declines.
According to data from the National Bureau of Statistics of China, in December 2024, China's crude steel, pig iron and steel product output recorded 75.97 million tons, 66.70 million tons and 119.10 million tons, respectively, up 11.8%, 9.4% and 7.1% year-on-year. The average daily output was 2.45 million tons of crude steel, 2.15 million tons of pig iron and 3.84 million tons of finished steel.
In 2024, China's crude steel, pig iron and finished steel output is estimated to reach 1 billion tonnes, 851.7 million tonnes and 1.4 billion tonnes, respectively. Compared to 2023, these statistics are down 1.7%, down 2.3% and up 1.1%, respectively.
As the Spring Festival approaches, China's steel market demand has continued to weaken recently, and steel mills are stepping up maintenance work. Next week, regular steel prices are expected to rise slightly by 10-30 yuan/ton.
Seaborne iron ore prices recorded an upward trend this week. The benchmark iron ore price of 61.5%-Fe increased by 35 yuan/ton to 795 yuan/ton at Qingdao port. However, the iron ore market increased moderately due to more positive futures and spot prices.
Ahead of the week-long Lunar New Year holiday, steel mills have largely put on hold efforts to replenish supplies ahead of the holiday, with purchases remaining cautious and aimed mainly at meeting daily consumption needs. Meanwhile, the volume of goods arriving at major ports has decreased slightly. Although port inventories have decreased, overall inventories remain high at the current stage, a factor that hinders strong price increases.
Weak demand in the run-up to Tet continues to weigh on steel mills’ sales, leading to inventory build-up. However, blast furnace operating rates are showing a slight upward trend, which should provide some support to iron ore prices. The iron ore market is expected to see minor fluctuations in the week leading up to Tet.
Domestic steel prices
In the domestic market, according to SteelOnline.vn, steel prices remain stable. Specifically, CB240 steel is traded at around 13,640-13,800 VND/kg, while D10 CB300 steel is around 13,700-13,840 VND/kg.
Steel prices in the North
Hoa Phat Steel: CB240 coil steel at 13,690 VND/kg; D10 CB300 ribbed steel at 13,940 VND/kg.
Viet Duc Steel: CB240 rolled steel is priced at VND13,640/kg; D10 CB300 ribbed steel is priced at VND13,940/kg.
VAS Steel: CB240 coil steel remains at 13,600 VND/kg; D10 CB300 ribbed steel is 13,700 VND/kg.
Viet Y Steel: CB240 steel coil costs 13,640 VND/kg; D10 CB300 ribbed steel bar costs 13,840 VND/kg.
Viet Sing Steel: CB240 coil steel costs 13,600 VND/kg; D10 CB300 ribbed steel is 13,800 VND/kg.
Steel prices in the Central region
Hoa Phat Steel: CB240 coil steel at 13,690 VND/kg; D10 CB300 ribbed steel at 13,940 VND/kg.
Viet Duc Steel: CB240 rolled steel costs 13,940 VND/kg; D10 CB300 ribbed steel is 14,340 VND/kg.
VAS Steel: CB240 coil steel price is 13,910 VND/kg; D10 CB300 ribbed steel bar is 13,960 VND/kg.
Pomina Steel: CB240 coil steel is priced at VND14,180/kg; D10 CB300 ribbed steel is priced at VND14,180/kg.
Steel prices in the South
Hoa Phat Steel: CB240 rolled steel at 13,690 VND/kg; D10 CB300 ribbed steel remains at 13,940 VND/kg.
VAS Steel: CB240 coil steel price is 13,700 VND/kg; D10 CB300 ribbed steel bar is 13,800 VND/kg.
TungHo Steel: CB240 coil steel is priced at 13,600 VND/kg; D10 CB300 ribbed steel is 13,850 VND/kg.
Source: https://baodaknong.vn/gia-thep-xay-dung-hom-nay-20-1-gia-thep-trung-quoc-tang-5-phien-lien-tiep-240854.html
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