| Steel price today April 5, 2024: Iron ore price drop causes steel price to go down Steel price today April 7, 2024: Domestic market flat |
Hot rolled coil market is quiet
Steel prices today, April 8, 2024: In Europe, according to Fastmarkets, the European hot-rolled coil (HRC) market remained quiet last week, with low trading, but the pace of price declines has slowed. Buyers continue to avoid large purchases, placing only small orders for immediate needs.
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| Steel price today, April 8, 2024: On the Singapore Commodity Exchange (SGX), iron ore price continued to decrease by 0.91%, down to 96.85 USD/ton. |
Weak demand from major steel-using sectors and uncertainty about future price trends are limiting activity in the spot market, analysts said.
Some import quotas for steel products allocated to “other countries and regions”, India and China, for the second quarter of 2024 have been exhausted, according to European Commission data.
Specifically, the HRC quota allocation for the second quarter of 2024 for “other countries and regions” of 923,594 tons, which began on April 1, was fully allocated in just a few days, with 11 tons still awaiting allocation as of April 4.
In the first quarter of 2024, the “other countries and regions” quota with the same quota volume as above was also fully allocated just a few days after its announcement.
According to data from the European Statistical Office (Eurostat), in 2023, imports of HRC steel products with HS code group 7208 (including steel plates) increased by 13% compared to 2022. Of which, imports from Vietnam increased by 181% to 1.13 million tons; from Taiwan (China) increased by 24% to 1.05 million tons; from Egypt increased by 41% to 749,665 tons; and from Saudi Arabia increased by 11% to 103,995 tons.
Domestic steel market price
In the first week of April, manufacturers continued to adjust the price of construction steel coils down by another VND100,000/ton. This is the third price reduction of steel coils since the beginning of 2024, with a total cumulative reduction of VND500,000/ton.
The price decline of the domestic steel market this year came earlier than in the last two years; in 2023, the price decline started in April, in 2022, the price decline started in May. Meanwhile, in 2021, prices decreased in February and March and increased again from April. In general, the steel market in recent years has hardly followed the usual pattern, with unpredictable fluctuations and hard to forecast.
According to a survey on Steel Online, today's steel price on April 8, 2024 is as follows:
Steel prices in the North
Hoa Phat steel price today decreased by 100 VND/kg for both steel lines. With CB240 rolled steel down to 14,040 VND/kg; D10 CB300 ribbed steel down to 14,430 VND/kg.
The price of Viet Y steel, with CB240 coil steel line decreased by 100 VND/kg, down to 14,040 VND/kg; D10 CB300 ribbed steel bar also decreased by 100 VND/kg, down to 14,540 VND/kg.
Viet Duc steel price for CB240 coil steel decreased by 100 VND/kg, down to 13,940 VND/kg, D10 CB300 ribbed steel decreased by 10 VND/kg, down to 14,630 VND/kg.
The price of Viet Nhat Steel (VJS), with CB240 steel line decreased by 100 VND/kg, down to 14,110 VND/kg, with D10 CB300 steel line maintained at 14,310 VND/kg.
Kyoei Vietnam Steel (KVSC) price for CB240 coil steel decreased by 100 VND/kg, down to 13,970 VND/kg, and for D10 CB300 ribbed steel bar decreased by 100 VND/kg, down to 14,270 VND/kg.
Vietnam-America Steel (VAS) price, with CB240 rolled steel line stable at 14,110 VND/kg, with D10 CB300 ribbed steel line stable at 14,210 VND/kg.
Steel prices in the Central region
Steel prices in the Central region today decreased by 100 VND/kg for some steel brands. Specifically:
Hoa Phat steel price, with CB240 coil steel line decreased by 100 VND/kg to 14,040 VND/kg; D10 CB300 ribbed steel bar decreased by 100 VND/kg to 14,390 VND/kg.
Viet Duc steel price, with CB240 coil steel line decreased by 100 VND/kg, down to 14,440 VND/kg; D10 CB300 ribbed steel bar decreased by 100 VND/kg, down to 14,750 VND/kg.
Vietnam-America Steel (VAS) prices, with CB240 coil steel stable at 14,210 VND/kg; D10 CB300 ribbed steel bar stable at 14,670 VND/kg.
Pomina steel price, with CB240 coil steel stable at 14,690 VND/kg; D10 CB300 rebar steel stable at 15,300 VND/kg.
Steel prices in the South
Steel prices in the South today also decreased by 100 VND/kg. Specifically:
Hoa Phat steel price, with CB240 coil steel line decreased by 100 VND/kg, down to 14,040 VND/kg; D10 CB300 ribbed steel bar decreased by 100 VND/kg, down to 14,430 VND/kg.
Pomina steel price with CB240 coil steel line is stable at 14,590 VND/kg; D10 CB300 rebar steel is stable at 15,300 VND/kg.
Viet My Steel (VAS), with CB240 coil steel stable at 14,010 VND/kg; D10 CB300 ribbed steel at 14,410 VND/kg.
Tung Ho Steel, with CB240 coil steel line stable at 14,210 VND/kg, with D10 CB300 rebar steel line at 14,510 VND/kg.
Information is for reference only, actual prices will vary by location!
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