| Steel price today April 14, 2024: Iron ore price is recovering Steel price today April 15, 2024: Prospects for sustainable growth in iron ore price |
Steel prices on the exchange
Steel price today April 16, 2024 - Steel price for September 2024 delivery on the Shanghai Stock Exchange increased by 70 yuan to 3,440 yuan/ton.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) closed 3.12% higher at 843.5 yuan ($116.57) a tonne, its highest since March 26.
The benchmark iron ore price SZZFK4 for May delivery on the Singapore Exchange (SGX) rose 2.89% to $111.35 a tonne, the highest since March 11 and up 6.8% so far this week.
China's iron ore imports in March rose about 0.5% from a year earlier, customs data showed on April 12. Other steelmaking raw materials on the DCE also rose sharply, with coking coal DJMcv1 and coking coal DCJcv1 up 5.01% and 5.92%, respectively.
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Steel price today April 16, 2024: Domestic market unchanged |
Benchmark steel prices on the Shanghai Futures Exchange were mostly higher and headed for weekly gains. Specifically, rebar SRBcv1 rose 0.95%, hot-rolled coil SHHCcv1 rose 0.69%, rebar SWRcv1 rose 2.44%, while stainless steel SHSScv1 was little changed.
Steel prices in the domestic market
In the past 2 years from 2021-2023, the amount of HRC steel imported into the domestic market has increased very rapidly. In 2021, Vietnam imported 7.5 million tons, and by 2023, it had imported 9.6 million tons. There is clearly a very rapid increase in the amount of HRC steel imported, equivalent to an increase of more than 25%, which according to experts is a relatively worrying signal.
If there is no increase in total domestic demand, a significant increase in imports will result in domestic producers losing market share in the domestic market.
Even if the domestic production industry is eliminated, HRC steel products will have to depend entirely on imports in the future. In other words, we will not be able to control output, price… more importantly, the domestic HRC steel production industry will find it difficult to develop.
In addition, the use of domestic hot-rolled steel will also ensure the business operations of Vietnamese enterprises producing downstream products for export. That is, these enterprises can avoid the risk of being subject to anti-tax evasion measures by import markets such as the United States, the EU, etc.
According to a survey on Steel Online, steel prices today, April 16, 2024, have not fluctuated, specifically:
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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