| Steel price today March 8, 2024: On the stock exchange, it recovered after a series of 5 consecutive days of decline. Steel price today March 9, 2024: "Big guy" in the steel industry increases production. |
Steel prices on the exchange
Steel price today March 10, 2024: Steel price for May 2024 delivery on the Shanghai Stock Exchange fell to 3,621 yuan/ton, down 33 yuan/ton.
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The domestic market remains stable. Notably, Vietnam's steel exports to many markets have increased sharply. |
The May DCIOcv1 iron ore contract on China's Dalian Commodity Exchange (DCE) closed 1.83% higher at 890 yuan ($123.64) a tonne.
The benchmark SZZFJ4 iron ore price for April delivery on the Singapore Exchange (SGX) increased 0.88% to $116.3/tonne.
China's iron ore imports in the first two months of 2024 rose 8.1% year-on-year to 209.45 million tonnes, mainly due to increased stockpiling by steelmakers to meet production demand during the Lunar New Year holiday.
In addition, many buyers placed additional orders in November and December 2023, when iron ore prices were rising, fearing higher prices, and these shipments arrived in China in the first two months of 2024.
The surge in imports has led to a sharp increase in iron ore inventories at China’s major ports, putting pressure on prices in recent times. Accordingly, iron ore prices have fallen 19% in the first two months of 2024.
Steel export growth trend is positive
Currently, ASEAN is not only Vietnam's leading steel export market, accounting for 32% of total exports, but is also followed by the European Union (EU) and the United States, accounting for 28% and 9% of total exports, respectively, marking Vietnam's important position on the global steel map.
The latest data from the General Department of Vietnam Customs shows a significant increase in Vietnam's steel exports in January 2024, continuing a positive growth trend for four consecutive months. Reaching an export milestone of 1.16 million tons, equivalent to a value of US$822.65 million, the Vietnamese steel industry recorded impressive growth in both volume and value, up 7.1% and 7.4% respectively over the previous month. Compared to the same period last year, steel exports soared 72.6% in volume and 80.0% in value, reflecting the industry's remarkable growth in the international market.
The average export steel price also witnessed a slight upward adjustment, reaching 709 USD/ton, up 0.3% compared to the previous month and 3.9% compared to the same period last year, signaling a slight but stable increase in steel products in the international market.
In terms of destination markets, the EU, Malaysia, South Korea, and Australia all recorded significant growth in both export volume and value. In particular, the Australian market grew significantly by 251.8% in volume and 220.5% in value, while exports to the EU increased by 72.8% in volume and 64.6% in value. However, some markets such as the US, Singapore, and Taiwan (China) recorded a decrease in both export volume and value.
Surveyed at SteelOnline.vn on March 10, 2024, specific steel prices in 3 regions are as follows:
Steel prices in the North
Today's Hoa Phat steel price for CB240 coil steel is at 14,340 VND/kg; D10 CB300 ribbed steel is stable at 14,530 VND/kg.
Viet Y steel price, with CB240 coil steel line at 14,340 VND/kg; D10 CB300 ribbed steel bar at 14,640 VND/kg.
Viet Duc steel price for CB240 coil steel is at 14,240 VND/kg, D10 CB300 ribbed steel is stable at 14,640 VND/kg.
The price of Viet Nhat Steel (VJS), with CB240 steel line stable at 14,210 VND/kg, with D10 CB300 steel line maintained at 14,310 VND/kg.
The price of Viet My Steel (VAS), with CB240 coil steel line at 14,110 VND/kg, with D10 CB300 ribbed steel line is stable at 14,210 VND/kg.
Steel prices in the Central region
Hoa Phat steel price, with CB240 coil steel line at 14,340 VND/kg; D10 CB300 ribbed steel bar at 14,490 VND/kg.
Viet Duc steel price, with CB240 coil steel line at 14,750 VND/kg; D10 CB300 ribbed steel bar at 14,850 VND/kg.
Vietnam-America Steel (VAS) price, with CB240 coil steel at 14,410 VND/kg; D10 CB300 ribbed steel at 14,260 VND/kg.
Pomina steel price, with CB240 coil steel stable at 14,890 VND/kg; D10 CB300 rebar steel at 15,300 VND/kg.
Steel prices in the South
Hoa Phat steel price, with CB240 coil steel line at 14,340 VND/kg; D10 CB300 ribbed steel bar at 14,530 VND/kg.
Pomina steel price with CB240 coil steel line is stable at 14,790 VND/kg; D10 CB300 rebar steel is at 15,300 VND/kg.
Viet My Steel (VAS), with CB240 coil steel at 14,160 VND/kg; D10 CB300 ribbed steel at 14,260 VND/kg.
Tung Ho Steel, with CB240 coil steel line at 14,260 VND/kg, with D10 CB300 ribbed steel line at 14,410 VND/kg.
Information is for reference only, actual prices will vary by location!
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