Steel price today June 26: All down

Chinese rebar futures fell as weak demand for the ferrous metal and rising protectionism against Chinese steel outweighed the impact of reduced supply.

World market

At the end of the trading session on June 25, the price of steel rebar for July delivery on the Shanghai Stock Exchange decreased by 0.86% (26 yuan) to 2,987 yuan/ton. On the Dalian Stock Exchange, the price of iron ore for July delivery decreased by 1.03% (7.5 yuan) to 719.5 yuan/ton. Meanwhile, the price of iron ore for July delivery on the Singapore-SGX Stock Exchange decreased by 0.24 USD to 92.74 USD/ton.

Domestically, businesses stabilize prices.

China’s construction growth – as measured by the construction PMI – slowed to a four-month low in May, as the threat of US tariffs dampened consumption and a property glut continued to dampen demand for new housing projects, amplifying the impact of seasonal construction activity that weakens in the summer, data from the National Bureau of Statistics (NBS) showed.

In addition, the US has doubled tariffs on imported steel to 50%, putting pressure on import demand and increasing steel availability in Asia.

The move has prompted Beijing to signal it will cut capacity at its furnaces and steel mills this year, with Baosteel Group saying it expects output to fall by as much as 50 million tonnes.

Meanwhile, iron ore exports from Australia's Port Hedland jumped in May, after supplies were constrained by bad weather earlier in the year.

In Europe, the UK is preparing to impose stricter-than-expected steel import controls on products from Vietnam, South Korea and Algeria, in a bid to protect its domestic steel industry from global trade tensions and the diversion of cheap goods from other regions, according to Reuters.

Despite an earlier recommendation from the Trade Remedies Authority (TRA), Trade Minister Jonathan Reynolds has said he will reject the quota proposal as being too “lenient”. The TRA had proposed a 40% surplus quota for each country, but the government now plans to lower this to 20% for steel from Vietnam and 15% for South Korea and Algeria. Volumes exceeding the quota would be subject to a 25% tariff.

Domestic market

Domestically, businesses stabilized selling prices. Specifically, the price of Hoa Phat 's CB240 steel was recorded at 13,530 VND/kg; CB300 steel was at 13,430 VND/kg.

Similarly, at Viet Y Steel, the price of CB240 steel is at 13,530 VND/kg; D10 CB300 steel is at 13,230 VND/kg. Viet Sing Steel recorded 13,430 VND and 13,180 VND/kg respectively.

Source: https://baodaknong.vn/gia-thep-hom-nay-26-6-dong-loat-giam-256717.html