| Steel price today March 14, 2024: How is the steel market after the price increase? Steel price today March 15, 2024: Domestic steel adjusted down |
Steel prices on the exchange
Steel price today March 16, 2024: Steel price for May 2024 delivery on the Shanghai Stock Exchange decreased by 51 yuan to 3,455 yuan/ton.
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| Steel price today March 16, 2024: On the Shanghai Stock Exchange, it fell 51 yuan/ton; iron ore prices continued to fall. |
Iron ore futures fell on Thursday (March 14), with lingering concerns about demand in top consumer China acting as a headwind, although Beijing’s latest pledge to upgrade equipment limited some losses earlier in the session, according to Reuters.
The May iron ore contract on China's Dalian Commodity Exchange (DCE) closed down 2.62% at 798 yuan ($110.94) a tonne, its lowest since Aug. 22, 2023. The contract has fallen 17% since the Lunar New Year holiday.
Benchmark iron ore for April delivery on the Singapore Exchange (SGX) fell 2.37% to $103.05 a tonne, its lowest since Aug. 17, 2023. It had fallen more than 18% after the Lunar New Year holiday.
Other steelmaking components on the DCE continued to decline, with coking coal DJMcv1 and coke DCJcv1 down 3.67% and 1.77%, respectively.
Steel benchmarks on the Shanghai Futures Exchange were generally weaker. Rebar SRBcv1 fell 2.96%, hot-rolled coil SHHCcv1 fell 2.55%, wire rod SWRcv1 fell 2.61%, and stainless steel SHSScv1 fell 1.17%.
“Hot metal output remains low due to low steel margins and expectations of price declines,” analysts at Huatai Futures said.
Steel prices in the domestic market
In February 2024, the market continued to decline, coinciding with the Lunar New Year holiday, so production and consumption output decreased sharply compared to the previous month, especially long-rolled steel units. In general, in the first two months of the year, except for flat steel blocks with quite good consumption and growth compared to the same period, long steel block consumption was quite low and decreased sharply compared to the same period in 2023.
Surveyed at SteelOnline.vn on March 16, 2024, specifically 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 14,140 VND/kg; D10 CB300 ribbed steel is stable at 14,530 VND/kg.
Viet Y steel price, with CB240 coil steel line at 14,140 VND/kg; D10 CB300 ribbed steel bar is stable at 14,640 VND/kg.
Viet Duc steel price for CB240 coil steel is at 14,040 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.
Kyoei Vietnam Steel (KVSC) price, with CB240 coil steel line at 14,070 VND/kg, and stable with D10 CB300 rebar steel line at 14,370 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 14,140 VND/kg; D10 CB300 ribbed steel bar stable at 14,490 VND/kg.
Viet Duc steel price, with CB240 coil steel line at 14,540 VND/kg; D10 CB300 ribbed steel bar at 14,850 VND/kg.
Vietnam-America Steel (VAS) price, with CB240 rolled steel line at 14,210 VND/kg; D10 CB300 ribbed steel bar increased by 410 VND/kg, to 14,670 VND/kg.
Pomina steel price, with CB240 coil steel line at 14,690 VND/kg; D10 CB300 ribbed steel bar stable at 15,300 VND/kg.
Steel prices in the South
Hoa Phat steel price, with CB240 coil steel line at 14,140 VND/kg; D10 CB300 ribbed steel bar stable at 14,530 VND/kg.
Pomina steel price with CB240 coil steel line is at 14,590 VND/kg; D10 CB300 rebar steel is stable at 15,300 VND/kg.
Viet My Steel (VAS), with CB240 coil steel at 14,010 VND/kg; D10 CB300 ribbed steel increased by 150 VND/kg, to 14,410 VND/kg.
Tung Ho Steel, with CB240 coil steel line at 14,210 VND/kg, with D10 CB300 rebar steel line increased by 100 VND/kg, to 14,510 VND/kg.
Information is for reference only, actual prices will vary by location!
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