Vietnam steel prices today January 22, 2024: Domestic steel market prospers

Steel prices on the Shanghai trading floor did not change, the domestic steel market prospered.

Steel prices and iron ore prices in the world market

In Europe, the rise in HRC prices is supported by good factory orders but market sources indicate that trading volumes have not fully recovered.

According to market research firm Fastmarkets, the domestic HRC price in Northwest Europe on January 18 was at 742.92 EUR/ton, up 7.29 EUR/ton compared to the previous day, up 11.67 EUR/ton compared to the previous day, compared to last week and increased by 49.79 EUR/ton compared to last month.

 

Steel consumption in 2024 will be supported by the macroeconomic situation and a better real estate market

In Southern Europe, it was at 734.61 EUR/ton, up 4.61 EUR/ton from the previous day, up 14.61 EUR/ton from last week and up 48.78 EUR/ton from last month.

For imported goods, the HRC offer price imported to Italy for shipments at the end of March 2024 from Taiwan (China), Japan and Korea is currently at 655 - 670 EUR/ton CFR.

In the raw materials market, iron ore prices had their second consecutive increase as market sentiment was reinforced by expectations that the Chinese Government would have new economic stimulus measures. In addition, investors also expect steel mills in China to replenish iron ore reserves to maintain operations throughout the upcoming Lunar New Year.

Specifically, the price of ore delivered in May 2024 on the Dalian Commodity Exchange (DCE, China), increased by 2.63%, to 957 NTD/ton (133.04 USD/ton).

On the Singapore Commodity Exchange (SGX), the price of iron ore delivered in February 2024 increased 0.16%, to 129.65 USD/ton.

Data from consulting firm Mysteel shows that the average daily hot metal output of surveyed steelmaking plants in China in the week to January 19 increased 0.51% from the previous week. up about 2.22 million tons.

Steel price today in the domestic market

Entering 2024, the domestic steel market continues to receive good news with many significant improvements. After a quiet period, steel stocks suddenly became popular again. HPG, HSC, TVN, POM, VGS, TLH, GDA,... all simultaneously broke out strongly with a general increase of over 3%. Even NKG and SMC increased to the limit, in which NKG recorded a sudden increase in liquidity.

According to some comments, steel stocks are simultaneously surging ahead of the peak of the financial reporting season, reflecting the positive profit growth forecast of steel businesses in the fourth quarter of 2023.

According to SSI Research, total steel consumption is likely to recover by more than 6% in 2024, of which domestic consumption is expected to grow by nearly 7%. Steel consumption in 2024 will be supported by the macroeconomic situation and a better real estate market. In the previous cycle, construction steel consumption in 2013 increased by about 3% compared to the bottom in 2012.

After 1 month of stability, domestic steel prices have been adjusted to increase selling prices by some businesses, effective from January 22. Specifically:

In the North: Hoa Phat Hung Yen Co., Ltd. announced to adjust sales prices. Accordingly, the price of construction steel coil was adjusted to increase by 200,000 VND/ton. Scope of application throughout the North. Hoa Phat Hung Yen explained that the selling price was adjusted to increase in the context of increased prices of steel billet and input materials.

Viet Y Steel Joint Stock Company also announced an increase of 200 VND/kg for VIS steel coil types, applicable in all markets.

Thai Nguyen Iron and Steel Joint Stock Company also announced to adjust the selling price of rolled concrete reinforcement products by 200,000 VND/ton. The reason for the price increase is also due to market fluctuations, increased steel billets, scrap steel and input materials. Viet Uc Steel has also announced an increase in rolled steel price by 200,000 VND/ton.

In the South: Hoa Phat Binh Dinh Company Limited also announced an increase in the selling price of CB240-T rolled steel by 200,000 VND/ton. Scope of application in Binh Dinh, Phu Yen, Gia Lai, Kon Tum, Dak Lak, Khanh Hoa, Ninh Thuan.

Not only Hoa Phat, Viet Duc Steel Manufacturing Group Joint Stock Company also announced an increase in the price of VGS steel coil types by 200 VND/kg. Scope of application in the Northern and Central markets. The application period is immediately from January 19, 2024.

Viet Duc Steel explained that in recent times the Group has made efforts to stabilize the selling price on the market, however, the increase in steel billet and raw material prices forced the company to adjust the selling price in accordance with input costs.

This increase in steel prices by domestic enterprises takes place in the context of rising steel prices on the world market. In addition, the domestic real estate market is also "warming up" after positive impacts from real estate-related policies.

Source: Congthuong.vn