Construction steel price today 10/7: Slight decline in the last trading session of the week
Steel prices today fell slightly to 3,708 yuan / ton on the Shanghai Exchange. Meanwhile, construction rebar recorded an increase of 1.3% compared to yesterday (July 9).
Steel prices today
Steel prices for October delivery on the Shanghai Exchange fell 12 yuan to 3,708 yuan / ton at the time of the survey at 10:00 (Vietnam time).
Rebar price rose 1.3% compared to yesterday (July 9). Hot rolled coil also increased by 1.3% and stainless steel increased by 0.3% respectively.
Meanwhile, coking coal price soared 1.8%, while coking coal increased slightly by 0.6% after closing yesterday.
On the Dalian Stock Exchange, the iron ore contract for September delivery increased 1% to 789 yuan / ton, equivalent to 112.93 USD / ton.
In Singapore Exchange, iron ore contract in August reversed the early loss to increase to 102.8 USD / ton in the afternoon session on the same day.
According to information from MySteel, on Wednesday (July 8), the spot price of 62% iron ore reached US $ 106 / ton, the highest level recorded since August 2019.
In the context of the Chinese economy is recovering, Citi Research expects steel demand in the country will increase 3.8% this year, adjusted by 0.2% compared to the previous forecast of 4%.
Iron ore chart at Shanghai Stock Exchange (Source Shfe)
In Europe, the COVID-19 pandemic has been inflicting heavy losses on the steel industry of countries in the region.
Thyssenkrupp, a well-known steel manufacturer in Germany, said it expects it to reduce its capacity by 20-30% this summer. Another company, Salzgitter, is also planning to cut production in the second half of the year.
In Italy, crude steel production in May decreased by 43.6% to 1.25 million tons. The majority of factories are still operating at low capacity. As expected, steel prices in Europe will fall slightly in the last months of the year.
On June 4, the World Steel Association (Worldsteel) forecasted that global steel demand would drop 6.4% to 1.65 billion tons this year. Particularly for 28 countries in the European Union, steel demand will plummet 15.8% by the end of the year, then will increase to 10.4% in 2021.
According to European steel producers, even after the pandemic ends, the steel industry has not been able to recover. Besides, the investment process will also be seriously affected.