Iron ore price on June 26 increased by 1.2% to 1,185 CNY/ton. The price of rebar 10/2021 traded on the Shanghai Exchange this session increased by 1.8% to 5,066 CNY/ton; Hot rolled coil, used in the manufacturing sector, rose 1.8% to CNY 5,288/ton.
Steel and iron ore prices rose in the last session of the week, coking coal and coking coal both increased by nearly 5% compared to the beginning of the week amid strong demand from factories while supply was scarce.
Specifically, iron ore price on Dalian bourse increased by 1.2% to 1,185 CNY/ton.
The price of rebar, used in construction, for October term traded on the Shanghai Exchange this session increased by 1.8% to 5,066 CNY/ton; Hot rolled coil, used in the manufacturing sector, rose 1.8% to CNY 5,288/ton.
“Iron ore and steel prices once again rebounded … amid strong demand from China’s steel industry and supply problems from the largest global producers,” Fitch Solutions wrote in a note. notification.
Coke prices on the Dalian Exchange for September delivery rose 1.1% to 2,827 CNY/ton (equivalent to $438.21/ton). Compared to the beginning of the week, the price of this item increased by 5%.
Coking coal futures on the Dalian bourse fell 0.2 percent to CNY 2,045 per tonne (equivalent to $317 per ton), but rose 4.6% from the beginning of the week.
According to survey information from MySteel, coking coal inventories of 100 coking plants and 110 steel mills fell 3.2% from a week ago, to 15.7 million tons on June 24. The reason is that the supply is scarce in the context of China’s safety and environmental protection inspection.
Prices of hot rolled coil, used in the manufacturing sector, rose 1.8 percent to 5,288 yuan per tonne ($820 per ton).
Stainless steel futures for August delivery in Shanghai rose 1.8% to CNY 16,750/tonne ($2,595/mt).
Iron ore and steel prices are on the rise again… amid strong demand from China’s steel industry and supply problems from the world’s largest producers.
Credit rating agency Fitch Solutions said that iron ore and steel prices went up because of strong demand from the steel industry and supply problems in China. However, Fitch Solutions believes that the improvement in downstream supply and consumption will be weakened by seasonality and high prices that will hinder further increases in iron and steel prices in the coming months.
In another development related to the world’s major metal manufacturing and mining enterprises, the world’s leading steel company in China, Baowu Steel Group, said on June 24, the stainless steel unit. Their rust TISCO Group has partnered with Brazilian mining company – Vale – and Shandong Xinhai Technology to produce nickel iron in Indonesia.
Earlier, China planned to free up its metal stockpile to cool down a sudden spike in commodity prices that made profit margins of many businesses drop.
China is the world’s largest consumer of seaborne iron ore, about 70% of global production.
In 2020, China is the world’s third largest ore producer with 340 million tons, behind Australia (900 million tons) and Brazil (400 million tons). Countries ranked 4th and 5th are India (230 million tons) and Russia (95 million tons), respectively.
Source: VITIC/Reuters
T&G. International Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 0345786803
Email: hrm@tginterjsc.com
Trang web: http://tginternationaljsc.com
