Iron ore in Dalian on March 28, 2022 increased about 6%, iron ore in Singapore rebounded above 150 USD/ton as China stepped up short-term capital injection to counter any possible liquidity squeeze. happen in the market.
Other steelmaking raw materials on the Dalian Commodity Exchange and steel prices on the Shanghai Commodity Futures Exchange also rose, despite the risk-on sentiment towards other assets amid China. strengthen restrictions on Covid-19.
Dalian iron ore for September delivery rose 5.9% to 882.50 yuan ($138.46) per ton, the highest since August 30, 2022.
Iron ore contract traded in May 2022 on the Singapore Exchange increased 1.7% to 156.85 USD/ton.
The conflict in Ukraine affects the world steel supply because Russia and Ukraine account for about 10% of the global steel trade. Besides, fuel prices increase, so input costs of the industry will be pushed up.
According to experts, steel demand in China increased in March, partly due to the country’s infrastructure investment policy. China tends to strengthen macro policies to stabilize the economy after the property market fell last year. Industry experts believe that steel demand in China will increase in the second quarter as construction activities and investment in infrastructure will increase as China implements many economic stimulus measures.
However, the epidemic situation is increasing in China, raising concerns that consumption may be dragged down in the coming days. Shanghai and Jilin are the areas hardest hit by China’s current Covid-19 outbreak, which began in early March 2022. Shipping to ports is difficult and investors and traders are generally more cautious in transactions.
The price of nickel, one of the important raw materials for the production of electric vehicle batteries, has increased sharply in recent times. In the trading session on March 8, the price of nickel traded at the threshold of $ 100,000 / ton, the price is twice as high as before. However, in the trading session on Monday, March 28, the price of this material fell by 15%. The previous spike was due to the impact of Western sanctions against Russia.
Stainless steel price on March 28 in China was 19,270 CNY / ton (equivalent to 3,026 USD / ton), up 0.8% compared to the previous day. This item is up 3.9% from the beginning of last week.
Construction rebar price on the Shanghai trading floor increased by 1.8%, while hot rolled coil increased by 1.5%. Dalian coking coal prices increased 1.4% and Dalian coking coal prices increased 1.1%.
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
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