Futures price movement of rebar in China. Source: Trading Economics

Regarding spot prices, according to Sunsirs, last week, prices of steel products all decreased, except for hot-rolled coil. According to Trading Economics, the futures price of rebar in China on May 23 was 4,796 yuan/ton ( $716/ton), down 0.4% from the end of last week and the lowest level since Feb. 28. Since May 5, this face price has continuously gone down with a decrease of 8.5% compared to today.

Stainless steel remained at 17,823 yuan/ton ($2,662/ton) at the end of last week, down 1.9%. Cold rolled coil fell 1.5% to 5,430 yuan/ton ($811/ton). Rebar fell 1% to 4,767 yuan/ton ($712/ton). Hot-rolled coil alone inched up 0.1% to 4,848 yuan/ton ($724/ton).

According to  Hellenic Shipping News, revenue from Chinese real estate in April decreased by 38.8% compared to the same period last year. Previously, in March, the decrease was 17.7% over the same period in 2021.

Besides, car production – the industry that consumes a lot of steel – fell by 43.5% in April compared to the same period last year, so steel consumption went down, leading to a drop in prices of many types of steel.

Ore prices last week also fell 0.3% to 950 yuan / ton (141 USD / ton).

In terms of non-ferrous metals, nickel prices increased 4.7% to 224,633 yuan/ton ($33,562/ton). Zinc rose 1% to 25,776 yuan a tonne ($3,851). Copper rose 0.6 percent to 72,070 yuan per tonne ($10,767 per ton). Tin fell 3.5% to 289,310 yuan/ton ($43,225/ton).

Regarding the domestic market, steel enterprises still maintain the same price after adjustment on May 17 and the price is around 18 million VND/ton.

Diễn biến giá thép Kyoei miền Bắc đến ngày 23/5. Nguồn: Steel Online

With Viet Duc in the North, CB240 and D10 CB300 are priced at VND 17.81 million/ton and VND 18.37 million/ton, respectively. The prices of two items of Kyoei are 18.07 million VND/ton and 18.27 million VND/ton. Also with the above two types of steel of Southern Steel, the price is 18.27 million VND/ton and 18.57 million VND/ton.

Since the beginning of 2022, the market has recorded 7 times of steel price increases and 2 recent decreases.

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