Steel prices today increased to 4,344 yuan / ton on the Shanghai Exchange. China’s iron ore futures have hit a one-year low on rising demand concerns.
Steel prices today increased again
Today’s price for delivery in January 2022 on the Shanghai Exchange increased by 208 yuan to 4,344 yuan/ton at the time of the survey at 9:00 (Vietnam time).
| Tên loại | Kỳ hạn | Ngày 11/11 | Chênh lệch so với giao dịch trước đó |
| Giá đồng | Delivered in December 2021 | 70.090 | -90 |
| Giá kẽm | Delivered in December 2021 | 23.350 | +125 |
| Giá niken | Delivered in December 2021 | 144.710 | +1.550 |
| Giá bạc | Delivered in December 2021 | 5.088 | +113 |
| Giá thép | Delivered in January 2022 | 4.344 | +208 |
List of futures trading prices of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Wednesday, iron ore futures on China’s Dalian Commodity Exchange (DCE) hit a one-year low on concerns about rising demand. increase, Reuters reported.
Iron ore chart at Shanghai exchange (Source: Shfe)
Accordingly, the January 2022 iron ore contract, the most traded on the DCE, ended the day trading 4.6% lower at 536.50 yuan per tonne (equivalent to 83 percent). 85 USD/ton).
Earlier in the session, this contract touched 518.50 yuan/ton. As noted, this is the lowest level since 9/11/2020.
On the Singapore Exchange (SGX), the December 2021 iron ore contract, the most traded, was also down 4% at $87.20 a tonne, after falling 6.9% at the start of the session.
“China’s steel production restrictions have held back expectations for iron ore stockpiling and replenishment in the winter,” said analysts at Zhongzhou Futures Co Ltd. The scope of production restrictions during the heating season has increased while the number of blast furnaces is also increasing.”
Photo: Uma Steels
Loose supply and weak demand suggest that portside iron ore inventories in China, which rose to a 31-month high of 145.10 million tonnes last week, will increase, according to SteelHome analysts. continue to accumulate.
A deepening liquidity crunch in China’s real estate sector, which accounts for about a quarter of domestic steel demand, has added to the bearish ahead-of-time mood for China Evergrande Group.
“Risk increases as weaker demand from the Chinese property sector drives iron ore futures lower,” said Daniel Hynes, senior commodity strategist at ANZ.
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