Steel prices today fell to 4,882 yuan / ton on the Shanghai Exchange. China is trying to lower the price of iron ore, when the spot price of 62% Fe iron ore for Northern China is again nearing the level of 150 USD/ton.
Steel prices today fell sharply
Steel prices today, delivered in May 2022 on the Shanghai Exchange fell 104 yuan to 4,882 yuan/ton at the time of the survey at 9:25 am (Vietnam time).
| Type name | Period | February 14 | Difference from previous transaction |
| Copper price | Delivery in March 2022 | 71.280 | -1.230 |
| Zinc price | Delivery in March 2022 | 25.500 | -325 |
| Nickel price | Delivery in March 2022 | 173.370 | -370 |
| Silver price | Delivery in july 2022 | 4.916 | +83 |
| Steel price | Delivery in May 2022 | 4.882 | -104 |
Futures trading price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
Once again, China is trying to lower iron ore prices. The state planner warned that market participants “should not fabricate or publish any false information about prices”, according to Reuters.
Iron ore chart at Shanghai Exchange (Source: Shfe)
The problem for the authorities in Beijing is that iron ore prices appear quite likely to rise based on real demand and supply fundamentals.
It is not difficult to see why Beijing wants to cool down the price of the steelmaking material, when the spot price of 62% Fe iron ore for northern China is again nearing $150/ton, up about 68% since then. from a 2021 low of $87/ton reached in mid-November 2021.
Although Wednesday’s close on Wednesday (February 9) was $146.45 per tonne – still slightly below the record high of $235.55 per tonne in May 2021, it is still at levels where the China’s steel mills will struggle to turn a profit.
China’s state planning agency, the National Development and Reform Commission and the State Administration for Market Regulation, recently spoke with iron ore price information providers, warning Companies must ensure the accuracy of their claims.
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Beijing’s message is to strengthen market supervision and prevent speculation, which causes prices to soar. However, there is plenty of evidence that the current rally in iron ore is justified by fundamentals.
China, which buys nearly 70% of global seaborne iron ore, recorded strong imports in January, with Refinitiv estimated production at 94.28 million tonnes, while commodity consultant Kpler even even more optimistic with 108.41 million tons.
Although there is no exact data yet, January’s iron ore imports are considered to have increased again compared to the official 86.07 million tons of December 2021, but will still be lower than the peak in 2021. 104.95 million in November 2021.
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