Steel prices today fell to 4,576 yuan/ton on the Shanghai Exchange. The Chinese market is watching the government’s policy towards controlling steel output, leading to a drop in prices of steelmaking raw materials.
Steel prices today fell again.
Steel price today delivered in May 2022 on the Shanghai Exchange fell 72 yuan to 4,576 yuan/ton at the time of the survey at 9:20 am (Vietnam time).
| Tên loại | Kỳ hạn | Ngày 17/1 | Chênh lệch so với giao dịch trước đó |
| Copper price | Delivery in March 2022 | 70.150 | -1.400 |
| Giá kẽm | Delivery in March 2022 | 24.590 | -360 |
| Nickel price | Delivered in February 2022 | 162.400 | -1.630 |
| Silver price | Delivered in June 2022 | 4.765 | -18 |
| Steel price | Delivered in May 2022 | 4.576 | -72 |
China’s steelmaking raw materials fell on Friday, with coking coal and coking coal down about 4% and iron ore down about 3%, according to Reuters.
Iron ore chart at Shanghai Exchange (Source: Shfe)
The reason is that the market is watching the government’s policy towards controlling steel production.
Specifically, the price of coking coal for delivery in May 2022, the most traded on the Dalian Commodity Exchange (DCE), fell 4.4% to 2,258 yuan/ton (equivalent to $355.06/ton). ton).
At the close, the contract was down 2.6% to 2,300 yuan a tonne.
Similarly, coke prices on the DCE fell 3.3% to 3,082 yuan a tonne, after falling 3.8% earlier in the session.
Iron ore futures fell 2.3 percent to 722 yuan a tonne, while spot iron ore 62% Fe inched 0.5 percent to $132.5 a tonne on Thursday (January 13).
Photo: North Shore Steel
According to a report by CreditSights, it “will be interesting to see if China loosens its steel cutting policy after the Winter Olympics.”
While that looks unlikely given the country’s long-term decarbonization target, it remains to be seen how closely local steelmakers will adhere to a strict policy of margins across all products. main steel products.
China’s iron ore imports in December 2021 fell 18% from November 2021 to 86.07 million tonnes, bringing annual purchases to 1.12 billion tonnes in 2021, down from a record high a year earlier.
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