Steel prices today fell to 5,171 yuan / ton on the Shanghai Exchange. China Steel Corp, China’s largest steel producer, said it would raise domestic prices by 1.2% next month.
Steel prices continue to fall today
Steel price today January 2022 delivery on the Shanghai Exchange fell 171 yuan to 5,171 yuan/ton at the time of the survey at 10:30 am (Vietnam time).
| Type name | Period | August 18 | Difference from yesterday |
| Copper price | Delivered in September 2021 | 68.970 | -820 |
| Zinc price | Delivered in September 2021 | 22.725 | +50 |
| Nickel price | Delivered in September 2021 | 144.870 | -1.510 |
| Silver price | Delivered inDecember 2021 | 5.122 | -20 |
| Steel price | Delivered in January 2021 | 5.171 | -171 |
Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Monday (August 16), China Steel Corp (CSC), China’s largest steel producer, said it would raise domestic prices by 1.2% to reflect higher production costs and demand. Steel demand increased again. The revised price will go into effect next month.
Iron ore chart at Shanghai exchange (Source: Shfe)
During the COVID-19 pandemic, CSC raised steel prices for 12 consecutive months before freezing last month. The move is intended for downstream companies to adjust to business needs and prepare for the changes to come.
CSC said that there has been a short-term and positive correction for Asian steel prices recently. However, the company predicts steel prices will return to upward momentum as the global market tightens ahead of the traditional peak season in September and October.
According to CSC, infrastructure projects in the US and Europe will create global economic growth, contributing to increasing consumption demand for steel products.
Another factor leading the company to predict a recovery in international steel prices is China’s introduction of new regulations to meet carbon neutrality targets.
The Chinese government has requested a reduction of 60 million tonnes of crude steel in the second half of 2021. At the same time, it has increased the export tax on chromite and high-purity cast iron to 40%, the company said. and 20%”.
Accordingly, the price of hot rolled steel plate, hot rolled coil, cold rolled coil, electroplated steel and other steel products with fixed monthly price will increase NT$500/ton.
Similarly, the price of medium quality electroplated coil is also expected to increase NT$300/ton, Taipei Times reported.
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
Website: http://tginternationaljsc.com
