Steel prices fell slightly today
Steel price today delivered in January 2022 on the Shanghai Exchange fell 9 yuan to 4,186 yuan/ton at the time of the survey at 9:00 (Vietnam time).
| Type name | Period | 11/19 | Difference from previous transaction |
| Copper price | Delivered in January 2022 | 69.260 | +410 |
| Zinc price | Delivered in January 2022 | 22.580 | -10 |
| Nickel price | Delivered in January 2022 | 145.830 | +3.930 |
| Silver price | Delivered in January 2022 | 5.082 | -62 |
| Steel price | Delivered in December 2021 | 4.186 | -9 |
According to Reuters, iron ore is facing a series of bearish indicators as China’s steel output and demand continue to weaken. Currently, the “salvage” factor for the price of this raw material is the fact that Beijing will once again open the “stimulus faucet” in 2022. Futures price list of some metals on the Shanghai Exchange (Unit (Unit) : yuan/ton). Summary: Thao Vy
Iron ore chart at Shanghai exchange (Source: Shfe)
In recent weeks, the price of the main steelmaking component has been hovering around a floor of $90/ton, plummeting 62% from a record high of $235.55/mt in May 2021, to a low near this is 88.85 USD/ton on 11/15.
Spot prices for standard 62% Fe iron ore for delivery to North China ended at $90.70/mt on Wednesday, according to Argus Commodity Price Reporting Agency. 11/17).
Up to this point of November, the price of this commodity has fluctuated in the range of 90-100 USD/ton, coinciding with China’s weak steel production data at the same time.
China is a buyer of about 70% of the world’s seaborne iron ore and produces about 50% of the world’s steel.
However, China’s steel output has declined in recent months, as the industry is making cuts to meet its 2021 output target not to exceed a record 1.06 billion tonnes by 2020.
Specifically, the country’s daily steel output in October was 2.3 million tons. This is the lowest level since December 2018 and also the 5th consecutive month of decline recorded.
Photo: Freepik
China’s steel output in October was 71.58 million tons. Generally in the first 10 months of 2021, the total output reached 877.05 million tons, down 0.7% compared to the same period last year.
In theory, China could produce around 183 million tonnes in November and December and stay below target. However, there is little chance that output will increase in the next two months.
This is due to restrictions on energy use and a desire to improve air quality in the Beijing area ahead of the Winter Olympics in February 2022.
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
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