Steel prices today increased to 4,000 yuan / ton on the Shanghai Exchange. In the short term, policies related to real estate are expected to improve, helping to lift market sentiment.

Steel prices continue to increase today

Today’s price for delivery in May 2022 on the Shanghai Exchange increased by 20 yuan to 4,000 yuan/ton at the time of the survey at 8:45 am (Vietnam time).

Accordingly, the price of construction rebar futures SRBcv1, the most actively traded on the Shanghai Futures Exchange (SHFE), increased by 4.3% to 4,385 yuan/ton (equivalent to 687.21 USD). /ton).

Iron ore chart at Shanghai exchange (Source: Shfe)

At the end of the session, the price of this contract closed at 4,300 yuan/ton, up 2.3%.

Hot rolled coil SHHCcv1, used in the production of cars and home appliances, closed 0.9 percent higher at 4,405 yuan a tonne, after rising 4.7 percent earlier in the session.

Similarly, on the same day, the price of stainless steel futures SHScv1 on the Shanghai bourse also increased by 1.2% to 17,330 yuan/ton.

Data from consulting firm Mysteel showed that demand for China’s five main steel products, including rebar, coil and hot-rolled coil, increased for two consecutive weeks and increased by 4.2 percent. last week compared to early November.

Photo: Shanghai Unite Steel

According to Galaxy Futures, in the short term, policies related to real estate are expected to improve, which may improve market sentiment. However, the spot market still faces the risk of lower costs and lower consumption.

Currently, spot rebar and hot-rolled coil prices are around 400 yuan and 200 yuan higher, respectively, than the most-traded futures contracts today.

GF Futures analysts note that marginal loosening of real estate finances may not be able to reverse January steel demand coming, Reuters reported.

T&G International Joint Stock Company

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