Steel prices today increased to 5,651 yuan / ton on the Shanghai Exchange. Iron ore futures in Asia rebounded with the benchmark contract on the Dalian Exchange rising from a 10-month low.
Steel prices today increased sharply
Steel price today January 2022 delivery on the Shanghai Exchange increased by 119 yuan to 5,651 yuan/ton at the time of the survey at 9:30 am (Vietnam time).
| Type name | Period | September 23 | Difference from yesterday |
| Copper price | Delivered in October 2021 | 68.780 | +150 |
| Zinc price | Delivered in November 2021 | 22.575 | -85 |
| Nickel price | Delivered in November 2021 | 143.720 | +520 |
| Silver price | Delivered in December 2021 | 4.830 | -45 |
| Steel price | Delivered in January 2022 | 5.651 | +119 |
Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Wednesday (September 22), iron ore futures in Asia recovered with the benchmark contract on the Dalian Exchange (DCE) rising from a 10-month low, according to Reuters.
Iron ore chart at Shanghai exchange (Source: Shfe)
Specifically, the price of DCIOcv1 iron ore for January delivery on China’s DCE Exchange ended daytime trading 3.7% higher at 668.50 yuan/ton (equivalent to 103.41 USD/ton). .
The increase reversed previous losses, sending the most-traded iron ore contract on the DCE Exchange to its weakest since Nov. 26, 2020.
On the same day, the SZZFV1 iron ore contract for October delivery on the Singapore Exchange (SGX) also increased by 12.9%, recording a transaction of 105.75 USD/ton.
Even so, the market still has doubts about whether the increase can be sustained as Chinese demand declines amid an improved supply outlook.
Data from consulting firm SteelHome showed that, last week, China’s spot iron ore price fell to 103 USD/ton. This is the lowest trading level recorded in the past 14 months.
Photo: The Bangkok Post
The Chinese market was closed on Monday (September 20) and Tuesday (September 21) for a holiday.
Atilla Widnell, Managing Director of Navigate Commodities in Singapore, said that any respite from the sell-off will not last long as all attention shifts to an increase in Brazilian shipments rather than a decline. of Australian shipments compared to the previous week.
“Nothing can ease the pressure on output cuts,” said ANZ senior commodity strategist Daniel Hynes. The government is now asking many provinces surrounding Beijing to cut steel production to improve air quality ahead of next year’s Winter Olympics.”
According to industry data provider Mysteel, China’s steel output curbs aimed at reducing carbon emissions intensified last month, with top producing provinces of Hebei and Shandong posting reductions. more than 20% annually.
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