Steel prices today increased to 4,141 yuan / ton on the Shanghai Exchange. China has successfully controlled crude steel output from January to October at a lower level than the same period in 2020 after a series of strict restrictions.
Steel prices continue to go up today
Today’s price for delivery in May 2022 on the Shanghai Exchange increased by 93 yuan to 4,141 yuan/ton at the time of the survey at 9 am (Vietnam time).
| Typy name | Period | 24/11 | Difference from previous transaction |
| Copper price | Delivered in January 2022 | 71.100 | +130 |
| Zinc price | Delivered in January 2022 | 23.570 | -45 |
| niken price | Delivered in December 2021 | 151.890 | +610 |
| Silver price | Delivered in December 2021 | 4.843 | -172 |
| Steel price | Delivered in May 2022 | 4.141 | +93 |
List of futures trading prices of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Tuesday (November 23), China’s benchmark iron ore futures rose to hit a daily limit of 10% in morning trade.
Iron ore chart at Shanghai exchange (Source: Shfe)
The reason comes from the context of steel manufacturers preparing to resume production after strict control measures in the past few months as ordered by the government.
Accordingly, the price of iron ore for delivery in January 2022, the most actively traded on the Dalian Commodity Exchange (DCE), increased by 9.9% in the morning session. This is the largest percentage increase since September 30.
At the close, the final trading price rose 7.8% to 587 yuan per tonne ($91.96 per tonne).
On the same day, prices of other steelmaking materials on DCE also went up. Accordingly, the price of coking coal increased 2.8% to 1,919 yuan / ton and the price of coking coal increased 1% to 2,881 yuan / ton.
According to consulting firm SteelHome, the price of iron ore with 62% Fe content for spot delivery to China increased by $4 to $95.5/ton on Monday (November 22).
Photo: Alibaba
“The iron ore supply hasn’t changed much lately, but many mills are planning to increase production next month,” said a Beijing-based trader.
Another iron ore trader based in Shandong said that the market is trading with the expectation that steel output will increase in the coming December.
China has successfully controlled crude steel output from January to October at a lower level than in the same period in 2020 following a series of severe restrictions, in addition to sluggish downstream demand.
This has left room for steel companies to increase monthly output for the rest of this year, Reuters reported.
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