Steel prices today increased to 4,759 yuan / ton on the Shanghai Exchange. Demand for iron ore is expected to pick up as traders in China return from the Lunar New Year holiday and beyond after the Winter Olympics.
Steel prices continue to increase today.
Steel price today delivered in May 2022 on the Shanghai Exchange increased 63 yuan to 4,759 yuan / ton at the time of survey at 8 am (Vietnam time).
| Type name | Period | January 28 | Difference from previous transaction |
| Giá đồng | Delivery in March 2022 | 70.330 | -180 |
| Giá kẽm | Delivery in March 2022 | 25.305 | +505 |
| Giá niken | Delivery in March 2022 | 164.800 | -1.070 |
| Giá bạc | Delivery in March 2022 | 4.716 | -155 |
| Giá thép | Delivery in July 2022 | 4.759 | +63 |
List of futures trading prices of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Thursday (January 27), iron ore futures rose on expectations of strong demand as steel production restrictions are eased after the Beijing Winter Olympics next month, Reuters reported.
Iron ore chart at Shanghai Exchange (Source: Shfe)
Accordingly, the iron ore contract for delivery in May 2022, the most traded on the Dalian Commodity Exchange (DCE), increased 2% to 781 yuan / ton (equivalent to 123.07 USD / ton). – the highest level since October 13.
At the close, this contract recorded a slight increase of 0.5% to reach 769 yuan/ton
Similarly, the iron ore contract for delivery in March 2022, the most actively traded on the Singapore Exchange (SICOM), also increased 1% to 139.05 USD/ton.
The tight supply outlook also keeps the bulls in place for iron ore, even if some traders stay out of the market ahead of next week’s Lunar New Year holiday.
Demand for iron ore is expected to pick up as traders return from the Tet holiday and beyond after the Winter Olympics as steel mills have capacity, said analysts at Huatai Futures. inventory replenishment.
Industrial activities at China’s top steelmaker are expected to be restricted during the Olympics to ensure smog-free skies.
Huatai Futures analysts also added: “After the holiday season, the consumer outlook will continue to be upbeat. In terms of supply, recent heavy rains in Brazil and Australia have caused iron ore to drop significantly.”
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