Steel prices today fell to 4,437 yuan/ton on the Shanghai Exchange. China is considering setting up an iron ore pricing center to increase its influence in the market.
Steel prices fell slightly today.
Steel price today delivered in May 2022 on the Shanghai Exchange fell 2 yuan to 4,437 yuan/ton at the time of the survey at 8:30 am (Vietnam time).
| Type name | Period | December 8 | Difference from previous transaction |
| Copper price | Delivered in January 2022 | 69.700 | +180 |
| Zinc price | Delivered in January 2022 | 23.135 | +285 |
| Nickel price | Delivered in February 2022 | 148.200 | +1.670 |
| Silver price | Delivered in June 2022 | 4.736 | +20 |
| Steel price | Delivered in May 2022 | 4.437 | -2 |
Futures trading price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
China is considering setting up an iron ore pricing center to increase its influence in the market, Global Times reported.
Iron ore chart at Shanghai Exchange (Source: Shfe)
This is seen as part of efforts to ensure stable supply and prices, after recent price spikes have had a significant impact on Chinese industries.
Building a related financial system to allow online transactions to work will help gain the upper hand in pricing power, experts said on Sunday.
At the 17th China (Shenzhen) Commodity Futures Conference, Mr. Xi Zhiyong – General Manager of Dalian Commodity Exchange (DCE), said that this exchange will increase its influence on prices. of key commodities, while accelerating the establishment of soybean and iron ore pricing centers.
The purpose of this move is to serve businesses in the agricultural sector, steel sector and other related industries, contributing to ensuring supply chain security across the country.
Photo: Uma Steels
According to Ms. Wang Guoqing, Research Director at Lange Steel Information Research Center in Beijing, through the establishment of a suitable financial system, online iron ore trading will become vibrant. more, this will affect the price.
“China, as the world’s largest consumer of iron ore and the top buyer, will see more contracts and therefore its pricing power will be enhanced,” said Ms. Wang. high”.
“Increasing pricing power also helps prevent individual iron ore producers from dominating market prices,” she added. For China’s steel industry, better pricing power can help reduce costs and increase profits for manufacturers.”
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