The price of iron ore contract in July on the Singapore exchange was 124.8 USD / ton, up 4.1% compared to the previous day.
Iron ore prices hit a one-week high yesterday after China eased Covid-19 testing requirements for international visitors. Besides, Beijing and Shanghai did not record any new Covid-19 infections, helping the metal and iron ore market to be more optimistic.
On the Dalian Commodity Exchange, China, the price of iron ore for September delivery was at $120.1/ton, up 6.3% from the previous day. The price of iron ore contract in July on the Singapore exchange was 124.8 USD / ton, up 4.1% compared to the previous day.
Rebar futures price in China on June 29 was 4,485 yuan/ton ($668/ton), up 1.1% from the previous day, the highest in nearly 2 weeks.
Rebar futures price movement in China. Source: Trading Economics
Concerns about Covid-19 are tending to subside. Beijing also pledged to continue its policies to support the economy. However, the rally in metal prices is still uncertain.
China’s determination to limit steel output this year to output levels below 2021 to limit emissions is also a drag on demand for iron ore and steel in the near term.
Regarding non-ferrous metals, the market recorded mixed movements. Tin rose 1.2% from the previous day to 217,610 yuan/ton ($32,438/ton). Zinc rose 0.6 percent to 23,918 yuan per tonne ($3,565 per ton). Nickel fell 1.9% to 183,916 yuan/ton. Copper fell 0.4 percent to 64,211 yuan per tonne ($9,571 per ton).
Regarding the domestic market, steel price remained unchanged after adjusting on June 27. Many businesses announced to lower product prices on June 27 with a reduction of up to 300,000 VND/ton and this is the 7th consecutive decrease since May 11. The total reduction amounted to nearly 3 million VND/ton.
 Hoa Phat steel price movement on June 29. Source: Steel Online |
After adjustment on June 27, with Vietnam Italy steel, CB240 and D10 CB300 were 16.36 million VND/ton and 16.77 million VND/ton, respectively. Regarding Viet Duc steel, the above two types of steel are 16.36 million VND/ton and 16.77 million VND/ton. For Kyoei steel, the price is 16.26 million VND/ton and 16.66 million VND/ton for CB240 and D10 CB300.
The price of Hoa Phat’s CB240 coil and D10 CB300 rebar in the North is 16.5 million VND/ton and 16.8 million VND/ton.
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