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Price movements of hot rolled coil in China. Source: Sunsirs
According to Sunsirs, the price of 62% Fe ore of Australian origin on August 10 was 790 yuan/ton ($117/ton), down 1.8% from the previous day. The price of this item increased from August 5 to August 8, then decreased continuously for two days. Compared to the bottom at the end of July, the price of this ore is about 15% high.
According to experts, the reduction of steel production in China to limit emissions, the real estate crisis in China are dimming the prospects for this steelmaking material. Some sources believe that small capacity blast furnaces in Hebei, China's top steel-producing province, will close permanently by the end of 2022.
Hot rolled coil price was 4,020 yuan/ton ($597/ton), down 1.5% from the previous day. Currently, the price of this item is about 7% higher than the bottom of mid-July. Stainless steel price was 15,030 yuan/ton ($2,235/ton), down 1% from the previous day. And rebar dropped 0.3% to 4,158 yuan/ton ($618/ton).
On the non-ferrous metal market, nickel price was 174,850 yuan/ton ($26,004/ton), up 1.2% from the previous day. Copper prices rose 0.7 percent to 62,021 yuan per tonne ($9,210 per ton). The copper price is currently 12% higher than the mid-July low. Meanwhile, silver prices were unchanged at 4,499 yuan/ton ($668/ton).
Regarding the domestic market, steel prices moved sideways after falling on 8/8 and was the 13th consecutive decrease in 13 months. After adjustment, Pomina's CB240 steel coil remained at VND 14.98 million/ton. Rebar D10 CB300 is 16.39 million VND/ton.
In the North, with Hoa Phat brand, CB240 coil and D10 CB300 rebar are priced at VND 14.88 million/ton and VND 15.74 million/ton. With Vietnam Italy steel, CB240 and D10 CB300 traded at 14.75 million VND/ton and 15.5 million VND/ton.
Thus, from May 11, steel price decreased continuously 13 times with a total decrease of about 4-5 million VND/ton, depending on brand, type of steel and region.
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