Lotus, formosa Ha Tinh increase the price of hot rolled coil

In the domestic market, recently, on December 14, Hoa Sen Group Joint Stock Company sent a notice that due to the sharp increase in the price of hot rolled steel (HRC) raw materials, the price of galvanized steel sheet, galvanized thick steel, and pipes has increased. steel and corrugated iron products 200,000 VND/ton nationwide, the above price does not include 10% VAT.

Domestic HRC products increased sharply. Photo: Citicom

Then, on December 15, HRC hot rolled coil price was adjusted by Formosa Ha Tinh by 10%, up 55 USD/ton for SAE 1006 HRC product. Formosa's move to increase the price of HRC was made after Chinese mills adjusted the price of HRC hot rolled coil for export.

Previously, China's steel exporters increased the selling price of hot rolled coil for export orders in the context of reduced production in the country and high domestic prices.

According to the General Department of Customs, in November, our country exported a total of 587,100 tons of iron and steel of all kinds with a value of 470.1 million USD.

Thus, compared to October, iron and steel exports increased by 10.4% in volume and 8.2% in value, marking the first month of increase in both volume and export turnover after many months of sliding.

Compared to October, iron and steel exports increased by 10.4% in volume and 8.2% in value, marking the first month of increase in both volume and export value after many months of sliding.

Previously, export turnover continuously decreased, in October it was only 367 million USD, while in September it reached 458 million USD, in August reached 462 million USD.

The Vietnam Commodity Exchange (MXV) said that although macro risks are still hidden, after the Fed meeting said that it will still make further interest rate increases next year, demand industry will tend to improve to support the prices of base metals.

It is known that the price of the base metal group was not supported too much by the news coming from the last Fed meeting.

As for the iron ore market, prices have fallen for three consecutive sessions, on the one hand due to profit-taking pressure as prices have risen more than 40% since the November bottom.

However, the potential consumption market of China is intensifying economic stimulus, especially the real estate sector as the country achieves normalization, with Goldman Sachs forecast, China may open from the end of the first quarter of 2023.

A series of economic stimulus measures are being applied by China, especially credit support for the real estate sector. Now, with moves to ease Covid-19 and increase economic stimulus, tensions in China's $750 billion bond market have dropped to their lowest level since the Evergrande crisis at the end of the year. and default risk is also less negative in the short term.

Investment in infrastructure and real estate will be a strong stimulus for the demand for construction materials such as copper, iron and steel and it is likely that copper prices will recover strongly next year.

The European region is also actively transforming green infrastructure. Therefore, metal demand for construction materials, and precious metals are likely to receive more positive buying power next year.

Economy & Urbanism