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A rally based on hope and not on worrisome fundamentals will not be sustainable.

Analysts say China may ease restrictions on steel production and exports next year to improve steel supply and demand in the context of the country's determination to stabilize economic growth and ensure job.

According to preliminary statistics of the General Department of Customs, in the 10 months of 2021, the whole country imported nearly 1.24 million tons of iron and steel, equivalent to 1.3 billion USD, the average price reached 1,047.5 USD/ton, down 17.6% in volume, but up 22% in turnover and 48% in price compared to 10 months of 2020.

The price of stainless steel on the Shanghai Stock Exchange, China in the contract for January delivery in January 2022 was $2,535.3 per ton, down 4.2% compared to December 7.

The domestic steel price has been simultaneously adjusted by enterprises to decrease from 15,860 VND/kg to 16,390 VND/kg for CB240 coil, and from 16,060 VND/kg to 16,600 VND/kg for D10 CB300 rebar. …

Iron ore prices surged on December 7 after Chinese authorities said November imports were up nearly 15% from October, the highest level since July 2020.

In addition to aluminum and steel supply issues, during a meeting on December 7, US and UK trade officials also agreed to coordinate in handling important WTO issues such as intellectual property and fisheries subsidies.

After 4 consecutive months of increase, Hoa Phat's steel consumption in November decreased by 21% compared to the previous month, reaching 765,000 tons of all kinds.

China's coal imports in November were the highest since the beginning of the year as the country rushed to find supplies for the power system before winter arrived.

From mid-November to now, the domestic steel market has undergone two price reductions, on November 16 it was reduced by 300,000 VND/ton and today by 400,000 VND/ton.

Sharing with CNBC, the CEO of a major steel company in India predicted that steel prices could increase "much higher" in the next few years than the average of the past few years.

Steel prices today increased to 4,418 yuan / ton on the Shanghai Exchange.