Ore fluctuates more strongly than finished steel products and depends on the local supply and demand situation, will still make the profit problem in steel enterprises in our country face many obstacles. That forces manufacturers to be flexible in purchasing and storing raw materials.
According to MXV, 2023 will still be a challenging year for the domestic iron and steel industry.
According to a report released by the Vietnam Steel Association (VSA), for the whole year of 2022, finished steel production reached 29.339 million tons, down 11.9% over the same period in 2021. Finished steel consumption reached 27.3 million tons, down 7.2% over the same period in 2021.
According to MXV, 2023 will still be a challenging year for the domestic iron and steel industry, however, it is hoped that the "traction" from public investment will bring a better picture for iron and steel production and consumption in the future. water.
Metal price list ends trading day 6/2.
Arabica coffee fluctuates strongly, red color covers the metal market
In the market of industrial raw materials, two coffee products simultaneously prospered despite the expected loosening of supply. Specifically, Arabica prices suddenly increased sharply by 1.68% yesterday, after a relatively volatile session.
On the one hand, prices were supported by a constraint on Brazilian exports as inventories gradually dried up. Specifically, cumulative exports of Arabica in the first 3 days of February 2023 in Brazil reached 257,038 bags of 60 kg, down 42.1% compared to 444,131 bags in the same period last year.
On the other hand, the supply outlook loosens in Brazil with output forecast to reach 67.1 million bags of 60 kg grade, up from 61.5 million bags in the 2022/23 season, making the global supply-demand balance Demand shifted from a deficit of 4.15 million bags in crop year 2022/23 to a surplus of 3.35 million bags.
Meanwhile, in the metal market, the red color covered almost the entire price list when only LME lead was the only item that kept the slight uptrend. As for precious metals, both silver and platinum prices had a second consecutive session of weakness with a decrease of 0.75% to $22.23/ounce and 0.58% to $974.6/ounce, respectively. ounce.
As for the base metals group, COMEX copper opened with buying predominate, supported by a stronger manufacturing picture in January.
Similarly, the price of iron ore also fell 1.24% to 123.31 USD/ton in the context of supply outstripping demand. Inventories of imported iron ore at 45 major Chinese ports rose to a four-month high of 137.3 million tonnes. This put pressure on iron ore prices during the session.
Commodity Exchange of Vietnam (MXV)
