Steel prices today, May 15, 2024: The September 2024 steel futures on the Shanghai Futures Exchange fell by 30 yuan to 3,480 yuan/ton
According to Reuters, iron ore futures surged on Monday (May 13) due to news of the Chinese government issuing additional bonds to stimulate economic growth, overshadowing the impact of weaker-than-expected credit data in the top consumer country.
The September iron ore futures contract on the Dalian Commodity Exchange (DCE) in China recovered from earlier losses and closed 2.42% higher at 888 yuan/ton (equivalent to 122.75 USD/ton).
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Steel prices today, May 15, 2024: Rising demand for steel in infrastructure development
The benchmark iron ore for June delivery on the Singapore Exchange (SGX) increased by 1.25% to 117.25 USD/ton.
Analysts at Huatai Futures stated that the strong output of hot metal reflects the growing demand for critical steel-making materials as mills resume production. Meanwhile, absolute iron ore inventory levels at ports remain relatively high, putting pressure on ore prices.
Other steel-making components on the Dalian Commodity Exchange (DCE) fell, with coking coal DJMcv1 down 1% and coke DCJcv1 down 0.79%.
Benchmark steel prices on the Shanghai Futures Exchange were mixed. Specifically, rebar SRBcv1 rose by 0.93%, hot-rolled coil SHHCcv1 increased by 0.61%, stainless steel SHSScv1 remained flat, while wire rod SWRcv1 decreased by 0.13%.
The outlook for Vietnam's steel production is expected to increase by approximately 10% in 2024 and 8% in 2025 as the demand for steel in various domestic economic sectors recovers. It is forecasted that finished steel production in 2024-2025 will reach around 28-30 million tons, while domestic steel consumption is estimated to be about 21-22.5 million tons.
Vietnam's GDP is projected to reach 6-6.5% in 2024. Steel remains a fundamental material worldwide, and as a developing country, Vietnam sees increasing demand for steel in infrastructure development. The average steel consumption per capita is currently 240 kg/person and is expected to rise to 290-300 kg/person by 2030. The production and quality of steel meet both domestic consumption needs and export demands to over 20 countries.
Steel prices today in the domestic market are stable. According to a survey on Steel Online, the steel prices on May 15, 2024, are as follows:
