Today’s steel price on April 10 recorded a deep drop in domestic steel prices of 310,000 VND/ton. Steel manufacturers cut back on the number globally.
Today’s steel price April 10: Domestic steel price decreased by 310,000 VND/ton
Domestic steel prices fell by 310,000 VND/ton in depth
Steel Manufacturers Cut Production Globally
Global crude steel production in February fell 1% year-on-year, after falling in January. The decline was fueled by a drop in output among the world’s major steelmakers.
According to data from the World Steel Association, leading manufacturers such as Japan, the U.S. and Russia cut production by 5.3%, 5.3%, and 8.6%, respectively. Although data did not fall as sharply as the 3.3 percent drop in January, Fitch predicted limited production growth will continue throughout the year as major steelmakers continue to struggle with high input costs.
China is reportedly seeking to cut steel production by 2023, the third year in a row.
Meanwhile, demand for steel, which was pressed during China’s COVID-19 pandemic, is also likely to gradually decrease in the second half of this year, predicting based on analysis of China’s economic policy agenda for 2023 at key policy meetings in March. China, which accounts for 70% of the world’s iron ore imports, is expected to grow by about 5% for 2023.
Domestic steel prices fell by 310,000 VND/ton in depth
Today April 10th recorded a sharp decline in the domestic steel market after 6 consecutive sessions since the beginning of the year. After being adjusted, today’s specific steel prices of brands are as follows:
Steel prices in the North
According to SteelOnline.vn, Hoa Phat steel brand has decreased, with 2 of its products including CB240 rolled steel line from 15,960 VND/kg to 15,165 VND/kg; D10 CB300 bar steel slightly decreased, from 15,990 VND/kg to 15,890 VND/kg.
Viet Italian steel fell deeply, CB240 rolled steel decreased by 310 VND, to 15,600 VND/kg; with D10 CB300 steel line reduced by 410 VND, currently priced at 15,550 VND/kg.
Vietnam Sing Steel, both of its steel lines simultaneously decreased, currently CB240 rolled steel has decreased by 400 VND, priced at 15,430 VND/kg; D10 CB300 bar steel at 15,780 VND/kg – decreased by 210 VND.
Viet Duc steel, with CB240 rolled steel, decreased by 310 VND, to 15,400 VND/kg; D10 CB300 bar steel decreased by 200 VND, which is priced at 15,760 VND/kg.
VAS steel, currently the CB240 roll steel line decreased by 300 VND, from 15,680 VND/kg to 15,380 VND/kg; D10 CB300 steel bar steel at 15,530 VND/kg.
The Vietnamese Japanese steel brand, with the CB240 roll steel line, decreased by 300 VND to 15,580 VND/kg; D10 CB300 steel bar steel decreased by 410 VND, priced at 15,630 VND/kg.
Steel prices in the Central region
The adjusted Hoa Phat Steel decreased by 300 VND and 100 VND, respectively, corresponding to the CB240 coil steel line to 15,580 VND/kg; the D10 CB300 bar steel costs 15,790 VND/kg.
Viet Duc steel, CB240 roll steel decreased by 300 VND, to 15,760 VND/kg; D10 CB300 bar steel decreased by 200 VND, priced at 16,010 VND/kg.
VAS steel, with D10 CB300 bar steel reduced by 200 VND, currently costs 15,530 VND/kg; CB240 coil steel at 15,380 VND/kg – decreased by 300 VND.
Pomina steel has no fluctuations, currently the CB240 coil steel line is at 16,520 VND/kg; the D10 CB300 bar steel line costs 16,580 VND/kg.
Southern steel prices
Hoa Phat Steel, with CB240 rolled steel at 15,680 VND/kg – decreased by 300 VND; D10 CB300 bar steel currently priced at 15,930 VND/kg – decreased by 100 VND.
VAS steel simultaneously decreased by 300 VND, CB240 roll steel line at 15,430 VND/kg; D10 CB300 bar steel costs 15,530 VND/kg.
Tung Ho steel, with CB240 rolled steel at 15,530 VND/kg; D10 CB300 bar steel costs 15,480 VND/kg.
Pomina steel, with a CB240 coil steel line at 16,680 VND/kg; D10 CB300 bar steel costs 16,680 VND/kg.
Sources: Industry and Industry