The price of iron ore for September delivery increased by 5.5% , the prices of other steelmaking components on the Dalian bourse also fluctuated. On the Shanghai floor, the price of construction rebar for October delivery fell 0.2% to 5,610 CNY/ton.
On the Dalian Commodity Exchange today, May 19, the price of iron ore for September delivery increased by 5.5% to 1,256 CNY (equivalent to 195.26 USD)/ton, in the previous session, iron ore price increased by 4.3%. to 1,243 CNY.
Spot iron ore price with 62% Fe iron content traded on May 18 increased by 3 USD to 211.5 USD/ton.
Prices of other steelmaking components on the Dalian bourse were also volatile with coking coal prices down 0.1% to CNY 1,968/ton while coking coal rose 1.2% to CNY 2,659/ton.
On the Shanghai floor, the price of construction rebar for October delivery fell 0.2% to 5,610 CNY/ton.
Hot rolled coil prices, used in the manufacturing sector, reduced losses, closing 0.8% lower at 5,980 CNY/ton. Similarly, stainless steel futures in Shanghai rose 2.4% to 1,645 CNY/ton.
Notably, the price of iron ore on the Singapore exchange this morning of May 18 has increased sharply by 2.4% and re-passed the 200 USD threshold to 206.55 USD/ton (in the previous session, the iron ore price on this floor decreased by 11%).
China recorded total steel production of 97.85 million tons in April.
In April 2021, China’s crude steel output reached an all-time high, despite the government’s pledge to limit production to reduce pollution as well as increase costs from raw materials.
Data from the National Bureau of Statistics of China (NBS) shows that, with factories producing massively thanks to high profits, China recorded a total steel output of 97.85 million tons in April. Thereby, this level of production increased by 4.1% compared to March and higher than the figure of 85.03 million tons in April last year.
Average daily output in April increased 7.5% from March to 3.26 million tons. This is also the highest level in the history of the country’s steel industry.
For two consecutive months, steel production in China has increased rapidly, although Beijing has repeatedly vowed to ensure full-year output stays below 1.065 billion tons.
Rising demand in addition to soaring steel prices has helped improve margins significantly, fueling the desire to produce more at China’s steel mills. Due to the sharp increase in steel production, iron ore inventories at the country’s seaports have decreased for 3 consecutive weeks.
Not only did iron ore inventories fall, China’s steel stocks also fell due to strong demand during the construction season. It is known that rebar stocks of steel producers and consumers as of May 13 was 11.1 million tons, down 6.6% from a week earlier, and 6.7% lower. compared to the same period last year.
Information resource: Vinanet
Tiếng Việt
