Steel price today May 30: Domestic steel price fluctuates in opposite directions

Chinese steel prices continue to decline slightly while iron ore prices rise thanks to positive demand. In contrast, domestic construction steel prices are adjusted in opposite directions.

Update on world steel prices
At the end of the trading session on May 29, the price of rebar for June delivery on the Shanghai Futures Exchange decreased by 0.44% (13 yuan) to 2,948 yuan/ton. On the Dalian Exchange, the price of iron ore for June delivery increased by 0.87% (6.5 yuan) to 750.5 yuan/ton. Similarly, the price of iron ore for June delivery on the Singapore Exchange edged up by 0.8 USD to 96.89 USD/ton.

Shanghai rebar futures for June delivery. Source: Barchart

Singapore iron ore futures rose on increased shipments from Australia, which increased its exports to China by 10.4% week-on-week to 17.4 million tonnes. Market sentiment was also affected by the Brazilian government's decision on May 27 to extend a 25% tariff on 19 steel imports that had been in place since last year.

However, China's industrial profits accelerated in April, official data showed on Thursday, giving policymakers hope that recent stimulus measures are helping to keep the economy afloat despite trade tensions with the United States.

A US trade court on May 28 blocked Trump’s tariffs from taking effect, saying the president exceeded his authority by imposing blanket duties on imports from countries with trade surpluses with the US.

In recent months, Trump has imposed 25% tariffs on cars and steel.

The court’s ruling has improved investor sentiment and given the ferrous metal a chance to recover, according to brokerage Galaxy Futures. However, Galaxy also said seasonal steel demand has peaked, and demand for the construction material will continue to weaken.

Spring is typically the peak construction season in China before the rainy season begins in June.

Meanwhile, although Beijing has said it wants to cut crude steel output this year, traders and steelmakers are betting that the cuts will be difficult to implement amid improving industry profits.

Other steelmaking raw materials on the Dalian Commodity Exchange (DCE) remained subdued, with metallurgical coal and coke down 3.98% and 1.62%, respectively.

Metallurgical coal prices fell to 757 yuan early in the session, the lowest since June 8, 2021, according to data from LSEG.

“While the coke market has experienced two price declines in May, the weak performance of the ferrous market could lead to further price declines in the future,” according to consultancy Mysteel.

Domestic steel prices fluctuate in different directions
Domestic, some businesses adjusted steel prices from May 29. Specifically, Hoa Phat's CB240 steel price was recorded at VND13,650/kg, down VND140/kg compared to the previous period; CB300 steel was quoted at VND13,790/kg, up VND50/kg. Similarly, at Viet Duc Steel Company, the price of CB240 steel is at 13,350 VND/kg, down 250 VND/kg; D10 CB300 steel is priced at 13,350 VND/kg. With Thai Nguyen Steel, the price of CB240 steel remains at 13,970 VND/kg but D10 CB300 steel increases by 310 VND to 14,080 VND/kg.

Steel prices recorded until May 30, 2025. Source: SteelOnline

(According to Vietnam.biz newspaper)