Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
Domestic 3/3 steel prices remained stable at VND13,400 – 13,850/kg, while rebar futures prices in Shanghai decreased by 0.33%, and iron ore prices in Singapore decreased by USD1.9/ton.
Domestic steel prices remain stable
In the first days of March, domestic steel prices continued to fluctuate between VND13,400 – 13,850/kg, reflecting the stability of domestic supply and demand. Specifically:
Steel prices in the North:
Hoa Phat: CB240 – 13,480 VND/kg, D10 CB300 – 13,580 VND/kg
Viet Y: CB240 – 13,580 VND/kg, D10 CB300 – 13,690 VND/kg
Viet Duc: CB240 – 13,430 VND/kg, D10 CB300 – 13,740 VND/kg
VAS: CB240 – 13,400 VND/kg, D10 CB300 – 13,450 VND/kg
Viet Sing: CB240 – 13,500 VND/kg, D10 CB300 – 13,700 VND/kg
Steel prices in the Central region:
Hoa Phat: CB240 – 13,530 VND/kg, D10 CB300 – 13,640 VND/kg
Viet Duc: CB240 – 13,840 VND/kg, D10 CB300 – 14,140 VND/kg
VAS: CB240 – 13,800 VND/kg, D10 CB300 – 13,850 VND/kg
Steel prices in the South:
Hoa Phat: CB240 – 13,480 VND/kg, D10 CB300 – 13,580 VND/kg
VAS: CB240 – 13,450 VND/kg, D10 CB300 – 13,550 VND/kg
Tung Ho: CB240 – 13,400 VND/kg, D10 CB300 – 13,750 VND/kg
Although the domestic market has not fluctuated much, the development of world steel prices is creating many challenges, especially in the face of trade policies from the US and the supply-demand situation in Europe.
World steel prices on March 3 and impacts from trade policies
In the international market, the price of steel bars for April delivery on the Shanghai Futures Exchange (SHFE) decreased by 0.33% to 3,275 yuan/ton, while the price of iron ore on the Dalian Commodity Exchange (DCE) was flat at 815 yuan/ton. In Singapore, the price of iron ore decreased by 1.9 USD/ton to 102.44 USD/ton.
In terms of the past week, steel bars decreased by 1.3%, iron ore prices decreased by 3.4%, while the decrease of futures contracts on the market was up to 5%. These fluctuations are greatly influenced by trade tensions between the US and Europe, especially the tariff policy on Chinese steel exports.
Specifically, French President Emmanuel Macron announced that the European Union will take countermeasures if the US imposes a 25% tariff on steel and aluminum imported from the EU. Previously, US President Donald Trump also imposed a similar tariff on goods from Canada and Mexico, and imposed an additional 10% tariff on China. These policies can change the supply-demand situation in the world steel market, putting pressure on prices and consumption demand.
Signs of recovery from Europe and prospects for the second quarter of 2025
Despite facing challenges from tariff policies, the steel market in Europe is starting to show signs of improvement. Demand in the European Union could recover in the second quarter of 2025, particularly from the construction sector, according to the February report of World Steel Dynamics (WSD).
Business sentiment in the Eurozone is showing signs of optimism, with the ZEW Economic Sentiment Index rising to 24.2 points in February, significantly above the average. The construction sector is expected to be the main driver of the recovery in the steel price market, with activity in the sector expected to return to pre-pandemic levels by the end of the second quarter.
In addition, the decline in steel imports into the EU also contributed to supporting prices in the region. Statistics from January 1 to February 18 showed that the volume of hot-rolled coil (HRC) imported into the EU decreased by 42% compared to the same period last year. If new import restrictions are imposed in April, sheet imports could fall by another 25% quarter-on-quarter, allowing regional producers to maintain their market share.
According to WSD’s forecast, if demand continues to improve and supply is adjusted accordingly, steel prices in Europe could reach EUR 640-650/t in Q2/2025. However, there are still many risks such as economic instability, policy changes and global market fluctuations.
