Metal Market 04/14/2025: Copper surges, steel hits record low

Metal Market 04/14/2025: Copper prices on the LME rose 4% to $9,145/ton after hitting a multi-month low due to tariff tensions between the US and China.

Copper prices rebound

According to the metal market on April 14, 2025, copper prices on the London Metal Exchange (LME) increased by 2.65% compared to the previous session, to $9,145.88/ton. This is an impressive increase just a few days after copper prices fell to $8,105/ton, the lowest level in many months.

The main reason for the decline at the beginning of the week was the escalating tariff war between the two largest economies in the world. Specifically, Beijing increased tariffs to 125% on US goods, in response to US President Donald Trump raising tariffs to 145% on imports from China. This move has investors worried about the risk of a global economic recession, directly affecting the consumption prospects of industrial metals, especially copper – which plays an essential role in the construction and electricity industries.

However, immediately after the sharp decline, demand from China and short-term technical factors helped the copper market recover significantly at the end of the week.

Positive signals from the demand side

Chile’s largest copper miner, Codelco, said it is seeing strong demand from China this quarter – a key factor supporting the recent price rally. Notably, the Yangshan copper premium – an index reflecting copper import demand into China – remained at $87/t, its highest since late 2023.

In addition, copper inventories in warehouses managed by the Shanghai Futures Exchange fell 19% last week, indicating a rebound in consumption and a gradual return to positive sentiment in the market.

In addition to supply and demand factors, fluctuations in the derivatives market also contributed to price direction. The spread between the spot contract and the three-month contract on the LME has shifted from a discount of $63/t last week to a premium of $50/t, reflecting investors’ adjusted expectations ahead of the futures settlement date.

Domestic steel prices remain stable

According to the latest survey of the metal market on April 14, 2025, steel prices in domestic regions remained almost unchanged compared to the beginning of April. In the North, major brands such as Hoa Phat, Viet Duc, VAS and Viet Sing all kept their listed prices unchanged, showing a trend of keeping prices to stabilize the domestic market.

Specifically, in the Northern region:

Hoa Phat: CB240 steel price is 13,530 VND/kg, D10 CB300 is 13,580 VND/kg
Viet Duc: CB240 is at 13,430 VND/kg, D10 CB300 is 13,740 VND/kg
VAS: CB240 is 13,400 VND/kg, D10 CB300 is 13,450 VND/kg
Viet Sing: CB240 listed at 13,330 VND/kg, D10 CB300 is 13,530 VND/kg
In the Central region, Viet Duc maintains the price of 13,840 VND/kg for CB240 and 14,140 VND/kg for D10 CB300. In Ho Chi Minh City, Tung Ho brand kept the price at VND13,400/kg for CB240 and VND13,750/kg for D10 CB300.

Pressure from the world market: Steel bar prices fall to 8-year low

Although the domestic market is stable, world steel prices are falling sharply. On the Shanghai Stock Exchange, steel bar futures for May delivery are trading around 3,009 yuan/ton – the lowest level in 8 years. Similarly, iron ore futures for May delivery on the Dalian Stock Exchange also dropped to 731 yuan/ton.

In contrast, on the Singapore Stock Exchange, iron ore prices showed signs of a slight recovery, increasing to 94.78 USD/ton. The differentiation between trading floors shows that market sentiment is still cautious, especially in the face of fluctuations in trade policies.

For Vietnam, the pressure from raw material costs and the risk of oversupply from the Chinese market may create difficulties for the steel industry in the coming time. However, the fact that domestic enterprises keep prices stable in the short term also shows the effort to balance market demand and competitive pressure.

Other industrial metals rise across the board

Not only copper prices recovered, other industrial metals on the LME also recorded positive gains:

Aluminum: up 1.4% to $2,404/ton
Zinc: up 1% to $2,667/ton
Lead: up 0.8% to $1,907/ton
Tin: up 2.4% to $31,400/ton
Nickel: up 2.8% to $15,210/ton
This broad recovery shows that market sentiment has improved somewhat after a sharp correction earlier in the week, although there are still many potential risks related to trade policy and global growth.