Steel prices today, January 18th: World iron ore prices fall to $106/ton, domestic steel prices remain unchanged.
At the close of trading on January 17th, global iron ore prices fell across the board due to weakening demand from China. In Vietnam, construction steel prices remained stable around 13,800 VND/kg.
The global steel and raw materials market saw a clear divergence in trading on Friday, January 17th. While rebar prices rose slightly, iron ore prices in key markets such as Singapore and Dalian continued to face downward pressure due to sluggish demand in China and persistently high inventory levels.
Trends in global iron ore and steel prices.
On the Singapore exchange, iron ore futures for February 2026 fell by $0.72 to $106.34 per ton. Similarly, on the Dalian exchange, the price of this commodity decreased by 0.24% (equivalent to 2 yuan), closing at 832.5 yuan per ton. Overall for the week, Singapore iron ore prices fell by approximately 2%.
Conversely, February rebar futures on the Shanghai Futures Exchange recorded a slight increase of 0.6%, or 19 yuan, to 3,148 yuan per ton. This divergence reflects the cautious sentiment of investors amid fluctuations in production in the world's largest steel-consuming nation.
Pressure from weakening demand and abundant supply.
Demand from China's steel industry is showing clear signs of slowing down. Liquid pig iron production—a key indicator of iron ore consumption—has fallen by nearly 2 million tons in the most recent period. This is primarily due to many plants entering scheduled maintenance and production declining.
In addition, pressure on prices also comes from high inventory levels. China recorded record iron ore imports in December and for 2025. Furthermore, the fact that Chinese companies are boosting steel exports to anticipate new licensing regulations from 2026 also shows an effort to release domestic supply.
In the long term, iron ore supply is expected to remain abundant as mining giants BHP Group and Rio Tinto announce plans to collaborate in the Pilbara region of Western Australia. The goal of this partnership is to extract up to 200 million tonnes of iron ore annually over the next decade by connecting the Yandicoogina and Yandi mines.
Domestic construction steel prices remain stable.
In the Vietnamese market, retail prices for construction steel, as recorded by SteelOnline, remain stable across all three regions. Major companies such as Hoa Phat, Viet Y, and Viet Duc have not yet made any adjustments to their price lists.
| Trademark | Type of steel | Prices in Northern Vietnam (VND/kg) | Prices in Central Vietnam (VND/kg) | Prices in Southern Vietnam (VND/kg) |
|---|---|---|---|---|
| Hoa Phat | CB240 steel coil | 13,800 | 13,800 | 13,800 |
| Hoa Phat | D10 CB300 ribbed steel bar | 13,600 | 13,600 | 13,600 |
| VAS | D10 CB300 ribbed steel bar | 13,400 | 13,410 | 13,410 |
Currently, steel prices in Northern Vietnam generally fluctuate between 13,130 and 13,800 VND/kg depending on the brand. In Central and Southern Vietnam, the market is relatively quiet as demand for civil construction has not yet seen a strong surge. Overall, domestic steel prices are expected to remain stable in the short term, awaiting clearer signals from public investment and the real estate market.
