The market on May 1st: Steel and iron ore prices decreased

Copper prices fell, tin prices highest in 10 years, aluminum prices highest in 3 months, nickel prices highest in nearly 2 months

The price of copper decreased and fluctuated below the threshold of 10,000 USD / ton due to the increase of USD and some investors selling to take profit.

Copper price on the London floor decreased 0.8% to 9,803 USD / ton after 5 consecutive increasing sessions. In the session on 29/4/2021, copper price increased to 10,008 USD / ton - close to a record high of 10,190 USD / ton in February 2011. From the beginning of the year until now, copper prices have risen by 27% and up by 9% in one month, driven by optimism about the prospect of a global economy recovering as well as tight copper supply.

Citibank said that the copper price could reach 12,000 USD / ton in the next 3 to 6 months.

The price of tin delivered after 3 months on the London floor reached 29,225 USD / ton - the highest since May 2011, before reversing, it dropped by 0.3% to 28,405 USD / ton. Tin prices rose after Smelting Corp Malaysia - the world's third-largest tin producer - said that metallurgical activities were seriously affected by the Covid-19 pandemic.

Aluminum prices on the London floor fell 0.5% to $ 2,406 / ton, after reaching a 3-month high.

Nickel price on the London floor increased by 2.4% to 17,665 USD / ton - the highest in nearly 2 months.

Prices of steel and iron ore both fell

Rebar and HR coil prices in China have a week of increase due to improved consumption and demand for industrial products, although a slight drop in the session as investors take profits after prices surged.

On the Shanghai floor, the price of rebar in October 2021 decreased 0.4% to 5,391 CNY (833.19 USD) / ton. However, for the whole week, rebar price increased by 1.7%. HR coil price dropped 1% to 5,688 CNY / ton. For the whole week, HR coil price increased by 1.8%. The price of stainless steel in June 2021 increased 0.1% to 14,495 CNY / ton.

At the same time, the price of iron ore in September 2021 on the Dalian floor decreased by 3.7% to 1,089 CNY / ton.

Factory operations in China in April 2021 increased the most in 4 months due to strong demand, but concerns about rising raw material prices and input cost eclipse prospects.

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