304 Ice and Fire, 201 Chasing Highs and Feeling Lonely, Today's Sheet and Coil Market Rises by 20-50
Jul 05, 2024
Market Update: On July 3, 2024, the A-share market continued to fluctuate, with the three major indices closing lower, and individual stocks falling more than they rose.
The stainless steel futures and spot market are experiencing a stark contrast, akin to "ice and fire." The futures market is very lively, surging despite some mid-course twists and turns but ultimately reaching a high position. However, the spot market saw only a lonely rise in the morning, with trade discounts in the afternoon leading to average transactions. On the other hand, the performance of agents was quite good, with some even pausing orders after receiving them in the afternoon, creating a dual state of "ice and fire" between agents and traders.
Morning Update: Some agents in the 304 cold rolled market accepted orders at high positions, while traders maintained the first wave of prices, with some still chasing highs by 20-50 yuan/ton. The market mainstream is still at 13,600-13,700 yuan/ton, with high positions reaching 13,750 yuan/ton. However, after the high opening, the transaction atmosphere was quiet, and later, some high openings began to offer discounts of 20-30 yuan/ton to facilitate transactions.
Afternoon Update: After the market fluctuated, it once again rose to a high position, while the spot market offered some discounts for transactions, with some specifications returning to 13,580 yuan/ton for sales, and some high positions falling by 50 to facilitate transactions. However, the trading atmosphere was still quiet, but the agents' order acceptance improved after the futures market closed, with some pausing orders before the market closed. Today's market saw some shouting all day without much output, while others received orders smoothly, a test of ice and fire.
Price Stability: The 304 hot rolled agents maintained flat pricing, and traders kept the prices of large plates and narrow belts mostly flat, while Guangxi's narrow belt resources still fluctuated slightly with limited overall movement.
Hot Rolled: The agents maintained flat pricing, and traders continued to do the same, with some narrow band resources from certain origins offering small discounts of about 20, with the market having special price sales or buying to stimulate transactions.
Cold Rolled: In the morning, the 201 cold rolled agents raised prices by 50-100, and traders chased highs by 20-50. However, after the high opening, transactions at high positions were hindered, and later, some offered discounts of 20-50 to facilitate transactions. The market wanted to take advantage of the situation to raise prices and facilitate transactions, but overall transactions did not meet expectations.
Price Stability: For 430 cold and hot rolled, the market quotes are mostly flat, with general trading, and later, some adjusted prices for transactions, looking at the origin and specifications.
300 Series Cold Rolled: The reference prices for stainless steel sheets and coils in the Foshan market are as follows:
300 Series Hot Rolled: The reference prices for stainless steel sheets and coils in the Foshan market are as follows:
200 Series Cold Rolled: The reference prices for stainless steel sheets and coils in the Foshan market are as follows:
200 Series Hot Rolled: The reference prices for stainless steel sheets and coils in the Foshan market are as follows:
400 Series Cold and Hot Rolled: The market is not showing significant ups and downs, with merchants showing little willingness to update and adjust prices, mostly maintaining the original prices for quotations. However, some have suspended quotations, and to further increase their order volume, merchants are actively promoting their shipments. But downstream, most are maintaining a just-in-time mentality for inquiries, and as the pressure to ship goods further intensifies, the market gradually sees more low-priced resources, mostly secondary and less common specifications.
Raw Material Update: Today, the mainstream ex-factory quotation for high carbon ferrochrome remains flat at 8,800-8,900 yuan/50 basis tons.
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