7 Steel Mills Reduce Prices, Poor Transactions, Steel Prices Weakly Operate
Jun 26, 2024
On June 25th, the domestic steel market continued to decline, with a narrowing fall, and the ex-factory price of Tangshan's general square billet resources remained stable at 3,290 yuan/ton including tax. Black futures fluctuated, with merchants showing a weak mentality, and the market performance was weak.
| Product | Specification | Price (Yuan/Ton) |
|---|---|---|
| Reinforcing Steel | HRB400E 20mm | 3620-112 |
| Coil | HRB400E 8mm | 3832-112 |
On June 25th, the domestic construction steel prices continued to fall. The average price of reinforcing steel in major cities nationwide was 3620 yuan/ton, a decrease of 12 yuan/ton from the previous trading day. The market performance was weak throughout the day, with a further expansion of price drops in some cities in the afternoon. The demand is expected to remain sluggish due to continuous high temperatures and rain, with merchants facing significant inventory pressure. It is anticipated that the domestic construction steel prices may continue to fluctuate weakly on June 26th.
On June 25th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 3726 yuan/ton, down 9 yuan/ton from the previous trading day. The market was weak with reduced transactions. The supply is high, and the inventory continues to increase, with terminals mainly purchasing on demand. The market sentiment is poor, and it is expected that the hot rolled coil prices will continue to fluctuate weakly in the near future.
On June 25th, the national spot price for cold rolled coil slightly decreased, with the national average at 4227 yuan/ton, down 10 yuan/ton from the previous trading day. The market sentiment is pessimistic, and merchants are actively lowering prices, but the current market demand is limited, and the price drop has not improved transactions. It is expected that the domestic cold rolled coil prices will continue to be weak on June 26th.
On June 25th, the average price of 20mm general plates in 24 major cities nationwide was 3774 yuan/ton, down 14 yuan/ton from the previous trading day. The market transactions were cautious, and overall transactions were weak. The steel mill's iron water is at a high level and rising, providing bottom support for plate prices, but high iron water and weak demand will inevitably put pressure on the inventory during the off-season. It is expected that the domestic medium thick plate prices will fluctuate weakly on June 26th.
On June 25th, the prices of mainstream imported iron ore varieties at Shandong ports slightly increased by 2-5 compared to the previous working day. The trading sentiment in the spot market was moderate, with fewer transactions. The iron ore prices are expected to remain stable in the short term.
On June 25th, the market price was temporarily stable. The downstream steel mills have a strong resistance, and the coke-steel enterprises continue to play a game of chess. The coke supply and demand are relatively balanced, but the off-season steel prices are under pressure, and recent news about reducing crude steel production has put some pressure on raw material prices. The short-term coke price is expected to remain stable.
On June 25th, the market price was weak and stable, with the national average price of scrap steel at 2391 yuan/ton, down 4 yuan/ton from the previous trading day. The arrival situation at steel mills has changed, and the arrival has rebounded. Coupled with the continued low sales of finished products, some steel mills have slightly reduced the use of scrap steel, which is bearish for scrap steel prices. The market is affected by the rainy weather, leading to affected logistics and delivery, and the overall inventory is relatively low. It is expected that the national scrap steel price will continue to be weak in the short term.
Due to continuous heavy rainfall in many places in the south, the weak demand for steel is difficult to change. Coupled with the decline in iron ore prices, the cost support is shifting downward, and the steel market is fundamentally weak. The short-term steel prices may continue to fluctuate weakly.
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