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Steel Prices Continue to Weaken as Six Steel Mills Cut Prices and Steel Billet Falls by 10 Yuan
Jun 26, 2024
On June 24th, the domestic steel market prices fell weakly. Tangshan Qian'an's general square billet resources fell by 10 yuan, with the ex-factory tax included at 3290 yuan/ton. The morning futures continued to fall, and the domestic spot prices loosened across the board in the morning. In terms of transactions, the overall market performance was weak in the morning, and the spot prices in most cities fell further as the futures continued to decline in the afternoon, with the whole day's transactions being sluggish.
| Product | Specification | Price (Yuan/Ton) | Change |
|---|---|---|---|
| Reinforcing Bar | HRB400E 20mm | 3632/41 | ↓ |
| Coiling | HRB400E 8mm | 3844 | 41 | ↑ |
| Wire Rod | 8.0 High Line HPB300 | 3843 | 41 | ↑ |
On June 24th, the main rebar futures fluctuated weakly, with the closing price at 3532, a decrease of 1.51%. The DIF and DEA continued to move downward, and the RSI indicators were between 16-39, running close to the lower rail of the Bollinger Bands.
On June 24th, six steel mills reduced the ex-factory price of construction steel by 20-50 yuan/ton.
The average price of 20mm Grade 3 earthquake-resistant reinforcing bar in 31 major cities across the country was 3632 yuan/ton on June 24th, a decrease of 41 yuan/ton from the previous trading day. In the short term, there are no obvious factors driving an improvement in current downstream demand, and the high temperature and rainy weather have led to a noticeable seasonal decline in demand, with the fundamental contradictions of the rebar market accumulating.
The average price of 4.75mm hot rolled coil in 24 major cities across the country was 3735 yuan/ton on June 24th, down 29 yuan/ton from the previous trading day. Weak terminal demand remains the main factor suppressing steel prices, coupled with the continuous heavy decline in the domestic stock market, the overall market sentiment is weak.
The average price of 1.0mm cold coil in 24 major cities across the country was 4237 yuan/ton on June 24th, down 19 yuan/ton from the previous trading day.
The average price of 20mm general plate in 24 major cities across the country was 3788 yuan/ton on June 24th, down 26 yuan/ton from the previous trading day.
On June 24th, the prices of mainstream imported iron ore varieties at Shandong ports were slightly weaker than the previous working day, with a cumulative decline of 10-12.
On June 24th, the average price of scrap steel in 45 major markets across the country was 2395 yuan/ton, down 13 yuan/ton from the previous trading day.
On June 24th, the coke market price was temporarily stable.
In the short term, the steel market may show a weak supply and demand situation, with reduced cost support and steel prices likely to fluctuate and be weak.
*The information provided is for reference only and does not constitute investment advice. Americ Energy (CHINA) Co., Ltd. is not responsible for any decisions made by the clients based on this information.
Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.
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