Steel market price forecast on February 24

Rebar: On February 23, the average price of 20mm grade 3 rebar in 25 major cities across the country was 4,682 yuan/ton, an increase of 26 yuan/ton from the previous transaction. Yesterday, the spot quotations of most domestic steel mills actively pushed up, and the market quotations rose overall. In terms of transactions, due to downstream projects, work has not been fully resumed, and merchants reported that the overall shipment volume was relatively small. In the late afternoon, the snails fell, the speculative demand in the market decreased, and there were more low-price realizations, and the dark drop in shipments was common. On the whole, downstream projects generally start after the 15th, and it is expected that domestic construction steel prices may fluctuate in the short term.

Hot-rolled coil: On February 23, the average price of 4.75mm hot-rolled coil in 24 major cities across the country was 4858 yuan/ton, down 2 yuan/ton from the previous trading day. Yesterday, the price of the black commodity futures market fluctuated and weakened. The early quotations of the spot market rose slightly. After the rise, the market's high transactions were generally normal. As the market weakened in the afternoon, the spot market prices began to decline. The low market transactions were better, and the demand for speculative replenishment was strong. The market mentality is fair, the bearish sentiment is not strong, and the current high ordering costs are not daring to sell. This year, the proportion of on-site Chinese New Year is relatively high, and demand will start faster after the holiday than in the same period of previous years. However, given that the current inventory is higher than that after the holiday last year, and the price rises faster after the holiday, we still need to be alert to the risk of a high fall.

Cold rolled coil: On February 23, the average price of 1.0mm cold coil in 24 major cities across the country was 5,634 yuan/ton, an increase of 12 yuan/ton from the previous trading day. After the market has risen sharply recently, the trading link was lucrative years ago, and the market growth rate has slowed down significantly yesterday, mainly due to the fact that the trade link has received funds from shipments. In terms of terminal demand, demand in East China and Central China recovered quickly, while demand in Northwest China recovered slowly. On the whole, today's domestic cold-rolled prices remain stable.