Steel price in the market on January 29, 2024

Screw thread steel: On January 29th, the average price of 20mm three-level seismic resistant screw thread steel in 31 major cities nationwide was 4049 yuan/ton, an increase of 1 yuan/ton from the previous trading day. As the Spring Festival holiday approaches, winter storage and stocking are also approaching their end, and market transactions are becoming increasingly scarce. In the future, there will be a state of price but no market.

Hot rolled coil: On January 29th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 4114 yuan/ton, an increase of 3 yuan/ton from the previous trading day. The positive macro expectations have boosted market sentiment, but terminal transactions were weak before the Spring Festival, and the trend of raw material prices was weak, resulting in a narrow range of fluctuations in finished product futures prices. Recently, the central bank announced a reduction in reserve requirements and interest rates, with policy timing and scale significantly exceeding market expectations, reflecting the clear goal of the central bank's support for the repair of the real economy and boosting market confidence. The increase in hot coil inventory is relatively small, with a slight rebound in demand, but the increase in production is significant, and pressure may gradually be applied in the later stage.

Cold rolled coil: On January 29th, the average price of 1.0mm cold coil in 24 major cities across the country was 4747 yuan/ton, unchanged from the previous trading day. As the end of the year approaches, terminal procurement is mainly for replenishing essential inventory, and demand performance is sluggish. Some merchants will increase their trading volume through undercover operations, resulting in a decrease in overall transactions within the day. In terms of mentality, the downward trend of demand continues, coupled with the entering of a deterministic accumulation stage, traders have increased their risk prevention awareness, and their operations mainly focus on destocking, with a cautious wait-and-see attitude towards the future market.

Medium thick plate: On January 29th, the average price of 20mm regular plate in 24 major cities across the country was 4160 yuan/ton, an increase of 2 yuan/ton compared to the previous trading day. The prices of raw materials are still fluctuating at high levels, steel mills are in a loss making state, resource supply has not increased, and spot prices remain firm. In terms of demand, taking East China as an example, the terminal procurement volume on the 29th was significantly better than last week, with more low alloy shipments. However, terminal customers stated that they would not make large purchases and were cautious.