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Steel market price on August 29, 2022

Aug 30, 2022

Construction steel: On August 29, the average price of 20mm grade 3 seismic rebar in 31 major cities across the country was 4,209 yuan/ton, down 43 yuan/ton from the previous trading day. Specifically, as the futures fluctuated and fell throughout the day, the mentality of some merchants has deteriorated significantly. Compared with the previous trading day, the current bottom transaction price has dropped significantly. In terms of transactions, affected by the decline in the futures disk and Tangshan steel billets, the downstream wait-and-see mood is strong, and some businesses report that the actual transaction has weakened, which is not as good as the same period last week.


Hot-rolled coil: On August 29, the average price of 4.75mm hot-rolled coil in 24 major cities across the country was 4,063 yuan/ton, down 34 yuan/ton from the previous trading day. Various varieties of domestic ferrous metal plates fluctuated and weakened, and the terminal purchase intention was general, showing a weak supply and demand situation. Relevant departments and enterprises in all districts and counties of Tangshan City held meetings to deploy the city's goals and tasks for reducing crude steel production capacity in 2022, as well as how to achieve the established goals and tasks. The specific reduction indicators need to be decomposed according to the specific conditions of each company. If the reduction efforts exceed expectations, the futures price will be boosted.


Cold-rolled coil: On August 29, the average price of 1.0mm cold coil in 24 major cities across the country was 4,511 yuan/ton, down 15 yuan/ton from the previous trading day. The volume continued to fall in the late opening of the market today, and the pessimism in the market was amplified. In order to stimulate shipments, some merchants continued to drop prices. At present, merchants are not optimistic about the market outlook, and low-priced resources are emerging one after another, and the overall market price has dropped significantly. Judging from the current market situation, although merchants have high costs and are reluctant to ship at low prices, the long-term price inversion has led to tight funds.


Medium and heavy plate: On August 29, the average price of 20mm common plate in 24 major cities across the country was 4,289 yuan/ton, down 15 yuan/ton from the previous trading day. The futures disk fluctuated downward, the market sentiment was low, the spot transaction was poor, and the price continued to fall. Supply level: The production of medium and heavy plates continues to decline. Due to the high initial cost of short-process steel companies, some of them are still in a state of shutdown, and blast furnace companies are not affected. Circulation link: Near the end of the month, traders mainly return funds for shipments and lower warehouses, and merchants with high inventory may secretly drop sales. In terms of demand, the overall terminal centralized procurement is generally in general, especially the general board, and the downstream inventory continues to be low.

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