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Steel price on March 20, 2023

Mar 21, 2023

Construction steel: On March 20th, the average price of 20mm Grade III seismic deformed steel bars in 31 major cities nationwide was 4349 yuan/ton, down 15 yuan/ton from the previous trading day. Specifically, in the early trading period, the spiral vibration was weak, and the spot price of domestic construction steel continued to decline in the morning. Judging from the transaction situation, in the morning, the market transaction was average, but in the afternoon, as the futures spiral further declined, the market transaction became increasingly light, the trading atmosphere was cold, and the transaction volume significantly decreased throughout the day.

Hot rolled plate and coil: On March 20th, the average price of 4.75mm hot rolled plate and coil in 24 major cities nationwide was 4441 yuan/ton, down 12 yuan/ton from the previous trading day. Futures Steel has recently operated in a wide range of fluctuations, with the central bank reducing the deposit reserve ratio by 0.25 percentage points, releasing a positive signal of boosting the economy. However, the overall financial risk in foreign markets has recently been further elevated, with a relatively far-reaching impact on commodities. At the same time, the regulation of upstream iron ore resources has driven down the price of raw materials, further lowering the price of finished products. Currently, the demand is relatively general, but the overall sustainability is good. Short-term market conflicts are not prominent, and shocks are the main factor.

Cold rolled sheet and coil: On March 20th, the average price of 1.0mm cold rolled coil in 24 major cities nationwide was 4881 yuan/ton, down 2 yuan/ton from the previous trading day. The volatility and downward trend of hot spot futures have affected the transaction bias in the spot market, resulting in strong pessimism. According to feedback from recent market research, in late March, transactions across the region gradually weakened, and downstream acceptance of high-priced resources was poor, leading to weaker shipments in the trade sector.

Medium and heavy plate: On March 20th, the average price of 20mm regular plate in 24 major cities nationwide was 4615 yuan/ton, up 1 yuan/ton from the previous trading day. Futures fluctuated and fell, and the spot market secretly dropped shipments, resulting in a general transaction. Fundamentally, the spot market is still in the stage of inventory reduction, and the continued upward price leads to a high risk of traders replenishing their inventories. In addition, orders for variety steel were strong in March, and the price increase was higher than that of circulating materials. In the short term, even if the market inventory was low, there would be no significant increase in arrival resources. In terms of demand, in mid March, the transaction volume in the medium and heavy plate market was significantly increased, and the overall downstream industry construction and orders continued to grow. There is still room for growth in demand in the short term, and there is little possibility of a deep decline in short-term spot prices.

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