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Steel spot market on November 15

Nov 16, 2021

Construction Steel: On November 15, the average price of 20mm Class III seismic rebar in 31 major cities across the country was 4,759 yuan/ton, down 80 yuan/ton from the previous trading day. From the perspective of transactions, the performance of early transactions was average. Under the influence of futures in the afternoon, the market price cut sales were obvious. Downstream purchases mostly chose to wait and see. The demand was obviously sluggish, and transactions were deserted throughout the day. In the short term, on the one hand, the prices of raw materials continued to fall, dragging down the prices of finished products; on the other hand, the real estate data still performed poorly, and funding pressures appeared at the end of the year. At the same time, the colder weather has caused a large area of the country to cool down, and demand has dropped significantly.

Hot-rolled coils: On November 15, the average price of 4.75mm hot-rolled coils in 24 major cities across the country was 4827 yuan/ton, down 129 yuan/ton from the previous trading day. : The fundamentals of hot rolling are still deviating, the existing profits of steel mills are losing money, high-priced raw materials are digested in the short-term, and the output may show a slight weakening trend in the short-term. From the perspective of basic inventory, inventory will be due to high factory prices and low willingness to replenish the market, which will inevitably lead to passive decline in inventory. However, from the current point of view, the margin of supply is still relatively strong, consumption expectations have not changed much, and the pressure is transmitted from the bottom to the top, which triggers the expectation that the spot returns and compensates for the decline.

Cold rolled coil: On November 15th, the average price of 1.0mm cold coil in 24 major cities across the country was 5,720 yuan/ton, a decrease of 105 yuan/ton from the previous trading day. Today's futures fluctuated and weakened, spot hot rolling continued to fall, and the cold weakened rolling market continued to decline under the influence of bearish sentiment. According to traders’ feedback, today’s cold-rolled market continues the pessimistic sentiment in the early stage, and most regions have substantially compensated for the decline, while a small number of regions still have a narrow downward adjustment. The overall transaction is still weak. . On the downstream side, more purchases are made on demand, which puts greater pressure on funds.

Plate: On November 15th, the average price of 20mm common plate in 24 major cities across the country was 5217 yuan/ton, a decrease of 84 yuan/ton from the previous trading day. At the supply level, under the background of stricter production restrictions in the north, the production of medium plates reached a new low this year last week. Some areas such as Jiangsu have a rebound trend. It is expected that the output will rebound after the northern centralized maintenance is completed in the future. In the circulation link, in terms of the current product price difference, the price of the medium plate is relatively high, and the steel mills are more inclined to produce the medium plate, and low prices are exchanged for orders, but the market link lacks confidence and the willingness to take orders is extremely low. In terms of demand, last week, with the concentrated purchase of construction machinery enterprises, the profit of locks and transactions have improved significantly, and this week is expected to return to flat.

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