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Steel spot market on October 11

Oct 12, 2021

Construction steel: On October 11, the average price of 20mm three-level seismic rebar in 31 major cities across the country was 6,035 yuan/ton, down 4 yuan/ton from the previous trading day. Specifically, the snails fluctuated and weakened in the early trading period, and the domestic construction steel prices fluctuated within a narrow range in the morning. Some cities continued to rise, and the areas with large gains in the previous period fell back to the high level. From the perspective of transactions, today's market transactions have significantly shrunk, and the demand for transactions has performed poorly. At the same time, due to the impact of typhoons and floods in some areas, demand is limited and the trading atmosphere is deserted.

Hot-rolled coils: On October 11, the average price of 4.75mm hot-rolled coils in 24 major cities across the country was 5,923 yuan/ton, down 10 yuan/ton from the previous trading day. In the morning market, quotations fell slightly, and the superimposed disk continued to drop. Spot prices fell sharply in the morning. Low-level transactions performed generally throughout the day. Buyers were afraid of heights. The disk rebounded in the afternoon, and some markets saw a slight upward adjustment. Recently, the increase in the social inventory has not been much, and the inventory in East China is mainly slightly larger, and the performance in other regions is fair. From a fundamental point of view, short-term prices still have a certain degree of support, and the price decline will not be very large, but if transactions continue to slump, prices may continue to pull back.

Cold rolled coil: On October 11, the average price of 1.0mm cold coil in 24 major cities across the country was 6,545 yuan/ton, up 3 yuan/ton from the previous trading day. Hot-rolled futures weakened this morning, and the market was dominated by stable quotations or minor adjustments, and market activity was not high. Downstream terminals are mostly wait-and-see and purchase on demand. The overall performance of today's transaction was average, and the transaction volume was basically the same as that of the previous trading day. In terms of market outlook, in an environment where both supply and demand are weak, businesses tend to be cautious.

Plate: On October 11, the average price of 20mm general plate in 24 major cities across the country was 5,918 yuan/ton, an increase of 5 yuan/ton from the previous trading day. Judging from today's market performance, the trends in various regions are slightly differentiated. Some cities in East China have risen and then declined. The southern region as a whole is affected by the reduction of resources, and the enthusiasm for price increases is relatively high. In terms of regional spreads, the price in southern China is relatively high, and the spread with northern China has reached a high level in recent years, and it may usher in a repair and adjustment. In terms of demand, after the downstream replenishment after the holiday, coupled with the excessively rapid price increase, the enthusiasm for taking goods has declined.

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Rogers Zhang