China’s Spot Steel Market Is Currently Ushered In The Traditional Off-season Sales

At present, China’s domestic steel output is still at a relatively high level, market inventories are rising, and spot steel prices are showing a downward trend. The iron ore market is basically stable, and the imported ore price first rises and then falls.

According to the latest market report provided by relevant information agencies in China, the domestic spot steel price index closed at 145.71 points in the past week, down 0.60% in the week.

• The price of construction steel fell, and the average price of mainstream rebar varieties in major markets nationwide was 4,084 yuan per ton, down 35 yuan per week.
• The price of hot-rolled coils also fell. The average market price of hot-rolled products in mainstream markets in the country was 3,892 yuan per ton, down 27 yuan per week.
• The plate is also not optimistic, the price fell too, the average price of the mainstream specifications of the main market in the country is 3985 yuan per ton, down 17 yuan a week.

At present, Chinese steel production still maintains a relatively high level, the market steel inventory has accelerated, and steel prices have continued to decline due to market regulation.

In the future, as steel mills contract their profits, they will actively reduce production, while demand for raw materials will also weaken, and raw material costs will not continue to rise sharply. Under this circumstance, spot steel prices will stabilize and weaken.

The iron ore market is basically stable. According to the latest report, in the domestic mining market, the prices of the main producing areas have risen slightly, and some steel mills have replenished the reservoirs as needed. Most miners have a better mentality.

Imported ore prices are rising first and then falling, and some miners are cautious. At present, the import volume of imported mines has increased, the decline in port stocks has slowed down, and the market for imported mines will tend to be weak.

According to the analysis of relevant institutions, the current sales in the spot steel market is slow, the supply pressure will be reduced, and the manufacturers’ willingness to ship will be strong. In the short term, the weak balance pattern of supply and demand in the steel market will continue to be maintained.