1. The current market price of steel
On March 29, the price in the domestic steel market is fluctuated, and the ex-factory price of Tangshan common billet was stable at 4,830 yuan/ton($770/ton). Today, the trend of finished materials and raw materials in the black series is different, and the spot market prices are mostly rising, but the turnover is declining.
2. Market prices of four major varieties of steel
Construction steel: On March 29, the average price of 20mm grade 3 seismic rebar in 31 major cities of China was 5,064 yuan/ton($806/ton), up 22 yuan/ton($3.5/ton) from the previous trading day.
Hot-rolled coil: On March 29, the average price of 4.75mm hot-rolled coil in 24 major cities of China was 5,279 yuan/ton($840/ton), down 5 yuan/ton($0.79/ton) from the previous trading day. Currently affected by the COVID-19, both upstream and downstream production demand are limited, showing a pattern of weak supply and demand, and the market volatility is small, but the market believes that the demand will be delayed in a counter-cyclical situation. Most of the late-stage market is bullish, and the willingness to support prices is obvious. It is believed that market demand may usher in a centralized release after the epidemic gradually eases.
Cold-rolled coil: On March 29, the average price of 1.0mm cold coil in 24 major cities of China was 5,694 yuan/ton($906/ton), up 4 yuan/ton($0.64/ton) from the previous trading day.
4. Steel market price forecast
The spot market price of steel continued to rise and the transaction volume being good. However, due to the disruption of the COVID-19, both upstream and downstream production and demand were restricted. Although the weather is getting warmer and the lockdowns in Shandong, Guangdong and other places are unsealed, the overall construction progress of construction sites of China is expected to speed up, but the control in Northeast China, Jiangsu, Shanghai and other places has led to unstable demand performance. It is expected that short-term steel prices may be fluctuated within a narrow range.
Post time: Mar-30-2022