The futures of coking coal, coke, thermal coal prices fell to the limit, billet prices fell by 60yuan/ton($9.5/ton), and steel prices plummeted.
On October 27, the domestic steel market price fell, and the ex-factory price of Tangshan steel billet fell by 60yuan/yon($9.5/ton) to 4,900 yuan/ton($771/ton).
Steel spot market
Construction Steel: On October 27, the average price of 20mm Class III seismic rebar in 31 major cities in China was 5435 yuan/ton($855/ton), down 77 yuan/ton($12/ton) from the previous trading day. The market opened in early trading, and the rebar prices fell sharply for the impact of the coke limit. The domestic rebar spot quotations fell sharply.
Hot-rolled coils: On October 27, the average price of 4.75mm hot-rolled coils in 24 major cities in China was 5555 yuan/ton($874/ton), down 89 yuan/ton($14/ton) from the previous trading day. Early morning quotations in the spot market fell slightly, and overall market transactions were so so.
Supply and demand of steel market
The current steel market presents a weak pattern of supply and demand, mainly because the demand side is affected by emotions and policies. And steel prices are still operating in a weak fact.
Post time: Oct-28-2021