On May 24, the price decline in the domestic steel market expanded, and the ex-factory price of ordinary billet redurchced to 4,470 yuan/ton($695/ton). The black futures market fell sharply, market demand was weak, meants mainly shipped at low prices, and market transactions were light.
Market prices of the 4 series major steel
Construction steel: On May 24, the average price of 20mm grade 3 seismic rebar in 31 major cities of China was 4,798 yuan/ton($745/ton), down 41 yuan/ton($6.4/ton) from the previous trading day.
Hot-rolled coil: On May 24, the average price of 4.75mm hot-rolled coil in 24 major cities of China was 4,878 yuan/ton($756/ton), down 62 yuan/ton($9.6/ton) from the previous trading day.
Cold-rolled coil: On May 24, the average price of 1.0mm cold-rolled coil in 24 major cities of China was 5,460 yuan/ton($846/ton), down 20 yuan/ton($3/ton) from the previous trading day.
Market of raw materials and fuels
Imported ore: On May 24, the imported ore market fluctuated downward, and the market transactions were normal.
Coke: On May 24, the coke market was stable and weakened.
Scrap: On May 24, the national scrap market prices were weak, and the scrap prices of mainstream steel mills remained stable.
Steel market price forecast
The overall epidemic situation of China has shown a steady decline, but the situation is still severe and complex. The resumption of work and production of enterprises faces many "blocking points". In addition, there is a new round of heavy rainfall in parts of the south, and it is difficult for demand to improve significantly. Procurement on demand downstream. At the same time, some steel mills have suffered losses and reduced production, and their willingness to suppress crude oil and fuel prices is still strong. In the short term, both supply and demand in the steel market are weak, and steel prices may fluctuate weakly.
Win Road International Steel Product
Post time: May-25-2022