On February 24, the domestic steel market was mainly weak, and the ex-factory price of Tangshan billets fell by 50yuan/ton($7.93/ton) to 4,600 yuan/ton($730/ton).
Steel market price
Construction steel: On February 24, the average price of 20mm grade 3 seismic rebar in 31 major cities in China was 4903 yuan/ton($778/ton), down 27 yuan/ton($4.3/ton) from the previous trading day.
Hot-rolled coil: On February 24, the average price of 4.75mm hot-rolled coil in 24 major cities in China was 5002 yuan/ton($793/ton), down 23 yuan/ton($3.6/ton) from the previous trading day.
Cold-rolled coil: On February 24, the average price of 1.0mm cold coil in 24 major cities in China was 5,565 yuan/ton($883/ton), down 10 yuan/ton($1.58/ton) from the previous trading day. The black-based futures market was weak as a whole, and most merchants had a strong wait-and-see mood, and the transaction performance was deviated.
raw material market price
Imported ore: On February 24, the market quotation of imported iron ore was basically stable compared with the previous working day
Coke: On February 24, the coke market was relatively strong, and the coke prices of mainstream steel mills in Hebei were adjusted.
Scrap: On February 24, the average price of scrap in 45 major markets across the country was 3191 yuan/ton($506/ton), down 4 yuan/ton($0.63/ton) from the previous trading day.
Steel market price forecast
Supply: According to research, the output of the five major types of steel this week was 9.249 million tons, an increase of 388,200 tons from the previous week.
In terms of inventory: the total steel inventory this week was 23.9502 million tons, an increase of 949,400 tons from the previous week. Among them, the inventory of steel mills was 6.3816 million tons, an increase of 86,900 tons from the previous week; the social inventory of steel was 17.5686 million tons, an increase of 862,500 tons from the previous week.
According to research, the gross profit of steel billets in northern steel mills this week is nearly 400 yuan / ton, coupled with the loosening of environmental protection production restrictions, steel production has rebounded steadily. From Monday to Wednesday, the average daily trading volume of building materials among 237 traders was 124,000 tons, and the demand was in the recovery stage, and the full recovery may be in the middle and late March. In the short term, the steel market is still in the stage of accumulating stockpiles, and speculative demand is suppressed, and steel prices continue to adjust with the fluctuations of futures.
Post time: Feb-25-2022