Steel tail turn red, high costs, steel prices or shock operation
On November 24, the domestic steel market was mixed, and the factory price of Tangshan Qian ‘an Pu square billet including tax was stable at 3650 yuan/ton. From the perspective of transaction, merchants feedback downstream procurement enthusiasm is poor, the afternoon spiral rose, the market mentality has improved, the downstream procurement volume is small, the actual transaction price has stabilized, and the individual has risen slightly.
On November 24, the main phase of the spiral rose, the closing price was 3976, down 0.66%, the DIF and DEA were both upward, the RSI three-line index was 63-67, running between the middle and upper tracks of the Bollinger belt.
Rebar: On November 24, the average price of 20mm three-level seismic rebar in 31 major cities in the country was 4067 yuan/ton, down 1 yuan/ton from the previous trading day. In the short term, the market spot resource specifications are inconsistent and inventory continues to decline, traders are unwilling to ship at low prices, so it is expected that domestic construction steel prices will continue to shock next week.
Hot-rolled coil: On November 24, the average price of 4.75mm hot-rolled coil in 24 major cities across the country was 4035 yuan/ton, up 2 yuan/ton from the previous trading day. The transaction of low-price resources is OK, and the downstream still maintains a cautious wait-and-see attitude toward high-price resources, and speculative demand is OK. The output of steel mills on the supply side has increased, but the current trend of destocking is still maintained. The strong operation of the raw material end has led to the rise in the price of the finished material. On the whole, it is expected that the price of the hot rolled coil in the country will fluctuate in the near future.
Cold-rolled coil: On November 24, the average price of 1.0mm cold coil in 24 major cities in the country was 4745 yuan/ton, down 2 yuan/ton from the previous trading day. According to the feedback of some traders in East China, the terminal enterprise is not smooth, some enterprises have the situation of four days off three, the terminal frequency of taking goods slowed down, mostly on-demand procurement, and the overall transaction situation within the day is general. In terms of mentality, at the end of the month, steel mills will introduce this month’s settlement price, traders believe that this month’s settlement price will continue to be high, do not want to cut prices, but the market demand is generally, the shipment speed is slowing, traders’ psychology continues to be under pressure, more cautious about the future market. In summary, it is expected that the spot price of cold-rolled coil in the country will run in a narrow range next week.
Medium and thick plate: On November 24, the average price of 20mm general plate in 24 major cities in the country was 4043 yuan/ton, down 2 yuan/ton from the previous trading day. Due to the poor performance of downstream demand, most merchants maintained poor transactions, so the spot price of thick plates in some markets was slightly lower, and the transaction was still general throughout the day. In terms of resources, although the arrival of new resources in some markets is not much, the current speed of storage of medium and thick plates remains slow, and the spot inventory of medium and thick plates in most markets has not changed much. Overall, considering the poor performance of downstream demand, it is expected that the national medium and thick plate prices will be mainly consolidated next week.
Post time: Nov-25-2023