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                November 2 steel market price forecast

                Date:Nov 2,2020

                 

                Rebar: On November 2, the average price of 20mm grade 3 rebar in major cities across the country was 3860 yuan/ton, an increase of 38 yuan/ton from the previous week. Last week steel demand showed a good trend, and price support exists. However, the market outlook is about to enter the off-season period of demand. In addition, the northeast region is currently gradually turning cold, and North Material Resources will continue to increase in the future. Merchants are still cautious at this time. Under the condition of acceptable demand performance, they still choose to actively reduce the inventory and reduce risks. The price of construction steel is expected to fluctuate strongly this week.

                 

                Hot rolled coils: On November 2, the average price of 4.75mm hot coils in major cities across the country was 3,935 yuan/ton, an increase of 5 yuan/ton from the previous week. At present, spot merchants ship at rallies, and the transaction has improved. In addition, the recent market resources have been slightly less, which will help to go to the warehouse in the short term. From an operational point of view, in the short-term, the price difference between the disk and the spot price is not large, and the overall price fluctuation space is not large when the hedging policy is entered. Hot coil spot prices are expected to fluctuate strongly this week.

                 

                Plate: On November 2, the average price of 20mm plate in major cities across the country was 3,965 yuan/ton, down 5 yuan/ton on a week-on-week basis. The demand performance was weak last week, and the signs of supply reduction are not yet obvious, and the China Board of Shares continues to accumulate. The short-term market is still in a period of turbulence and adjustment, and prices are mainly operating in consolidation.

                 

                Cold rolled coils: On November 2, the average price of 1.0mm cold coils in major cities across the country was 4,730 yuan/ton, an increase of 10 yuan/ton on a weekly basis. Fundamentally, the supply of cold rolled products increased slightly on a week-on-week basis, the factory inventory increased slightly, and the social inventory decreased significantly. At present, resources are still tight, and the market is in short supply; the supply side is affected by insufficient raw materials and the delivery delay of cold rolling, coupled with the demand for steel for automobiles and home appliances. On the whole, the fundamentals still have strong support, and it is expected that the cold-rolled spot market will continue to operate strongly this week.

                 

                Imported ore: On November 2, 61.5% of Australian PB fines in Qingdao Port reported 859 yuan/ton, a week-on-week decrease of 5 yuan/ton. Last week, Mysteel's 45 ports nationwide imported iron ore inventory was 127.6325 million tons, a week-on-week increase of 3,476,700 tons; Mysteel surveyed 247 steel plants blast furnace ironmaking capacity utilization rate of 92.47%, an increase of 0.13% month-on-month, an increase of 8.47% year-on-year.

                 

                Coke: On November 2, the coke market was on the strong side. In terms of supply, due to temporary inspections by the environmental protection inspection team in Shanxi recently, some coke companies in Lvliang, Changzhi and other places have limited production by 20-50%, and the rest have been operating at high levels. In terms of demand, the utilization rate of downstream steel mills’ blast furnace capacity continues to be at a high level, and there is still a strong demand for coke, and procurement is still in a relatively active state. In terms of ports, port prices are relatively strong and inventory is low, but traders’ concentrating ports have slightly increased. It can be seen that the short-term coke spot price is stable and strong, and some coke companies still have the intention to continue to increase.

                 

                Scrap steel: On November 2, the scrap steel market consolidates and the mainstream steel mill Shagang's scrap purchase price increases by 50%. Last week, scrap stocks of steel mills fell again, and the arrival of mainstream steel mills is still not optimistic. Recently, traders in the scrap steel market have basically adopted the strategy of fast in and out quickly. Arrival-processing-loading, shipment, and no longer continue to stock up and bet on the market in the later stage. The scrap market mentality is relatively stable. Generally speaking, the demand for scrap steel is strong, and scrap prices are strongly supported. In the short term, scrap prices are likely to rise but never fall.

                TypeInfo: Trade news

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