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                Steel prices continue to rise?

                Date:Nov 4,2020

                 

                Steel spot market

                 

                Construction steel: On November 3, the average price of 20mm grade 3 rebar in 25 major cities across the country was 3899 yuan/ton, an increase of 12 yuan/ton from the previous trading day. In the early trading period, the snails fluctuated within a narrow range. In the morning, the domestic construction steel market prices continued to rise, and the overall growth rate narrowed. From the perspective of transactions, the downstream procurement demand is generally acceptable. However, due to the continuous increase in prices, the market has a certain degree of resistance to high-priced resources, and most businesses report that the speculative demand in the market has slowed significantly. It is expected that domestic construction steel prices may consolidate at a high level in the short term.

                 

                Hot-rolled coil: On November 3, the average price of 4.75mm hot-rolled coil in 24 major cities across the country was 3948 yuan/ton, an increase of 5 yuan/ton from the previous trading day. Today's black futures market prices fluctuated weakly, and the spot market mentality was relatively optimistic. Merchants' quotations rose steadily and slightly, and market transactions were generally average. At present, downstream terminals are basically purchasing on demand, and speculative demand is low and some goods are received. With the continued decline in inventory and the support of costs, market prices are still relatively strong. It is expected that the national hot rolled prices will remain high and fluctuate tomorrow.

                 

                Cold rolled coil: On November 3, the average price of 1.0mm cold coil in 24 major cities across the country was 4740 yuan/ton, an increase of 3 yuan/ton from the previous trading day. Today's futures trend is weak, the hot coil spot rises slightly, and the market sentiment is cautiously optimistic. The spread between cold and hot prices is still at a high level, the current shortage of specifications in the East China market is widespread, and traders' inventories are basically at a low level. Looking at the feedback from the demand side, the demand for automotive steel is still strong. According to market forecasts, in November, manufacturers and distributors will enter the sprint stage of sales targets, and market demand will continue. It is expected that domestic cold-rolled prices will remain stable tomorrow.

                 

                Cold rolled coil: On November 3, the average price of 1.0mm cold coil in 24 major cities across the country was 4740 yuan/ton, an increase of 3 yuan/ton from the previous trading day. Today's futures trend is weak, the hot coil spot rises slightly, and the market sentiment is cautiously optimistic. The spread between cold and hot prices is still at a high level, the current shortage of specifications in the East China market is widespread, and traders' inventories are basically at a low level. Looking at the feedback from the demand side, the demand for automotive steel is still strong. According to market forecasts, in November, manufacturers and distributors will enter the sprint stage of sales targets, and market demand will continue. It is expected that domestic cold-rolled prices will remain stable tomorrow.

                 

                Raw material spot market

                 

                Imported ore: The market for imported iron ore fluctuated weakly on the 3rd. In the morning, the purchasing sentiment of steel mills was not high, and there was very little buying. In the afternoon, there is an inquiry for Newman block at 930 yuan/ton, and traders prefer to sell at 935 yuan/ton. As of press time, only the Newman block was sold at RMB 935/ton, which was the same as yesterday's transaction price.

                 

                Coke: The coke market was operating strongly on the 3rd. Today, a major steel mill in Shandong has accepted price increases. On the supply side, coke companies are currently operating at a high level with high profits, and coke companies have good sales and low inventory in the factory. They are optimistic about the market outlook. On the demand side, steel mills are not diminished in production enthusiasm, and demand for coke is strong. Considering cost pressures, individual companies are slightly resistant to this round of increase. In terms of ports, port inventories continue to decline, and there are fewer transaction resources. Traders have high quotations and no intention of low-price shipments. On the whole, the strong operating pattern of the coke market continues, and attention needs to be paid to the limited production of steel blast furnaces in the later period.

                 

                Scrap steel: The scrap steel market operated within a narrow range on the 3rd. The price-adjusted steel mills made steady adjustments. The scrap purchase prices of mainstream steel mills were temporarily stable. Today's black futures fluctuated weakly, and scrap prices were mainly on the sidelines. At present, scrap steel consumption continues to fluctuate at a high level, demand remains unchanged, and resources have not yet been easing, so scrap steel prices are strongly supported. The scrap market is expected to consolidate tomorrow.

                 

                Steel market forecast

                 

                Driven by the strength of the black futures market yesterday, the steel spot market prices continued to rise slightly in early trading today, but transactions at high prices were average. With the weakening of snails in the late afternoon of today, the trading volume of the whole day was significantly reduced compared with yesterday. At present, on the one hand, the high cost of steel mills and the relatively high demand for downstream construction steel have formed a strong support for spot prices; on the other hand, the recent rapid rise in construction steel prices has significantly reduced the market’s acceptance of high-priced resources. It is expected that domestic construction steel prices may consolidate at a high level in the short term.

                TypeInfo: Trade news

                Keywords for the information:

                狼很干性狠狠爱