Steel Price in the market on July 30, 2024

Threaded steel: On July 30th, the average price of 20mm Grade III seismic resistant threaded steel in 31 major cities across the country was 3387 yuan/ton, a decrease of 30 yuan/ton from the previous trading day. In the short term, the high temperature weather continues, the terminal operating time is reduced, and demand is difficult to improve. Coupled with the switch between new and old national standards for steel bars, the market has certain concerns about the digestion of current resource inventory, and the overall mentality is not optimistic.

Hot rolled coils: On July 30th, the average price of 4.75mm hot rolled coils in 24 major cities across the country was 3486 yuan/ton, a decrease of 46 yuan/ton from the previous trading day. At present, the market is still in a pattern of strong supply and weak demand, coupled with a nationwide decline in futures, resulting in extremely poor demand for spot goods. Some traders have stopped quoting in the late trading session. On the downstream side, there is a continuous decline in prices in the market, and the demand for essential purchases from downstream terminals continues to weaken, so we should remain cautious. Causing the accumulated inventory in the early stage to still not be digested.

Cold rolled coils: On July 30th, the average price of 1.0mm cold coils in 24 major cities across the country was 3984 yuan/ton, a decrease of 26 yuan/ton from the previous trading day. As the end of the month approaches, most merchants, under the dual pressure of inventory and funds, continue to focus on cash out through shipments. However, the weak downstream demand continues, with limited release of actual orders and no significant improvement in transactions.

Medium thick plate: On July 30th, the average price of 20mm ordinary plate in 24 major cities across the country was 3557 yuan/ton, a decrease of 27 yuan/ton from the previous trading day. The futures market fluctuated and fell, with pessimistic market sentiment and overall poor trading. According to market feedback, the supply and demand of steel products are weak during the off-season, and steel mills are experiencing expanding losses, with a marginal increase in production cuts. Negative feedback needs to be alleviated. At present, the recovery of domestic demand is slow and the weak pattern is difficult to change.