Steel Spot Market in November 1st

Construction Steel: On November 1, the average price of 20mm Class III seismic rebar in 31 major cities across the country was 5304 yuan/ton, down 57 yuan/ton from the previous trading day. Specifically, the market opened in early trading, and the futures snails opened lower and lowered. In the morning, the domestic construction steel prices generally loosened, and individual cities made up for the increase. From the perspective of transaction, the snail market continued to fall in the late afternoon, and the spot resources were high and low. Driven by emotions, the demand for transactions was poor, the market panic spread, and the transaction performance was sluggish throughout the day. It is expected that on the 2nd, domestic construction steel prices may continue to be weak.

Hot-rolled coils: On November 1, the average price of 4.75mm hot-rolled coils in 24 major cities across the country was 5,406 yuan/ton, down 57 yuan/ton from the previous trading day. The black products in the futures market weakened sharply today, and the hot coil prices in the spot market were relatively stable. In the afternoon, continued to be affected by the weakening of futures and news. Traders focused on shipments, resulting in a sharp drop in prices in many places. On the whole, the current supply and demand logic is changing. The steel mills are under heavy order pressure, poor circulation, slow consumption of factories and warehouses, unsatisfactory settlement costs, low enthusiasm for traders, and weak terminal procurement. It is expected that the short-term hot coil market may be Continue to oscillate and run weakly.

Cold rolled coil: On November 1, the average price of 1.0mm cold coil in 24 major cities across the country was 6,239 yuan/ton, down by 31 yuan/ton from the previous trading day. Today's futures fluctuated downward, the spot hot rolling continued to fall, and the cold became weaker. The market continued to fluctuate downward under the influence of bearish sentiment. The overall transaction is still weak, and the sentiment is getting stronger, mostly due to the dark drop in shipments. In the downstream, the sentiment of buying up and not buying down is strong, coupled with the impact of local power restrictions, raw materials are mostly purchased on demand, and there is greater pressure on funds. It is expected that on the 2nd, domestic cold-rolled spot prices will fluctuate and be adjusted downwards.

Plate: On November 1, the average price of 20mm common plates in 24 major cities across the country was 5,687 yuan/ton, a decrease of 27 yuan/ton from the previous trading day. Today's futures market continues to fall, and market confidence is poor. The base price of steel mills' factory lock orders has been lowered by 10 to 80 yuan/ton. The quotation continues to drop in the afternoon, and the transaction is light. In terms of different regions, today's South China, North China, and Northeast China have experienced sharp declines, mainly to compensate for the decline. Steel mill output has increased, the market's early-stage costs have been high, demand has decreased significantly, and prices have been under pressure. On the whole, it is expected that the main board price will continue to fall on the 2nd.