Steel Spot Market on October 9th

Construction steel: On October 8, the average price of 20mm three-level seismic rebar in 31 major cities across the country was 6,023 yuan/ton, an increase of 98 yuan/ton from the previous trading day. Since the current spot price is already at an absolute high level, and the continued price growth momentum is insufficient, if the market demand release is lower than expected, it will also trigger the adjustment risk brought by the high level of poor transactions and the cash out of profit.

Hot-rolled coils: On October 8, the average price of 4.75mm hot-rolled coils in 24 major cities across the country was 5,917 yuan/ton, an increase of 86 yuan/ton from the previous trading day. According to the statistics of this website, the output of the hot-rolled steel plant in Jizhong decreased by 46,400 tons, the factory warehouse increased by 79,600 tons, and the social inventory of hot-rolled coils increased by 34,700 tons on a week-on-week basis. The performance of the data is fair, the supply continues to shrink, and the weekly output drops. Below 3 million tons, there is not much increase in the social library, mainly in East China where the inventory is slightly larger, and the performance in other regions is fair.

Cold rolled coil: On October 8, the average price of 1.0mm cold coil in 24 major cities across the country was 6,532 yuan/ton, an increase of 47 yuan/ton from the previous trading day. Driven by the strong volatility of hot-rolled futures, market confidence has been boosted and activity has increased. At the same time, the downstream manufacturing industry is slowly recovering, gradually releasing demand, and the overall performance of transactions on the first day after the holiday is good.

Plate: On October 8, the average price of 20mm general-purpose plates in 24 major cities across the country was 5,891 yuan/ton, an increase of 99 yuan/ton from the previous trading day. On the first day after the holiday, traders have a strong bullish attitude, and because most traders have returned to the market ahead of schedule and the transaction performance in recent days has been fair, the quotations are relatively strong. In addition, due to discounts on subsequent steel mill agreement amounts and maintenance expectations in some regions, some merchants have a mentality of reluctance to sell. Among them, the performance of South China is more obvious. In terms of resources, due to the lack of recent market arrivals, some markets have already experienced a shortage of specifications.