Steel market price forecast on November 4

Rebar: On November 3, the average price of 20mm grade 3 rebar in 25 major cities across the country was 3,899 yuan/ton, an increase of 12 yuan/ton from the previous trading day. Yesterday, the price of domestic construction steel market continued to rise, and the overall increase has 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 down 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 3,948 yuan/ton, an increase of 5 yuan/ton from the previous trading day. Yesterday, the spot market was more optimistic, with merchants' quotations rising 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.

Imported ore: On November 3, the imported iron ore market fluctuated weakly, the purchasing sentiment of steel mills was not high, and the transaction was weak. Yesterday, Qingdao Port 61.5% Australian PB fines reported 855 yuan/ton, down 5 yuan/ton from the previous trading day; 62.5% PB lump ore reported 902 yuan/ton, down 902 yuan/ton from the previous trading day. It fell 9 yuan/ton in a trading day.

Coke: On November 3, the coke market was on the strong side, and a major steel mill in Shandong has accepted price increases. On the supply side, the coke companies are currently operating at a high level with high profits, the sales of coke companies are good, and the inventory in the factory is low. 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 increases. 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.