Steel market price on May 8, 2023

Building steel: On May 8th, the average price of 20mm Grade III seismic resistant threaded steel in 31 major cities across the country was 3845 yuan/ton, an increase of 30 yuan/ton compared to the previous trading day. Specifically, driven by the news of production leveling, the early trading period saw a surge in snail prices, and the overall spot price of domestic construction steel rose in the morning. From the perspective of transaction, as the futures market continued to rise in the afternoon, spot prices in some cities continued to rise, and there was a release of rigid and speculative demand. In the short term, driven by recent sentiment, steel prices have been able to rebound, but in the short term, attention still needs to be paid to the recent reduction in production by steel mills and the recovery of demand.

Hot rolled plate and coil: On May 8th, the average price of 4.75mm hot rolled plate and coil in 24 major cities across the country was 3945 yuan/ton, an increase of 37 yuan/ton compared to the previous trading day. Stimulated by some positive news, the spot market has rebounded despite the bullish market, but the support for fundamentals is still weak. Downstream caution has increased, and the enthusiasm for buying goods is not good. Overall, with a large accumulation of inventory during the festival and high inventory and low demand, it is expected that the prices of hot-rolled steel sheets and coils may continue to be weak after a slight rebound in the near future.

Cold rolled sheet coil: On May 8th, the average price of 1.0mm cold coil in 24 major cities across the country was 4537 yuan/ton, an increase of 14 yuan/ton compared to the previous trading day. Most of the market prices rose slightly, market transactions were significantly higher than last week, and speculative demand was OK. In terms of supply, the profit margin in the production process is relatively poor, and some steel mills have gradually ceased production for maintenance in May; In terms of mentality, there has been a recent price increase in the market, and after the effective release of bearish sentiment in the early stage, the market mentality is cautious and optimistic.

Medium thick plate: On May 8th, the average price of 20mm regular plate in 24 major cities nationwide was 4279 yuan/ton, which remained stable compared to the previous trading day. Affected by the rising futures, the mood of trade business has eased slightly, the transaction in the superposition market has been slightly released, and the prices in some markets have stopped falling and explored rising; However, due to further consideration of the current demand fulfillment, some traders have a bearish selling sentiment, but the overall transaction performance of the market is still good.