Steel price in the market on April 8, 2024

Screw thread steel: On April 8th, the overall price of domestic construction steel slightly increased. The average price of rebar in major cities across the country is 3606 yuan/ton, an increase of 14 yuan/ton from the previous trading day. Specifically, in the early trading session, snail prices fluctuated, while in the morning, the overall spot prices in mainstream cities across the country remained stable. In terms of transactions, the morning market transactions were still good, but the snail continued to rebound in the afternoon. Downstream purchasing enthusiasm increased, market sentiment improved, and merchants increased their quotes based on the quantity of shipments received. Overall, the trading volume increased throughout the day.

Hot rolled coil: On April 8th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 3754 yuan/ton, an increase of 25 yuan/ton from the previous trading day. Black futures rebounded in the morning under the influence of market atmosphere, and rose strongly again in the afternoon. The production of hot coils has slightly rebounded, and although the apparent demand for hot coils has slightly increased, it still falls short of expectations. Currently, the overall steel industry is still showing a weak supply-demand pattern.

Cold rolled sheet and coil: On April 8th, the spot price of cold rolled sheet and coil in China remained weak and stable, with a national average price of 4383 yuan/ton, a decrease of 5 yuan/ton from the previous trading day. The futures hot wave first suppressed and then rose. Except for a few cities where prices rose, most markets still struggled to conceal the downward trend in morning quotes. In the afternoon, futures prices rose, and traders did not raise prices to facilitate transactions. The average market price continued to decline.

Medium thick plate: On April 8th, the average price of 20mm regular plate in 24 major cities across the country was 3851 yuan/ton, an increase of 3 yuan/ton from the previous trading day. The futures market fluctuated and rose, improving market confidence, and overall trading was still acceptable. On the supply side, today the eighth round of coke reduction has started, with a downward trend in raw material costs. The immediate profits of steel mills for hot coils are still acceptable, and production enthusiasm is still good; In terms of demand, with the increase of sunny weather in many northern regions and the acceleration of procurement progress, rigid demand is expected to be repaired, while speculative demand still needs to be observed; In terms of inventory, steel mill inventory and social inventory continue to be depleted, with downstream terminals mainly replenishing inventory as needed.