Steel price in the market on August 5, 2024

Threaded steel: On August 5th, the average price of 20mm Grade III seismic resistant threaded steel in 31 major cities across the country was 3394 yuan/ton, an increase of 8 yuan/ton from the previous trading day. In the short term, due to the impact of the switch between new and old standards, the production of rebar has significantly decreased recently, and there are still expectations of further decline in the short term, leading to a significant temporary relief of supply pressure. At the same time, consumption has slightly decreased compared to the previous period, and the bottom of off-season consumption has been confirmed. There is still room for a slight rebound in later consumption.

Hot rolled coils: On August 5th, the average price of 4.75mm hot rolled coils in 24 major cities across the country was 3497 yuan/ton, unchanged from the previous trading day. Overall, the demand for steel in the off-season is relatively weak. Although the expectation of loose policies has to some extent boosted market sentiment, and steel mills have reduced production and maintenance, resulting in a decrease in iron production, the current terminal market is still in the off-season of the industry, and downstream demand is difficult to increase.

Cold rolled coils: On August 5th, the average price of 1.0mm cold coils in 24 major cities across the country was 3956 yuan/ton, a decrease of 8 yuan/ton from the previous trading day. Specifically, on the 5th, the hot coil futures market was operating strongly, but due to limited market demand, merchants reported weak shipments and difficulty in keeping up with spot prices, resulting in average overall trading performance. In terms of mentality, market demand has not yet rebounded, and the shipment volume of traders is insufficient compared to expectations. Merchants are adopting a cautious and wait-and-see attitude towards the future market.

Medium thick plate: On August 5th, the average price of 20mm ordinary plate in 24 major cities across the country was 3539 yuan/ton, a decrease of 2 yuan/ton from the previous trading day. In terms of the market, the black futures market fluctuated upwards on the 5th, continuing the trend of last Friday's red market. In terms of transactions, the overall transaction volume of the national mid board is better than last week. In terms of mentality, although most traders still lack confidence in the future market, some merchants who lost money in the early stage have a strong bullish mentality and do not temporarily ship due to low inventory pressure. In terms of steel mills, major steel mills in East China are currently offering discounted shipments, and the overall investment volume is almost the same as in July.