Steel price in the market on February 26, 2024

Screw thread steel: On February 26th, the average price of 20mm three-level seismic resistant screw thread steel in 31 major cities across the country was 3995 yuan/ton, a decrease of 23 yuan/ton from the previous trading day. Specifically, in the early trading session, the price of construction steel in major cities in China fell slightly, while some remained stable in the morning. In terms of transactions, the snail market continued to decline in the afternoon, with a sluggish market mentality and the emergence of low-priced resources. Due to the fact that most downstream projects have not resumed work and the recent rain and snow weather, the recovery of demand is not optimistic.

Hot rolled coil: On February 26th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 4035 yuan/ton, a decrease of 21 yuan/ton from the previous trading day. Black commodity futures fluctuated and fell, with early quotes in the spot market falling and trading poor. In the afternoon, the market continued to decline, with spot prices falling and trading not improving. Traders have a poor mentality and downstream have a strong wait-and-see attitude. Downstream work has just fully resumed, and it may still take some time for raw material replenishment. The trend of the raw material side is weak, with steel mills experiencing an increase in profits, but inventory pressure is not significant.

Cold rolled sheet and coil: On February 26th, the spot price of cold rolled sheet and coil in China was weak, with a national average price of 4722 yuan/ton, a decrease of 11 yuan/ton from the previous trading day. Black futures have fluctuated downward, with weak market demand, and most markets have lowered their spot prices. According to feedback from some traders in East China, the sales time this month was relatively short, the payment speed was slow, and the financial pressure gradually became apparent. Many traders have engaged in price for quantity operations, but market demand is still low, and the overall trading volume is not ideal. Traders are mostly cautious about the future market situation.

Medium thick plate: On February 26th, the average price of 20mm regular plate in 24 major cities across the country was 4136 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The main contract for hot rolling has weakened due to fluctuations, and the weak downward trend in the raw material and finished product market is affecting spot speculation. The support at the bottom of the price has weakened, and the market trading atmosphere is poor. Confidence is insufficient, and overall transactions are weak. According to market feedback, although the resumption of work after the downstream festival is earlier, actual procurement is not active, and it will take some time for finished products to be stored. It is expected that there will be a certain amount of demand in the terminal sector next week.