Steel price in the market on July 1, 2024

Screw thread steel: On July 1st, domestic construction steel prices fluctuated and rebounded from low levels in the afternoon. The average price of rebar in major cities across the country is 3629 yuan/ton, an increase of 3 yuan/ton compared to the previous trading day. Specifically, in the early trading session, the price of domestic spot goods fluctuated narrowly, while in the morning, the mainstream remained stable, with some exploring an increase. In terms of transactions, the overall market performance was poor in the morning, with a rise in intraday futures prices and a rebound in spot prices in some cities. Downstream purchasing enthusiasm also rebounded.

Hot rolled coil: On July 1st, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 3732 yuan/ton, an increase of 5 yuan/ton from the previous trading day. The fundamentals of the hot coil are weak, and the market has insufficient expectations for macroeconomic benefits, but cost support remains. On the supply side, the decline in scrap steel supply still supports molten iron, and even though there are rumors about policies to regulate crude steel production in various regions, the actual impact remains to be observed. At present, steel mills still have no downward expectations for molten iron production.

Cold rolled sheet and coil: On July 1st, the spot price of cold rolled sheet and coil in China fell weakly, with a national average price of 4214 yuan/ton, a decrease of 4 yuan/ton from the previous trading day. The black futures market stopped falling and rose, but there was no significant change in market demand. A small portion of the market prices continued to decline, and overall transactions were average. In terms of the market, the current steel mills have not received ideal orders in July, with a large gap. It is expected that the market will have abundant cold resources in July, and the market will still be in a state of oversupply.

Medium thick plate: On July 1st, the average price of 20mm regular plate in 24 major cities across the country was 3766 yuan/ton, a decrease of 2 yuan/ton from the previous trading day. The black futures have been floating red for a long time, and the trading atmosphere in the spot market is still good. The overall transaction volume has slightly increased, downstream demand has been released, and the inventory of traders has been slightly digested. However, due to the recent weak overall market transactions, some merchants with large inventory in the northern region have made up for the decline in the medium board, and the mentality of traders has improved today.