Steel price in the market on June 11, 2024

Screw thread steel: On June 11th, the overall price of domestic construction steel fell. The average price of rebar in major cities across the country is 3724 yuan/ton, a decrease of 34 yuan/ton compared to the previous trading day. Specifically, in the early trading session, the futures price of snails fluctuated downward, while in the morning, the overall domestic spot prices followed suit. In terms of trading, the overall performance of the morning market was average. Due to the influence of rainy weather in the south, downstream procurement was relatively sluggish, and the decline in snail prices remained unchanged in the afternoon. Spot prices further declined, and there was no significant improvement in low level transactions. The overall shipment situation continued to decline compared to the previous trading day.

Hot rolled coil: On June 11th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 3783 yuan/ton, a decrease of 25 yuan/ton from the previous trading day. Black commodity futures fluctuated weakly and fell, with average trading in the spot market after the morning quotation fell. In the afternoon, the market continued to decline weakly, and some market prices continued to fall, resulting in lackluster trading. At present, downstream industries are basically adopting a wait-and-see attitude, with supply maintaining a high level, inventory continuing to increase, and terminals still relying mainly on on-demand procurement.

Cold rolled sheet and coil: On June 11th, the spot price of cold rolled sheet and coil in China slightly decreased, with a national average price of 4295 yuan/ton, a decrease of 8 yuan/ton from the previous trading day. Specifically, the futures hot coil prices plummeted significantly at the opening, and the market's mentality of "buying up instead of buying down" was obvious. Traders actively lowered prices to focus on trading. It is reported that the supply side is operating at a high level of consolidation, while the "weak reality" continues to occur this year, and market inventory cannot be effectively alleviated. Under the pressure of high inventory, the market has to promote transactions to achieve the goal of reducing inventory.

Medium thick plate: On June 11th, the average price of 20mm regular plate in 24 major cities across the country was 3864 yuan/ton, a decrease of 13 yuan/ton from the previous trading day. The futures market fluctuated and fell, with a cold market atmosphere and overall poor trading performance. According to market feedback, macroeconomic policies are in an empty window period, and steel has entered a period of accumulation. Demand continues to decline, and weak reality has suppressed the high rebound of steel prices, gradually turning into the traditional off-season of demand. The trend of demand decline is difficult to reverse, market confidence is not strong, and downstream terminals have limited acceptance of high priced resources.