Steel price in the market on March 19, 2024

Screw thread steel: On March 19th, the average price of 20mm three-level seismic resistant screw thread steel in 31 major cities nationwide was 3687 yuan/ton, an increase of 21 yuan/ton from the previous trading day. In the short term, with the rebound of futures, pessimistic sentiment has eased. Downstream demand has rebounded marginally, and the mentality of businesses has improved.

Hot rolled coil: On March 19th, the average price of 4.75mm hot rolled coil in 24 major cities nationwide was 3844 yuan/ton, an increase of 31 yuan/ton compared to the previous trading day. The spot market saw a slight increase in early quotes and a trial session, with hot transactions and strong sentiment towards bottom hunting. In the afternoon, the market continued to rise, and spot prices continued to rise, but transactions weakened after the rise. The recent market performance has been bottoming out and rebounding, and whether a reversal has been achieved still needs time to be verified. With prices at a low level, the sentiment of bottoming out has begun to emerge.

Cold rolled coil: On March 19th, the average price of 1.0mm cold coil in 24 major cities across the country was 4512 yuan/ton, an increase of 2 yuan/ton compared to the previous trading day. On the 19th, the futures heatwave was relatively strong, and the cold trading atmosphere in the market has improved. Downstream traders who were initially cautious have started to replenish their stocks in small quantities, and intraday transactions have significantly improved. Traders in the South China market have stated that the demand for "Jinsan" is lower than expected, and the speed of inventory reduction is slower. Currently, the market inventory pressure is still relatively high, and the current operation is still mainly based on transaction and inventory reduction. It is worth noting that the production side has actively reduced the supply of cold-rolled sheet coils, and the market pressure has eased in the future.

Medium thick plate: On March 19th, the average price of 20mm regular plate in 24 major cities across the country was 3963 yuan/ton, an increase of 9 yuan/ton compared to the previous trading day. According to market feedback, the raw material coke has started the sixth round of price reduction, weakening cost support. Currently, the rapid rebound in futures trading has not changed the overall weak trend of the steel market, and further rebound and emotional transformation are needed. From the supply side, due to strong expectations of demand release and the remaining profit margin of steel mills, their production enthusiasm is average. From the demand side, demand maintains resilience, and downstream rigid demand procurement volume is average. The market is cautious and watchful.