Steel price in the market on October 8, 2024

Threaded steel: On October 8th, the average price of threaded steel in major cities across the country was 3980 yuan/ton, an increase of 36 yuan/ton from the previous trading day. Specifically, the futures snail market continued its pre holiday upward trend, with overall domestic spot prices rising and limited trading throughout the day. In the short term, the arrival of market resources during the holiday season has increased, and the shortage of resource specifications in the early stage has been somewhat alleviated. After the price surge, market merchants tend to be cautious.

Hot rolled coils: On October 8th, the average price of 4.75mm hot rolled coils in 24 major cities across the country was 3740 yuan/ton, an increase of 35 yuan/ton from the previous trading day. In the morning session, the futures price rose, and in the afternoon session, as the futures price entered the previous oscillation range, there was heavy selling pressure, and the futures steel price gradually fell back. From a supply perspective, the current rise in steel prices has led to a significant recovery in steel mills' profits. Therefore, steel mills have a strong willingness to increase production, and some have increased their operating time and improved production efficiency.

Cold rolled coil: On October 8th, the spot price of cold-rolled coil in China continued to rise, with a national average price of 4330 yuan/ton, an increase of 175 yuan/ton from the previous trading day. The hot coil futures market opened high and fell low. In the morning, merchant quotes continued to rise during the holiday period, but with the afternoon market correction, market sentiment tightened and some spot prices slightly fell. At present, there is no significant improvement on the demand side, and short-term spot prices have risen too quickly. Downstream purchases of high priced resources are still cautious, and overall transaction performance is average.

Medium thick plate: On October 8th, the average price of 20mm ordinary plate in 24 major cities across the country was 3859 yuan/ton, an increase of 102 yuan/ton from the previous trading day. The black futures market opened high and fell low, with a significant increase in early morning spot prices. In the afternoon, spot prices fluctuated and fell due to the impact of the market. It is reported that there was sufficient stock in the downstream before the holiday, and the market trading atmosphere was light during the National Day holiday. Today, due to market sentiment, transactions were weak. In terms of resources, during the holiday period, steel mill resources gradually arrived, alleviating some of the resource shortages, with a slight increase in inventory being the main factor.