Steel price on July 11, 2023

Building steel: On July 11th, the average price of 20mm Grade III seismic resistant threaded steel in 31 major cities across the country was 3799 yuan/ton, a decrease of 3 yuan/ton compared to the previous trading day. In the short term, under the current situation of weak supply and demand, the market is greatly influenced by sentiment.

Hot rolled plate and coil: On July 11th, the average price of 4.75mm hot rolled plate and coil in 24 major cities nationwide was 3879 yuan/ton, an increase of 5 yuan/ton compared to the previous trading day. Last week, the demand for hot rolled steel sheets was weak, with the market accumulating a small amount of inventory. The fundamentals are still dominated by weak supply and demand. Recently, the market has experienced significant fluctuations, and the overall wait-and-see sentiment is strong. The off-season has not yet ended, and it is expected that the national hot rolled steel sheet and coil prices will continue to fluctuate and operate weakly in the short term.

Cold rolled sheet coil: On July 11th, the average price of 1.0mm cold coil in 24 major cities across the country was 4510 yuan/ton, which was unchanged from the previous trading day. Futures fluctuate in a narrow range, with strong market wait-and-see sentiment. Demand remains tepid during the off-season, and downstream purchasing willingness is low, resulting in poor daily trading. Merchants stated that the high temperature weather has to some extent suppressed terminal demand, and the market shipping speed continues to slow down compared to June, with inventory starting to accumulate slightly. In terms of mentality, Baosteel has introduced a futures guidance price for August, with a 100 yuan/ton increase in cold rolled sheet coils. In addition, most of the market believes that there will be some policy support in July, so the overall mentality is good.

Medium thick plate: On July 11th, the average price of 20mm regular plate in 24 major cities across the country was 4101 yuan/ton, a decrease of 5 yuan/ton compared to the previous trading day. On the 11th, the futures market fluctuated at a high level and the overall transaction was average. According to market feedback, steel mill production has remained high this week, inventory continues to accumulate, and the impact of high temperatures in the north and rainy seasons in the south on project construction will further increase, significantly suppressing downstream demand. The off-season demand characteristics are obvious, and the short-term steel supply and demand contradiction is difficult to alleviate. At present, the expectation of strong stimulus policies is weakening, the expected fulfillment is insufficient, and the underlying fundamentals are weakening. The upward trend of steel prices is weak, and the range of rise and fall is limited due to cost support.