Steel price on May 29, 2023

Building steel: On May 29th, the average price of 20mm Grade III seismic resistant threaded steel in 31 major cities across the country was 3702 yuan/ton, an increase of 6 yuan/ton compared to the previous trading day. Specifically, in the early trading period, the price of construction steel in some cities in China experienced a surge due to the high level fluctuations in the snail market. From the perspective of transactions, as the futures market continued to strengthen in the afternoon, transactions were active, and there was an increase in just needed transactions, resulting in a better mentality among merchants. In the short term, with the resumption of blast furnace production in the near future, the production of molten iron has rebounded, and the market supply pressure remains unchanged. Meanwhile, with the arrival of the hot and rainy season in the south, the overall performance of the market demand side may be unstable, and the supply-demand contradiction has not eased.

Hot rolled plate and coil: On May 29th, the average price of 4.75mm hot rolled plate and coil in 24 major cities nationwide was 3778 yuan/ton, an increase of 16 yuan/ton compared to the previous trading day. Last Friday, black varieties experienced a restorative rebound, while the spot market still had negative feedback despite high supply and weak demand. Recently, the overall sentiment in the market has been negative, with a significant decrease in apparent steel consumption compared to the previous month. The seasonal weakening of demand is gradually highlighting the pressure on products. On the supply side, the recovery of low profits recently has hindered the process of production reduction, and some steel mills have begun to resume production.

Cold rolled sheet coil: On May 29th, the average price of 1.0mm cold coil in 24 major cities across the country was 4408 yuan/ton, an increase of 9 yuan/ton compared to the previous trading day. The black series futures market rebounded weakly, slightly boosting market confidence, and merchants still rely mainly on shipping and withdrawing funds. The transaction has improved compared to the previous trading day.

Medium thick plate: On May 29th, the average price of 20mm regular plate in 24 major cities across the country was 4108 yuan/ton, a decrease of 1 yuan/ton compared to the previous trading day. When the market opened at the beginning of the week, there was an expectation of stock replenishment in the market. The superimposed futures turned red, the demand was released steadily, and the transaction was ordinary throughout the day. The market sentiment was slightly boosted, while the stable nature of the middle board made the price increase insignificant. The supply and demand performance of medium board resources is average, and steel mills have decent profits. Compared to other varieties, the advantages of medium board still exist, and the market performance is relatively stable.