Steel prices on November 14, 2023

Screw thread steel: On November 14th, the average price of 20mm Grade III seismic resistant screw thread steel in 31 major cities across the country was 3995 yuan/ton, a decrease of 6 yuan/ton compared to the previous trading day. Specifically, in the early trading period, the price of construction steel in major cities in China remained stable, with some weakening. From the perspective of transaction, in the afternoon, snail prices fell, and spot prices in some cities loosened. Merchants reported poor demand and speculative transactions, with shipments weaker than the previous day. In the short term, due to the impact of the decline in futures, there is a strong demand for profit taking in the early stage, and the upward driving force of prices is weakened. At the same time, high resources are not conducive to the release of market demand.

Hot rolled plate and coil: On November 14th, the average price of 4.75mm hot rolled plate and coil in 24 major cities across the country was 3968 yuan/ton, a decrease of 11 yuan/ton compared to the previous trading day. Black commodity futures fluctuated weakly, with poor market transactions. In the afternoon, the market rebounded slightly and the overall transaction was average. At present, procurement in the downstream market is relatively cautious, but it is just a demand procurement. Although there are signs of production reduction on the supply side of steel mills, market inventory is high and it will take some time to digest. The strong operation of the raw material side and strong policy expectations support prices.

Cold rolled sheet and coil: On November 14th, the national average spot price of cold rolled sheet and coil was 4722 yuan/ton, which was unchanged from the previous trading day. The volatility of hot rolled futures is relatively weak, and the trading atmosphere in the market is noticeably bleak compared to the previous trading day. However, the willingness of market merchants to immediately lower prices is low, and they often sell at high prices. However, downstream customers have a clear mentality of "buying up rather than falling", and procurement has slowed down. According to feedback from South China traders, although downstream demand is still tepid, due to the fact that market resources are still mainly local resources in South China and the current market inventory pressure is not high, the prices of cold rolled sheet coils are mostly stable.

Medium thick plate: On November 14th, the average price of 20mm regular plate in 24 major cities across the country was 3971 yuan/ton, a decrease of 4 yuan/ton compared to the previous trading day. According to market feedback, strong expectations and weak reality are intertwined in the market. After the optimism subsides, the seasonal characteristics of the demand side are evident, and there is still pressure on demand in the off-season. However, there has been no significant decline in winter storage demand and terminal acceleration in the short term. In addition, the cost side support is strong, and the expectation of the first round of increase in coke prices has come to fruition, with limited room for a decline in board prices.