On July 23, domestic steel prices showed a steady upward trend, with some local markets experiencing minor declines of around RMB 10-20 per ton. As of yesterday, the lowest price for 20mm third-grade rebar in the North China market was quoted at 3,410 yuan per ton, while in East China's Hangzhou and Nanjing markets, the same specification reached 3,470 yuan per ton. Meanwhile, the lowest price for 20mm Puan steel in North China saw a sharp rise to around 3,470 yuan per ton in Shijiazhuang, while Hangzhou and Nanjing markets priced it at approximately 3,630 yuan per ton.
The average price of 20mm HRB400 rebar in the mainstream market stood at 3,573 yuan per ton, up by 5 yuan from the previous trading day. The average price for 20mm plate was 3,646 yuan per ton, also rising by 5 yuan. Hot-rolled coils (4.75mm) averaged 3,639 yuan per ton, an increase of 9 yuan. In contrast, the price of 5# angle iron fell slightly by 3 yuan per ton.
On the news front, regulatory authorities have intensified credit oversight on the steel industry and ten other sectors suffering from overcapacity. According to a report by Shanghai Securities Daily, regulators issued internal instructions to block new financing for industries such as cement, steel, iron, chemical fiber, electrolytic aluminum, and coal. These measures include restrictions on short-term securities, medium-term notes, convertible bonds, and new corporate bonds. Additionally, companies willing to voluntarily halt production or shut down may be eligible for partial interest relief or assistance in converting operations. Industry sources suggest that these restrictions have been in place for years, but recent scrutiny appears significantly stricter than previous guidelines.
From the cost perspective, this morning’s price for 150mm billets in Tangshan was reported at 3,100 yuan per ton. Several major producers, including Shagang, Siping Hyundai, Anyang Industrial, Bayi Steel, Zhengzhou Special Steel, Nangang, Shuigang, Guangzhou Steel, Pinggang, Jigang Wuyuan, Fujian Sanbao, Shiheng Special Steel, Lai Steel Yongfeng, Zhongtian Iron and Steel, and Yonggang, raised their building material prices by 10–150 yuan per ton. Handan Iron & Steel increased its building materials and plate prices by 160–270 yuan per ton in August, while Hegang raised its August policy by 50–150 yuan per ton. Meishan Steel and Bagang Steel also increased prices by 50–150 yuan per ton in August. Overall, manufacturers’ attitudes toward price increases in August remain strong, with clear upward adjustments still evident in the short term.
On the futures side, the main rebar contract Rb1401 opened lower at 3,694, closed at 3,678, down 16 points. Due to negative sentiment early in the session, the downward trend in rebar became more pronounced, but market participants remained cautious, showing limited downside pressure. The contract closed near the 10-day moving average, suggesting potential for a rebound today.
On the demand side, end-user demand was released normally, and market volume remained stable. Merchants maintained a bullish stance due to continued cost support.
Overall, with the full-scale price adjustments from key producers like Hegang, Meishan Steel, Bayi Steel, and Handan Iron & Steel, along with recent upward revisions from Shagang and Yonggang, the current cost support remains strong. Market sentiment among merchants is still positive, and the overall trend is expected to continue rising steadily. However, after a prolonged upward movement, current demand-side support has weakened. There could be a period of consolidation or stabilization in the second half of the week. Today’s rebar prices are expected to fluctuate between 0–10 yuan per ton, with 20mm third-grade rebar averaging 3,570–3,580 yuan per ton. Plate prices will likely see similar adjustments, with 20mm plates ranging between 3,650–3,660 yuan per ton.
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