Myspic Composite Index this week reported 136.1 points, down 3.26% from the previous week, the largest weekly decline since November last year. Last week, the domestic steel price plummeted. Afterwards, the coming weekend saw another price cut by Shagang, and the billet prices fell sharply. The market mentality was almost collapsed and the domestic steel market plunged on Monday. Although the start of Tuesday, the decline in the prices of major varieties continued to slow down, but the overall market continued to weaken except for the weak rebound in prices in other regions and individual varieties in four weeks.
After sharp declines last week and Monday, as the steel mills reduced production and overhaul news gradually increased, the market mentality has improved, Shanghai, Lecong market hot rolled coil, high prices have risen briefly. However, from the latest data from the China Iron and Steel Association, in mid-July, the national crude steel production is estimated to be 199.33 tons, slightly higher than the previous month, indicating that the supply pressure of the steel market in the later period will not diminish. In addition, high temperature and rainy weather will continue throughout the country, market transactions are generally sluggish, and there are more downstream purchases, and businesses are still generally bearish. Under the interweaving of multiple factors, it is expected that domestic steel prices will continue to struggle to rebound effectively in the short term.
The flat product index this week reported at 120.9 points, down 2.51% from the previous week, and the largest weekly decline since about 40 weeks. Among them, the weekly declines of plate and hot rolled coil index were 3.75% and 3.32%, respectively. This week, the heavy plate market has experienced a significant decline. The dominant market prices in North, Shanghai, Guangzhou and Tianjin have generally suffered heavy losses. The market prices in Tianjin and Beijing have all fallen by RMB 190/ton, with the Taiyuan region falling by nearly RMB 300/ton. After a heavy fall on the week, the plate market slowed down gradually in the next few days, and business confidence was generally lacking. Although the price cuts did not lead to transaction turnover, most businesses chose to drop prices in order to stimulate transactions. The current market is generally not optimistic about the market outlook, mainly based on the current poor demand in the end, the steel plant orders are not satisfactory, but the reduction in production is more limited, coupled with the fall in iron ore prices. On the whole, it is expected that the short-term board price will show a weak consolidation. This week, the market decline in Taiyuan is relatively obvious. The average price of medium-sized board in 20mm is down by 260 yuan/ton from the previous week.
Under bad circumstances, after the price of hot-rolled coils fell sharply last week, the price of domestic hot-rolled coils on Monday was “Black Mondayâ€, and the prices in various markets such as Shanghai and Beijing plummeted by more than RMB 100/ton per day. In the following few days, the decline in the hot rolled market continued to narrow, and yesterday's limited production plan, such as Lecong, saw a slight rebound. However, due to market feedback, after the price increase, the transaction volume has declined, and the merchants are generally cautious and wait-and-see. As a result, prices have once again experienced a weak downward trend. In addition, the prices of iron ore, coke and other raw materials still fell significantly, causing some impact on the market mentality, making businesses more hesitant to the market outlook, is expected in the short term hot rolled coil prices in a narrow range of the main trend. This week, the 3.0mm drop in hot rolled Taiyuan market has increased from RMB 200/ton last week to RMB 250/ton.
The long products index this week reported at 153.8 points, down 3.53% from the previous week and the largest weekly decline in the past year. After a sharp decline last week, domestic building materials prices did not show signs of falling this Monday. Instead, they experienced a dip-like decline. Although the decline in local conditions began to slow on Tuesday, the accumulated decline for the week still continued to expand on a week-to-week basis. Among them, the week-to-week drop in Shanghai, Guangzhou and other cities was generally above 100 yuan/ton. Due to the heavy rain, the Beijing market suffered a larger drop, which was a decrease of 200 yuan/ton compared with last week. The prices of the leading steel mills such as Shagang continued to decline, and the billet prices also fell sharply. Together with the tighter funds at the end of the month, the pessimism in the market spread, leading to panic selling at the beginning of the week. However, the recent news of steel mills reducing production and inspections has gradually increased, and the market outlook has also improved slightly, which is conducive to the recovery of business mentality. This week, the average price of thread HRB33520mm in 25 major markets in the country fell by 145 yuan/ton from the previous week, and Taiyuan market led the decline by 230 yuan/ton.
After sharp declines last week and Monday, as the steel mills reduced production and overhaul news gradually increased, the market mentality has improved, Shanghai, Lecong market hot rolled coil, high prices have risen briefly. However, from the latest data from the China Iron and Steel Association, in mid-July, the national crude steel production is estimated to be 199.33 tons, slightly higher than the previous month, indicating that the supply pressure of the steel market in the later period will not diminish. In addition, high temperature and rainy weather will continue throughout the country, market transactions are generally sluggish, and there are more downstream purchases, and businesses are still generally bearish. Under the interweaving of multiple factors, it is expected that domestic steel prices will continue to struggle to rebound effectively in the short term.
The flat product index this week reported at 120.9 points, down 2.51% from the previous week, and the largest weekly decline since about 40 weeks. Among them, the weekly declines of plate and hot rolled coil index were 3.75% and 3.32%, respectively. This week, the heavy plate market has experienced a significant decline. The dominant market prices in North, Shanghai, Guangzhou and Tianjin have generally suffered heavy losses. The market prices in Tianjin and Beijing have all fallen by RMB 190/ton, with the Taiyuan region falling by nearly RMB 300/ton. After a heavy fall on the week, the plate market slowed down gradually in the next few days, and business confidence was generally lacking. Although the price cuts did not lead to transaction turnover, most businesses chose to drop prices in order to stimulate transactions. The current market is generally not optimistic about the market outlook, mainly based on the current poor demand in the end, the steel plant orders are not satisfactory, but the reduction in production is more limited, coupled with the fall in iron ore prices. On the whole, it is expected that the short-term board price will show a weak consolidation. This week, the market decline in Taiyuan is relatively obvious. The average price of medium-sized board in 20mm is down by 260 yuan/ton from the previous week.
Under bad circumstances, after the price of hot-rolled coils fell sharply last week, the price of domestic hot-rolled coils on Monday was “Black Mondayâ€, and the prices in various markets such as Shanghai and Beijing plummeted by more than RMB 100/ton per day. In the following few days, the decline in the hot rolled market continued to narrow, and yesterday's limited production plan, such as Lecong, saw a slight rebound. However, due to market feedback, after the price increase, the transaction volume has declined, and the merchants are generally cautious and wait-and-see. As a result, prices have once again experienced a weak downward trend. In addition, the prices of iron ore, coke and other raw materials still fell significantly, causing some impact on the market mentality, making businesses more hesitant to the market outlook, is expected in the short term hot rolled coil prices in a narrow range of the main trend. This week, the 3.0mm drop in hot rolled Taiyuan market has increased from RMB 200/ton last week to RMB 250/ton.
The long products index this week reported at 153.8 points, down 3.53% from the previous week and the largest weekly decline in the past year. After a sharp decline last week, domestic building materials prices did not show signs of falling this Monday. Instead, they experienced a dip-like decline. Although the decline in local conditions began to slow on Tuesday, the accumulated decline for the week still continued to expand on a week-to-week basis. Among them, the week-to-week drop in Shanghai, Guangzhou and other cities was generally above 100 yuan/ton. Due to the heavy rain, the Beijing market suffered a larger drop, which was a decrease of 200 yuan/ton compared with last week. The prices of the leading steel mills such as Shagang continued to decline, and the billet prices also fell sharply. Together with the tighter funds at the end of the month, the pessimism in the market spread, leading to panic selling at the beginning of the week. However, the recent news of steel mills reducing production and inspections has gradually increased, and the market outlook has also improved slightly, which is conducive to the recovery of business mentality. This week, the average price of thread HRB33520mm in 25 major markets in the country fell by 145 yuan/ton from the previous week, and Taiyuan market led the decline by 230 yuan/ton.
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