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Domestic Steel Prices Rose Slightly Iron Ore Market Oscillated

- Apr 17, 2018 -

  Domestic steel prices rose slightly Iron ore market oscillated

The demand for the domestic spot steel market is accelerating, but various constraints are more or less present, so the spot steel price increase is limited. The iron ore market is basically a trend of turbulent operation.

In the most recent week, the domestic spot steel price index closed at 145.21 points, up 0.46% over the week. This basically continued the slight upward trend. Specifically, at the beginning of the week, in the event of a turbulent and strong steel futures market, spot steel prices rose and the merchants' mentality improved. However, after the steel price rose, the end-user wait-and-see mood began to rise again, and there was a continuous decline in the market volume. The merchant’s offer price also loosened. At the same time, the leading steel mills in eastern China have “dropped” the latest construction steel factory price quotation, which has also given the market a bit of “cool wind”.

According to analysis, prices have risen slightly in the construction steel market. The average price of rebar grades in major markets across the country is 3900 yuan per ton, up 35 yuan per week. From the latest steel stock data, the total inventory continues to decline, indicating that terminal demand is gradually being released. In addition, the market price of steel and billet prices are still rising, which brings certain support to the spot steel market.

In the sheet metal market, prices have generally risen. The prices of hot-rolled coils continued to rise. The average market price of hot-rolled products in major markets across the country was RMB 4001 per ton, up by RMB 25 per week. The price of plate prices has risen significantly. The average price of mainstream specifications in major markets across the country is 4,217 yuan per ton, up 34 yuan in the week. At present, the temperature is picking up and terminal demand is gradually being released. However, at the same time, inventory pressure remains, and the supply of steel mills has not been drastically reduced. Different market factors are interacting.

The iron ore market is generally in a state of turbulent operation. According to the latest report, in the domestic ore market, the price of iron concentrate in Hebei is basically stable, and the purchase of steel mills is generally cautious. The price of imported ore rose first and then fell. As of the 12th, the price of 62% grade imported iron ore was US$64.75 per ton, which was up by US$1.75 per week. Although there is an increase in restocking by steel mills, the inventory of port iron ore has declined to a certain extent, but the rising momentum of ore prices is still insufficient.

The analysis of relevant institutions believes that the current domestic steel market can be described as "long-short." The market psychology is generally cautious on the one hand, and on the other it is full of expectations for the steel industry's future boosting effect. In the short term, domestic steel prices will continue to fluctuate.