On November 23, the domestic steel market price went up and down, and the ex-factory price of Tangshan ordinary billet was raised by 40 yuan/ton($6.2/ton) to 4260 yuan/ton($670/ton) .
Steel spot market
Construction Steel: On November 23, the average price of 20mm Class III seismic rebar in 31 major cities of China was 4766 yuan/ton($750/ton) , an increase of 12 yuan/ton($1.9/ton) from the previous trading day.
Hot-rolled coil: On November 23, the average price of 4.75mm hot-rolled coil in 24 major cities of China was 4,760 yuan/ton($749/ton) , an increase of 1 yuan/ton from the previous trading day.
Cold rolled coil: On November 23, the average price of 1.0mm cold coil in 24 major cities of China was 5490($864/ton) yuan/ton, down 38 yuan/ton($5.98/ton) from the previous trading day.
Raw material spot market
Imported ore: On November 23, the spot market price of imported iron ore in Shandong increased sharply, trading sentiment was fair, traders followed the market, and steel mills purchased on demand.
Coke: On November 23, the coke market was operating weakly, and the 7th round of the 200 yuan/ton($31/ton) drop came to the ground.
Scrap Steel: On November 23, the average price of scrap steel in 45 major markets across the country was RMB 2,746/ton($432/ton), an increase of RMB 32/ton($5/ton) from the previous trading day.
Supply and demand of steel market
Today's iron ore futures led the rise, speculative demand in the steel market has heated up, and rising costs have also supported steel prices. However, the key to the current trend of steel prices is still on the supply and demand side.
According to the survey of 237 distributors, the transaction volume of building materials exceeded 180,000 tons on Monday and Tuesday, while the average transaction volume last Sunday was 190,000 tons. It is expected that demand in the off-season will not continue to improve, and downstream terminals will still purchase on demand. In the short term, supply and demand in the steel market are in a weak balance, and steel prices may fluctuate in the future.
Post time: Nov-24-2021