The domestic spot steel market has experienced a decline in the latest week, with prices falling by approximately 0.34%. Despite continued efforts by major steel mills to increase ex-factory prices, rebar remained volatile, and raw material prices such as billets also showed slight corrections, leading to a weakening of market confidence. Industry participants believe that after a previous price increase, it became difficult to secure shipments, and many businesses have eased their pricing strategies due to end-of-month pressure.
In the sheet metal market, overall prices have declined. Among over 20 major domestic markets monitored by agencies, plate prices in Shanghai have remained stable, while slight drops were observed in Hangzhou and Chongqing. Businesses are more confused, as they see limited room for further declines but feel forced to cut prices due to closing pressures. In the Shanghai market, inventory levels have increased for the fifth consecutive week, and hot-rolled coil prices saw an initial rise followed by a decline. Prices in major markets rose, with HRC ex-factory prices from Baosteel and Wuhan Iron & Steel rising in September. However, weak demand at the terminal level has led to reduced order placements, with transactions remaining light. Some merchants are eager to sell and have resorted to looser pricing.
In the construction steel market, the previous price rally failed to sustain, and prices fell across major cities like Shanghai, Beijing, and Guangzhou, as well as most regions nationwide. Weekly price drops ranged between 20 and 90 yuan per ton. Merchants noted that despite the prior price increase, on-site purchasing has not improved, and high-priced deals have become harder to execute, leaving only space for loose trading. With the end of the month approaching, funding conditions have tightened, and merchant attitudes have turned more cautious.
The iron ore market, which had been a key focus, finally saw a downward trend. According to reports, iron concentrate prices in Hebei have slightly decreased, with a weekly drop of around 10 RMB per ton. Steelmakers' purchasing appetite remains weak, and transactions at high prices have turned negative. The price of imported iron ore is also declining, with 63.5% grade Indian fines offered at about 138.25 USD per ton, down 1.5 USD per week. The Platts 62% iron ore index stood at 137.5 USD per ton, a decrease of 0.5 USD per week. After a period of restocking, most steel mills now hold relatively ample iron ore inventories, and their willingness to purchase remains low. The spot iron ore market remains weak, with general transaction volumes and a cautious wait-and-see attitude prevailing. Some market players even expressed pessimism about future trends.
According to analysts from relevant organizations, recent macroeconomic conditions both domestically and internationally have shown improvement and recovery. This could lead to increased steel demand, and short-term resource pressure in the steel market is not severe. However, before fundamental changes occur in the supply and demand structure, if steel prices rise significantly, the market may soon face shipping difficulties and will likely adjust through narrow price fluctuations.
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