Yesterday's demand for steel remained weak, with transaction volumes continuing to be lackluster. However, market participants were influenced by the new round of steel mill pricing policies, leading to a more cautious and wait-and-see attitude.
In recent days, the domestic steel price trend has shown a fluctuating pattern. As of yesterday, the lowest price for 20mm third-grade rebar in North China reached 3,440 yuan/ton, while in East China, markets like Nanjing and Jinan saw a slight decline to 3,430 yuan/ton. The price of 20mm general plates in North China’s Shijiazhuang dropped to 3,450 yuan/ton, while in Jinan, the same specification was quoted at 3,530 yuan/ton, down by 3 yuan/ton from the previous day. The average price of 20mm plate in major markets stood at 3,645 yuan/ton, a decrease of 2 yuan/ton. Meanwhile, the average price of 4.75mm hot rolled coils rose slightly to 3,625 yuan/ton, up by 1 yuan/ton. The mainstream price for 5# angle steel fell to 3,577 yuan/ton, down by 3 yuan/ton compared to the previous trading day.
On the policy front, the central bank continued its reverse repo operations, reinforcing the "stability" theme. The increased repurchase rate signaled a stronger intention to stabilize liquidity. Following a 17 billion yuan reverse repo on Tuesday, the scale was significantly larger, indicating a clear monetary policy focus on maintaining stability. Although the high bid rates suggest moderate fine-tuning, the resumption of repurchase operations helped ease funding pressures, with overall fund prices declining across the board.
From the cost perspective, Tangshan's 150mm billet stabilized at 3,070 yuan/ton this morning. Several major producers, including Shagang, Hegang, and Shanghai Shente, raised their ex-factory prices for building materials by 20–60 yuan/ton. In contrast, some smaller manufacturers, such as Chengdu Chengshi and Xinfu Steel, cut prices by 20–50 yuan/ton. Xicheng Steel also reduced its medium plate price by 60 yuan/ton. Overall, first-tier manufacturers are still maintaining prices above those seen in early August, though some second- and third-tier factories have slightly lowered their prices.
Looking at futures, the main contract for rebar (Rb1401) opened higher but faced strong resistance near the 20-day moving average. After an early morning price adjustment by Shagang, the market saw a slight rise, but it later declined. It is expected that today’s rebar will trade in a narrow range.
Overall, with the latest price adjustments from major steelmakers, the current trend for raw materials remains downward, and demand remains weak. However, under the current market sentiment, steel prices may see short-term stabilization and a possible rebound. In the medium to long term, the level of demand support will be key. It is expected that today’s market will enter a period of stable consolidation with slight strength. The average price for rebar is expected to remain within a 0–10 yuan/ton range, while 20mm plate prices are likely to fluctuate between 3,640–3,650 yuan/ton.
Source: http://news.chinawj.com.cn
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