SunSirs: The Price of Profiles and Hot Coils Rose Slightly on October 23
October 24 2019 10:28:15 SunSirs (John)On the 23rd, the price of hot rolls rose slightly, up about 20 RMB. The main reason is that the profit space of the manufacturers is squeezed and they are eager to rise. In addition, the futures hot volume has been running in red from last night's night to noon, boosting market confidence, which also releases the mood of the manufacturers.
First of all, in terms of cost, the billet price rose by 30 RMB on the 23rd, while most of the steel mills have been limiting production since the national day. In addition, with the rising price of raw materials, the steel price has been declining, and the profit has been damaged. The manufacturers are eager to rise. Stimulated by the rising futures price the night before, the merchants on the 23rd raised their prices one after another.
In terms of market, steel futures held a red run all day on the 23rd, boosting business sentiment. In addition, in the morning, the billet price was pulled up, and traders also pushed up the price. However, there was no sign of improvement in the downstream transaction situation, mainly because the release of demand was still slow, so the procurement was still cautious. On the sidelines, the overall transaction situation of the market was not as expected.
Future market forecast: on the whole, the manufacturers are looking forward to strong inflation sentiment, and the cost end support has improved, but the downstream demand situation is not good news, and it is expected that steel prices will become stronger in the short term and run in shock.
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