SunSirs: The Price of Screw Steel Increased Slightly On October 28
October 30 2019 10:11:58 SunSirs (John)
On October 28, the price of screw steel increased slightly compared with that of last Friday (10.25), with an increase of about 20 RMB/ton. The main quoted price of screw steel in large factories was between 3640-3690 RMB/ton, entering the end of the month rush period, the overall transaction performance was better than that of last week.
In terms of supply, during the weekend, the price of steel billets in Tangshan increased first and then decreased, with the rise and fall flat. The weekly ring ratio increased by 30 RMB/ton, while coke and iron ore fell steadily.
In the aspect of market, in the rush period at the end of the month, the merchants are willing to sell goods, but the weather turns cold, the downstream seasonal demand decreases, and the peak sales season of steel market is about to pass. At present, the overall transaction of the market is flat, and the merchants are pessimistic.
In terms of futures, the snail morning market opened slightly higher and fell back in the afternoon. The overall consolidation was dominated by shocks. The main screw contracts finally closed at 3327 RMB/ton, up 7 RMB/ton from the settlement price of the previous working day.
Generally speaking, at present, the price of screw steel is at a low level, with little possibility of rebound. Moreover, due to the small demand in the downstream and the inventory pressure after the steel plant resumes production, it is more likely to continue to fall in the later period. In the short term, the spot market will maintain a weak and volatile operation as a whole.
If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.
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