SunSirs: The Hot Rolled Coil Futures Plummeted 5.74% at the Beginning of the Week
August 03 2021 14:46:14 SunSirs (John)
Price trend
The price of cold rolled sheet and hot rolled coil fell. On August 2, the price of hot rolled coil in key domestic cities was 5,836 RMB/ton, down by about 200 RMB/ton from the previous week, a decrease of 3.47% on a week-on-week basis, and an increase of 5.15% compared to the same period last month.
Analysis review
On the 2nd, the hot rolled coil futures 2110 contract plummeted, the highest was 6,088 RMB/ton, the lowest was 5,735/ton, and it closed at 5,780 RMB/ton, down 352 RMB/ton, or 5.74%.
In terms of market conditions, hot coil futures fell sharply recently, and spot prices followed the decline. Affected by the decline in futures, hot coil merchants had a sluggish mentality, mostly focusing on lowering prices for shipments, downstream replenishment was cautious, and market transactions were not very good.
From the perspective of supply, the prices of upstream raw materials generally rose, the market supply of coke was tight, the bullish sentiment of coke was high, and steel mills were more active in replenishment.
Market outlook
In summary, hot rolled prices are expected to run weakly in the short term.
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