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SunSirs: On September 8, Hot Rolled Coil Futures Closed at 5,776, Down 0.99%

September 09 2021 14:23:50     SunSirs (John)

Price trend

On the 8th, hot rolled coil futures 2201 fluctuated at a low level, closing at 5,776 RMB/ton, down 58 RMB/ton, or 0.99%; opening at 5,800 RMB/ton, with a maximum of 5,811 RMB/ton, a minimum of 5,674 RMB/ton. and a warehouse volume of 470,000 lots. The open interest was 470,000 hands, lightened up 26,000 hands. As of the afternoon of the 8th, the hot rolled coil spot price was 5,828 RMB/ton, down 0.44% from the previous day.

Analysis review

On September 8th, the hot rolled coil futures 2201 contract fluctuated downward, and the spot market quotation declined slightly. Recently, the National Development and Reform Commission has monitored that the Yulin Coal Trading Center has released false information, coal supervision was tightened, prices were adjusted, raw material costs were reduced, and hot rolled coil prices also fell.

In the market, downstream purchases were mostly wait-and-see, and spot transactions were not good. Overall, the cost was still at a high level, and merchants were unwilling to sell at low prices.

Market outlook

On the whole, under the national macro-control, the medium and long-term hot rolled coil market is showing a bullish trend.

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