SunSirs: On November 9th, Hot Rolled Coil Futures Closed at 4,502 and Fell 1.14%
November 10 2021 14:11:04 SunSirs (John)
Price trend
On the 9th, hot rolled coil futures 2201 fluctuated lower: closing at 4,502, down 52, or 1.14%; opening 4,558, highest 4,618, lowest 4,472; open interest was 540,000 lots, an increase of 13,000 lots. As of the afternoon of the 9th, the hot rolled coil spot price was 4,954 RMB/ton, down 0.24% from the previous day.
Analysis review
The price of hot rolled coil fell mainly on the 9th.
At this stage, coal prices have become normal under national control, reducing costs and boosting the price of rolled steel.
On the supply side, the National Energy Administration stated on the 8th that the phenomenon of power cuts had not reappeared, which had improved the production efficiency of steel mills to a certain extent. In terms of the market, affected by the weakening of the futures hot roll, the downstream just replenished the stock on demand, and the market trading atmosphere was light.
Market outlook
On the whole, the hot rolled coil will fluctuate downward in the short term.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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