Price trend

According to the price monitoring of SunSirs, the prices of wire rod and rebar in the Jiangsu, Zhejiang and Shanghai region rose first and then fell this week. As of the 24th, the average price of HRB400 rebar in the Jiangsu, Zhejiang and Shanghai region was about 3,994 RMB/ton, a decrease of 0.47% from the beginning of the week; The average high line price of HPB300 was 4,193.2 RMB/ton, a decrease of 0.57% from the beginning of the week.

Analysis review

Market: As the weekend approached, the national engineering demand was 64,166 tons, a decrease of 13.54% compared to the previous trading day. From January to October, the national real estate development investment was 9,592.2 billion RMB, a year-on-year decrease of 9.3%; Among them, residential investment was 7,279.9 billion RMB, a decrease of 8.8%. From January to October, the construction area of real estate development enterprises was 8,228.95 million square meters, a year-on-year decrease of 7.3%. Among them, the residential construction area was 57.93.61 million square meters, a decrease of 7.7%. The newly constructed area of housing was 791.77 million square meters, a decrease of 23.2%. Among them, the newly constructed residential area was 57.659 million square meters, a decrease of 23.6%. The completed area of houses was 55.151 million square meters, an increase of 19.0%. Among them, the completed residential area was 40.079 million square meters, an increase of 19.3%.

According to data from the General Administration of Customs, China exported 7.939 million tons of steel in October 2023, a decrease of 124,000 tons from the previous month and a decrease of 1.5% compared to the previous month; From January to October, a total of 74.732 million tons of steel were exported, a year-on-year increase of 34.8%. In October, China imported 668,000 tons of steel, an increase of 28,000 tons from the previous month and a month on month increase of 4.4%; From January to October, the cumulative import of steel was 6.366 million tons, a year-on-year decrease of 30.1%.

News: Three departments jointly held a meeting to strengthen the supervision of iron ore futures and spot linkage; In mid November, key steel enterprises produced 1.9691 million tons of crude steel per day.

Inventory and Production

This week, both the weekly production and total inventory of thread snails had decreased. The demand for building materials had fallen by 241,000 tons to 4.0769 million tons. The spot goods had entered the off-season of consumption, and downstream resistance to high prices had increased. After the profitability of steel mills improved, production accelerated and spot supply and demand weakened.

Market outlook

It is expected that the market prices of wire rod and rebar will mainly consolidate at a high level.

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