SunSirs: On February 16, the Macro Support of Hot Rolled Coil Was Still There, Mainly with Wide Fluctuations
February 17 2022 11:12:43 SunSirs (John)
Price trend
On the 16th, the price of hot rolled coil in the domestic market rebounded slightly. The average market price of hot rolled coil was 5,004 RMB/ton, up 0.40% from the previous day.
Analysis review
Merchants still mainly focused on shipments. With today’s fluctuations in the futures market, traders’ mentality in the spot market had gradually strengthened, but the transaction performance was still average, and the actual purchases were more active with low-priced resources.
In terms of cost, both iron ore and coke have declined. The profits of steel mills have improved, and there are certain expectations for the resumption of production in the later period. In addition, the impact of macro-oriented guidance on the market has not yet cooled down. The overall economic situation is improving, and real estate and infrastructure are expected to pick up.
Market outlook
It is expected that the price of hot rolled coil will fluctuate widely in the short term.
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