On July 20, the billet rebounded, and individual steel prices rebounded slightly today.
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In the market, this week the domestic construction steel market is consolidating and operating. Specifically, first of all, the previous “weakening of the mineral strength†forced the steel mills to reduce their production and overhaul. The utilization rate of the steel mills declined significantly. The supply pressure of the steel mills decreased, supporting the prices to a certain extent. Secondly, the country’s stock of wire rods this week. The total amount was 105.09, a decrease of 91,200 tons compared with last week, and the total stock of rebar was 605.25, which was a decrease of 217,000 tons from the previous week, and the overall market supply pressure was also significantly weakened.
In respect of raw materials, the ex-factory price of billet in Tangshan over the weekend has risen by RMB 60/ton, and the current ex-factory price is RMB 1790/ton; while the Platts 62% iron ore index is temporarily stable, with a quotation of USD 50.00/ton.
In inventory, as of Friday, the total inventory of rebar and wire rod in major cities in China was 7,103,600 tons, which was a decrease of 308,000 tons from the previous week. In terms of sub-regions, inventory of construction steel in all regions of the country fell at different rates, including a drop of nearly 100,000 tons in eastern China, while demand in the northeast was relatively weak, and stocks declined only slightly.
Billet rose sharply over the weekend, and ** also rebounded slightly. It is expected that the market price will enter the bottom recovery channel today.