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“Since November, steel prices have risen to around 5,000 yuan per ton.†The above-mentioned steel traders said that shipments were very small from mid-October to November, and shipments in the two weeks since November have “increased†to More than 500 tons, the demand in the off-season even exceeds the peak season in October.
According to the latest market report of the domestic steel spot trading platform Xiben Shinkansen, the Shanghai construction steel market price hit a new high for the year. Relevant monitoring data showed that after the “opening of the door†in November, the construction steel price in Shanghai continued to rise. As of the 12th, the West Index was reported at 4,590 yuan per ton, up 230 yuan per week.
Relevant market participants also noticed that since November, the spot price of steel has risen by more than 300 yuan, but the price of iron ore has only increased by about US$6 per ton. The profitability of steel mills has been improving. Also reduced to a new low in the year.
The aforementioned steel traders told the author that there is a situation of “out of stock†in the market. Many traders often have “replenishment†in a timely manner, which may be related to the “reluctance to sell†steel prices by some steel mills.
For the current arrogant steel price, the Nishimoto Shinkansen analysis, the normal release of demand may be the main cause, but does not rule out the impact of supply constraints and inflation expectations. However, the Nishimoto Shinkansen reminded that after the steel price climbed, the market's adjustment and consolidation pressure is also increasing. Some market participants believe that considering that the social inventories of most steel products are still at a high level, steel prices will continue to rise, and will also usher in a new round of pressure and risk.
A steel trade person located in Shanghai Yixian Steel Market told the author that since November, the steel market has seen continuous increase, mainly due to the release of demand and steel futures and intermediate trading speculation, and last Friday (November 12) A fall in the market is related to the “high fear†of the demand side. For the market outlook, the above-mentioned steel traders are cautious.