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The national market price of construction steel is likely to continue to fluctuate within a narrow range
Spot market dynamics: On the 25th, the average price of Grade III seismic-resistant Rebar in 31 major cities across the country was 3,290 yuan per ton, a decrease of 16 yuan per ton compared with the previous trading day.
The Shanghai rebar dollar-denominated index closed at 453.47, up 0.25%. Specifically, the overall performance of the production, sales and inventory data of construction steel yesterday was acceptable.
However, the market's enthusiasm for replenishing inventories before the festival was average, and the market price remained in a narrow range of fluctuations. Judging from the recent market performance, the fundamental pressure on construction steel is not significant. The market price is likely to be greatly influenced by the news. It is expected that the market price today will fluctuate narrowly.
The Shanghai rebar dollar-denominated index closed at 453.47, up 0.25%. Specifically, the overall performance of the production, sales and inventory data of construction steel yesterday was acceptable.
However, the market's enthusiasm for replenishing inventories before the festival was average, and the market price remained in a narrow range of fluctuations. Judging from the recent market performance, the fundamental pressure on construction steel is not significant. The market price is likely to be greatly influenced by the news. It is expected that the market price today will fluctuate narrowly.
Futures contract situation: In the night session, the main contract of futures contracts closed at 3157, down 0.22%.
Foreign market situation: On the previous trading day, WTI New York crude oil closed at $65.22, up 0.63%. The US dollar index closed at 98.44, up 0.61%. The Dow Jones Index was 45,947.32, down 0.38%.
Macro & Industry Hotspots
This Friday, the supply of major steel varieties reached 8.6493 million tons, an increase of 94,700 tons compared with the previous week, representing a growth rate of 1.1%. The total inventory was 15.1061 million tons, a decrease of 91,300 tons compared with the previous week, representing a decline of 0.6%. Apparent consumption was 8.7406 million tons, an increase of 2.8% compared with the previous period.
Yunnan steel enterprises have taken a substantive step forward in their fight against internal competition. Five leading steel enterprises have secured 600,000 tons of resource allocation within the province. The implementation of production control, price stabilization, and joint management order has entered the practical stage, and several important resolutions have been reached.
On September 25th, major coke enterprises raised the prices of ramming coke by 50-55 yuan per ton and top-loading coke by 80-85 yuan per ton.
