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The domestic steel market continued its gradual upward trend with some oscillations yesterday. However, the coiling segment remained in a consolidation phase, while the profiles and pipes maintained a stable position. According to data from the China Steel Network, as of yesterday, the lowest price for 20mm three-grade rebar in the Beijing market of North China dropped to 3,400 yuan/ton, while the same specification in the Jinan market of East China reached 3,500 yuan/ton. In North China’s Shijiazhuang market, prices have risen to around 3,360 yuan/ton, and in the Jinan market, they have climbed to 3,410 yuan/ton. Additionally, the average price of 20mm HRB400 rebar in the mainstream market stood at 3,594 yuan/ton, up by 9 yuan/ton compared to the previous day. The average price of 20mm plate was 3,473 yuan/ton, rising by 6 yuan/ton. The 4.75mm hot-rolled coil averaged 3,493 yuan/ton, up 1 yuan/ton, while 5# angle iron remained stable at 3,547 yuan/ton.
On the policy front, the central bank issued a set of 30 guidelines for the Shanghai Free Trade Zone aimed at preventing speculative capital from flowing into the region. The "Opinions on Financial Support for the Construction of China (Shanghai) Free Trade Pilot Zone," released on December 2, outlined seven key areas with 30 specific measures. Haitong Securities noted that these guidelines promote innovation in risk management systems, including separate accounting mechanisms, which help prevent “hot money†from exploiting the free trade zone's regulatory environment.
From the cost perspective, after a 10-yuan drop in Tangshan billet prices yesterday, the current price for 150mm billets in Tangshan is reported at 3,000 yuan/ton this morning. Meanwhile, several manufacturers in Hebei, such as Yuanbaoshan, Wenfeng, Huawei, and Puyang, increased plate prices by 10–50 yuan/ton. In late November, Panzhihua and Kunming saw a decrease of 35 yuan/ton in hot and cold rolled volumes. Some building material producers, like Jinan Iron and Steel, cut prices by 10–60 yuan/ton, while others, including E-Steel, Shuigang, and Yunnan Desheng, raised factory prices by 20–60 yuan/ton. Overall, smaller second- and third-tier mills are still pushing for price increases amid fluctuating conditions.
Looking at the futures market, the main rebar contract Rb1405 opened higher but closed lower at 3,693, down 23 points from the opening price of 3,716. Due to the noticeable decline in rebar prices yesterday, the market fell below 3,700, and it is expected to see a slight recovery today. The iron ore contract also opened higher and closed at 945.
On the demand side, end-user demand remained weak, with transaction volumes declining further. Market activity was sluggish, and businesses lacked sufficient momentum to push prices higher.
In summary, the China Steel Network notes that with the slow progress of the spiral trend yesterday and the ongoing low demand from end-users, most businesses continue to struggle with upward pressure. Considering the approaching weekend, the mainstream market is expected to consolidate and adjust today. The average price of rebar in the mainstream market is expected to fluctuate by ±10 yuan/ton, with 20mm three-grade rebar ranging between 3,590 and 3,600 yuan/ton. Similarly, the plate price in the mainstream market will likely remain within a range of -10 to +10 yuan/ton, with 20mm plate prices fluctuating between 3,470 and 3,480 yuan/ton.
Lack of upward power, steel prices, steady consolidation