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The domestic steel market continued its gradual upward trend with minor fluctuations yesterday, but the coiling segment remained in a consolidation phase. Meanwhile, the profiles and pipes segments showed more stability. According to data from the China Steel Network, as of yesterday, the lowest price for 20mm three-grade rebar in the Beijing market dropped to 3,400 yuan/ton, while in the Jinan market of East China, the same specification reached 3,500 yuan/ton. In North China, the Shijiazhuang market saw prices rise to around 3,360 yuan/ton, and Jinan's prices climbed to approximately 3,410 yuan/ton. Additionally, the average price of 20mm HRB400 rebar in the mainstream market stood at 3,594 yuan/ton, an increase of 9 yuan/ton from the previous day. The 20mm plate average price was 3,473 yuan/ton, up by 6 yuan/ton, while the 4.75mm hot-rolled coil averaged 3,493 yuan/ton, rising by 1 yuan/ton. The 5# angle iron price remained stable at 3,547 yuan/ton.
On the policy front, the central bank released 30 measures for the Shanghai Free Trade Zone, aiming to prevent speculative capital from flowing into the zone through loopholes. On December 2, the People’s Bank of China officially published “Opinions on Financial Support for the Construction of China (Shanghai) Free Trade Pilot Zone,†which includes seven sections and 30 sub-items. Haitong Securities noted that these policies could help enhance risk management systems and separate accounting mechanisms, making it harder for “hot money†to exploit free trade zone loopholes.
From the cost perspective, after Tangshan billet prices fell by 10 yuan/ton yesterday, the current price of 150mm billets in Tangshan is reported at 3,000 yuan/ton. Additionally, several manufacturers in Hebei, including Yuanbaoshan, Wenfeng, Huawei, and Puyang, raised plate prices by 10–50 yuan/ton. In late November, Panzhihua and Kunming saw a drop of 35 yuan/ton in hot and cold rolled products. Meanwhile, Jinan Iron and Steel and other building material producers reduced prices by 10–60 yuan/ton. On the other hand, E-Steel, Shuigang, Yunnan Desheng, Chenggang, Xiamen Zhongda, Chengdu Chengshi, and Pancheng Steel increased their factory prices by 20–60 yuan/ton. Overall, smaller second- and third-tier factories continue to push for price increases amid market volatility.
In terms of futures, the main rebar contract Rb1405 opened higher but closed lower at 3,693, down 23 points from the opening of 3,716. The sharp decline in rebar prices yesterday was evident, with the market falling below 3,700, and it's expected to see a short-term rebound today. Iron ore also opened higher but closed at 945.
On the demand side, end-user demand remained weak, and transaction volumes were even more sluggish, with limited upward momentum among traders.
Taking all factors into account, the China Steel Network believes that with the slow progress of the spiral trend yesterday and the ongoing low demand from the end users, most businesses are still struggling to gain traction. Considering the approaching weekend, it's expected that the mainstream steel prices will enter a period of steady consolidation today. Today’s rebar prices are likely to fluctuate between -10 and +10 yuan/ton, with the average price of 20mm three-grade rebar ranging between 3,590 and 3,600 yuan/ton. The plate prices are also expected to remain stable, with a range of -10 to +10 yuan/ton, and the average 20mm plate price fluctuating between 3,470 and 3,480 yuan/ton.
Lack of upward power, steel prices, steady consolidation