On August 9, the steel market is showing signs of upward movement, with prices expected to rise in the coming days. On August 8, the average price of 3.0mm hot rolled coils across 24 major markets nationwide reached 3,722 yuan/ton, an increase of 5 yuan/ton from the previous trading day. Similarly, the average price of 4.75mm hot rolled coils was 3,640 yuan/ton, also up by 5 yuan/ton. This small but consistent increase reflects a positive trend in demand and supply dynamics.
In the billet market, prices in Tangshan remained stable yesterday. At the start of today’s trading, local carbon billet prices stood at 3,130 yuan/ton for 150mm size, 3,160 yuan/ton for 165mm rectangular billets, and 3,250 yuan/ton for low alloy billets, all tax-excluded. Dealers were offering bare prices at 3,040 yuan/ton, while Changli billet cash ex-factory prices were set at 3,130 yuan/ton.
Domestically, the Consumer Price Index (CPI) for July was released today, showing a potential rise to around 2.8%. Analysts expect this increase to be driven by higher vegetable and pork prices. Meanwhile, the Industrial Producer Price Index (PPI) is projected to show a smaller year-on-year decline, indicating some recovery in producer-level pricing.
Globally, U.S. stocks closed higher on Thursday, marking the first gain of the week. Stronger-than-expected Chinese trade data and ongoing assessments of U.S. jobless claims data have kept investors on edge, as they speculate on when the Federal Reserve might begin tapering its stimulus measures. On August 8, the Dow Jones Industrial Average rose 0.18% to close at 15,498.24, the Nasdaq Composite gained 0.41% to 3,669.12, and the S&P 500 increased by 0.39% to 1,697.47.
Looking at the steel market, HRC prices showed a slight upward trend in some regions yesterday. However, in Jinan, prices dropped by 30 yuan/ton due to shipping challenges and high temperatures. Despite this, overall market sentiment remains strong. Most traders expect steel mills to continue pushing prices higher in September, supported by rising costs throughout August. Major steel producers are currently cooperating, though export orders have declined for two consecutive months. As steel prices reach new peaks, domestic availability may increase, potentially putting pressure on future price growth. However, positive macroeconomic signals and improved steel futures and forward prices suggest that coil prices in certain regions could continue to rise, especially in light of the recent July economic data.
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