On August 9, the steel market is expected to see a rise in prices as demand remains steady and supply constraints continue. On August 8, the average price of 3.0mm hot rolled coils in 24 major markets across the country reached 3,722 yuan/ton, an increase of 5 yuan/ton compared to 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 from the prior day.
In terms of billet dynamics, Tangshan’s billet prices remained stable on Thursday. The local carbon billet price for 150mm was reported at 3,130 yuan/ton, while 165mm rectangular billets were priced at 3,160 yuan/ton. Low alloy billets were at 3,250 yuan/ton, with dealers offering a naked price of 3,040 yuan/ton. Meanwhile, Changli billet cash ex-factory price stood at 3,130 yuan/ton.
Domestic economic data released today showed that the Consumer Price Index (CPI) for July is expected to rise to around 2.8%, driven by higher vegetable and pork prices. Meanwhile, the Industrial Producer Price Index (PPI) is anticipated to show a narrower year-on-year decline, reflecting some stabilization in industrial costs.
Internationally, U.S. stocks closed higher on Thursday, marking the first gain of the week. China’s trade data exceeded expectations, and investors were closely watching the latest jobless claims figures to gauge 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 end at 3,669.12, and the S&P 500 increased by 0.39% to 1,697.47.
Looking at the steel market trends, HRC prices in some regions saw a slight upward movement. However, in Jinan, prices fell by 30 yuan/ton due to shipping challenges and high temperatures. Despite this, overall market sentiment remains positive. Most businesses expect major steel mills to continue pushing prices higher in September, supported by rising costs throughout August.
Major steel mills are currently holding tight, with export orders declining for two consecutive months. As steel prices reach a peak, some resources may shift back to domestic markets. While capacity concerns could still pose a threat, favorable macroeconomic news has lifted steel futures and forward prices. This suggests that coil prices in certain regions may continue to climb, especially in light of the recent July economic data.
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