Today, the domestic black futures prices have generally plummeted. The main contracts of rebar and hot coil futures have fallen by more than 200 points, or nearly 5%. The prices of raw materials such as iron ore and coke have fallen even more, of which iron ore has fallen by more than 10 %, and coke fell nearly 7%.
In terms of spot, as of 16:00 on the 25th, steel prices continued to fall.
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Returning to the fundamentals of the steel industry, after the oversold price of steel last Sunday, there was no lack of bargain hunting in the market, but the decline accelerated on Monday, and bottom hunting did not play a role. The terminal demand has rebounded but the extent is limited, and the destocking speed is relatively slow; the large price fluctuations have led to sluggish demand in the day, and there are few transactions in many places. The quotations in various places fell chaotically, and the mentality of traders was quite different. Some large investors were not willing to ship at low prices, but retail investors were active in smashing prices.
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Previously, steel prices continued to fluctuate at a high level, and manufacturers pinned their hopes on the high level of raw materials. When the trend changes, high costs may also “collapse”.
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Now the logic of supply and demand is no longer the main factor affecting the market price, the focus of this week is whether the disk continues to break down. The current closing point of iron ore is a super support level, but judging from the trend of the disk, the possibility of effective support is weak, and there is still room for continued downside. The reference point is around 746-680. Affected by the disk drive, spot prices still have room to continue to decline.