From the end of last year, the steel market, which has been booming and rising, and even innumerable, has ushered in the first real high-level correction. After the weak operation on the 16th, on the 17th, steel futures and spot markets continued to fall sharply after the low opening, and the steel market in the Lantern Festival began to permeate the panic mentality. Steel spot trading platform Xiben Shinkansen related people joked that the steel price has risen through the "first day", but after all, it has not risen above the "10th Five-Year Plan".
According to industry opinion, this indicates that this round of rising cycle is basically over, and steel prices will enter the callback platform. However, the industry's medium-term confidence in the steel market is still there, and it is believed that after a period of adjustment, steel prices are expected to continue to perform.
Yesterday, steel futures continued to fall on the previous day. The main thread 1110 contract closed at 5018 yuan / ton, down 89 yuan / ton from the previous trading day. This is the fifth consecutive trading day of steel futures since February 11th, with a cumulative decline of 170 yuan / ton, a drop of 3.3%. The continued decline in futures has an important impact on the sentiment of the spot market. Starting from the hot roll, all steel products fell. According to the data provided by the “My Steel†network, the total construction steel in Shanghai has dropped by 50-70 yuan/ton, and the current price of third-grade rebar is 4890-4940 yuan/ton.
People from the Nishimoto Shinkansen said that there are many factors in the price correction. First, post-holiday demand has been at a low level, which is quite different from the expectations of many dealers. Second, the agent of East China Steel Plant has a contractual deadline for payment in mid-February. In order to guarantee the completion of the agreement, the company must pay the full payment in the near future. Third, the “linkage†between the capital market and related products, such as the decline in futures and electronic trading, and the first callback after the hot-rolling ups have had a negative impact on market psychology. Expected failures, financial pressures and changes in mindsets have prompted businesses to cut prices.
In fact, in a recent internal discussion of the steel industry, a number of large steel trade companies have indicated that the recent financial pressure is obvious, and they decided to gradually sell low-priced goods. "The current discount rate for silver tickets is too high. Companies like us feel financial pressure. Other small and medium-sized steel traders are expected to be more difficult. In addition, after the holiday, steel prices have risen sharply and profit margins have been abundant. We decided to The position is gradually sold and hedged by futures hedging," said a person from the Xiamen International Trade Group Steel Center. The above indicates that the voice has not fallen, and the steel market has begun to adjust.
At the time when traders began to be cautious, steel mills were still waiting to rise. The reporter learned from the industry that according to the price of the steel mill after the rise, the “upside down†phenomenon that the ex-factory price of steel is higher than the market sales price has become very common. Despite this, the February shipments of many steel mills still have different discounts, and traders are unable to obtain sufficient supply.
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