In the steel market, "Golden September and Silver October" has traditionally been seen as the peak season. However, this year’s first week of September did not bring the expected price increase. Instead, the domestic spot steel market saw a slowdown due to weak demand, leading to stalled transactions and a downward trend in steel prices.
According to the latest market reports, rebar futures have remained stagnant, and raw material prices, such as steel billets, have also seen slight declines. Spot steel trading remains sluggish, with merchants adopting a cautious approach. Steel prices continue to consolidate lower, though current inventory levels are still relatively low, suggesting that a sharp drop in prices in the short term is unlikely.
In the plate market, prices have continued to fall, with deeper declines observed across major markets. Prices in key cities like Shanghai, Guangzhou, and Tianjin, as well as nationwide, have dropped by 10 to 90 yuan per week. Transaction volumes remain weak, and buyer sentiment is gradually weakening. Market insiders note that even during the traditional peak season, downstream steel purchases remain limited. Hot-rolled coil prices are fluctuating widely, with merchants increasingly focused on cashing out, pushing high-priced resources toward lower price levels.
In the construction steel sector, prices remain weak, with weekly declines of 10 to 50 yuan in major cities like Shanghai and Guangzhou. Site procurement activity is still lackluster, and overall market volume has shrunk. Some merchants are actively seeking shipments, resulting in a more relaxed pricing environment.
The iron ore market is also showing signs of weakness, with ore prices declining. According to reports from "Xiben Shinkansen," iron concentrate prices in Hebei have remained stable, but price support is generally weak. Imported ore prices have also dropped slightly, with the Platts 62% iron ore index falling to $137 per ton, down $2 for the week. Previously, import ore prices had surged above $140, prompting many steel mills to adopt a wait-and-see approach and reduce purchases. Local miners noted that port inventories have increased slightly, but they remain at a relatively low level. If steel mill production increases, a new round of "reservoir replenishment" may be needed, which could further pressure imported ore prices.
Analysts from relevant institutions believe that domestic steel prices have been trending downward since mid-August. While China's crude steel output declined in mid-August, it remained at a relatively high level, and the market's "destocking" process is far from complete. In the short term, there is no clear sign of improvement in domestic steel demand, making it difficult for merchants to move inventory. As a result, the steel market is expected to remain in a weaker position for the foreseeable future.
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