News summary
Lange Steel's National Absolute Price Index for the 21 weeks of 2024 will be 4082 yuanfishtablearcadenearme, weekly increase of 0fishtablearcadenearme.7%, an annual increase of 1.9%. The index of long products, profiles, plates and pipes rose by 1.0%, 0.7%, 0.5% and 0.5% respectively weekly, and the annual increases were 4.4%, 2.3%, 0.4% and-2.0% respectively. Steel market prices fluctuated, with 27 varieties rising, market supply rising, and transaction regions differentiated. The Langer Research Center predicts that the steel market may fluctuate and weaken.
Newsletter text
Lange Steel's national absolute price index rose slightly in the 21st week of 2024
In the 21st week of 2024, Lange Steel's national absolute price index increased slightly to 4082 yuan, an increase of 0.7% from the previous week and an increase of 1.9% compared with the same period last year. The absolute price index of long products, profiles, plates and pipes showed varying degrees of increase respectively. In particular, the absolute price index of long products reached 3949 yuan, with a weekly growth rate of 1.0%, an increase of 4.4% year-on-year in the same period last year. Monitoring by Lange Steel Network shows that the prices of some domestic steel raw fuels and steel products fluctuate greatly. The market prices of major steel varieties have experienced a process of first rising and then falling. Among them, the number of rising varieties has increased, while the number of flat varieties has decreased, and the falling varieties have remained unchanged. In the raw and fuel market, iron ore prices rose steadily by 20 yuan, coke prices fell by 100 yuan, scrap prices rose by 30 to 60 yuan, and billet prices rose by 60 yuan. The issuance of ultra-long-term special treasury bonds is seen as the key to supporting the "dual" construction, which will help promote Chinese-style modernization and high-quality development and ensure that development initiative is maintained in key areas and the implementation of major strategies. Policy formulation needs to be strategic, forward-looking and overall, ensuring that the development of project construction and supporting reforms is promoted through the combination of "hard investment" and "soft construction". At the same time, regular and extraordinary policies are used to guide financial resources into the real economy and stimulate the vitality of private investment. The performance of the black futures market was equally eye-catching, with most varieties closing up. The main thread contract closed at 3788, up 72 points from last week's 3716, and the weekly settlement price also increased from 3661 to 3764, up 103 points. Technical analysis shows that the weekly line of the main thread contract has increased significantly, and the price center of gravity has shifted upward. The market needs to pay attention to whether 3814 can become a new breakthrough point. For the steel spot market, the supply side has maintained a strong willingness to release steel mill production capacity, while the demand side has been unstable due to the transition from busy and off-season and seasonal weather factors. The cost side is affected by the slight increase in iron ore prices and the rise in scrap prices, and the support of production costs still exists. The Lange Steel Research Center predicts that under the combined influence of weakening policy effects, continued rise in steel mill supply, regional differentiation of market transactions and the resilience of cost support, the domestic steel market may show a volatile and weakening market.
