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Weak balance of resources and demand There is no bright spot in the steel market in the short term

On the 5th, domestic steel prices fluctuated within a narrow range. The weaker intensity of construction steel prices slightly increased from yesterday, while the prices of hot-rolled and cold-rolled coils remained weakly adjusted, and the prices of plate prices rose slightly. At the beginning of the month, the financial pressure was not great, and the market sales pressure was also weak. In addition, when the downstream sentiment was in a narrow range, the overall market sentiment was slightly stronger. On the first trading day after May Day, the stock market oscillated, the IPO of new stocks and the news of the meeting continued, causing the current stock market to face layer pressure. The rapid increase of geopolitical risks and the Fed's QE policy of reducing QE also made it difficult for commodities to appear. Decent market, despite stock market, rebar futures and hot-rolled coil futures rose up in the afternoon, but the rebound in stock market weight is weak, the market bullish momentum is weak, compared to the short-term lighten up so that the momentum of the empty side decline The promotion of price rises is relatively weak for the spot market. From the point of view of the market transactions recovered from the spot steel market today, the overall volume of takeover was less than before May Day, and the trading situation was weak. At the same time, the final value of China's manufacturing PMI released by HSBC in April was 48.1, which was lower than expected. 48.4, slightly higher than the final value of 48.0 in March, indicating that the slowdown in the demand for small and medium-sized manufacturing enterprises in China has slowed, but the overall situation is still sluggish. In addition, along with the downturn in the steel industry and the acceleration of structural adjustments, the risks caused by credit expansion and repeated product pledges in the steel industry are still fermenting. Some banks have tightened credit operations for some steel companies and are also capital intensive. The industry has a certain influence, and the reduction of intermediate circulation dealers and the decline in the volume of agreements have reduced the middle “water storage” function of steel trade. As a result, the steel market is currently faced with substantive problems in the industry, and it is difficult under the current background. Provoked to make a big change, short-term market or still maintain a narrow range of fluctuations, some weaker operations still do not rule out.
According to market monitoring, on the 5th, the average price of China's major cities Ф25mm tertiary rebar was 3,326 yuan, down 8 yuan from yesterday; the average price of domestic key cities Ф 6.5mm high line was 3411 yuan, down 6 yuan from yesterday; major domestic cities The average price of 5.5mm hot-rolled coils was 3415 yuan, which was unchanged from yesterday; the average price of 1.0mm cold-rolled coils in key domestic cities was 4118 yuan, which was 2 yuan lower than yesterday; the average price of 20mm medium-sized board in domestic key cities was 3477 yuan. It rose by 1 yuan yesterday. The
In respect of raw materials, on the 5th, the 150*150 plain carbon billet in Tangshan was 2,900 yuan, which was unchanged from yesterday; the 65-66 grade acidic dry iron fine powder in Tangshan was 960 yuan, which was the same as yesterday; the secondary metallurgical coke price in Tangshan was 1080 yuan. Yuan, unchanged from yesterday. The
In the previous period, the main rebar 1410 contract opened lower at 3,220 yuan/ton in the morning and then oscillated at a low level. Afterwards, the minimum price was 3,191 yuan and the highest was 3,245 yuan, which was closed at 3238 yuan/ton, compared with the previous trading day (30 days). The settlement price rose by 7 yuan/ton, with 1,698,470 lots traded, 1,883,836 positions, or 17,464 lots. The
Hot rolled coil main 1410 contract opened lower at 3334 yuan/ton in the morning on the 5th, followed by a narrow range shock, the lowest 3224 yuan, the highest 3362 yuan, to close at 3352 yuan / ton, compared with the previous trading day (30th) rose 8 RMB/ton, with 11,568 lots traded, 53,726 lots, minus 1,484 lots. The
On the macro level, China's April final HSBC manufacturing PMI was 48.1, with an expected value of 48.4, a preliminary value of 48.3, and a March final value of 48.0. The
In the international market, the situation in Ukraine has risen rapidly. Russia stated that after its last hope of destroying the Geneva agreement in the eastern region of the U.S., thousands of Russian soldiers assembled on the Russian-Ukrainian border and the war has been triggered. At the same time, the United States and Europe are also The brewing of the third round of sanctions against Russia. The tensions in the international market and the war situation have sharpened the current risk aversion, combined with the decrease in the volume of the United States, and the pressure on commodities has increased significantly.

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