Home / Metal News / Steel & Iron Ore / [brief comment on SMM Thread] spot continues to decline, and merchants are generally depressed in inverted mood.
[brief comment on SMM Thread] spot continues to decline, and merchants are generally depressed in inverted mood.
Jun 3,2019 17:06CST
The content below was translated by Tencent automatically for reference.

Today, spot prices around the country continued to decline last week, ranging from 10 to 40 yuan per tonne. In addition, the continued weakness of futures affected the mood of terminal procurement, so some businesses reported that most of the transactions actually fell secretly. Other cities are affected by high temperature and rainfall, the transaction performance is still not satisfactory after the price reduction.

Beijing market: the whole day plummeted 30-40 yuan / ton, in the morning Hegang resources quoted 3950 yuan / ton, futures weakened to add to the market pessimism, afternoon prices down 20-30 yuan / ton, Hegang 3930 yuan / ton, Linggang quoted 3920 yuan / ton. It's a deal all day.

Shanghai market: spot price fell 30 yuan / ton today. Shagang quoted 3980-3990 yuan / ton in the morning. The transaction was weak. In the afternoon, the actual transaction price was 3960-3970 yuan / ton, and Hongtai quoted 3800 yuan / ton. The deal is not satisfactory.

Guangzhou market: this quotation is down 10 to 20, cold steel quotation 4070 to 4080 yuan / ton, the local is in the rainy weather for a long time, the construction process is affected, the purchase frequency is greatly reduced, the transaction is flat.

Hangzhou market: down 30 yuan today, 4050 yuan per ton quoted by Shagang in the morning and 4030 yuan per ton by 20 yuan in the afternoon. Although futures continued to fall, but due to the lower trading price, coupled with the approach of the Dragon Boat Festival, all-day trading is OK. However, as steel mills take the initiative, traders choose to oversell in the face of falling prices, and market sentiment is pessimistic.

Chengdu market: Chengshi quoted price of 4150 yuan / ton, due to weak market demand, coupled with the attack of high temperature, some traders reflect the phenomenon of inverted hanging in the market, the actual transaction price is about 4070 yuan / ton. It's a deal all day.

price forecast
daily review

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news