According to SMM tracking, today's futures shook down, closing at 3610

Published: Oct 11, 2023 09:23

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According to SMM tracking, today's futures shook down, closing at 3610, down 0.88% from the previous trading day, and the spot market price was weak. On the supply side, according to SMM research, the amount of building materials maintenance affected this week was 910,900 tons, a decrease of 36,800 tons from the previous week, and the supply was still at a low level year-on-year. On the demand side, the lowest price of steel in the middle of the plate broke through 3600, the market sentiment was once again frustrated, the trading atmosphere cooled down, the terminal procurement continued to follow the demand strategy, and the whole day transaction was poor. Looking ahead, steel mills are not as replenished as before, mostly for just-in-time procurement, coupled with the planned production cuts by steel mills in the northwest and Yunnan, the market has begun to trade the expectation of production control, the cost is facing the risk of collapse, but the current double-focus pattern still continues the tense situation, some coking plants have proposed the third round of price increases for coke, and the cost center is expected to move down, but the space is limited, and the short-term steel price may narrow down. Shock down, continue to explore the bottom.

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