According to SMM, today's hot-rolled futures fluctuated upwards, closi

Published: Oct 16, 2023 18:51

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According to SMM, today's hot-rolled futures fluctuated upwards, closing at 3772, up 1.32%. In the spot market, hot-rolled prices in major regions of the country fluctuated downwards this week. This week, many steel mills have maintenance plans, short-term hot-rolled production has room to decline, and supply pressure has eased; today's spot prices rose, stimulating terminal customers to come out and take goods, and the overall transaction situation is still acceptable. On the cost side, steel mills are in a loss-making state, blast furnace maintenance plans are on the agenda, while the supply-demand balance of coke remains unchanged, steel enterprises are in a game, and short-term cost support has not collapsed. In general, although there are expectations of reduced production from steel mills, it has not yet reached the level of negative feedback logic, and the daily iron ore remains high, the contradiction between iron ore and ore is not prominent, and short-term cost support still exists. However, it is difficult for demand to improve significantly in the short term, and it is expected that hot-rolled prices will still fluctuate in the short term, and attention should be paid to further policy efforts and the fermentation process of overseas black swan events.

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