Black Metal Market Plunges Amid Standards Transition Panic; Iron Ore, Rebar, Hot-Rolled Coil Prices Slide for Seventh Straight Day

Publicado: Aug 14, 2024 18:57
[SMM Commentary: Panic Caused by the Switch of Old and New National Standards "Dragging Down" the Black Metal Sector with Seven Consecutive Falls in Rebar and Hot-rolled Coil Prices] The market panic caused by the switch of old and new national standards for steel bars, coupled with weak market demand, has led to a continuous decline in the black metal sector. As of the close of trading on August 14, iron ore extended its losses from the previous two trading days, falling by another 3.32%, with an intraday low of 706.5 yuan/ton. Both the main futures contracts for rebar and hot-rolled coil saw seven consecutive days of decline, with rebar falling by 3.19% on August 14 and hot-rolled coil dropping by 3.31% on the 14th. Other black metal prices also fell on the 14th, including coke down 1.85%, coking coal down 2.77%, and stainless steel down 0.91%...

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[SMM Commentary: Panic Caused by the Switch of Old and New National St - Shanghai Metals Market (SMM)