On July 31, the steel market continues to show a downward trend, with hot-rolled coils remaining under pressure. According to the latest data, the average price of 3.0mm hot-rolled coils in 24 major markets across the country stood at 3,720 yuan/ton on July 30, a decrease of 8 yuan/ton from the previous day. Meanwhile, the average price of 4.75mm hot-rolled coils was 3,634 yuan/ton, down by 7 yuan/ton compared to the prior trading day.
In terms of billet prices, Tangshan remained stable as of yesterday. The current ex-factory price for 150mm carbon billets is 3,090 yuan/ton, while 165mm square billets are priced at 3,120 yuan/ton. Low-alloy billets are available at 3,210 yuan/ton, including tax, with dealer naked prices at 2,990 yuan/ton. Additionally, the cash ex-factory price for Changlipu billets stands at 3,090 yuan/ton.
Looking internationally, US stock markets closed higher on Tuesday, July 30, as investors focused on corporate earnings reports and awaited key economic data such as the Fed meeting results, GDP figures, and non-farm employment numbers. The Dow Jones Industrial Average closed slightly lower at 15,520.59 points, while the Nasdaq Composite and S&P 500 both saw gains, reflecting mixed sentiment in the market.
Domestically, the demand for hot-rolled coils remains weak due to high temperatures affecting downstream industries. Most merchants reported low shipment volumes, with many days seeing less than 500 tons shipped. Some smaller players even had zero shipments, leading to a quiet and sluggish market. Business confidence is currently weak, and traders remain cautious about future price movements.
Despite strong production levels and high crude steel prices, the risk of further price declines persists. However, given the balance between supply and demand in the spot market, it's unlikely that steel prices will break below recent lows. As the month-end financial pressure mounts, many merchants are pushing to increase shipments to free up cash, which could lead to more downward pressure in the short term.
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