Domestic spot steel prices inched up, as stocks declined much faster than previously expected amid a turnover in transaction. While iron ore market was on a roll as entire stocks remained high.
The comprehensive index of domestic spot steel prices stood at 155.73 points in the past week, nudging up 0.97% week on week, which was mainly boosted by increasing deals in steel market.
A visible price rise was seen in construction steel market, as was analyzed. The price of rebar with mainstream specifications averaged 4,275 yuan/t ($625.8/t), rising 67 yuan/t on the week.
Market confidence was rousted as steel stocks lowered by 350,000 tonnes despite scalding temperatures and torrential rains, far beyond the prior expectation, the newly released data of steel stocks showed.
Meanwhile, some steel mills kept marking the latest factory prices for steel products high, which will further lifted the costs of receiving goods in the market.
Prices for steel plates also increased in general. As data showed, the price of hot rolled coil of mainstream specifications narrowed up by 28 yuan/t on the week to 4,283 yuan/t averagely. And the price of steel plates (4.5-25.0mm) of mainstream specifications averaged 4,370 yuan/t with a small clip of 16 yuan/t on the week.
At present, market sentiment was brisk, as the demand for steel plates was at the pace of supplies under the environmental inspections.
Iron ore market still gained a strong momentum. According to the latest report shown on the 96369.net, domestic prices of iron powder marched up in general in July, especially in main-producing areas and supplies were tight in some places.
On July 26, the price of import iron ore (62% grade) settled at $65.45/t, edging up 0.8% on the month. Currently, domestic ore stocks at main stocks stood at around 1.54 million tonnes, a still relatively high level. And most steel mills were still purchasing iron ore by needs.
Insiders from relevant organizations noted that steel prices will scale up in the future, since demand and supply were basically in a balance for domestic steel market at present, as supplies were held at a relatively low level and stocks were decreasing. Meanwhile, demand from end users will not witness a burst in growth either.
Sources:sxcoal
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