On the supply side, which is one of the key factors in the steel industry, production levels are expected to remain stable, considering new production capacities and maintenance plans of steel plants. However, as high supply continues to put pressure on the market, the general trend of hot rolled coil prices is estimated at 3877.54 yuan/ton (533 USD), down 4.22% compared to 2023.
In terms of demand, policies to be implemented in various regions are expected to be effective in revitalizing the market in the second half. It is anticipated that demand will recover, especially during the "Golden Nine" period, and prices will rise in early August. However, prices are expected to fall in October as stocks increase during the National Day holiday.
At the macro level, international developments and local policy changes can also have an impact on the market. In particular, the Fe d's interest policies and domestic economic development efforts may be decisive on steel prices.
Currently in Shanghai, general hot rolled coil prices are trading at 3,780.00 yuan (520 USD) per ton.
Analysts state that in the second half of 2024, the hot rolled coil market may experience up-down fluctuations and prices may change depending on seasonal factors and demand-supply balance.
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