The “May 1st” small holiday returned, and the original fuel prices continued to rise in the early stage, and they entered a downward channel. The second round of coke has been fully landed this week, the price of iron ore has continued to fall, and the price of scrap steel has not been spared. With the continuous decline of the price of steel making fuel, the support for steel prices weakens.
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The continuous decline in the price of the original fuel, and the support of steel prices began to weaken. Although the price of steel has also declined recently, the decline is far less than the decline in the price of raw fuel. According to data, on May 13, domestic nuts (φ25mm) fell 19 yuan/ton from the previous day; the accumulation of 182 yuan/ton has been accumulated since the festival, a decrease of 3.56%.
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Since the beginning of this year, the price of raw fuel that has continued to rise has greatly increased the cost of steel making and has formed a strong support for steel prices. Before the May 1st holiday, the overall steel mills were low in profits, and some steel mills even suffered losses, which led to the low production enthusiasm of the overall steel mill. With the decline in the price of raw fuel, the profit of steel mills will rise, which may stimulate the production of steel mills and drive the later production to rise.
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This week’s coke prices have achieved two rounds of landing, iron ore prices are also falling, and raw materials prices have fallen sharply, which weakens cost support. At present, the market demand is still weak. It is expected that the market will still fluctuate at a low level in the short term.