On the 24th, my steel network announced that last week, the domestic steel price index was 172.6 points, up by 0.9% from the previous week, which exceeded the high point of domestic steel prices in April last year and hit a new high in more than a year. China United Steel professionals said that domestic steel prices have been caught in a vicious circle of cost incentives.
China's steel prices rose sharply at the beginning of last year, reached a high point in April last year, then fell, and began to rebound after reaching a low point in July last year. This year, domestic steel prices continued to rise slightly.
Last week, prices of flat products such as hot and cold rolled domestic products continued to rise, and the price index approached the high point of April last year; long products such as rebar prices have already surpassed last year's highs. In the end, the domestic comprehensive price index surpassed the high point of April last year and set a new record high.
It is worth noting that my steel network monitoring shows that due to the cold weather and the close of the year, there is almost no demand in the market and the transaction volume is light, which does not support the continued rise in market prices. China Unicom, a professional who does not wish to be identified, said that the dominant factor in the current rise in market prices is cost, and the market price continues to pull up passively.
He said that domestic steel prices have entered a vicious cycle. This vicious cycle is the first increase in iron ore prices, which led to a rise in prices due to rising costs for steel mills, which led to an increase in market prices; while iron ore giants saw steel prices rise and then raised iron ore prices. Under the vicious circle, despite the increase in steel prices, the profits of steel mills have not increased, and domestic downstream companies have assumed the rise in the prices of overseas bulk commodities.
China's steel prices rose sharply at the beginning of last year, reached a high point in April last year, then fell, and began to rebound after reaching a low point in July last year. This year, domestic steel prices continued to rise slightly.
Last week, prices of flat products such as hot and cold rolled domestic products continued to rise, and the price index approached the high point of April last year; long products such as rebar prices have already surpassed last year's highs. In the end, the domestic comprehensive price index surpassed the high point of April last year and set a new record high.
It is worth noting that my steel network monitoring shows that due to the cold weather and the close of the year, there is almost no demand in the market and the transaction volume is light, which does not support the continued rise in market prices. China Unicom, a professional who does not wish to be identified, said that the dominant factor in the current rise in market prices is cost, and the market price continues to pull up passively.
He said that domestic steel prices have entered a vicious cycle. This vicious cycle is the first increase in iron ore prices, which led to a rise in prices due to rising costs for steel mills, which led to an increase in market prices; while iron ore giants saw steel prices rise and then raised iron ore prices. Under the vicious circle, despite the increase in steel prices, the profits of steel mills have not increased, and domestic downstream companies have assumed the rise in the prices of overseas bulk commodities.
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