China Drying Network News Although the short-term decline in steel prices is huge, but the market is still pessimistic about the stability of steel prices. Research institutions believe that the fundamental changes in the supply and demand contradictions faced by the industry are difficult to achieve in the short term, and steel mills still face difficulties in cutting their output. The sharp drop in raw material prices has also led to further weakening of steel price support.
Domestic steel prices have continued to decline since mid-April and have stabilized slightly in June, and have suddenly accelerated again after entering July. According to estimates by the Shinkansen Shinkansen, the average prices of rebar, hot-rolled and cold-rolled steel in the country have fallen by around 500 yuan/ton in the first half of April, and the prices of wire rods and medium-plate prices have dropped by 600-700 yuan/ton. According to the current calculation of raw materials and steel prices, domestic steel mills have generally lost 100-200 yuan per ton of ton of steel. If the steel mills' previous high-priced raw material stocks are taken into consideration, the actual loss will be greater.
In general, the fall in iron ore prices in the falling market is much larger than steel prices, which is about 1.5 times lower than steel prices. However, this year's steel production remains high, the demand for iron ore remains unabated, prices are relatively firm, and the space for steel companies to cut costs is very limited and the situation is even more difficult.
China Iron and Steel Association statistics in early July the key large and medium-sized enterprises in crude steel production was 1,657,400 tons, an increase of 0.44% in the end; estimated in July, the average daily output of crude steel was 1,958,100 tons, a decrease of 0.36%. The steel mills have still not seen any obvious signs of production cuts. The operating rate of blast furnaces in the Tangshan Steel Plant continued to exceed 90%.
It is understood that the current round of sharp and rapid decline in steel prices, the direct fuse is the domestic steel mills to reduce production efforts far lower than expected, in the context of weak demand has been the market began to panic selling.
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