Overview of China's domestic steel market this week:
On the supply side:
The output of the five major types of steel this week was 9.814 million tons, an increase of 73,100 tons week-on-week.
Among them, the output of rebar, wire rod, and medium and heavy plate decreased by 9,600 tons, 34,900 tons, and 10,900 tons respectively;
The output of hot-rolled coils and cold-rolled coils increased by 81,000 tons and 47,500 tons respectively.
In terms of inventory:
This week, the total steel inventory was 20.4645 million tons, a decrease of 206,600 tons from the previous week, and the decline rate narrowed significantly.
Among them, the inventory of steel mills was 5.7927 million tons, a week-on-week decrease of 102,800 tons. Social inventory was 14.6718 million tons, a week-on-week decrease of 103,800 tons.
On the whole, steel production is still running at a high level in the near future, demand performance is average, inventory removal is slow, and the contradiction between supply and demand appears.
Due to the widening range of losses of steel mills, they are more willing to suppress the prices of raw materials and fuels.
In the short term, the fundamentals of supply and demand in the steel market deviate, and steel prices fluctuate weakly.