Weekly Steel Market Overview
According to Mysteel, China's steel market is expected to maintain an oscillating偏弱 trend this week as the anticipated Golden September demand rebound continues to fall short of expectations. Rebar futures have broken below the 3,100 yuan/ton level, while medium plate prices show signs of topping out from elevated positions.
Raw Material Update
Iron Ore
According to Mysteel data, global iron ore shipments remain range-bound while port arrivals have increased. National hot metal production has declined, and inventory at the 47-key ports is projected to accumulate. Short-term ore prices are expected to hover at depressed levels, according to industry reports.
Coal & Coke
Coal prices are showing signs of softness after prolonged strength. The market mindset has shifted rapidly from uniform bullishness to high-level divergence, with traders adopting a wait-and-see stance. While coking coal has further room to correct, tight supply conditions will limit the downside, according to Mysteel analysis.
Scrap Steel
With the Mid-Autumn and National Day holidays approaching, some steel mills are building scrap inventories, providing a floor. However,拖累 from falling steel prices is expected to push scrap prices lower in the near term.
Steel Product Analysis
Rebar
According to today's market report, national rebar averages 3,315 yuan/ton, down 13 yuan day-over-day. Terminal demand recovery is insufficient, and downstream funding remains tight. While some steel mills are increasing shutdown maintenance, curbing supply, the overall market pressure persists. Shanghai construction steel prices have stabilized around 3,080-3,230 yuan/ton following morning dips.
Medium Plate
Medium plate demand surged early then pulled back, and cost support is weakening. Inventory remains the sole bright spot. The national average sits at 3,566 yuan/ton. This week, the market is expected to consolidate with a slight downward bias, according to SMM reporting.
Hot & Cold Rolled
Both hot and cold rolled products face weak demand and supply. Hot rolled coil averages 3,330 yuan/ton, down 14 yuan, while cold rolled stands at 3,805 yuan/ton, down 8 yuan. Downstream enterprises are adopting cautious procurement strategies, buying in small batches only as needed—no large-scale stocking is evident.
Market Outlook
The mismatch between Golden September seasonal expectations and actual demand realization continues to weigh on sentiment. While some钢厂 shutdowns and cost support provide a floor, the overall directional bias remains偏弱. Traders are advised to maintain cautious positioning ahead of the holiday period.