On July 30th, the steel spot market saw a surge, and the futures market saw a surge in major commodities. Rebar and hot-rolled coil rose by around 0.5%, while iron ore fell by 0.44%, coke rose by 4%, and coking coal rose by 2.71%.
Following the conclusion of the Politburo meeting, which yielded no further unexpected results, market speculation cooled, leading to a sharp correction in ferrous metals prices in the afternoon.
China Iron and Steel Association: The steel industry should strengthen self-discipline and “fight internal competition”, continue to adhere to the “three determinations and three don’ts” principle, and call on enterprises to self-discipline to control production and stabilize prices
From July 29th to 30th, the 11th (Expanded) Meeting of the Sixth Council of the China Iron and Steel Association (CISA) was held in Caofeidian, Tangshan, Hebei.
Zhao Minge, Secretary of the Party Committee and Chairman of Shougang Group, stated that, given the lack of systematic and clear implementation of the new capacity control policy, the steel industry should focus its efforts, implement multiple and targeted measures, strengthen self-discipline, and combat involution, thereby promoting stable, orderly, and high-quality development.
Regional and product self-regulation will be further promoted. With the continued decline in demand for steel in the construction industry, the trend of localized rebar sales has become more pronounced. At the same time, rebar remains an important circulating material in the steel market and a benchmark for steel prices.
Rebar market self-regulation will be further implemented on a provincial basis. Efforts will be made to promote self-regulation of key products such as automotive steel, shipbuilding steel, and seamless steel pipes to maintain stable market operations. The CISA will continue to adhere to the “Three Determinations and Three Don’ts” principle and call on companies to self-regulate production and stabilize prices.
Currently, crude steel output control policies will continue this year, with the relevant regulatory measures expected to begin to take effect in the second half of the year. The CISA’s call for companies to self-regulate production and stabilize prices will help boost market confidence and benefit steel prices.
Mysteel Daily: Heilongjiang construction steel prices fluctuate and fall, market transactions are weak
On July 28th, construction steel prices in Heilongjiang Province fluctuated downward, with rebar prices dropping by 80 yuan/ton, coil rebar by 40 yuan/ton, and high-wire prices by 10 yuan/ton.
Futures prices were weak, with an increase in low-priced stock in the market. Some traders were selling off their stock, leading to a slight increase in terminal purchases.
The rebar price gap between Harbin and Shenyang remained at -30 yuan/ton, while the coil rebar gap widened to -50 yuan/ton.
Market transaction volume decreased by 27% compared to yesterday, with a generally subdued trading atmosphere.
The China Metal Materials Distribution Association issued an initiative to resist “involutionary competition” and promote the scientific and orderly development of the steel distribution industry.
On July 30, the China Metal Materials Distribution Association issued an initiative to resist “involutionary competition” and promote the scientific and orderly development of the steel distribution industry.
The initiative calls for strict compliance with the Anti-Unfair Competition Law of the People’s Republic of China and other laws and regulations, resolutely resisting unfair practices such as below-cost dumping, defamation of reputation, and theft of trade secrets. The initiative advocates healthy competition based on product quality, service value, and technological innovation.
The Political Bureau of the CPC Central Committee: Macroeconomic policies should continue to be strengthened and strengthened at the appropriate time
The Political Bureau of the CPC Central Committee held a meeting on July 30th, noting that my country’s current economic operations still face numerous risks and challenges. It is necessary to correctly grasp the situation, strengthen awareness of potential risks, adhere to bottom-line thinking, and make good use of development opportunities, potential, and advantages to consolidate and expand the positive momentum of economic recovery.
The meeting emphasized the need to adhere to the general working principle of seeking progress while maintaining stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, maintain policy continuity and stability, enhance flexibility and foresight, focus on stabilizing employment, enterprises, markets, and expectations, effectively promote domestic and international dual circulation, strive to complete the annual economic and social development goals and tasks, and achieve a successful conclusion of the “14th Five-Year Plan”.
The meeting will help boost market confidence and benefit steel prices.
