Rebar futures rise, steel prices generally follow suit
On the morning of March 12th, the futures contract 2605 fluctuated strongly and closed at 3125 in the afternoon, up 0.58%; The futures contract 2605 fluctuated strongly, closing at 3279 in the afternoon with a rise of 0.49%; The iron ore 2605 contract fluctuated and rose, closing at 795.5 in the afternoon with a 1.34% increase; The coke 2605 contract fluctuated and rose, closing 2.15% higher at 1737 in the afternoon; The coking coal 2605 contract fluctuated and rose, closing at 1174.5 in the afternoon with a 4.03% increase.
As of the time of writing, the main contract for the snail is priced at 3125 yuan/ton, which is 95 yuan/ton higher than the premium for 20mm grade III seismic resistant rebar (calculated) in the Shanghai market; Among the 31 major cities in China, the prices of rebar in markets such as Shanghai, Hangzhou, Nanjing, Jinan, Fuzhou, Wuhan, Beijing, Shenyang, Chengdu, and Kunming have generally increased by 10-20 yuan/ton.
Macro level: The United States will launch a 301 investigation into 16 trading partners; Trump claims that the Iraq War is' coming to an end ', but the US and Israeli military are still planning to continue their strikes for at least two weeks; The member states of the International Energy Agency unanimously agreed to release 400 million barrels of strategic oil reserves.
Industry: Mysteel research shows that on March 11th, 237 mainstream traders sold 97600 tons of construction steel, an increase of 16.2% compared to the previous month; Ansteel's product prices increased by 200 yuan in April; Shagang and Yonggang's building material prices remained stable in mid March; This week, 114 steel mills imported a total inventory of 27.4238 million tons of sintered powder, a decrease of 885800 tons compared to the previous period.
According to a survey on century old architecture, as of March 11th (the 23rd day of the first lunar month), the resumption rate of 10692 construction sites nationwide was 42.5%, an increase of 19 percentage points compared to the previous month and a decrease of 5.2 percentage points compared to the same period last year. The resumption rate of construction sites has decreased compared to the same period last year, mainly due to the low start of real estate projects. Overall, steel demand continues to show a slight rebound trend after the holiday.
On March 12th, black futures rose across the board, mainly driven by macro and cost factors. Due to the market digesting the information on the release of strategic oil reserves by member countries of the International Energy Agency, investors continue to focus on the disruption of shipping in the Strait of Hormuz, leading to another sharp rise in international oil prices. As of press time, Brent crude oil futures have surged by over 9%, returning to above $100, while coking coal and iron ore futures have actively risen. In the short term, driven by the rise in futures prices, steel prices are showing a fluctuating and strong trend.