2026-10-08 Steel Market Briefing

Futures market
The main thread contract opened low and fell, closing at 3061 with a intraday drop of 55 points; The main force of hot rolls closed at 3242, down 40 points. Raw material differentiation led to a significant drop in iron ore prices, closing at 682.5; Coking coal tends to rise strongly, while coke fluctuates slightly and falls back. On the first day after the holiday, the overall bearish sentiment of the black series was clearly released by Sina Finance.
Spot reference
Tangshan ordinary carbon billet factory price is 2950 yuan/ton, a decrease of 20 yuan from before the holiday. The domestic quotation for construction steel is stable but slightly weak, with a general drop of 10-20 yuan/ton for sheet metal. After the holiday, the market as a whole has accumulated inventory, and some traders have started to loosen their quotes and ship.
Transaction supply and demand
On the first day after the holiday, the overall market trading was weak. In the early stage, there were already stocks in the downstream before the holiday, but today most of them only maintain the supply of essential goods, and there is a basic lack of speculative replenishment. After the holiday, steel mills and social inventory have accumulated synchronously, and supply side pressure has become apparent; The downstream construction sites have not fully resumed work, and the pace of demand release is relatively slow.