Steel City: The holiday model offers steady prices

According to China Steel Net market monitoring, on April 29, the average price of 6.5mm HPB300 high line across the country remained steady at 3,436 yuan/ton, matching the previous trading day’s level. The price of 20mm HRB400E rebar dropped slightly to 3,372 yuan/ton from 3,374 yuan/ton the day before. Similarly, the average price of 20mm third-grade rebar was recorded at 3,342 yuan/ton, down by 2 yuan/ton compared to the previous day. The 8mm Puzhong sheet price stayed flat at 3,770 yuan/ton, while the 20mm Puzhong sheet also remained unchanged at 3,509 yuan/ton. The price of 20mm low alloy plate was reported at 3,672 yuan/ton, showing no change from the previous day. Meanwhile, the 3.0mm hot rolled coil fell by 3 yuan/ton to 3,502 yuan/ton, and the 4.75mm hot rolled coil decreased by 1 yuan/ton to 3,437 yuan/ton. In terms of market sentiment, the steel market remained largely stable yesterday, but the slight decline in prices during the period reflected ongoing weakness. With the approaching holiday season, demand from end-users remained subdued, with most buyers opting for on-demand purchases rather than large-scale orders. This has contributed to a weak market environment. Additionally, financial pressures continue to weigh on the sector, occasionally leading to further price declines. Today marks the last working day before the May Day holiday. Some traders have already begun to leave the market or are preparing to do so, causing trading volumes to drop even further. As the holiday mode is about to begin, market participants expect prices to remain relatively stable, with little room for significant changes in the coming days. Looking at raw materials, the billet price in Tangshan remained stable yesterday, with local carbon billet prices holding at 1,200 yuan/ton this morning. However, downstream steel mills remain cautious about billet procurement. The lack of strong demand and tight financing conditions at the end of the month have led to limited enthusiasm among traders. It is expected that the billet price in Tangshan will remain largely unchanged today. On the news front, several provinces have recently held intensive meetings to review the economic performance of the first quarter. These discussions focused on the current lower GDP growth rate and outlined future strategies. Provinces such as Gansu, Shaanxi, Hebei, and Fujian have each convened sessions to analyze the economic situation and plan next steps, reflecting growing concerns over the slowing economy. Overall, the market showed a weak tone yesterday, with mixed transaction activity and only minor local adjustments. As traders prepare for the holiday, few are willing to adjust prices. It is likely that this pattern of weak stability will continue, with minimal price fluctuations expected in the near term.