On the industrial side, iron ore continues to follow a strong upward trend. Metallurgical coke has started its first round of increase and decrease movements. This trend continues the impact of costs on steel sheet prices. While high inventory levels suppress spot price increases, the domestic policy environment continues to improve, supporting mainstream sheet prices to rise beyond expectations.
On the 21st of the month, the domestic medium and heavy steel sheet market strengthened slightly. The national average price of 20 mm commercial steel sheets was 3,920 yuan/ton (544 USD), a slight increase compared to the previous trading day.
The price difference between East China and North China was 30 yuan/ton (4 USD), unchanged from the previous trading day. The price difference between Southern China and Eastern China remained constant at 230 yuan/ton (31 USD). The price difference between South China and North China also remained unchanged compared to the previous trading day and stood at 260 yuan/ton (36 USD).
According to Steel Radar's evaluation, the price of Chinese steel sheets was recorded at 527 USD on May 21. Steel sheet prices in China have been increasing since May 14.
Market dynamics continue to show the impact of futures market fluctuations on spot market transactions. Steel traders' focus on shipments and strong trends on the industrial side make the impact of costs on sheet prices apparent. While high inventory levels keep spot price increases under pressure, the improving domestic policy environment and the rise in mainstream sheet prices are among the hopeful developments for market participants.
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