SS400 hot rolled coil price trend forecast

On May 7, the average price of 4.75mm hot-rolled coils in 24 major cities in China was 6,023 yuan/ton, an increase of 71 yuan/ton from the previous trading day. On the 7th, black commodity futures rose sharply, and the spot market mentality was strong. Merchants' quotations of SS400 hot rolled coil continued to rise. The market speculative demand was relatively active, and the terminal was mainly on-demand procurement. In the afternoon, as futures rose, some market prices rose again. Low-level transactions were fair, but high-level transactions were relatively weak.

Although the output of steel mills has risen recently and the stocks after the holidays have also increased, the mentality of the merchants is still optimistic and the short-term upward trend has not changed. On the whole, it is expected that on the 8th, the SS400 hot rolled coil prices will remain volatile and strong.