The supply and demand of hot-dip galvanized steel pipe tend to be loose

The supply and demand of hot-dip Galvanized Steel Pipe tend to be loose, the cost center of gravity shift down and the merchant's expectations are the main reasons for the steel price decline. On the supply side, the average daily crude steel of key steel enterprises in the second half of March was 2.261 million tons, with a month-on-month increase of 0.34%. The blast furnace operation rate surveyed by XINSUJU continued to rise, and resource supply pressure increased. In terms of demand, the downstream data are generally bearish. The manufacturing PMI released by National Bureau of Statistics and Caixin all fell compared with last month, indicating a decline in prosperity. The trading volume of main steel products fell significantly month-on-month, and the decline in steel inventories slowed down significantly. In terms of cost, the price of imported ore dropped by $7.50 to $118 / ton compared with the end of last week, the price of coke was relatively weak, the downward pressure increased, and the production cost of Galvanized Steel pipe moved down. Steel mills may limit production to stimulate the news, futures prices rebounded over the weekend, some market spot prices stabilized recovery. Expected this week (2023.4.10-4.14) the domestic steel market is expected to stabilize and recover. Focus on steel production, market transactions and inventory changes.