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**Abstract**
Like the gold and commodity markets, as well as the stock market, the domestic spot steel market is currently experiencing a "falling down" trend. The decline in prices of major steel products has widened significantly, with some varieties recording weekly drops exceeding 2%. This downward spiral reflects growing concerns among market participants and weak demand across the sector.
According to the latest market report, the average decline in domestic comprehensive spot steel prices reached 1.24% in the past week. The heavy losses seen in both domestic and international capital markets have severely impacted confidence in the steel sector. Domestic steel prices have dropped sharply, with major product price declines expanding rapidly. For example, hot-rolled coil prices fell by more than 2% in just one week.
In the plate market, prices have fallen dramatically. In cities like Nanjing and Hefei, the weekly price of medium and heavy plates dropped by over 100 yuan. Market sentiment has turned increasingly panicked, with buyers hesitant to commit due to fears of further price drops. As a result, terminal procurement has been delayed, and transactional bargaining power has grown. Even though rebar futures opened higher at the end of the week, spot steel merchants remained cautious, with mainstream selling prices still weak. Most market players remain bearish, and with the month-end approaching, some are facing tight cash flow issues. It is expected that the market will likely continue to trade in a weak position for the time being.
The hot-rolled coil market is also under pressure, with prices falling across major regions. In some areas, high-priced resources have even experienced zero transactions, highlighting the severity of the situation. Meanwhile, in the construction steel market, prices have continued to fall, especially in cities like Shijiazhuang, where prices dropped by more than 200 yuan per week. Market participants note that site procurement remains sluggish, and despite high domestic crude steel output, panic continues to spread. The recent post-Ching Ming Festival rally in the construction steel market has not been sustained, and prices are gradually heading lower.
However, by the end of the week, as the stock market rebounded, steel futures also saw a slight recovery, which provided a small boost to spot market confidence. Despite this, the overall tone of the market remains pessimistic.
Analysts from various institutions believe that the steel market is caught between two pressures: high production levels and weak demand. As a result, operators are adopting a cautious approach, continuously lowering prices to secure sales. Given that structural imbalances are unlikely to be resolved quickly, the only hope for the market lies in external factors, such as improved economic conditions or policy support, which could provide a brief reprieve for falling steel prices. However, most of these developments remain speculative, and the outlook for the steel market remains uncertain.