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**Abstract**
Similar to the trends seen in capital markets such as gold and commodities, the domestic spot steel market has also experienced a sharp decline, often described as "falling down" in recent weeks. The price drops of major steel products have widened significantly, with some varieties seeing weekly declines exceeding 2%. This downward trend reflects a broader sense of uncertainty and weak demand across the industry.
According to the latest market report, the average decline in domestic spot steel prices reached 1.24% over the past week. This drop was fueled by heavy losses in both domestic and international financial markets, which have severely impacted investor confidence. As a result, steel prices have fallen sharply, with major product categories experiencing larger-than-usual declines. For instance, hot-rolled coil prices dropped by more than 2% in a single week.
In the plate market, the price decline has been particularly pronounced. In cities like Nanjing and Hefei, the weekly price of medium and heavy plates fell by over 100 yuan. Market sentiment has turned increasingly pessimistic, with traders adopting a “buy high, not low†mindset, leading to delayed procurement and increased negotiation space in transactions. Although rebar futures opened higher at the end of the week, spot market participants remained cautious, and mainstream selling prices continued to weaken.
Currently, bearish sentiment dominates the market, with most merchants expecting further price declines. Additionally, as the month-end approaches, some traders are facing tight liquidity, which is likely to keep the market in a weak position for the near term. The hot-rolled coil market is also struggling, with prices falling across major regions. In certain areas, high-priced resources have even seen no transactions at all.
The overall steel market remains weak, with spot construction steel prices continuing to fall under the pressure of declining rebar futures. In Shijiazhuang and other key markets, prices dropped by more than 200 yuan per week. Market participants reported that site procurement activity is sluggish, and domestic crude steel output remains high. The panic spreading through the market has prevented the post-Ching Ming Festival rebound from gaining momentum, pushing prices closer to their lowest levels.
However, by the end of the week, as the stock market rebounded, steel futures also saw a slight recovery, providing a small boost to market confidence. Despite this, the underlying weakness in demand and oversupply remain significant challenges for the sector.
Analysts from various institutions suggest that with high steel production and weak demand persisting, market operators are taking a cautious approach, lowering prices to secure sales. Given the difficulty in resolving structural imbalances in the short term, the only hope for steel prices is external factors—such as improved economic conditions or policy support—that could provide a temporary reprieve. Until then, the market will continue to rely on these “expectations†for any signs of improvement.