Steel Prices Keep Falling by May

According to the latest data, steel prices continued to be in decline in the first half of May 2022. Among them, the price of wire rods (Φ6.5mm, HPB300) was RMB5119.2/ton, down RMB21.0/ton, or 0.4%, from late April, which was the same as the previous period. Besides, the prices of rebar, ordinary medium plate, hot-rolled coil, seamless steel pipe, and angle also held a downward adjustment. Below is the data chart for your reference.

Price Trend

Price Trend

Price Forecast

In the short term, the cost of downward movement, and weak demand is the main reason for the decline in steel prices. However, with the domestic epidemic prevention and control situation gradually improving, steel prices are expected to fall with limited space. In the second half of May, the price of steel may be wave-like fluctuations.

Recommendations During Price Reduction

Now the overall domestic steel market is really in a downward space. Therefore many customers are waiting for prices to continue to fall. But Wanzhi Steel tells you that in the overall industry downward trend, the general rate of decline will not be particularly large. On the contrary, the price increase of steel is very volatile and may increase by 200 to 300 yuan a day. So be sure to seize the moment. Once the market price starts to go back up, you will miss the best time to buy and even spend more money.

The above is our heartfelt advice and rational analysis from so many years of business experience and actual cases. If you are planning to purchase steel, please do not hesitate to contact us now. We will complete the quotation for you quickly.