Haihao Group brings you the latest raw material market trends

Haihao Group continues to closely monitor the dynamics of the raw material market, particularly the recent trends in steel inventory. As of the week ending on December 28, 2023, the total inventory of threaded steel reached 5.91 million tons, marking a weekly increase of 318,300 tons and a year-on-year rise of 221,600 tons. This represents the fifth consecutive week of growth, signifying that threaded steel has entered an accumulation phase. However, when considering the entire year, the pressure on threaded steel inventory remains relatively low, and the overall inventory level is on the lower side, providing support to steel prices. Over the past two years, inventory peaks have returned to pre-pandemic levels, with no signs of excessive inventory levels as seen during the pandemic, thus lending support to prices.

SA 516 Gr.70 Steel Pipes

During the same period, the total inventory of hot-rolled coil stood at 3.05 million tons, showing a week-on-week decrease of 92,800 tons and a year-on-year increase of 202,500 tons. Due to minimal seasonal impact on the manufacturing industry, hot-rolled coil is still in a destocking phase. However, it is important to note that the inventory of hot-rolled coil in 2023 is operating at a high level, reaching the highest value in the past five years by the year-end. Following historical patterns, hot-rolled coil is expected to enter an accumulation phase before the Spring Festival, which may exert pressure on the prices of plate and coil steel products.

piping products

Haihao Group remains vigilant and proactive in responding to these market dynamics, ensuring that we adapt our strategies to maintain the highest standards of service and product quality for our valued clients.