The divergence among steel product categories is intensifying, with long and flat steel products continuing to show divergent price trends.
The current steel market exhibits a pronounced structural trend, with a widening divergence between long and flat steel products, forming a clear pattern of strength versus weakness, which has become the core characteristic of the current steel market. Different products, relying on their respective demand scenarios and supply-demand dynamics, are showing independent price movements, resulting in a differentiated market trend of "stronger flat products and weaker long products," with the price gap between categories continuing to widen.
The construction long product market is relatively weak. Affected by the seasonal off-season in the end-user construction industry, demand for long products such as rebar, wire rod, and coiled rebar remains sluggish. Restrictions on outdoor construction have led to insufficient end-user demand, resulting in persistently sluggish market transactions. Traders face significant pressure to sell, making prices more likely to fall than rise. Meanwhile, the supply of long products is relatively abundant, with a clear supply-demand imbalance. Coupled with widespread market pessimism, long product prices are fluctuating weakly, becoming the main category dragging down the overall steel market.
The industrial flat product market is performing strongly, showing remarkable resilience. Hot-rolled coils, cold-rolled coils, and medium-thick plates are benefiting from the stable recovery of the manufacturing sector, with demand continuing to improve. The continued expansion of industries such as high-end equipment manufacturing, new energy, transportation equipment, and home appliances and light industry has driven steady growth in demand for high-quality sheet metal and special steel, with stable and sustained end-user procurement demand. The supply and demand situation for sheet metal is relatively tight, inventory reduction is stable, market price support is sufficient, and prices have remained high and volatile, demonstrating strong resilience.
The core reason for the product category differentiation lies in the differences in the prosperity of downstream application scenarios, with the construction industry's periodic adjustment contrasting sharply with the continued recovery of the manufacturing industry. At the same time, sheet metal products have higher technological barriers and higher added value, leading to stricter industry supply control and a more optimized supply and demand structure. In contrast, the long steel market is more competitive and has greater supply elasticity, further exacerbating the gap in product category trends. Industry analysts believe this structural differentiation will continue until the construction industry's demand fully recovers. Subsequent investment should focus on advantageous categories such as high-end sheet metal and special steel, mitigating the risks of periodic fluctuations in ordinary long steel products.
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