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As of today, Yonghong’s 42CrMo round steel market is showing signs of continuous weakness. Merchants dealing in this product seem eager to engineer a significant rebound, hoping to turn things around despite the current challenges. The opening of trading on the last day of the month saw the price of Yonghong's 42CrMo round steel remain under pressure. Specifically, the price for Φ16-40mm dropped by 20 to 50 yuan per ton, while Φ12-14mm experienced a reduction of around 20 yuan per ton. The price adjustment for Φ18-20mm was relatively smaller, decreasing by about 10 to 20 yuan per ton. Overall, the market sentiment today reflects a consistent downward trend.
With scrap prices declining significantly in certain regions, dropping by more than 100 yuan per ton recently, many businesses remain cautious. However, there are still some traders who are optimistic and willing to take action, aiming for a turnaround. The phrase "success favors the bold" comes to mind, as everyone seems hopeful. Yet, it’s worth pondering whether the current downturn offers sufficient time and breathing room for both the market and its participants.
The recent rise in steel prices driven by increased demand has been short-lived. This phenomenon is akin to flowers blooming briefly before wilting. While the market outlook isn’t overly pessimistic, neither is it particularly encouraging—it’s somewhere in between, leaning toward weakness. Despite a slower production growth rate expected for 42CrMo round steel this year and next, the overcapacity issue within the industry persists. Additionally, the demand from downstream sectors might decrease faster than anticipated, potentially outpacing any slowdown in production. Thus, the overall picture for the Yonghong 42CrMo round steel market remains challenging. The data shared here is sourced from reliable industry reports and should serve as a reference.
In summary, with the ongoing decline in Tangshan billets and futures prices continuing to fall, coupled with sluggish market demand and low transaction volumes, it's clear that the market is under considerable stress. As we enter December, let’s hope for better news in the coming weeks!
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