Black futures rose across the board, steel prices stopped falling and rebounded

Black futures rose across the board, steel prices stopped falling and rebounded On May 11, the domestic steel market mainly rose, and the ex-factory price of Tangshan billets rose by 20 to 4,640 yuan/ton. In terms of transactions, the market mentality has been restored, speculative demand has increased, and low-priced resources have disappeared. According to the survey of 237 traders, the trading volume of building materials on May 10 was 137,800 tons, a decrease of 2.9% from the previous month, and was less than 150,000 tons for four consecutive trading days. At present, the pressure of supply and demand in the steel market is increasing, and the destocking in peak season is hindered. Mainstream steel mills are forced to cut prices. Considering that some steel mills have already suffered losses, there may not be much room for price reduction. Recently, the black futures market has seen a significantly larger correction than the spot market, and the futures have rebounded from oversold, but it is hard to say that they have reversed. After the pessimism is vented, the short-term steel price may have limited room for ups and downs, and the medium-term trend depends on the progress of the resumption of work and production of downstream enterprises, which will lead to the speed of demand recovery. Post time: May-12-2022