Intensive price cuts by steel mills, steel prices may continue to fall

Intensive price cuts by steel mills, steel prices may continue to fall On March 15, the domestic steel market generally fell, and the ex-factory price of Tangshan ordinary billet fell by 20 to 4,640 yuan/ton. In early trading today, black futures opened lower across the board, and the steel spot market followed suit. With the improvement of low-price transactions in the market, the decline of futures has slowed down. On the 15th, black futures generally fell, and the prices of raw materials such as iron ore, coke, and coking coal fell sharply. Among them, the main force of the future snail fluctuated weakly, and the closing price was 4753, down 0.81%. The DIF and DEA were two-way down, and the RSI third-line indicator was at 40-51, running between the middle and lower rails of the Bollinger Band. Recently, the epidemic situation in the country has shown a trend of high local concentration and multi-point distribution. Many cities have achieved closed management, construction sites, logistics and transportation have been affected, and the transaction volume of the steel market has dropped significantly. Although the production of steel mills in some areas has also been affected, construction sites have been hit harder. It is expected that the pressure on supply and demand in the steel market will increase, and short-term steel prices may fluctuate weakly. Post time: Mar-16-2022