Off-season steel prices may be difficult to continue to rise
Date: 2022-06-14
Off-season steel prices may be difficult to continue to rise
On January 13, the domestic steel market was relatively strong, and the ex-factory price of Tangshan ordinary billet rose by 30 to 4,430 yuan/ton. Due to the rise in steel futures, some steel mills continued to push up spot prices due to the impact of costs, but traders were generally less enthusiastic. At the same time, due to the approaching Spring Festival, some production enterprises and merchants have early holidays, the market trading atmosphere is not good, and the transactions are average.
On the 13th, the black futures opened higher and moved lower, the main closing price of the futures snail rose 0.70% at 4633, the DIF and DEA both went up, and the RSI third-line indicator was at 56-78, which was close to the upper Bollinger Band.
The steel market is running strong this week. This week’s steel output did not change much, and downstream terminal purchases shrank. However, stimulated by the strong rise in black futures, traders’ enthusiasm for winter storage has increased, resulting in a decline in steel mill inventories and an increase in social inventories.
On the whole, under the influence of factors such as the rise in raw and fuel prices, the upward repair basis of futures steel, and the increase in enthusiasm for stockpiling in winter, the short-term steel price is running strongly. However, the downstream terminal demand will continue to shrink before the holiday, and some steel mills will also dampen traders’ enthusiasm for winter storage after the price increase.
Post time: Jan-14-2022
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