Steel futures fell sharply, short-term steel prices may be weak
Date: 2021-12-10
Steel futures fell sharply, short-term steel prices may be weak
On December 9, the domestic steel market fell weakly, and the ex-factory price of Tangshanpu’s billet remained stable at 4,360 yuan/ton. Today’s black futures plummeted, the terminal wait-and-see mentality intensified, speculative demand was less, the transaction performance throughout the day was poor, and merchants mainly lowered prices for shipments.
On the 9th, the main force of the snails fell sharply. The closing price of 4293 fell 2.96%. DIF and DEA went up in both directions. The three-line RSI index was at 46-52, running between the middle and upper tracks of the Bollinger Band.
On the 9th, a steel mill lowered the ex-factory price of construction steel by RMB 20/ton.
Affected by seasonal factors, there is a high probability that the construction progress of downstream projects will slow down in December. Although due to favorable policies such as the central bank’s RRR cut and marginal easing of mortgages, there has been staged centralized replenishment in the downstream, and steel stocks have dropped significantly this week, but overall winter demand will still weaken. At the same time, steel mills still have the willingness to expand their profitability, but heavy pollution weather occurs frequently in the north, and the increase in output is also limited. In the short term, after steel prices continue to rise, as demand remains insufficient, they may enter shock adjustments.
Post time: Dec-10-2021
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