Steel mills cut prices on a large scale, and steel prices continued to decline

Steel mills cut prices on a large scale, and steel prices continued to decline On May 10, the domestic steel market price continued to decline, and the ex-factory price of Tangshan ordinary billet fell by 60 to 4,620 yuan/ton. Black futures continued to weaken, the spot market price followed the callback, merchants actively shipped, and the trading atmosphere was deserted. The steel market is facing multiple bearish factors recently. First of all, the domestic epidemic has repeatedly superimposed the heavy rainfall process in the south, and the demand for steel is expected to weaken. Thirdly, the profit of steel mills is meager, coupled with the continuous improvement in the circulation of raw materials and fuels, the willingness to lower prices of iron ore, coke, and scrap steel has increased. Finally, liquidity conditions in major financial markets are deteriorating, with commodity futures falling in a row. In the short term, the market mentality tends to be pessimistic, and the steel price fluctuates and weakens. Post time: May-11-2022