Steel prices stop falling and rebound
Date: 2022-04-28
Steel prices stop falling and rebound
On April 27, the domestic steel market price rose slightly, and the ex-factory price of Tangshan ordinary billet rose 20 to 4,740 yuan/ton. Affected by the rise in iron ore and steel futures, the steel spot market is sentimental, but after the steel price rebounded, the overall transaction volume was average.
After the panic selling on Monday, the steel market returned to rationality, especially the central government’s emphasis on strengthening infrastructure construction in an all-round way, boosting confidence in the black futures market, coupled with the expectation of replenishment before the May Day, steel prices rebounded at a low level on Wednesday.
At present, the domestic epidemic situation is still complicated, and it is difficult for the demand to fully recover for the time being. The efficiency of steel mills is low, and some of them have already suffered losses. The production reduction is expected to restrain the price of raw materials and fuels. At present, the fundamentals of supply and demand in the steel market are weak, and the increase in the policy of stabilizing growth has certain support for market confidence. It is not necessary to be too pessimistic. Short-term steel prices may fluctuate.
Post time: Apr-28-2022
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