Weak steel prices down
Date: 2021-12-28
Weak steel prices down
On December 27, the domestic steel market generally fell, and the ex-factory price of Tangshanpu’s billet fell by 50 to 4,290 yuan/ton. Demand is expected to weaken in winter, and black futures have plummeted across the board today, adding to downstream wait-and-see sentiment. The trading volume is sluggish, and merchants generally cut prices for shipments.
On the 27th, the main closing price of snails 4307 fell by 4.56%, DIF moved downwards to move closer to DEA, and the third-line RSI index was located at 33-47, running close to the middle track of the Bollinger Band.
In late December, a new round of cold wave struck, the temperature in winter dropped further, the demand for steel shrank significantly, and the decline in inventory slowed down. At the same time, Tangshan steel billet fell for several consecutive days, and today’s black futures fell sharply across the board, adding to market pessimism. In addition, steel traders are more cautious about winter storage, hoping to get a safer winter storage cost. In the short term, steel prices may continue to weaken downward.
Post time: Dec-28-2021
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