On March 1, the domestic steel market increased in price, and the ex-factory price of Tangshan ordinary billet rose by 50 to 4,600 yuan/ton. Today, the black futures market rose sharply, the spot market followed suit, the market sentiment was positive, and the trading volume was heavy.

Macroscopically, China’s manufacturing PMI was 50.2% in February, up 0.1 percentage points from the previous month; the construction business activity index was 57.6%, up 2.2 percentage points from the previous month, and the positive data boosted market confidence.

Fundamentally, with the end of the Winter Olympics, production has been released, but the recovery is limited. In March, the downstream construction sites will basically resume work, and the demand for steel will pick up significantly.

Today’s black futures rose strongly, the spot market price was actively following up, the market trading sentiment was positive, and the transaction volume was obviously heavy. It is expected that domestic steel prices will continue to rise in the short term.