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Welcome to our new channel “Ronsco Weekly ”, bringing you the most recent Chinese steel prices and market trends every week!
If you’re new here, remember to collect our website and focus on our industry news, so you won’t miss out on any future updates!
This week, China's steel prices have been going up slightly due to the positive effects of manufacturing and property markets, as well as government support. However, the good economic news from the US has caused worries that the Federal Reserve may take more drastic steps to control inflation.
In accordance, the US dollar is close to its highest point in three months, which is putting a lot of pressure on steel prices. This difference in economic policy between China and the US has made it hard for market participants to predict what will happen in the steel market in the future.
Next, Let’s looking at the supply and demand situation, the data this week suggests a positive outlook. China's steel production is near its peak, but the rate of growth has slowed. Apparent demand is increasing steadily, and inventories have decreased significantly.
So, what can we predict in the steel market next week? From Ronsco’s point of view, steel prices will remain volatile in the short term. On the one hand, it is the high season for steel consumption and the government's efforts to stabilize the economy could lead to more demand and higher prices. On the other hand, the Federal Reserve's tightening of monetary policy makes it difficult for prices to go up. We should pay close attention to the US non-agricultural employment data and February CPI that will be released next week.
Well, how do you see the Chinese steel market? If you enjoy this article, don’t forget to collect to our website. See u next week!
