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Welcome to RONSCO Weekly! This article will provide you with the latest Chinese steel prices and market insights each week.
If you are new here, please remember to collect our website and focus on this industry news channel to stay up to date with future updates.
Steel prices this week experienced a sharp drop initially, followed by a slight increase that provided some optimism. Nevertheless, the overall prices were still lower than the previous week. It’s sounds like a real roller-coaster this week!
Initially, the banking crisis had a huge impact on the steel market, causing steel prices to drop rapidly. Fortunately, the situation stabilized and the market's risk sentiment began to improve, bringing a glimmer of hope. Steel prices rose slightly, but are still lower than last week. Now, let's examine the production and consumption figures for this week.
On the one hand, the profit of steel mills is staying low, which is limiting the ability for production to increase. China's steel production has increased by 142 thousand tons this week and it is anticipated that the short-term supply will only experience minor increases.
On the other hand, Speculative demand for steel has increased after prices stabilized and increased.
At the same time, with the improving of demand from end-users, Chinese demand for steel rose by approximately 241 thousand tons this week. In the end, China’s steel inventory dropped by 502 thousand tons this week, but the decrease was still slow.
In the coming week, we anticipate that the market will move away from macroeconomic considerations and return to a focus on supply. This shift will cause demand to be the main factor that affects steel prices.
Our analysis indicates that China's steel demand is likely to increase in the coming weeks, with the highest demand expected in the next two to three weeks. Moreover, We anticipate that steel prices will fluctuate next week, but the changes will be relatively minor.
Well, What is your opinion of the Chinese steel market? If you liked this article, make sure to collect our website to stay informed about the latest market news. See you next week!
