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RONSCO Weekly ┃ China's Steel Prices in Weak Downside Under Pressure on April 19th

Date:2023-04-19View:248Tags:Oil Country Tubular Goods,Pre Galvanized Steel Pipe,Seamless Hydraulic Tubing

Welcome to RONSCO Weekly!This article will provide you with the latest Chinese steel prices and market insights each week.

 

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Let's review last week's steel market, roughly the rebound is weak, and due to space is limited, pre-pressure still has the probability of falling. Last week as a whole, steel prices still to fall, although on Friday there was a stabilization rebound, but only lasted half a day, for last weekend's market, the weak part of the varieties appeared a small drop, the overall trend is still in line with our expectations. Well, how about this week's trend? Steel prices can have a silver lining turnaround?

 

Let's analyze the reasons. First of all, from the macro level, whatever in international market or domestic market, there is little good news recently, even if the introduction of good news can only bring a short-lived stimulus but cannot solve the current terminal actual demand.

 

Then, from an industrial point of view, iron ore with the weak fluctuations in steel, therefore, the cost side of the support is weak.

 

Third, we look at the demand, the price trend of steel compared to national steel volume last week both did not appear an increment, which is to maintain a stable state, showing that the peak season demand is less than the state of market expectations.

 

Fourth, from the market mentality, some merchants due to early losses through replenishment to pull down the average price, leading to a gradual increase in pressure on their own inventory. And for the production and processing manufacturers, in order to maintain a normal operation, need to purchase on demand.

 

Overall, this week's steel price trend is under pressure weak downward and rebound space is limited.

 

Well, what is your opinion on the Chinese steel market?

 

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