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Welcome to RONSCO Weekly!This article will provide you with the latest Chinese steel prices and market insights each week.
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China's steel prices have been declining due to weak demand. According to the latest data from the MBS, daily crude steel output in China increased to over 3 million tons in March. However, due to factors such as increased rainfall and pessimistic market sentiment, demand has been weak in recent weeks. On a macro level, growth of industry production and investment in fixed assets were lower than expected. Additionally, the property market, which is closely related to steel demand, declined from January to March with a decrease
Next, Let’s check out the production and consumption aspects. This week, China's steel output decreased by more than 180,000 tons due to weak prices and losses caused by steel producers reducing their output. Meanwhile, China's steel demand decreased by 140,000 tons and total steel inventory dropped by less than 380,000 tons, indicating that steel demand remains sluggish and inventories are lower than expected.
What is the prediction for Chinese steel prices next week? We believe that Chinese steel prices will continue to trend downward due to the lack of recovery in the current macro economy in China and the cautious attitude of market players towards the actual effects of related stimulus policies. Moreover, Regulatory authorities have imposed price controls on iron ore, and expectations of increased iron ore supply have caused iron ore prices to decline.
Therefore, It is anticipated that steel prices will continue to decrease in the following week. Well, what is your opinion on the Chinese steel market?
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