Today is the first trading day after the Spring Festival holiday, and the steel market is off to a good start.
The price of the futures market gapped higher and opened higher, and the overall performance showed a volatile upward trend. Spot market prices have followed up and compensatory increases, with individual regions and varieties increasing by more than 200 yuan, and most varieties ranging from tens of yuan to one hundred yuan. Judging from the local situation, some merchants in Beijing and Tianjin began to return to the market, with a small number of transactions, but not many in East China returned to the market, and the trading atmosphere was weak.
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At present, the market is still in an upward channel when demand expectations have not been falsified. In addition, during the holidays, the external commodity market performed strongly, which had a certain transmission to the domestic market.
However, due to the country’s policy on the industrial side changing again, the National Development and Reform Commission will work with relevant departments to further strengthen market price regulation and supervision, and severely crack down on illegal and malicious speculation in the spot and futures markets, so as to ensure that coal and iron ore prices operate within a reasonable range. There are subtle changes in sentiment, optimism is more cautious, and long and short positions are in a weak balance.
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What needs to be paid attention to in the later stage is whether the demand is finally falsified and the implementation of national policies. Once the weak balance is broken, the staged rise and fall may be staged.
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