Chinese steel marketplace fluctuated and declined

The market prices of major steel products fluctuated and declined. Compared with last week, the rising varieties decreased significantly, the flat varieties increased, and the falling varieties increased significantly.
The effects of various policies continue to emerge, and the economy will maintain a stable and positive trend in the second half of the year. For the steel market, as the effects of various policies continue to emerge, the economy will maintain a stable and positive trend in the second half of the year, and market confidence will continue to increase. However, weather such as typhoons and storms also obviously restrict market transactions in the off-season.
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In the short term, the domestic steel market will present a pattern of “complicated and severe international environment, the implementation of policies to expand domestic demand, the strengthening of economic endogenous power, the obvious impact of typhoons, and still weak market transactions”.
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From the perspective of the supply side, due to the turmoil and decline in the steel market and the resilience of raw material prices, the willingness of steel mills to release production capacity in the short term has slightly weakened, and the short-term supply side will show a slight decline. From the perspective of demand, due to the continuous intrusion of the “typhoon season” and the expansion of the scope of influence, the impact of heavy rain is also becoming more and more obvious, and the construction progress of the project is obviously restricted.
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From the perspective of cost, the price of iron ore fluctuated slightly, the price of scrap steel fell slightly, and the price of coke rose to the ground in the fourth round, which made the cost support show strong resilience. It is predicted that next week (2023.8.7-8.11) the domestic steel market will be dragged down by market transactions, and the market will fluctuate and decline.