Futures continue to plummet, what’s the trend of the steel market?

The trend of the disk in the past two days is in stark contrast. After the violent shock on the previous day, it tried to stabilize, but it still maintained a volatile downward trend on the next day, especially in the afternoon session, the decline continued to increase. Judging from the bullish trading sentiment, since last week, there have been many dips in the market, but the bears have obviously not finished the trading sentiment. Although there were signs of shorts taking profit and leaving the market yesterday, the market expectations were still pessimistic and the pattern of decline was maintained. It can be said that this round of rebound is very weak, and the bulls do not have the conditions for bottom-hunting for the time being.
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Judging from the main logic of current market transactions, except for some bargain-hunting resources and term sets of resources, some traders have average or less resources in their hands, and there is a relatively strong demand for market price cuts. In addition, the current disk consumption reduction of steel mills is less than expected, and the demand start is less than expected, which is conducive to the continuous efforts of short-term bears.

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Although the previous view also believed that the center of gravity of the bottom price will continue to move downward, considering the policy effect and the staged demand release, it may still play a staged stimulating effect on the disk, which is the so-called shock market. However, judging from the current market battle between bulls and bears, it is obvious that the market is over-consumption and pessimistic expectations, superimposing the pressure on the global economy. Recently, Sri Lanka, Japan, the United Kingdom, and Europe have continued to experience pressure, causing emotional concerns. The US dollar index continued to run above 108.45, with a high of 108.55 in the afternoon; affected by the strength of the US dollar, the euro fell to 1.0005 against the US dollar, the first time since December 2002. The offshore yuan fell below 6.75 to the dollar for the first time since June 15, raising concerns about the international outlook.
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In the short term, there is no sign of a turnaround on the disk for the time being. Yesterday’s test ended in failure, and the night market will continue to be weak, and the possibility of further decline cannot be ruled out. The performance of the short-term demand side is sluggish, and it is not recommended to blindly buy the spot. If a staged rebound is formed, the disk space will be greater than the spot rebound space.