Futures steel suddenly fell! The promised rise will fall through?

Today, the spot steel prices in the steel market stabilized, and futures steel futures dropped slightly. On the one hand, compared with yesterday, futures steel did not hit a new high; on the other hand, the pace of spot follow-up is slightly slower, which is affected by the weak reality and drags down the rhythm. However, the current market policy is still favorable, but the market is not yet stable.
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From a fundamental perspective, not much has changed to have a noticeable impact on the market. The demand needs to continue to be observed. There are two local points, and the total amount is still stable. On the supply side, we have seen an increase in long-term and short-term production cuts since September, but the amount of production cuts has not exceeded expectations.
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Another thing to watch today is that the stock market opened lower and moved lower, and many commodities turned from strong to weak. This has something to do with the trend of the US dollar index today. The U.S. dollar index rose against the trend. After the country lowered the foreign exchange deposit reserve ratio last week, the Fed’s interest rate hike speech over the weekend made the U.S. dollar index turn from falling to rising. Today’s high is already higher than the May high of 104.4615, breaking through 104.5.

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This is still unfavorable to the domestic market in the future. If the stock market falls tomorrow and commodities pull back, there is a high probability that there is still a possibility of a fall.