It’s going up! Are steel prices going back?

Judging from the past two days, the market’s gains have converged, and it has begun to enter the stage of shock adjustment. On the one hand, there is no new high in the disk, on the other hand, the pace of spot stocks is relatively slow, and the market direction is still unclear. How will the market go tomorrow?
1. Iron ore giant Vale is optimistic about the prospects of China’s real estate industry
Vale, the world’s second-largest iron ore producer, said the outlook for China’s steel-intensive real estate sector was “more encouraging” despite the uncertainties, and reiterated that its long-term view on the global steel market was unchanged.
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2. Crude steel output of key steel enterprises declined
The data shows that in late August 2023, key statistical iron and steel enterprises produced a total of 22.5019 million tons of crude steel, 20.6382 million tons of pig iron, and 24.1190 million tons of steel. Among them, the daily output of crude steel was 2.0456 million tons, a decrease of 7.65% from the previous month.
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Today, steel billet and coke are running stably; iron ore fluctuates at a high level, and there is no obvious sign of rapid decline, and its resilience is still strong. At present, the output of blast furnace molten iron continues to increase slightly, and there is still no substantial progress in limiting the production of blast furnaces. The fundamentals are still relatively strong. It is expected that iron ore will rise steadily tomorrow.
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Entering September, the fundamentals of the steel market are expected to improve, but demand will remain weak in the short term, and the spot follow-up situation is insufficient. The improvement expectations of the current macro policy for the market outlook remain to be seen. However, considering that the short-term market sentiment is warmer, superimposed on the replenishment of raw materials, it is expected that steel prices will run steadily tomorrow, with a range of 10-30 yuan.