Positive policies, the steel market rebounded again

At present, our country’s economic prosperity remains stable on the whole. With the further efforts to stabilize the economy and expand domestic demand and the return of the economy to normal operation after the high temperature and rainy weather, driven by the improvement of manufacturing production and market demand, manufacturing procurement The managers’ index has risen for three consecutive months, but insufficient market demand is still the main problem facing enterprises, and the foundation for the recovery of the manufacturing industry needs to be further consolidated.
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At the same time, the non-manufacturing business activity index continued to expand, and the prosperity level of the construction industry rebounded, indicating that the construction progress of infrastructure projects has accelerated, and the market demand for civil engineering construction has improved. For the steel market, the adjustment and optimization of the credit policy for the real estate industry has further enhanced the confidence and motivation of the market, and brought strong policy guidance for the upcoming “Golden Nine” peak season.
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In the short term, the domestic steel market will present a pattern of “complicated external environment, steady progress in the domestic economy, favorable policies coming one after another, and the golden nine peak season is expected to start”.
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From the perspective of the supply side, due to the guidance of demand expectations in the peak season, the steel market’s first decline and then rise, and the relative firmness of raw material prices, the willingness to release production capacity of steel mills in the short term has begun to strengthen, and the short-term supply side will show a slight rebound.

From the perspective of the demand side, under the guidance of continuously increasing favorable policies, the transition between off-season and peak season is expected to be accelerated, and the demand for stocking is expected to be released faster, and the steel warehouse continues to show a trend of destocking. From the cost point of view, iron ore prices fluctuated stronger and scrap steel prices fluctuated slightly, making the cost support still relatively resilient. It is predicted that next week (2023.9.4-9.8) the domestic steel market will fluctuate and rebound under the influence of favorable policies.