Rise! Steel prices still have room to rise

Today’s steel market generally rose slightly, and the number of rising markets increased compared with the previous day. Generally speaking, the transaction in the steel market has improved to a certain extent. Whether it is intermediate transactions or terminal purchases, there has been a certain increase. Some large households with relatively large stocks still focus on shipments.
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Steel mills are also actively raising prices in the past two days. Today, some steel mills are actively raising prices, and even continue to increase by 10-20 yuan in the second price adjustment, and some steel mills have received good orders. However, with the rapid rise of raw materials, the action of steel mills to replenish raw materials has also accelerated, which has also strengthened the resistance to the decline of raw materials in the short term. Iron ore has risen sharply in recent days, which may further suppress the profit return of steel mills. It should be noted that the current upward rebound and repair of the market has little to do with the macro and fundamentals. Funds and emotions drive futures to drive a larger spot component. It is necessary to continue to pay attention to the changes in long and short factors after the rebound.
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From the current point of view, together with today’s disk rebound, there have been two strong rebounds this week, which has improved the market in at least several aspects. The first is that market pessimism has improved and bullish sentiment has increased.
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The second is that some shipments have improved and the flow of resources has been accelerated. The third is the establishment of a phased bottom. The futures bottomed out in early May, and the spot market bottomed out in mid-May. The downward momentum of the short-term market has weakened. What needs to be further observed is how strong the driving force for the rise is. This is based on the logic of cost and demand, plus the bottoming out of macro data and policy support. In the short term, with the release of risks and the weakening momentum of continued price cuts, a moderate rebound is no problem, but there is no need to be too optimistic, and the market has not yet reversed.