Stand firm at the key support level, the ferrous metals have not yet ended the long layout

Affected by more news from the outside, the opening trend was not good, and it remained low and fluctuated. However, due to the stimulation of the news during the session, and some short sellers left the market, futures rose in the afternoon. The spot quotations in the day were different, some of them kept the downward trend unchanged, and some of them fell first and then rose.
Affected by external complex factors in early trading, the market trend was relatively cautious, and some funds escaped danger, but it did not destroy the bullish situation. In the afternoon, with the clarity of various news, the mentality improved slightly, some shorts profited and left, and the bulls continued to exert their strength.
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In addition, from the perspective of cost, after the fourth round of coke promotion, the profit of coke enterprises continued to narrow, and the enthusiasm for production was not high, which led to a rising sentiment in the market. In addition, the demand for steel is expected to increase, and the disk will take the lead in rebounding and rising, and the short-term spot may play a certain role in boosting.
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For the time being, the bullish situation is difficult to change in the short term. On August 2, the 2022 industrial energy conservation supervision work will be carried out, and special supervision will be carried out on the implementation of mandatory unit product energy consumption quota standards for enterprises in industries such as iron and steel, petrochemical chemicals, building materials, and non-ferrous metal smelting. To a certain extent, it may have a certain inhibitory effect on the growth rate of production.
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On the whole, there is still room for rebar to continue to rise, but as the pressure level approaches, the driving force for continued rise will be affected to a certain extent. However, it should be noted that with the realization of the high point, there must also be a certain risk aversion.