Steel futures fell below 4,000 yuan, and steel prices are about to end?

Today’s steel futures market basically continued yesterday’s decline. Although there was a slight repetition during the period, it did not reverse the decline; the spot market basically followed the footsteps of futures, with both volume and price falling, and traders’ mentality increased
Judging from the recent changes in the supply side, production has indeed declined significantly. To a certain extent, it has played a positive role in promoting the recent supply and demand structure. In late July 2022, key statistics iron and steel enterprises produced a total of 20.792 million tons of crude steel, 19.3019 million tons of pig iron, and 20.7681 million tons of steel. Among them, the daily output of crude steel was 1.8902 million tons, down 7.25% from the previous month; the daily output of pig iron was 1.7547 million tons, down 7.72% from the previous month; the daily output of steel was 1.888 million tons, down 5.35% from the previous month.
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Affected by the loss, coking coal and coke intend to stop the decline and increase. However, it is understood from the current market that with the shock of steel prices, the current situation of losses of steel mills has not been significantly improved. At present, the game between the resumption of production of steel mills and raw materials is still continuing, but from the current situation, the possibility of another reduction is reduced.
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Judging from what the market has learned this week, there have been gaps in specifications in many places in the south, and the steel mills have generally resumed production. Steel mills are also actively producing and shipping, and the market arrival cycle will be shorter than the southern market.
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In general, judging from the current launch of steel mills, the market is generally available, and prices are still supported to some extent; from the perspective of changes in demand, inventories in various places have maintained a slowdown, and there are out-of-stock specifications, and rigid demand still exists. Therefore, it is more likely that the short-term disk will maintain a volatile trend, and the direction and trend remain to be clarified.