The bottoming of steel prices is completed, and the staged rising channel opens

This week, the price of steel continued to fluctuate, and the decline continued in the initial stage. In the middle of the week, there was an oversold rebound, but the rising trend was not clear. But near the weekend, futures stood firm at the current key support level, forming a more obvious upward momentum. Although the transaction in the spot market is not good, traders intend to support the price, and they are currently holding a wait-and-see attitude.
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In the same way for steel, exports in the first quarter were relatively optimistic, but in the second quarter, with the recovery of production in various countries, the export advantage of Asia and other places decreased. Therefore, even if India reduces steel exports, the effect of tight supply of steel resources will be discounted to a certain extent. In general, India’s move is more of a boost to the market in the face of sentiment, and the durability is not good. Therefore, the market once again returned to the reality of weak fundamentals, and fell in shock.
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From the market trends in the past two days, it was found that some areas received goods yesterday evening. Recently, the disk has continued to fluctuate, and it has stepped out of the bottoming market. Although the demand is still pessimistic, the pace of resumption of work in Shanghai has accelerated, and the disk has taken the lead in forming a bottoming and rebounding trend. Although there is still a situation of reducing positions, it has formed a volatile upward trend. It is difficult for the spot market to keep the futures growth flat. Affected by weak demand, the spot growth is relatively narrowed. The focus is still on the increase in transactions after the rise.
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