The continuous rebound of futures steel will form a pull on steel prices

Although there have been many voices of doubts in the market recently, and the attitude towards the resumption of work and production in East China has been relatively slack, but with the advent of the Dragon Boat Festival holiday, the market still has hope for possible procurement needs. Although the technical market is still lightening up, but from the price trend, the bottom price has risen, and it has exceeded the 4670 pressure level we predicted yesterday. At present, we need to pay attention to whether it can effectively stand firm.
Today, the price of domestic black futures opened higher, and the spot price rose.
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Judging from the current demand-side changes, the news is still greater than the actual performance. From the orientation point of view, the progress of resumption of production in East China has accelerated. Although there are still some closed and controlled areas in North China, some areas have been unblocked, and the main tone in the later stage is to resume work. However, the supply side has not changed much at present, and most steel mills have not reported any clear news of production reduction, so the current supply side pressure is still too large, and the inventory pressure in various places is the best reflection.
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On the whole, although the current supply and demand structure has not improved significantly, the staged upward trend of the technical disk has not changed. From the perspective of rebar futures, we will focus on whether effective support can be formed near 4670-4700 in the short term. If demand is released before the holiday, it is not ruled out that there is a possibility of further rise, but it is still treated with a cautious and optimistic attitude, and it will still face risk pressure in the later period.
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