The market mentality is gradually deteriorating, and the price of steel continues to “sell”
Today’s spot prices continued to sell, with many varieties falling in chaos, traders’ mentality was quite different, and the general decline ranged from 50-80 yuan. Mainly due to the continued decline in the market last night, the downstream buying sentiment was sluggish, but the overall transaction did not increase significantly. Although there is no futures market to guide today, it is still difficult to stop the decline.
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Judging from the previous spot price trend, it was mainly stimulated by policies, and the quotation was relatively firm. In addition, although there have been cases where the futures fell and the spot price fell, they were all running at a high position. This time, the futures still showed signs of continuing downward, which fell below the expectations of some spot traders, resulting in a stampede market today.
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In fact, judging from today’s market quotations, there are two or three price adjustments for many varieties. From the perspective of operation psychology, traders are more willing to test, but the effect is very small. We have mentioned many times when we analyzed the market before that the game between strong expectations and weak demand persists. When the price loosens, the already weak demand will have a “brake failure” situation, which will accelerate the speed and space for spot prices to fall.
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