The rebound is blocked, pay attention to the impact of the improvement of the economic data in August on the steel price

Affected by the rising and falling of the overnight disk and the weakening of the market, the market performance was average on Wednesday, with the overall price weakening and the transaction declining.
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From a fundamental point of view, it is true that the output of finished products and molten iron has grown slowly, but the transaction data has also improved since this week, and there is no obvious contradiction, and even more-than-expected increase in inventory has appeared. Therefore, when the fundamentals are more entangled, the focus of the market is often on the macro level. The current macro-bearish expectations remain unchanged. This is mainly due to sluggish economic confidence and weak consumption. In addition, the international anti-inflation, interest rate hikes are difficult to relax for a while, and commodities are under pressure.
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In the future, the efforts to stabilize the economy will become stronger and stronger, and even the focus will be on the implementation level. In the peak season of the most important steel demand for gold, nine silver and ten times, the weather conditions are already in place. It is not ruled out that the policy will release a clearer and stronger signal, and the macro negative will be improved by then.
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From the perspective of the futures disk, the technical form indicators of threads and hot coils still show a strong bearish atmosphere, and the rebound has been in a weak state under the sharp decline. From the spot point of view, the current North China price is slightly stronger. However, the overall market is in a state of poor receipt of goods at high prices, few shipments at low prices, and a strong wait-and-see mood. Changes in the futures disk have a greater impact on changes in market sentiment. But macroscopically, from a domestic perspective, it mainly depends on whether the economic recovery in the third quarter is higher than expected. At present, it can only be that the data in August will improve month-on-month. It is not ruled out that the volatility will continue to be weak, and the volatility of the disk will also increase.