The steel market is stagnant due to multiple factors, and the steel price is under pressure to adjust but the space is limited

Yesterday, the spot of the steel market was mainly running smoothly, and the futures steel fluctuated. Today, the steel market is mainly running smoothly, and the hot coil is better than the thread. Compared with yesterday, the price of threads in many places has basically no significant change, and it is almost the same as the price changes of cold-rolled, galvanized, welded pipes and other varieties. The overall market transactions were general, and the market sentiment was weak.
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Huge fluctuations in international crude oil overnight sparked concerns in the domestic market. However, the price of steel has not fluctuated at the same frequency as the price of crude oil for a long time, and the disk has little impact, mainly because the steel is based on domestic macro expectations and real estate bottoming expectations. Crude oil is a more complicated game of OPEC oil-producing countries represented by the United States and Saudi Arabia, with the influence of the US mid-term elections and the conflict between Russia and Ukraine behind it.
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At present, the steel market still has callback pressure, but the support below is strong, and there has been no room for downside. Many coke companies have initiated price increases, iron ore is strong, and raw materials are difficult to fall. This has both fundamental factors and the improvement of macro pessimistic expectations, such as the growing mentality of bottoming out in real estate. This also limits the downside of the steel market. On the whole, it is still dominated by shocks.
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