The steel market rebounded in shock, and the transaction continued to increase

Beginning last week, the steel market stopped falling and rebounded, and prices continued to rise. Especially on weekends, in the absence of futures guidance, spot price quotations have risen one after another. According to traders’ feedback, there are still transactions after the rise, indicating that the terminal is relatively recognized for the price. At the opening on Monday, the spot price continued to rise, and there were many second price adjustments during the session. Domestic futures and spot prices continued to rise synchronously, and the overall transaction was acceptable.
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Although there are still doubts in the market for the rise of steel prices, from the perspective of recent trends, it is basically the logic of oversold rebound. But in the case of unstable demand, the market upside is relatively limited. In the face of pessimistic demand, the state has also continued to issue policies to promote demand.
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The closely watched steel mills’ production cuts are on the agenda this week, with a number of steel mills announcing production cuts, starting from the end of June to the beginning of July. Although the current supply side has not eased, the market is more hopeful about the expected decline in the output of steel mills. It is expected that the effect of this round of production reduction by steel mills can be hyped until mid-to-early July.
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