Urgent notice, the steel billet fell by 50 Yuan again!

Steel prices continued to fall today, in the same direction as yesterday’s forecast, but the decline was larger than expected, mainly due to the current market’s disappointment and pessimism that the expected fulfillment was blocked. The overall national building materials transaction volume is still poor, and the steel market in the off-season is greatly affected by weather factors. It is expected that the steel price will continue to run weakly in the short term.
(To learn more about the impact of specific steel products, such as Stainless Steel Coil Manufacturers, you can feel free to contact us)
1. Heavy rainfall affects construction sites in 13 provinces, and the market demand for building materials is worrying
In the rainy season, the rainfall increases and the scope expands, and the steel market has obvious characteristics in the off-season.
2. The Fed may approve a 75 basis point rate hike this week
U.S. inflation data is likely to be at an alarmingly high level, meaning the Federal Reserve is very likely to raise interest rates by 75 basis points this week, not 50 basis points, and the U.S. stock market is far from bottoming. The slump in U.S. stocks will inevitably affect the global capital market. The A-share market may weaken again, market confidence will be frustrated again, and the sluggish demand will continue for a longer time, which will be bad for steel prices.
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3. National Bureau of Statistics: coke prices fell by 3.2% month-on-month
The price of metallurgical coke in the first ten days of June fell month-on-month, the support for steel prices weakened, and the steel prices became weaker. However, the current coke price has fallen to a low level, supported by the cost of coke enterprises, and the room for further decline in coke prices is limited. In fact, coke enterprises have recently started a second round of increases, and some steel enterprises have accepted due to stocking needs. Therefore, in the short term, the cost of coke Support or will be stronger, good for steel prices.
(If you want to get the price of specific steel products, such as Cold Rolled Stainless Steel Coil, you can contact us for quotation at any time)
It is expected that steel prices may continue to run weakly in the short term, but the decline will be limited.