Steel Price extends recovery amid short-term supply crunch By anilpanchal7 Metals RiskAppetite NewsTrading China Recession
The most active steel rebar contract on Shanghai Futures Exchange rise around 1.0% to 4,265 yuan per metric tonne by the press time. The metal slumped to the lowest in six months during the last week as risk-aversion joined pessimism surrounding China.
Also challenging the steel demand could be the statements from the Bank for International Settlements that supported faster rate hikes. On the same line are comments from International Monetary Fund Managing Director Kristalina Georgieva, who said per Reuters, “Further negative shocks would inevitably make US economic situation ‘more difficult’.”
The SMM news also mentioned that the rebar supply is likely to extend the declines as steel mills are increasingly less interested in producing when rebar prices keep falling, and more mills will join the queue of suspending the production for maintenance. In terms of HRC, the output increased slightly last week mainly because fewer steel mills were under maintenance last week.
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