Recently, Chinese domestic steel market is in a confused state, as the prices of main steel species are still declining and the wait-and-see attitude and the bearish feeling of steel traders are only too obvious. From the lower reaches of the market, the production in steel industries such as metal processing, automobile and home appliances is out of season now. Therefore, the market demand for steel is falling, and there is even low priced package sale of plate resources, which is likely to influence the market judgment and expectation of Chinese domestic steel price in the future
According to the survey of Mysteel, Chinese steel market is still quite weak. Over the past week, the overall trend of steel price is first going down and then remaining stable. Affected by the future price shocks and transaction downturn, the market is having bearish feelings in the short term. As it is really hard to predict where the Chinese steel market may go in the later period of this year, the market is stuck in a confused status now.
The market trend of the main steel species is like the following: in the automobile steel market, the panic is gradually spread, which results in transaction downturn; in the hot-rolled sheet market, demand and supply is barely balanced, and the price cut led by Baosteel makes purchasers hesitate longer to order; in the cold-rolled sheet market, the slow fall continues, and demand from automobile and appliances market is clearly falling; in the medium plate market, the price is slightly raised and the wait-and-see attitude is still strong. Finally, in the steel bar market, the price fall is accelerating in certain regions, influenced by the market transaction downturn and the falling factory price planned by Chinese steel mills.