China’s recent steel market forecast
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Update time : 2023-03-15 17:20:32
China’s steel future price recently went up, and Baosteel raised its hot-rolled coil list price for April. The following will show the outlook for each kind of steel product.
For rebar and wire rods, the profits might improve recently, so China’s local steel mills would like to increase their production, and the long product prices were expected to rebound slightly. Meanwhile, end-user demand steadily increased, and the rebar inventory has decreased for three consecutive weeks.
Regarding hot-rolled coil (HRC), the demand also improved, which made the steel market optimistic. As of the end of last week, China’s HRC inventory totaled 4 million tons, decreasing by 4.5% week on week.
In terms of medium-thick plates, steel manufacturers firmly insisted current offer; therefore, the prices might grow slightly. Besides, the plate inventory has decreased for four consecutive weeks, which would support the price.
