Chinese steel mills announce flat new rate, supported by government's bullish policies
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Update time : 2024-12-11 17:38:48
Affected by the Chinese authority's favorable economic policies, Chinese steel mills announced mainly flat new rates, stabilizing the current market trend.
In addition, the futures price of iron ore has strengthened, pushing up the price of billet. Therefore, market participants estimated that steel prices will maintain an upward trend in the short term.
Recently, the futures prices of rebar, wire, hot-rolled coil (HRC), cold-rolled coil (CRC,) and steel plate have also increased due to incentive policies.
On the other hand, the spot price of stainless steel has also been driven by the futures market, and the sales atmosphere has become warmer. The preferential space for upstream mills has shrunk, and local distributors also prioritize price stabilization.
However, it is doubtful whether actual demand in the off-season can be sustained, and end buyers still purchase according to real demand. Short-term prices are stimulated by policies, and it remains to be seen whether such a trend can continue in the future.
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