Steel Price bounces off five-month low as recession fears battle softer USD

Steel Price remains depressed around the lowest levels since January, despite the latest bounce, as traders’ fears of receding demand from China supersede the immediate benefits from the downbeat US dollar. Also exerting downside pressure on the metal could be the softer iron ore and a metal basket.

That said, the Shanghai exchange's most-active stainless steel contract rises more than 3%, after refreshing the multi-day low recently, while Steel Rebar Futures on the London Metal Exchange (LME) remain inactive at around $692.50 per tonne.