Steel price tracks other commodities to the south as market players await the key US inflation data on early Wednesday. Also exerting downside pressure on the metal are the softer Consumer Price Index (CPI) and Producer Price Index (PPI) data from China.
That said, the most active Steel rebar contract on the Shanghai Futures Exchange (SFE) renews the intraday low 4,050 yuan, down nearly 1.5%, while extending the previous day’s pullback from the monthly high. It’s worth noting that the prices of the hot-rolled coil and stainless steel futures on the SFE are also down 1.5% and 1.2% by the press time.
China’s headline CPI eased to 2.7% YoY in July versus 2.9% expected and 2.5% prior, whereas the PPI dropped to 4.2% compared to 8.0% market forecasts and 6.1% previous readings during the stated month.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
