Steel Price recalls bears after a brief absence during the last week as economic fears join the imbalance of the demand-supply matrix.
That said, the Construction steel rebar on the Shanghai Futures Exchange (SFE) fell more than 3.0% to 4,181 yuan per metric tonne while hot-rolled coil dropped around 3.5% and stainless steel dipped 0.9% per the data source Reuters.
The industrial metal’s latest weakness ignores the US dollar pullback from a two-week top as demand from the largest customer China and Europe appears limited of late.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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