Steel Price struggle to extend the weekly gains, bracing for the quarterly loss, as fears of recession join supply woes during Thursday’s Asian session. Even so, industrial metal manages to react to the firmer activity numbers from China.
That said, construction steel rebar on the Shanghai Futures Exchange (SFE) edged up 0.1% around 4,370 yuan per metric tonne, while hot-rolled coil decline 0.1% by the press time. Further, Stainless steel rose 0.8% intraday but stays pressured of late.
Talking about China data, the preliminary readings of official PMIs for May came in better than previous readings. That said, the headline NBS Manufacturing PMI rose to 50.2 versus 49.6 prior, versus 50.4 forecasts. Further, Non-Manufacturing PMI rallied to 54.7 versus 52.5 expected and 47.8 in previous readings.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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