Steel Price benefits from the US dollar’s pullback from a multi-year high as it seesaws around the intraday high during early Thursday morning in Europe. However, fears of global economic slowdown join fears of another covid lockdown wave to challenge the bulls.
That said, prices of the most active Steel rebar contract on the Shanghai Futures Exchange (SFE) take rounds to 4,255 yuan metric tonne ($650.00) by the press time.
It should be noted that the chatters surrounding China’s 500 billion yuan infrastructure plan and measures to increase vehicle consumption underpinned the metal’s rebound the previous day.
Shanghai recently reported a big jump in the daily covid cases to 32 locally transmitted confirmed cases. The same propels lockdown fears, previously propelled by China’s order of mass testing. Also positive were previous supply chain disturbances, mainly in Chile, as well as improvements in steel materials.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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