Steel Price ignores China-linked catalysts to stay depressed at yearly low, recession, US data eyed

Steel Price remains on the back foot around 2022 bottom as metal traders fail to cheer the US dollar pullback, as well as a reduction in Chinese output amid fears of economic slowdown. That said, steel rebar prices on Shanghai Futures Exchange (SFE) remain pressured near 3,680 yuan per tonne ($545), down around 5.0% by the press time of early Friday morning in Europe.

China’s Q2 Gross Domestic Product (GDP) shrank more than -1.5% expected to -2.6% QoQ, versus 1.4% prior. Further, the Industrial Production also eased but Retail Sales improved in June.

On the other hand, Reuters came out with the news saying that China's crude steel output fell 3.3% in June compared with a year earlier, and was down 6% from May.