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.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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