Steel Price remains on the back foot for the third consecutive day as sellers attack the $600 threshold, near 4010 Chinese yuan per tonne at the latest, on Shanghai Futures Exchange (SFE) during Tuesday’s Asian session.
That said, prices of steel rebar on SFE weren’t the only metal indicator that portrayed the market’s pessimism as steel prices on the London Metal Exchange (LME) and COMEX also hint at dark days for the industrial metal.
The escalating fears of economic slowdown weigh on the industrial metal prices as traders rush for risk-safety. A record-high print of the US one-year inflation expectations, as per the NY Fed’s survey of one-year-ahead consumer inflation expectations, join chatters surrounding recession to drown the Steel Price.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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