Steel price remains pressured amid China’s strong production, hawkish Fed bets

Steel price holds lower ground, printing a three-day downtrend heading into Friday’s London open, as recession woes join China’s higher steel output. Also weighing on the metal prices could be the market’s calls for the US Federal Reserve’s (Fed) aggression.

That said, the most active contracts of steel rebar futures on the Shanghai Futures Exchange (SFE), as well as the London Metal Exchange (LME), dropped near 1.0% and 0.35% in that order by the press time.

“The world's top steelmaker churned out 83.87 million tonnes of the metal last month, according to data from the National Bureau of Statistics (NBS) on Friday, up from 81.43 million tonnes in July,” per Reuters. On a bit broader horizon, the steel output in China during the January-August period dropped 5.7% to 693.15 million tonnes.