Steel price remains pressured as recession woes join hawkish Fed bets

Steel price holds lower ground near the monthly low, reversing the previous day’s bounce, as risk-aversion joins hawkish bias on the Fed’s next moves and pessimism surrounding China to weigh on the metal prices. That said, the mixed clues and anxiety ahead of the top-tier data/events seem to restrict the quote’s latest moves during Wednesday’s Asian session.

That said, the most active contract of steel rebar on the Shanghai Futures Exchange (SFE) drops to 3,658 yuan per tonne at the latest.

“Most base metals in Shanghai slid on Wednesday, dragged by a stronger dollar and a bearish demand outlook amid worries about a recession in major economies,” per Reuters.