Steel price renews three-week high near $550 on downbeat China exports, DXY

Steel price remains on the front foot as bulls revisit the early July highs amid softer US dollar and supply crunch fears during Friday’s Asian session. Also keeping the metal buyers hopeful are the headlines suggesting more stimulus from the largest customer China.

While portraying the mood, the most active steel rebar contract on the Shanghai Futures Exchange (SFE) rises to a three-week high of around 4,000 yuan per metric tonne (close to $537). It’s worth noting that the stainless steel contract also recovered from the two-month low, up 1.32% on a day around 15,280 yuan per metric tonne at the latest.

“In the first half of 2022, China exported a total of 33.46 million mt of semi and finished steel, a year-on-year decrease of 10.5%, and imported a total of 5.77 million mt of semi and finished steel, a year-on-year decrease of 21.5%,” said SMM news.