Steel price retreats from monthly top on recession, rate hike fears, China inflation eyed

Steel remains on the back foot during the first negative day of the week, also reverses from the monthly, as the market’s previous optimism fades after the US inflation data. Also exerting downside pressure on the metal prices could be the skepticism surrounding the world’s biggest commodity user China.

That said, steel rebar on the Shanghai Futures Exchange (SFE) dropped around 1.0% while the most active contract on the London Metal Exchange (LME) declined around 1.30% at the latest.