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Telephone:0519-88611708 E-mail:sainengjx@163.com
27
2021
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07
In the short term, the bullish momentum is also strengthening, and there are expectations for stabilization and strengthening.
The export volume of 304 stainless steel pipes is expected to remain at a high level. Domestic steel prices continue to decline. Prices for construction steel, cold-rolled sheets, and medium-thick plates continue to slightly decrease, while hot-rolled sheets are boosted by the rise in hot-rolled sheet futures, showing some strength in certain regions. However, the follow-up efforts are limited, and the upward momentum appears weak with few participants, making it difficult to transmit.
The export volume of 304 stainless steel pipes is expected to remain at a high level. Domestic steel prices continue to decline. Prices for construction steel, cold-rolled sheets, and medium-thick plates continue to slightly decrease, while hot-rolled sheets are boosted by the rise in hot-rolled futures, with some regions showing strengthening operations. However, the follow-up efforts are limited, and the upward operations still show weakness, with few participants in follow-up actions, making it difficult to transmit.
The futures market that had risen due to favorable conditions has weakened again, and the stock market is experiencing fluctuations and corrections, facing significant pressure at 2100 points. Rebar futures have also fallen back and closed with a long bearish candle. The previously boosted confidence in spot markets will once again turn into gloom. The rebound in steel prices in April has prompted steel mills to ramp up production; although developed economies in Europe and America have continued their recovery, the weak pattern in emerging markets will also have a significant impact on resource distribution. The overall pressure on domestic steel market resources continues to intensify, which is unfavorable given the current internal and external challenges. It is expected that short-term steel prices may continue to exhibit a weak fluctuation pattern.
Among them, the price adjustment of construction steel is more pronounced, with slight declines observed across major regions; however, the drop in plate markets is relatively smaller, and only certain areas of the 304 stainless steel pipe market are declining. Nevertheless, boosted by favorable news from the State Council regarding new capital market policies (the 'New Nine Articles'), the stock market has surged significantly again. The 'coal flying and colors dancing' trend has reappeared; this substantial rise in stocks has also driven up rebar futures and hot-rolled sheet futures. The rebar futures showed an increase with a 'bullish engulfing' pattern indicating a shift in short-term bullish-bearish dynamics; expectations for strength tomorrow are high. Meanwhile, hot-rolled futures closed with a small bullish candle featuring a long lower shadow; short-term bullish momentum is also strengthening with expectations for stabilization and strengthening that will help consolidate confidence in the spot steel market. The space for further decline in steel prices may be limited; tomorrow's drop may shrink with some maintaining stability. However, whether this can change the market dynamics remains uncertain.
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Address: Xingchen Industrial Park, Hengshanqiao Town, Changzhou City, Jiangsu Province
Telephone:0519-88611708
Fax: 0519-88611508
E-mail:sainengjx@163.com
Website:www.sainengjx.com
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