Intraday Futures and Spot Prices Surged Sharply, Transaction Performance Diverged Across Regions

Published: May 6, 2026 18:27

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In the short term, cost support driven by energy price increases, combined with a relatively small supply-demand imbalance, suggested that sheets & plates prices would continue to fluctuate at highs with limited room for correction. Risk-wise, after today's daytime session, the U.S. side indicated that the U.S. and Iran were close to reaching a deal, causing Brent crude oil futures to plunge sharply. In addition, steel prices rose too quickly in this round, with actual demand realization remaining weak. Apparent steel demand in May was expected to peak and pull back, and supply-demand imbalances in the steel sector would slowly accumulate in mid-to-late May. Attention should be paid to developments in the Middle East situation and the pace of demand pullback in China.

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