Is Ferrous Metal Market Rally Over?

SHANGHAI, Mar 28 (SMM) - The ferrous product prices fell sharply last week. In the first half of last week, under the expectations of the Fed’s interest rate hike, the market was cautious. Coupled with the heavy pollution in Handan and Tangshan, Hebei, the iron ore price supervision tightened again. As such, the ore prices declined. In terms of finished products, under the influence of rainy weather in east and south China, the progress of construction sites slowed down, hence the terminal demand declined and the steel prices fell. In the second half of last week, the Fed's interest rate hike was in line with expectations, but the market was still worried about the banking crisis. Coupled with high inventory, market panic intensified and steel prices continued to fall sharply.