Steel Prices Fluctuate Downwards Amid Market Uncertainty, Fed Rate Cut Hopes

Published: Sep 20, 2024 17:46

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[SMM Daily Review of Rebar: Steel Prices Fluctuate Downwards Amid Growing Market Wait-and-See Sentiment] Today, the rebar futures market experienced fluctuations and fell by 0.32%, closing at 3098. The spot market saw adjustments in early trading, and prices softened somewhat in the afternoon as the futures declined. Market transactions were average, with traders adopting a more cautious wait-and-see attitude. On the macro level, the Fed's interest rate cut this week may open up room for further easing of domestic monetary policy, and subsequent interest rate cuts and reserve ratio reductions are worth anticipating. Fundamentally, with the completion of maintenance at some steel plants, construction material output has rebounded, but traders remain cautious in taking delivery. This week, inventory at steel plants increased slightly, while the destocking speed at social warehouses slowed down. Upcoming typhoons and heavy rains in eastern China may affect pre-holiday demand release, restraining the upside potential of steel prices. It is expected that steel prices will continue to fluctuate.

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