SMM Comment: Ferrous Metals Prices Suffer Broad-Based Decline amid Multiple Bearish Factors

SHANGHAI, May 26 (SMM) – Hit by a series of negative developments, ferrous metals prices fell across the board yesterday May 25.

As of the end of yesterday’s daytime session, coke prices closed down 4.65%, leading the decline, followed by coking coal (-3.36%), rebar (-2.53%), iron ore (-2.23%) and HRC (-1.78%). Only stainless steel rose 1.55%.

Market is expecting the ninth round of coke price cuts. Raw coal supply is in a surplus. The rainy season is coming, which affects end-user demand. Steel sales have been poor.