Publicado: Feb 21, 2024 07:30
SMM Steel Morning Meeting Summary: Iron ore saw a substantial decline, and the entire black metal sector experienced a downturn. Post-holiday steel prices did not see the anticipated uptick, instead showing a trend of opening high and closing low. First, most downstream construction sites have not resumed work, typically doing so after the fifteenth day of the first lunar month. The high opening of steel prices was due to speculative buying without real market demand, causing price fluctuations to have a greater impact. However, this year's downturn in the real estate sector has become a consensus, and infrastructure demand still needs validation. The macroeconomic aspect has not provided sufficient signals, making it difficult for the sentiment-driven price increase to continue.

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SMM Steel Morning Meeting Summary: Iron ore saw a substantial decline, - Shanghai Metals Market (SMM)