Last week, the ferrous metals series prices were weak. In terms of news, at the beginning of the week, Premier Li Qiang stated confidence in achieving an annual economic growth target of around 5%. Mid-week, it was reported that the National People's Congress Standing Committee meeting is expected to review the financial stability guarantee fund. In addition, favourable policies were intensively released in the housing market. Therefore, the market mainly adopted a wait-and-see sentiment. Last week, the coke price hike was implemented, slightly improving the price of furnace charge. In the spot market, steel prices fluctuated rangebound last week. With continuous high temperatures and rainy season, spot transactions were mostly concentrated on low-price sales.
In the short term, the upward pressure on pig iron output is evident, and raw material support temporarily stabilised. For steel, lacking upward momentum in the short term, steel prices are expected to continue fluctuating rangebound this week.
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