SMM Steel Market Update: Rebound Halts, Market Adopts Wait-and-See Stance Amid Production Cuts, Improved Demand

Publicado: Aug 28, 2024 07:40
[SMM Steel Morning Meeting Summary: Rebound Pauses, Market Returns to Wait-and-See Attitude] Yesterday, steel coil futures gained strength, closing at 3329 with a 1.90% increase. In the spot market, prices rose slightly in line with futures, and overall trading performance was acceptable, with increased terminal purchases. In recent days, steel prices have been on a strong volatile trend, and steel mill profits have recovered, driven by rising raw material prices. As for hot-rolled coils, according to SMM research, some steel mills in Shandong have announced plans to reduce hot-rolled coil production in September, which is expected to alleviate production pressure in the near future. Coupled with the recent price rebound driving an improvement in terminal purchase demand, the fundamental contradictions in the hot-rolled coil market have improved.

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[SMM Steel Morning Meeting Summary: Rebound Pauses, Market Returns to - Shanghai Metals Market (SMM)