SMM Daily: Hot-Rolled Steel Futures, Spot Prices Drop Amid Macro Sentiment Shift, Policy Expectations Rise

Publicado: Oct 9, 2024 17:35
[SMM Hot-Rolled Steel Daily Commentary: Macro Sentiment Cooling Down? Daily Futures and Spot Prices for Hot-Rolled Coils Decline Again] Today, hot-rolled coil futures experienced weak trading and closed at 3,571 at the end of the session. In the spot market, mainstream market prices across the country followed suit and fell, with overall trading performance remaining average. Before noon, the market released news that the State Council Information Office would hold a press conference on October 12, at which the Minister of Finance would introduce relevant information on "intensifying countercyclical fiscal policy adjustments and promoting high-quality economic development", as well as the first official meeting of the joint working group of the People's Bank of China and the Ministry of Finance. Additionally, rumors circulated on foreign websites that the Ministry of Finance was about to announce the largest market rescue policy in its history, intensifying the impact of macroeconomic factors on market sentiment.

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