SMM Steel Market Summary: Fundamentals Drive Sentiment Amid Policy Vacuum, Prices Fluctuate

Publicado: Oct 24, 2024 07:40
【SMM Steel Morning Meeting Summary: Policy Vacuum Period Brings Market Sentiment Back to Fundamentals】Yesterday, the steel futures contract oscillated and closed at 3316, down 0.48% from the previous trading day, with a subdued trading atmosphere and overall weak transaction volume. On the supply side, according to SMM research, the operating rate of electric arc furnaces at 50 major building materials steel plants nationwide this week was 42.68%, a decrease of 0.04% from the previous week; the blast furnace operating rate at 242 steel plants was 90.60%, up 0.13% from the previous week. On the demand side, during the current policy vacuum period, market sentiment has returned to fundamentals, and with the Golden September and Silver October coming to an end, downstream demand release is limited. Overall, the issue of insufficient demand is difficult to resolve, and it is expected that prices will continue to fluctuate in the short term.

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