Ferrous metal market entered bearish territory from a strong note last week. Recently, constant coal mine safety accidents tightened coking coal supply in parts of China, bringing with it a sign of a rally in ferrous metal price. In the second half of last week, as the third round of "interest rate cuts" in 2023 shored up market sentiment, ferrous metal market firmed up. In terms of the spot market, cold waves, strong winds and blizzards in many places hobbled cargo transportation and transactions.
Looking ahead, with strong cost support against traditional lull demand, steel price will be in a dilemma in a short run, and may appear volatile this week.
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