SHANGHAI, Aug. 16 (SMM) – Hot-rolled steel prices in major markets, Shanghai, Lecong and Tianjin, rebounded slightly yesterday afternoon after deep declines.
However, the rally will be only temporary, with further declines on the way, SMM expects.
Trading improved after steel prices fell back, SMM learned.
According to steel mills’ production plans, their production will increase along with rising profits. Hence, market will feel growing inventory pressure in September.
However, any downside room for hot-rolled steel prices will be limited, supported by low stocks, especially in Shanghai.
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