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[SMM Weekly selection] the rainy season is coming out of the steel price rise.
Jul 4,2020 11:03CST
translation
Source:SMM
[SMM Weekly selection: the rainy season is coming out of the steel price rise] the spot thread price is likely to fluctuate strongly next week. However, given the high inventories and the fact that some areas are still not out of the rainy season, it will take some time for market sentiment to ease, and the upside space is expected to be limited.
The content below was translated by Tencent automatically for reference.

"SMM Steel Industry chain Weekly report" released, the weekly report SMM will select one of the hot topics, prices, market or major changes in the industry chain information released into a document for your reference.

The trend of the thread this week is strong before and after. In the first half of the week, the terminal demand was seasonally weak, and the superimposed second outbreak of the epidemic in the United States aroused the concern of global economic uncertainty. The market was cautiously short, and the spot market was cautiously short due to the epidemic in the north and the rain in the south. In particular, the procurement of construction sites along the Yangtze River was delayed under the attack of heavy rain, and prices continued to move down all over the country. By the end of the week, there was news that production restrictions on environmental protection in Tangshan might be strictly implemented. It boosted the futures market and recovered a small portion of this week's losses.

The current price of this week's hot volume period is first weak and then strong, and by Friday it has basically returned to the pre-festival level. Affected by the inventory decline and increase this week, the market mentality changed from optimism to caution, superimposed thread rainy season drag, resulting in the early week volume trend continued to be sluggish, the terminal affected by the procurement rhythm has also slowed down. Later, with the continuous heating up of the news of environmental protection production restrictions and the stimulation of the macro good news, the black department rebounded strongly, driving the volume to follow the rise, prompting the market mentality to pick up, and the terminal procurement and speculative receipt were also more active than at the beginning of the week, and the transaction rebounded.

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