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[selected SMM Weekly report] "National Day" will hit bottom or rebound in steel prices.
Sep 19,2020 10:38CST
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Source:SMM
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"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.

 

Prices are both weakening during the threaded period this week. The real estate, infrastructure and other industrial data released by the Bureau of Statistics at the beginning of the week broke the last expectation of the market for the "explosion" of terminal demand, the overall mood became weaker, the cautious atmosphere became more and more intense, and the bearish mood gradually began to ferment. In addition, in the process of basis repair, some funds made a profit, which accelerated the decline of the period snail surface, and further promoted the weakening of the mentality of the spot market, and the atmosphere of making friends was relatively desolate.

The current prices of hot rolls this week have all continued their downward trend. Mainly due to the impact of last week's collapse, market sentiment has changed direction, the accumulated profit market urgently needs to be realized, and the momentum of capital smashing is ferocious, resulting in the overall market panic lingering. Superimposed this week's real estate data than expected, terminal demand continues to be dishonoured, exacerbating the market panic, causing the black system to open the channel all the way down. In this case, there is basically no respite in the spot market, prices continue to fall, the overall trading atmosphere is deserted, and the transaction is poor.

 

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