Steel Prices Rose after Falling Last Week.

Published: Mar 16, 2023 17:02

Source: SMM

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At the beginning of last week, new policies and the impact of Tangshan’s response to polluted weather weighed on the prices of iron ore.

SHANGHAI, Mar 16 (SMM) - At the beginning of last week, new policies and the impact of Tangshan’s response to polluted weather weighed on the prices of iron ore. The market players were wait-and-see, hence the transaction activities weakened. Under the intensive resumption of steel mills, the prices of raw materials returned to be subject to fundamentals. Coupled with the strong cost support, steel prices stopped falling and stabilised. Last Thursday, the weekly inventory fell more than expected, which implied the strong demand amid the expansion of production. As such, the previous expectations for strong demand have been further confirmed, with rebar futures prices leading the gains. The transactions have increased amid the bullish market.

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