Forecast: Steel prices may inch up this week amid growing impact from news front

Ferrous metal prices hiked after a drop last week. The central government will issue additional 1 trillion yuan of treasury bonds in the fourth quarter of this year. Tangshan launched a Level II emergency response to heavy pollution weather from 12:00 on October 27, 2023.

In the future, short-term raw material prices are unlikely to fall significantly. Moreover, rising supply and muted demand will probably leave steel prices with limited room to hike further in a short run. It is expected that profits of steel mills will continue to improve this week, but to a limited extent.