Domestic and international macro events are concentrated, and steel prices are expected to fluctuate more this week

Last week, the ferrous metals series continued to fluctuate rangebound, with the price center increasing slightly. On the news front, early in the week, there were market rumors that the macro perspective was considering approving new fiscal stimulus plans soon; domestically, China's official manufacturing PMI for October was announced at 50.1. Last week, steel prices fluctuated within a narrow range, with end-use sectors cautiously purchasing, and low-price transactions were moderate.

Looking ahead, this week will enter a window period for domestic and international macro events, with increased volatility in the ferrous metals series. From an industry perspective, according to SMM data, short-term pig iron production is expected to continue to increase slightly; entering November, the increase in rebar production is slowing, and marginal demand is declining. Demand for HRC remains resilient, and production is expected to gradually recover. The fundamental contradictions in the steel market are slowly accumulating, and in the short term, macro trading will still dominate. It is expected that steel prices will fluctuate upward this week, with the center of fluctuations possibly moving further up.