Steel Prices May Fall Approaching the First Round of Coke Price Cut

SHANGHAI, Apr 4 (SMM) - Steel prices fluctuated within a narrow range last week and the futures prices fluctuated widely amid the intertwining of long and short factors in the market, which stimulated some speculative demand. As the weekend approached, the released March manufacturing PMI data was slightly better than expected, and thus the steel prices increased steadily. Looking at the follow-up stage, the rising output of pig iron and the expectations of demand increase are expected to drive up the prices of iron ore. However, the first round of coke price cut is likely to be implemented amid poor coke demand from steel mills and the sufficient coke supply. In general, the short-term finished steel prices will still be supported by the costs. But the upcoming Qingming Festival and the rains in many places may affected the demand for finished steel to a certain extent. It is expected that steel prices will fall slightly this week.