SMM Steel Market Update: Inventories Decline Swiftly Amid Cautious Outlook on Output Rebound, Macro Policies Support Short-Term Prices

Publicado: Aug 30, 2024 07:40

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[SMM Steel Morning Meeting Summary: While Inventory Decline Accelerates, Need to Be Alert to Rebound in Steel Mill Output] The iron water output at the raw material end has rebounded from the bottom, providing support for cost. On the supply side, the operating rate of major construction material electric arc furnace steel mills has declined slightly, but with the expected rebound in profits, it is expected that production will resume in September, and the long-process steel mills are also gradually resuming work, which may increase supply pressure. On the demand side, the interest rate cut by the Federal Reserve and the favorable policies for the issuance of special bonds are gradually being implemented, but the tight downstream funds limit the growth of demand, and the market holds a cautiously optimistic attitude towards the "golden September and silver October". Looking ahead, the improvement in market supply and demand and the positive macroeconomic policies provide short-term support for steel prices. However, with the increase in supply brought about by the resumption of steel mill production, the market is concerned that the inflection point of inventory is approaching, and steel prices may come under pressure.

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