SHANGHAI, Jun 21 (SMM) — Raw material prices of the ferrous industry kept rising last week amid frequent mine accidents and expanding safety inspections. Prices of finished products were relatively lower. The performance of the off-season market of finished products turned obvious after the holidays. The decline in the apparent demand of rebar expanded, and the daily trade volume shrank. The Bureau of Statistics announced macroeconomic data for May in the midweek and the performance of relevant data was weak, while the financial market had strong risk aversion sentiment ahead of the Fed's meeting on interest rates. The market rebounded later in the previous week, and spot market stopped falling and stabilised. Market sentiment is cautious at present. Merchants are actively controlling inventories by shipping goods, while the downstream demand for stocking is flat, and their attention to price fluctuations has fallen. The general trend of the recent volatility and decline in the finished product prices is in line with the expectation of weak supply and demand in the off-peak season, and it is easier to get out of the weak and volatile market without obvious positive news. Steel prices are expected to remain rangebound in the short term with insufficient upward momentum and limited downward room.
