Steel prices may move sideways with absent positive macro expectations

Ferrous metal prices declined from a high level last week. In terms of news, the Central Economic Work Conference was held in Beijing from December 11 to 12. The meeting required that next year people must persist in seeking progress while maintaining stability, promoting stability through promotion, and establishing before breaking. In the second half of last week, domestic macro data for November, new social finance and RMB loans and other data were released. The growth rate of real estate development investment continued to slow down. the overall impact on steel futures market and market sentiment was neutral. In spot market, steel prices fell after a surge last week. In addition, snowy weather frequently occurred in north Chin. Therefore, trading sentiment cooled down.

Looking at the future, there were currently no positive macro expectations. Therefore, steel prices may move sideways.