Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants. The latest outlook will be for the last few working days before China’s National Day holiday over October 1-8, and September 27 was a make-up working day in China.
Rebar & wire rod: The prices are expected to stay rangebound over September 27-30, as the pre-holiday demand has eventually picked up in the last few days of September, though later than expected.
Hot-rolled coil: The price may weaken in the short week, as the market had come under the pressure of tepid spot trading and buyers’ conservative approach of fulfilling immediate needs only in the week ended on September 25.
Cold-rolled coil: Market expects a moderate softening in the price over September 27-30, citing a notable rally in traders’ inventories as of September 24 and a bearish sentiment among most of the market participants.
Medium plate: The price is expected to strengthen moderately over September 27-30 after having slid for three straight weeks, mainly underpinned by higher slab prices and steel mills’ insistence on their offering prices.
Sections: The price may flatten out over September 27-30 amid lackluster pre-holiday demand and modestly increasing supplies from the producers prior to the week-long holiday.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Photo: World Steel
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