Steel prices expected to recover in China's market after Chinese Lunar New Year
Time:Thu, 19 Jan 2023 07:09:50 +0800
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At present, overall steel trading in the Chinese market is deserted with sluggish sales. Market participants consider that the authority's lifting of the blockade has caused serious epidemic situations, and hindered the construction progress of downstream buildings, which greatly reduced steel demand.
In addition, due to poor orders received by local mills, the shutdown time of the Chinese Lunar New Year was brought forward. Market transactions have decreased, and steel traders have also left the market one after another. However, traders' willingness to support prices is still strong, and they generally view the price trend after festivals positively.
On the whole, the production cost of steel mills is high, and some mills still suffer certain losses, so the mills' new offers are mainly rising.
With the price up and the policy effect of infrastructure constructions, the trend will rise steadily in February after the long holidays.
