SunSirs: Steel Enters the Traditional Consumption Peak Season in March
March 20 2023 10:01:00
On March 18th, the benchmark price of hot rolled steel plate and coil at the Business Club was 4398.00 RMB/ton, an increase of 1.71% compared to the beginning of this month (4324.00 RMB/ton).
In March, the traditional peak consumption season, demand remained resilient, and overall confidence in the steel market was relatively strong. With strong support from macroeconomic policies, there was little likelihood of a complete reversal of steel prices. At present, foreign news panic has spread to the market, coke cost support is insufficient, and steel supply continues to increase, suppressing the continued upward trend of steel prices. It is expected that in the short term, there will be a possibility of a weak adjustment in steel prices, with manufacturers selling out profits and being cautious in replenishing downstream stocks. In the future, it is also necessary to pay attention to the intensity of market demand.
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