Off late “strong fluctuations” has become a popular word among industry insiders when they talk about Chinese steel market.
Steel prices in China began to rise sharply after the Spring Festival, and then from mid April, the price began to fall for three months, which has incurred great pressure for both steel enterprises and traders. Than since July 19, steel price has begun to rise again in China.
However, trader’s views about the surge are different this time.
A manager of a steel enterprise told that in the first half of this year, 40% steel mills have chosen to cut production and some were even forced to bring down price.
As to the downward trend from April to July, many traders think the fall was caused by the new real estate policy released by the central government which had a negative influence on market demand.
Besides, the rising price of iron ore is also an import factor, as the spot price of iron ore has reached record high between April and May.
Thus trader’s reaction towards Chinese steel market is really confused. According to them, the supporting factors of surging steel price is not enough, and market demand has not been fully released yet. At the same time, the central government’s control on real estate market is still strong and rigid. Therefore, great pressure is put on market demand for steel products in recent days.
Due to reasons mentioned above, traders are more cautious than before, as they are afraid the bull market may not reappear and they may be stuck with stocks when the market is bearish. Therefore, short term transactions have become the best choice for most traders.
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