CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
The domestic steel market has overshadowed all markets. The rise in steel prices since the beginning of this year has overshadowed the pricing trend in many consumer goods markets. Continuation of this trend along with the monopoly in the production of home appliances can stabilize the growing path of their prices.
Despite the growing demand in the iron ore sector, we are witnessing fluctuations in the price of this raw material in global transactions. In its trade war with the United States, China needs to expand its industrial infrastructure. In these circumstances, the growth of iron ore prices does not reflect. So we are seeing China trying to suppress prices. In the domestic market, however, iron ore prices are reported to be rising due to the recent rise in the price of the dollar.
A combination of tight supply and strong demand was keeping the European hot-rolled coil market bullish, with the situation unlikely to change any time soon, market participants told Fastmarkets on Tuesday May 25.
Lower offer prices for flat steel from China to the United Arab Emirates and Saudi Arabia made buyers postpone booking during the week to Tuesday May 25, sources told Fastmarkets.
Sellers in China’s domestic rebar market stopped lowering prices on Tuesday May 25, which led to a pick-up in end-user demand.
The Tehran Stock Exchange index on Tuesday revived hopes in the hearts of shareholders with a forward movement. In this regard, the Metal Exchange and Commodity Exchange also showed positive jumps. The total stock index yesterday, after a consecutive week of decline, finally became positive with 9756 units.