At the beginning of the month, after a small rebound in long-suppressed steel prices, the market once again entered a shock adjustment. The global economy recovers slowly, superimposed on the YI situation in many places affects travel and consumer demand, steel, coal and other production rise rapidly, and the infrastructure investment landing and real estate investment weakening to suppress, the market oversupply has not improved, what is the trend of steel prices in the later stage?
Steel market influencing factors
In January and October, export steel prices increased
According to data from the General Administration of Customs on November 7, China exported 5.184 million tons of steel in October 2022, an increase of 200,000 tons from the previous month and an increase of 4.0% month-on-month; From January to October, the cumulative export of steel products was 56.358 million tons, a year-on-year decrease of 1.8%. China imported 772,000 tons of steel in October, down 119,000 tons from the previous month and down 13.4% month-on-month; From January to October, the cumulative import of steel was 9.115 million tons, a year-on-year decrease of 23.0%.
Analyst's view: From customs data, it can be seen that in October, China's exports of steel increased by 200,000 tons, and imported steel decreased by 119,000 tons, showing a trend of exporting more and importing less, but the increase was not much, and the overall domestic market supply was lowered. Coupled with the arrival of the traditional consumption off-season, and the expansion of the scope of losses of steel enterprises, the increase in the suspension of production and maintenance of steel enterprises, the market supply may continue to decline, merchants are worried about the difficulty of ordering, some begin to replenish the warehouse, steel prices will not fall sharply in the short term.
