China's steel market is likely to continue to rise this week

Looking back on last week's steel market, it showed a strong upward trend. The comprehensive steel price index rose 207 points, including 222 and 227 points for screw thread and wire rod, 206, 205 and 139 points for medium plate, hot rolling and cold rolling, respectively. In terms of raw materials and fuels, the US dollar index of iron ore rose 9 points, the scrap price index rose 23 points, and the coke price index rose 1.4 points, with an upward trend that is more than expected.

Looking forward to this week's steel market, it may continue to rise. The main reasons are as follows: first, although there is no big change in the macro aspect, the two sessions will be held soon; Second, during the long holiday, the steel inventory increased by 7.53 million tons, which is still likely to increase significantly this week, but the market is still in the reality of transaction expectation and year-on-year preference; third, the continuous rise of steel billets at the weekend is conducive to the sustained recovery of market sentiment; and the price increase of some steel mills also has a boosting effect on the spot market.

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