SMM

Last week, the ferrous metals series hit new lows again, with a poor start in September. Mid-week, the weak us manufacturing PMI combined with ADP employment data heightened recession expectations. Domestically, rumors of a reduction in existing mortgage rates resurfaced, leading to a cautious market sentiment. In the spot market, steel prices plummeted significantly. This week, end-users were cautious in their purchases, and weekly trading volume decreased WoW.
In the short term, recession concerns are intensifying, recent market confidence is low, and apparent steel demand is below the same period in previous years. End-user demand in the peak season is facing challenges, pig iron output is increasing slowly, and short-term steel prices are expected to remain weak. Attention will be on whether the release of us non-farm payrolls data can somewhat alleviate recession expectations.