Last week, the ferrous metals series prices first rose and then fell. At the beginning of the week, steel export data was released, showing a cumulative YoY increase of 21.2%. Throughout the week, macro meetings and policy announcements were frequent, leading to mixed market sentiment. The actual impact of the policies on the market still needs time, resulting in steel prices surging and then correcting last week. In the spot market, steel prices fluctuated more in the latter half of the week, and market trading sentiment worsened.
The macro meetings did not meet market expectations, and combined with the limited increase in steel consumption during the peak season, the momentum for the ferrous metals series to rise weakened significantly. Looking ahead, there are still meetings expected at the end of October. On the industrial side, steel production has entered a period of steady growth. If demand does not improve further in the short term, supply and demand pressure will again threaten the rebound space for steel prices. Last week's price decline has released some pessimistic sentiment to a certain extent. It is expected that steel prices will slightly recover this week, but the extent may be limited.
