Steel price spot futures both fell, and the current price difference further declined. Domestic steel prices continued to fall this week, and the decline of Tianjin alloy steel pipes showed an increasing trend. Affected by the uncertainties in the macroeconomic situation at home and abroad, futures prices have fallen even more, driving the current price gap to fall further.
This week's steel price performance is fulfilling the previous pessimistic expectations. In fact, the price of shaped pipes after entering the traditional peak season has been weak, reflecting the unsustainable demand for high prices in the previous period. The accelerated decline in forward contracts may be predicting that the decline in demand will also accelerate.
However, although this process is more painful, it is moving in a healthy direction compared to the situation in which the previous steel price continued to be low and the profit continued to be low. After all, the decline in steel prices is at the same time as pessimistic expectations, large-diameter welded pipes also release the risks that have been accumulated.
We still believe that it is difficult for Tianjin stainless steel plate industry to see obvious improvement in power and space before the steel price rebounds substantially. Therefore, even if there is a small rebound in the next few weeks, it will be difficult to bring investment opportunities. Due to supply adjustments between varieties and cyclical performance of demand.
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