Total Steel Stocks Dropped 1.7 Million Tons, Steel Prices Rose After The Adjustment
On April 8th, the domestic steel market price was weak, and the ex-factory price of pubillet in Changli area was stable at 5060 yuan/ton. This week, steel inventory accelerated decline, but due to the rapid rise in steel prices at the beginning of the week, high market resources need time to digest, short-term adjustment into the situation.
On the 8th, black futures market fell mainly, only coke rose. The main market of Luchui closed at 5115, down 0.23%, above the 5-day EMA. DIF and DEA are both up. The third-line index of RSI is located at 70-78, running between the middle and upper rail of the Bulling zone.
Six construction steel producers raised their ex-factory prices by RMB10-50 per ton Monday.
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