According to the research data of steel price of China Iron and Steel Network, the steel price first fell and then rose in the market last week, showing a downward trend as a whole. With the weakening of futures and billet prices, the wait-and-see mood of the terminal is gradually rising, and the market price is slightly chaotic due to the financial pressure on merchants. Near the weekend, billet and steel futures rose again, the demand for pre-holiday stocking was released, and steel prices quickly followed. In addition, the decline in social inventories slowed down last week. On the one hand, it shows that the current supply has been released, on the other hand, it shows that the price drop has inhibited the terminal purchase intention. At present, the fundamentals of the steel market have not changed significantly, the inventory is still at a low level, and the willingness to bid is strong. During the festival, billets fell sharply and rose slightly. It is expected that the steel price will drop today, but the space is limited.

In terms of raw materials, the quotation of Tangshan billet fluctuated during the holiday, and it is now 2390 yuan/ton. The overall transaction of finished products was deserted and the price fluctuated. The downstream purchases steel billets on demand, and the business enthusiasm is high and the market confidence is insufficient. It is expected to decline in the short term.

In terms of news, Xinhua News Agency published an English commentary on the current economic situation nearly half a month later. The article points out that China will not adopt large-scale stimulus policies again, because policymakers have realized the consequences of relevant short-sighted measures. Meanwhile, China is still dealing with the side effects of the last round of stimulus plan, such as overcapacity.