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PrintIt is reported that prices for HRC in Shanghai spot market eyed a decline of CNY 70 per tonne, given to the US Goldman Sachs affair and national controls in the house market. Domestic HRC market witnessed a speedy growth of CNY 800 per tonne in total from February 5th to April 15th 2010 which led the whole market to face a price adjustment later.
As predicted, the future market may continue decreasing amid fluctuation. On one hand, the domestic main stream steel mills continued lifting their May ex works prices, which would further aggravate the future market, and on the other hand, the national monetary policy needed to be adjusted along with the global economic turn moil gradually recovered.
One of the market analysts believed that the rapid growth of HRC prices since March 2010 would exert unfavourable influences to the market in later period. At present, parts of steel traders decided to undersell their products for cashing out which created a price correction in the market.
As concluded, the steel market as a whole is hardly to maintain an upward trend on insufficient downstream demand and the traders should pay more attentions to the potential factors which may impact the future market.
Sourced from www.Mysteel.net
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