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Positive factors have gradually emerged in China's steel market

Positive factors have gradually emerged in China's steel market
Mar 17, 2023 page view:28

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Recently, positive factors have gradually emerged in the domestic steel market. First, steel inventory has been reduced rapidly, and demand release has accelerated.

According to survey data, last week's steel inventory totaled 26.22 million tons, a decrease of 920000 tons compared to last week, higher than last week's 730000 tons; The second is that the demand for infrastructure construction has started to generate momentum. Statistics show that the number of excavator operating hours in February was 76.4 hours, with a year-on-year increase of over 60%. The rate of earthworks operating has increased significantly. With the arrival of the peak season, the intensity of downstream demand will further increase; Third, the cost side support is strong, and in the context of demand growth, there is little likelihood of significant fluctuations in raw fuels; Fourth, good external demand, significant growth in steel exports, continued contraction in overseas steel production, demand for downstream inventory replenishment, and increased domestic and foreign price differentials are the main reasons. In the near future, steel exports will continue to maintain growth.

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