Steel prices continue to hit new highs, rising by more than 1,000
Since the beginning of this year, steel prices have continued to rise and hit a new high in April. Snail futures rose by more than 500 heads, and the steel spot composite index hit a 10-year high, second only to the high price in 2008. But at the same time, high steel prices suppressed downstream demand, and there is a certain difference between the market and May\'s steel prices.
With the rapid recovery of the global economy in 2021, the global manufacturing industry will accelerate the pace of recovery. According to data from China Internet of Things, the global manufacturing PM index in March was 57.8%, an increase of 2.2 percentage points from February, and remained above 50% for 9 consecutive months. This means that global manufacturing will continue to expand and promote international Steel consumption. The rapid rebound of steel prices in the United States has led to a sharp rise in global steel prices. At present, the price of hot coils in the United States is close to the 10,000 yuan mark, and prices in the European market have also continued to rise, approaching 1,000 sheets, which is close to the level of 1 euro. Therefore, although domestic steel prices have risen sharply, there is still a gap compared with international market prices. The sharp rise in international steel prices will also help to further promote domestic prices.
This round of increases in steel prices has been accompanied by cyclical increases in global commodities. The key driving factor behind it comes from the continuous increase in inflation expectations under the global loose monetary policy. In particular, the sharp rise in the price of iron ore and other resources has further supported the upward trend of this round of steel prices.
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