Mysteel analysis on recent steel price crashes
In the first quarter this year, China's economy extend good momentum since 2H last year. Nevertheless, domestic steel prices suffered waterloo and rapidly entered into a downward channel.
Crude steel output hits new high record in March, steel prices likely to extend weakness in Q2
In March this year, China's crude steel daily output created a new high record, which mainly resulted from higher profits caused by national capacity elimination. Since mid-Mar this year, domestic steel prices posted signs of falling on rising market supplies. As predicted, the steel prices would keep downtrend in Q2 with limited spaces, under growing pressure of high inventory and soft downstream demand.