China's steel prices full uncertainties after Chinese New Year
Since last year, China's steel prices have been at a high level due to increasing iron ore and coking coal prices, which was also a reason for some middle and small traders chose not to stock in winter and cause market inventory to remain low.
The rebar price will be acceptable at around the RMB 4,000/ton level, but it depended on when the demand will begin after the Chinese New Year. The inventory situation and traders' attitude might be affected if the demand rebounded late.
Regarding steel prices after the Chinese New Year, some industries thought it will increase after work started, even it will drop for a short time and then rise back.
However, some traders estimated even the steel price goes up, it still needs some time to watch because the COVID-19 pandemic leads to uncertainties.
