Chinese steel prices in Oct to show mixed results while uncertainties still exist for Nov
It was reported that up to October 26th, the overall steel prices in China were still slightly firm on the upside. The composite steel index increased by 0.61% in October compared to previous month. The long products surged by 2.29% while the flat products dipped by 1.53%.
For the outlook of steel prices in November, some market participants analyzed the steel prices could struggle to keep raising but also face the risk of downward.
The prevention and control of air pollution in autumn and winter was expected to be fully developed, and the supply side was expected to show its first significant decline after the Spring Festival this year.
With the deepening of the China-US trade war, the adverse effects will gradually emerge. In particular, the demand for industrial materials, combined with the seasonal decline in demand, might be demonstrated in November. This pessimistic expectation will continue to suppress the rebound in construction materials prices, and industrial prices will only continue to decline.
