After the spring festival, the operating rate of China's blast furnaces and electric furnaces increased. Various steel production gradually recovered and led to increase of market trading volume.
In terms of inventory, social inventory and in-plant stock of major steels increased by 15.04% and 7.42% month-on-month, respectively, due to the extended holiday and factory closures.
However, given that production costs are still high and profits are under pressure, price reductions are likely to be unlikely in the short term. Therefore, currently, steel futures prices continue to decrease, causing the spot price to increase first and then decrease, and the overall trend is still rising.
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