Aug.26th Chinese market recap- Similar story happened as last Wednesday and double strong rebounds might change some thoughts in market reading. Due to the FED max possibility of cutting interests and no more steel capacity allowed in China , Chinese steel futures rebounds sharply today around +3% then physical performance is following up with max rise. Local price had been lifted 40-60rmb/t in most areas and mills stopped offer In the early afternoon after 4-5 round price adjustment. Export market is slower reaction while bids had been lifted rapidly with some smaller lots while it is hard to be accepted easily. Leading mills are assessing new rate and will update later with 10usd more request. Local billet index up 30+40rmb 2 times and steel export index up 10usd. Raw materials also rise faster (+3.45%) than steel as normal and seems mills still had hard time in cost. Market is easily rebounding at present level in last few days and wait September market to test real demand then.
