Aug.9th Chinese market recap- Chinese market paused falling and some cover buying with real demand shows up and steel futures showed a ‘W” change and finally closed a little softer. Local debar sales are better volume around 110000mt daily then inventory pressure is eased more or less. Export market is slower with some low bids while some trade had been matched and increasing volume for Vietnam and Far ocean. Crc and coated lead time is a little longer to Sep end now. Local billet index +10rmb and steel export index +1usd. Raw materials IO are recovered more or less with warmer macroeconomic news and present assessment had less room to dive further. Brief summary of week 32th: Speed falling during the middle of this week and market touched lowest point since 2023 mid. Market suffered much from sluggish demand while steel output had been clearly cut and inventory pressure is not much. Market will be changing at low ends in August then wait for better season to encourage demand. Nice weekend !
