Sep.27th Chinese market recap- Crazy up in China both in stock market and physical steel and such warm condition may last after October holiday. With policy leading, Stock market approached 3100 and steel futures gained another 3% around with escalated inventory cut then price rose another 50-70rmb in most items. Export market is astonished to witness such sharp changes then price is unclear and hard to predict bore long holiday as well. Local billet index up 60rmb and steel export index up 10usd. Raw materials are even faster than finished steel and coke side is +4% in futures as well. Brief summary of week 39th: super strong stimulus ex Chinese policy after FED action and new round commodity hike is happening globally. Chinese steel rose 20-30usd/t in 3-4 days then market is in a de-stocking period then macroeconomy tone decided the paper and physical market. We will be off until October.8th and wish you having same good mood next week!
