Sep.3rd- Weak reality made the good forecast of “Gold “ September fading. Steel futures fell faster on 2nd trade day of September and closed with 3% around adjustment for most items and physical price is lower by around 20-50rmb/t in most regions. Debar trade is keeping normal rate around 100000mt daily and inventory pressure does not change much. Export market is weak and some trades matched selling then base price ex leading mills are updated no much changes but bids may talk. Ansteel released new round export base together with Benxi export team now. Local billet index down 40rmb and steel export index down 6usd. Raw materials are falling faster still and iron ore starts to test 700rmb support again. Supply pressure against demand uncertainty made the speed faster which mills are willing to see and gave more options for them. EAF mills had some profit while this week is less.Market is hit by reality and poor forecast and next 10 days market is encouraged by interests changes from USA and China central banks both and hope it will give some energy to present market.
