Steel Price extends recovery amid short-term supply crunch

6/27/2022 8:03:00 AM

Steel Price extends recovery amid short-term supply crunch By @anilpanchal7 #Metals #RiskAppetite #NewsTrading #China #Recession

Metals, Riskappetite

Steel Price extends recovery amid short-term supply crunch By anilpanchal7 Metals RiskAppetite NewsTrading China Recession

Steel Price begins the week on a firmer footing as short-term supply fears favor buyers during a sluggish Asian session on Monday. Industrial metal’s

The most active steel rebar contract on Shanghai Futures Exchange (SFE) rise around 1.0% to 4,265 yuan per metric tonne (MT) by the press time. The metal slumped to the lowest in six months during the last week as risk-aversion joined pessimism surrounding China.

Recently, the White House said, per Reuters, “The US is confident that NATO's new strategy document will include "strong" language on China, a White House official said on Sunday, adding that negotiations on how to refer to Beijing were still underway.”

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recent gains could also be linked to the US dollar’s mixed performance."The Prime Minister is preparing to hit several developing countries with new 'safeguard' import limits designed to protect UK manufacturers from a 'flood of cheap steel' from overseas," the newspaper said, without citing sources.Pipes at the landfall facilities of the 'Nord Stream 2' gas pipeline are pictured in Lubmin, northern Germany, on Feb.Video Exploring the Ripple Effects and Lessons Learned After DeFi Failures Host Isaiah Jackson speaks to"Proof of Decentralization" Podcast host Chris Blec and DoNotPay CEO Joshua Browder about the decentralized finance community and the ripple effects of top projects failing in recent weeks.

The most active steel rebar contract on Shanghai Futures Exchange (SFE) rise around 1.0% to 4,265 yuan per metric tonne (MT) by the press time. Register now for FREE unlimited access to Reuters. The metal slumped to the lowest in six months during the last week as risk-aversion joined pessimism surrounding China. The proposal is part of broader G7 discussions on how to further crank up the pressure on the Kremlin over its incursion into Ukraine without stoking global inflationary pressures. Recently, the White House said, per Reuters, “The US is confident that NATO's new strategy document will include "strong" language on China, a White House official said on Sunday, adding that negotiations on how to refer to Beijing were still underway. Some senior government figures opposed the wider plans, partly because of fears of retaliatory action on British exports such as whisky and potential damage to Britain's broader reputation, the newspaper said.” Also challenging the steel demand could be the statements from the Bank for International Settlements (BIS) that supported faster rate hikes. Key themes, issues or questions that arise from the meet-up will be further explored during the rest of the show with guests and demos.

On the same line are comments from International Monetary Fund (IMF) Managing Director Kristalina Georgieva, who said per Reuters, “Further negative shocks would inevitably make US economic situation ‘more difficult’. It is a total violation of the WTO rules . READ MORE:  Germany raises gas alert as Russia cuts supply 'Good path on reaching agreement' With energy prices soaring though, the West fears such embargoes will not actually put a dent in Russia's war chest as the country earns more from exports even as volumes fall.” “Rebar output dropped palpably due to frequent production cuts across steel mills. In terms of rebar, the production was muted due to serious losses suffered by steel mills, and the overall supply slumped amid frequent production cuts,” said Shanghai Metal Markets (SMM) per Reuters.. The SMM news also mentioned that the rebar supply is likely to extend the declines as steel mills are increasingly less interested in producing when rebar prices keep falling, and more mills will join the queue of suspending the production for maintenance. The official said the G7 was also discussing the need to combine ambitious climate goals with the need for some countries to explore new gas fields as Europe rushed to wean itself off Russian gas imports. In terms of HRC, the output increased slightly last week mainly because fewer steel mills were under maintenance last week. Johnson's office referred questions about the report to Britain's trade ministry, which said no final decision had been made, and indicated that it would seek to balance international obligations with Britain's national interest.

Apart from that, US Durable Goods Orders for May, expected 0.1% versus 0. Geidt said at the time that he had been put in an "odious position" by a government commercial policy he did not describe, and which Johnson said related to trade tariffs and the WTO.5% prior, as well as the Pending Home Sales, expected -2.0% versus -3.com Register Reporting by David Milliken; Editing by Daniel Wallis Our Standards:.9% prior, will be important for daily directions.

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