Although stainless steel seamless tube futures hit a new rebound high this week, they still havent returned to the upward trend
2023-08-23
Today, the stainless steel seamless pipe market is still experiencing a greater increase in market volume than in spot prices, especially with the main contract for raw iron ore rising by over 4%. Unstoppable all the way, rising steadily. Why is iron ore so strong? From the perspective of the market, raw iron ore, coking coal, and coke have just completed the main contract switch, and the discount spot price of the main contract is even greater. Surprisingly, the increase in 01 contract today is higher than the increase in 09 contract, and the prices of coking coal and coke 09 contract have closed down, but 01 contract has risen. This at least indicates that the expected reduction in production is already weakening in the face of deep discounts on the market. But from a time perspective, speculation in the distant months must be driven by expectations and capital, and has nothing to do with reality