Steel Price refreshes yearly low below $600 even as covid probes China production – by anilpanchal7 Metals China Inflation Coronavirus Recession
akes offers around CNH 3,885, $577, amid fears of contraction in global demand, mainly from the US and China.
Furthermore, comments from the Chinese Customs Official also weigh on the Steel Price. “China's foreign trade still faces instabilities and uncertain factors even as trade growth in May and June reversed the declining trend in April, said Li Kuiwen, a spokesman for the General Administration of Customs, during a news conference in Beijing on Wednesday,” per Reuters.
Moving on, Steel traders should pay attention to the US inflation data as strong inflation could increase the odds of a fasterrate hike and weigh on the quote. However, any negative surprise could help the metal to consolidate the recent losses around a multi-month low. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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