Short-term steel prices rebounded slightly or steadily
Last week, domestic steel prices continued their downward trend, with total social steel inventories experiencing a slight decline. As of May 3, the national steel inventory dropped by 0.89% to 2005.53 million tons. Among the different steel products, rebar stocks fell by 1.6% to 9.993 million tons, down 4.0% from the previous week. Wire rods decreased by 2.3% to 2.657 million tons, marking a 4.2% drop over the last seven days. Hot-rolled coils saw a small increase of 0.6% to 4.82 million tons, but still remained down 0.7% compared to the prior week. Cold-rolled sheets declined by 1.5% to 1.647 million tons, while medium plates fell by 1.2% to 1.538 million tons.
The limited number of working days last week contributed to a narrower decline in overall steel inventories. Manufacturing companies were more affected by the holiday period than the cold and hot rolled sectors, which saw some recovery. However, demand from end-users remained weak, and with the "golden three silver four" period now behind them, merchants' confidence in operations has significantly weakened. Many steel mills cut factory prices at the start of the month, but this failed to spark much interest among traders. The market remains highly competitive, with plenty of room for negotiation and low-cost resources still widely available.
Currently, the market is showing signs of weakness, with most businesses adopting a shipping-based strategy. As a result, steel inventories are expected to continue falling this week. While steel prices may see a slight rebound, the movement is likely to remain within a narrow range, reflecting the ongoing uncertainty in the market.Bestware Touchless Kitchen Faucet brings the fine design and high technology together in all areas of the product process beyond Pull Out Faucet , Commercial Faucet and Commercial Kitchen Faucet. With extensive range of components, we can offer a large selection of both standard Pre-rinse Faucet and custom Basin Tap units as well as flexible combination. Stainless steel is 100% recyclable and is comprised of over 60% recycled material, Bestware faucets are the perfect solution in the commercial and industry for better water quality and the circumvention of the development of deleterious substances and bacteria. No plating, no oxidizing, no rust, lead free.
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