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China's steel price has reached a record high

Posted:2021-05-11 11:28:44

On May 10, China's comprehensive steel price rose to 6510 yuan / ton, a daily increase of 6.9%, breaking through the previous high in 2008, reaching a record high.

The short-term sharp rise in the market is mainly related to expectations. In the early stage, the Political Bureau meeting of the CPC Central Committee stressed the need to promote the work of carbon peaking and carbon neutralization. At the same time, the high-level officials stated that the projects with high energy consumption and high emission that do not meet the requirements should be firmly rejected. After that, the new regulations on steel capacity replacement were issued, and the management opinions on steel project filing were issued. The national development and Reform Commission further issued a notice on doing a good job of "looking back" inspection of steel de production capacity in 2021. A series of factors continue to strengthen the market's rising expectations and stimulate the supply side's rising sentiment.