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It is expected that Chinese steel market will be stronger in the second half of the year

With the end of the rainy season in southern China, downstream demand will gradually recover, and it is expected that China's steel market will become stronger in the second half of the year.

First, steel price rebound is strong. In the first half of the year, in the case of high inventory, the overall steel price remained high, a very important reason is the strong market demand. Take the excavator, which is known as the "wind vane" of infrastructure construction, as an example. In June, the sales volume of excavators in China increased by 62.9% year-on-year. It is expected that the sales volume of excavators will maintain a growth rate of more than 60% in July. For the steel market, the continuous growth of excavator sales means that the downstream steel demand maintains a relatively considerable release speed, which brings a lot of room for steel prices in the second half of the year.

Second, it brings confidence to the macro economy. In the second quarter, China's GDP grew by 3.2% year-on-year, and economic growth turned from negative to positive, and the pace of domestic economic recovery accelerated significantly.

Third, the price of raw materials for steel production is stronger and the cost side is supported. In July, prices continued to fluctuate upward. At present, the port inventory of iron ore is at a relatively low level, supporting the strong shock of iron ore prices. For steel enterprises, the strength of iron ore price will consolidate the steel cost, which inhibits the downward trend of steel price to a certain extent.

At present, there are many uncertain factors in the steel market. However, on the whole, the steel market in the second half of the year does not have the possibility of a substantial reduction, and there is still room for steel prices to rebound.