Room for price drop of Hydraulic Steel Honed Tube

- Nov 15, 2020-

The carbon steel market price in Wuxi is stable. The carbon steel market price in Wuxi is stable. The announcement of the Fed's interest rate cut was in line with previous market expectations, driving market sentiment to be relatively stable. However, the snail futures continued to decline after midday, the market was pessimistic, and the wait-and-see sentiment was strong. Traders were not optimistic about the market outlook. Downstream customers were more cautious in purchasing, and shipments declined compared with the previous few days. It is expected that the market price of carbon steel in Wuxi area will be weak and stable tomorrow.

In East China, the price of honing pipes continued to weaken, and the market transaction performance was relatively average. In addition, the futures market fell sharply, and the mainstream varieties also declined significantly. The overall market mentality was weak. In South China, with the release of inventory data, although the inventory is in a downward trend, the factory inventory is increasing, the data is relatively empty, and futures are down, merchants are cautious. On the whole, it is expected that domestic strip steel will still have room to fall tomorrow.