Steel prices are edging towards a two-month low. China's rebar inventories have witnessed a remarkable 35 percent year-on-year (YoY) increase, impacting the ferrous metals sector, including steel and iron ore. We also discuss the market's response to a less-than-expected rate cut in China, alongside factors such as weak imports and real estate sector demand. A robust US Dollar, reaching a two-month high, adds to market concerns. Additionally, we analyse anticipation surrounding the Jackson Hole meeting outcome this Friday – August 25. Lastly, we highlight the upward trend in India's steel production and exports. Stay informed with our comprehensive analysis of these crucial market dynamics. Watch Commodities Corner with Manisha Gupta to know more.
first published: Aug 22, 2023 01:37 pm
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