According to market participants, although U.S. inflation is still higher than market expectations, short-term steel prices will be supported by high coal and rebar prices and recovering market demand in China.
In addition, all three major steel mills in Asia, including Taiwan's China Steel Corporation (CSC), China's Baoshan Iron & Steel (Baosteel) and Vietnam's Formosa Ha Tinh Steel Corporation (FHS), have announced price increases.
Based on the current market situation, market participants said that China's demand is gradually increasing, although the strengthening US dollar is not conducive to the price trend of iron ores and metals. In addition, the cost of raw materials for steel production remains high, which will ensure that steel prices remain tight.
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