Headline: without an effective breakthrough, the steel market will rise and fall again

Yesterday night, the domestic black market opened sharply higher, but the continuous upward attack was insufficient. The daily market was tentatively pulled higher, but it has not yet achieved an effective breakthrough. The rising and falling market staged again.

In particular, the performance of the raw material end was unsatisfactory. The iron ore plunged by more than 4%, with a minimum of around 810 yuan. The double coke saw a low level, the thread futures barely closed up, and the hot coil futures finally turned green.

The price increase in the spot market narrowed significantly. In the afternoon, there was a steady decline in some areas, and the market trading atmosphere was weaker than yesterday. On the one hand, affected by disk fluctuations, on the other hand, it is related to yesterday's large volume and the terminal is not in a hurry to purchase.

In terms of news, according to the survey released by the China Federation of logistics and procurement and the procurement manager of the service industry survey center of the National Bureau of statistics, the comprehensive PMI output index in August was 48.9%, down 3.5 percentage points from the previous month. The manufacturing production index was 50.9%, down 0.1 percentage points from the previous month; In August, China's Manufacturing Purchasing Managers' index (PMI) was 50.1%, down 0.3 percentage points from the previous month.

As an important economic measurement index, the continued decline has a slight impact on the market mentality, but it remains above the boom and bust line, indicating that the overall market economy is still in a recovery trend.

In the short term, the market upside is blocked, and the empty orders have increased slightly. It is not ruled out that the return will continue in individual time periods, but the overall upward shock has not been significantly broken. It is not appropriate to be too bearish and treat it as interval shock for the time being.

Post time: Sep-11-2021