Thursday, 27 Jan 2011
It is reported that as the Spring Festival is drawing near, Shanghai construction steel market would ease the market transactions for holidays although the prices are still perching at a high track with weak terminal market demand.
According to the market traders, the terminal demand for steel products was declining to a lower point as the lunar new is coming on the way. Nevertheless, most traders chose to believe that the market would still open at a high level after Spring Festivals holidays plus the raw materials were on the swell, the steel prices would continue firm before the holidays.
Besides, the daily crude steel output eyed MoM growth of over 60,000 tonnes in early January hitting a new high record since the energy saving emission reduction assignment started last year which indicated that the high steel prices would stimulate the output to grow up further.
(Sourced from Futures Daily Paper)
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