Steel price marches towards $600 on Fed-inspired softer USD, ignores Krakatau, Posco’s plans – by anilpanchal7 Metals RiskAppetite Recession China Fed
so, the metal ignores headlines suggesting more investment in steel production, as well as fears of recession. While portraying the moves, the most active steel rebar contract on the Shanghai Futures Exchange rises to 3,980 yuan per metric tonne by the press time.
Elsewhere, US Treasury yield curve inversion keeps signaling the fears of the US economic slowdown even if Fed Chairman Jerome Powell’s speech signaled that the hawks are running out of fuel. It’s worth noting that the US Federal Reserve matched market forecasts by announcing a 75-bps rate increase.
Looking forward, updates from the virtual meeting between US President Joe Biden and his Chinese counterpart Xi Jinping will join the recession fears to entertain steel traders. However, major attention will be given to the flash readings of the US second quarter Gross Domestic Product .US GDP Preview: Win-win for the dollar? Economy's flirt with recession to boost the buck
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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