US steel prices still have room to fall in H2 2022
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Update time : 2022-06-24 16:59:49
US Federal Reserve and Goldman Sachs lowered their forecasts for US economic growth after the sharply hiking interest rate. In addition, US auto sales were expected to decline, and rapidly rising interest rates and home prices will also reduce home sales.
At the same time, it is unlikely that US steel mills will cut production significantly in the short term under the current profit margins. As the Fed enters a cycle of sharp interest rate hikes, the overall US consumer cost will increase further.
As a result, in the second half of the year, the demand for steel, mainly in manufacturing, real estate, and infrastructure, will continue to be suppressed. At the same time, steel mills still maintain a high production pace. Therefore, US steel prices may continue declining in the year's second half.
