🔹 Market Recap

The market continued to benefit from strong spot prices in coking coal, which remained the primary support for steel prices on Monday.
While finished steel lacked independent momentum, it was held up by the resilience of the raw material segment.

🔸 Macro Developments

  1. China’s June steel export data showed a month-on-month decline, suggesting that export demand may have peaked temporarily.
  2. Aggregate financing and M2 both saw notable growth, largely due to the intensive issuance of local government special bonds in June.
    These funds have improved liquidity for infrastructure and municipal projects, but the market has largely priced in this stimulus.

🔹 Market Outlook

We maintain our previous forecast:
The Rebar 2510 main contract is expected to trade within the 3090–3150 range this week.
In an extreme scenario, prices may briefly test 3180, but upside remains limited unless new catalysts emerge.

📌 Daily insights provided by LangZo Steel. For reprints, please credit LangZo Steel.