Market Overview:

The steel market is likely to start the post-holiday session with a small upward move. Current price action remains in a “range-bound” pattern without a significant breakdown. Prices are hovering near the lower boundary of the range, with the potential for either a breakdown or a rebound. Today’s outlook favors a mild rebound.

Key Insights:

  • Spot Market: Expected to stabilize with a slight bullish tilt, with price increases ranging between 10-30 RMB.
  • Futures Market: Projected to fluctuate between 3280-3330, with 3270 as a short-term support level and 3340 as the first resistance level. Should the market break above 3340 with volume, the next resistance level is at 3380.

Strategy:

Monitor the price movements closely near the key levels of 3270 and 3340. Potential opportunities may arise if the market decisively moves beyond these levels with sustained momentum.

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