How will the price of API 5L X65 PSL2 steel change in the short term

Since the price of API 5L X65 PSL2 steel in China has risen too fast and too high after the Spring Festival, the sales of API 5L X65 PSL2 steel meet resistance in high price areas. At present, the transaction is mainly concentrated on low-cost resources. On the 9th, steel futures plunged sharply, and iron ore prices hit the limit, which affected the mentality of the steel market.

At present, the downstream steel demand has not been fully released, steel inventory is still in the rising channel, API 5L X65 PSL2 steel price has been greatly increased, which is lack of effective support, and the market is in a multi air confrontation stage. Recently, the sharp decline of the domestic stock market has sounded an alarm bell for the steel market, and it seems that the arrival of the decline of steel price can not be avoided. We predict that the price of API 5L X65 PSL2 steel will still fall in the short term, down around 30 USD.