Another wave of the downtrend market

The price of billet in early November fluctuated under the downward pressure of scrap and iron ore prices, but China’s Tangshan billet price increased by $20/mt yesterday, November 1, 2022, making market sentiment a bit volatile, price offer at $470/mt.
HRC China price dropped another wave, HRC SS400 price hit $480 and SAE1006 hit $500/mt. According to forecast, the price will break these 2 levels soon if the market does not have positive signals from buyers.
In that situation, Vietnamese factories are trying to keep prices to protect the market, steel prices are expected to decrease slightly in November and wait for new signals from the market as well as new prices from Formosa.
In addition, the Asian market at the end of the year is not a good time to push output, this is the time when many buyers want to clear their inventory and prepare for the new year. Steel price will not be able to recover soon, this will be an opportunity to catch up with good price to buy, increase profit margin for the next recovery span.