Steel price retreats from monthly top on recession, rate hike fears, China inflation eyed – by anilpanchal7 Metals RiskAppetite China Inflation Recession
r the US inflation data. Also exerting downside pressure on the metal prices could be the skepticism surrounding the world’s biggest commodity user China.
The US 10-year Treasury yields rallied to 3.412% and those for 2-year bonds increased to 3.76% following the data, around 3.424% and 3.771% respectively at the latest. Furthermore, the USElsewhere, doubts over the People’s Bank of China’s latest policy moves and the daily price fix also seem to challenge the steel buyers. “Consensus among market watchers is that the People's Bank of China has been manipulating the yuan's daily benchmark,” said Reuters.
Alternatively, hopes of more stimulus from China and expectations of a solution to the European energy crisis seem to defend the steel buyers. In that regard, European Union Chief Ursula von der Leyen’s plans for the energy price capping and US Trade Representative Katherine Tai’s EU visit to meet European Commission Vice President Valdis Dombrovskis also favor cautious optimism.
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