Morgan Stanley: Spring steel price spike in offing and the China market story is still very complicated

摘要

With service center inventories still low, conditions are aligning for a spring steel price spike, Morgan Stanley analysts wrote in a March 28 research note. Last week, U.S. hot rolled coil futures climbed 2.3 percent to 680 dollars/short ton on high volume. Chinese HRC prices rose 3.1 percent to RMB 4,310/t (631 dollars/metric tonne). US operating rates rose to 71.1 percent from 70.9 percent, the highest level recorded since the week ending October 18, 2008.