Has a new round of upward trend in steel futures started

As of the week ending June 28th, futures snail prices, which had once plummeted due to rising trade frictions, showed signs of a reversal in their trend. Some people believe that as Trump's speech alleviates trade tensions and macro sentiment is restored, the continuous depreciation of the RMB at this time will stimulate the cost of iron ore imports and steel exports, coupled with the impact of environmental inspections on production, and a new round of upward trend in the futures market has begun; However, some people have also expressed that the depreciation of the RMB is not out of control and is not sustainable. It should be noted that the accumulation of inventory is more important, and environmental inspections are more likely to drive market sentiment. In fact, there are also many steel mills resuming production, and the trend of the futures spiral this round is only a technical correction, and the upward trend has not started.