The news that the People's Bank of China announced a comprehensive RRR cut detonated the market.
This is also the first RRR cut in a year which will release about 1 trillion yuan in long-term funds.
Affected by the positive macro factors, steel futures pulled up in full on Friday night trading, and the market's bullish sentiment was high.
It is expected that steel prices will run strongly next week.
The People's Bank of China lowers the reserve requirement ratio to ignite bullish enthusiasm.
the People's Bank of China (PBC) is scheduled to reduce required reserve ratio by 0.5 percentage points effective July 15 (not applicable to financial institutions that already carry a required reserve ratio of 5%).
The main purpose is to alleviate the pressure on market liquidity, especially to address the operating difficulties of small and micro enterprises caused by the previous continuous increase in commodity prices.
Affected by the sharp rise in external crude oil prices and the strengthening of domestic production restrictions this week, steel prices have risen by more than 100. Futures continued to rise, and speculative demand for spot goods increased.
The news that the central bank announced a comprehensive RRR cut on Friday made the market enthusiasm, steel futures rose sharply in the night trading, and steel futures rose across the board.