Construction steel staged a V-shaped rebound, has the market reversed?

Golden Ten Futures on May 23rd, the recent domestic construction steel continued to rise, and continue to refresh the new high since April. Looking at the timeline in the first half of the year, the trend from April to May gradually repaired most of the decline from February to March, and the price of construction steel has emerged from a "V" -shaped rebound. Overall, the current steel price trend has caused the market to form a "V-shaped" rebound in the first half of the year, and steel prices have repaired most of the decline after the Spring Festival. From the perspective of the rebound logic, the improvement of fundamentals is certainly an important factor, but the steel price has undergone an adjustment in April, which has already repaired most of the steel mills' profits and molten iron production. The biggest factor in the sharp rebound in May, especially since last week, comes from the sentiment. The short-term market is still in the positive digestion stage. When the market mentality and trading sentiment improve, prices may continue to rise. In the medium and long term, this round of real estate policies is more focused on "guaranteed buildings" and "destocking". Even after the implementation of the "930 policy" in 2014, steel prices still experienced nearly a year of adjustment and repair. It may be too early to see whether the market will reverse sharply after this round of policies.