The monitoring data showed that DMC fell over the weekend, and the sample enterprises in Shandong reported as low as 16600 yuan/ton. The middle and lower reaches of the country were more tightly covered, and they were just waiting to see. The market trading atmosphere has cooled down, and the market has fallen back. The largest downstream digestion region, Dawan District, is under great pressure after various exhibitions have been suspended due to the influence of the "Y" situation. Most of the downstream said that the decline of order outflow in the first half of 2023 was a foregone conclusion. The center of gravity of spot price moves downward, leading to the re opening of the current mainstream window, and there is a certain increase expectation on the supply side in the future. This week's macro positive supported the low rebound of the bulk market, the expected landing of the policy side, and the focus of some enterprises' positive attitude rose, but the actual demand did not reverse. The demand side pressure was given by the situation in many places, and the price was constantly looking for the bottom. The industry leaders believed that the low inventory space was limited, which maintained a volatile trend in the short term.


The official media reported that the annual "Black Friday" shopping festival in the United States has kicked off. American consumers will generally control their spending during the "Black Five" period this year, spend most of their budgets on necessities, and reduce spending on other categories of goods. The reason is that, on the one hand, the current inflation in the United States is still high, eroding the purchasing power of consumers; on the other hand, with the Federal Reserve raising interest rates significantly, the expectation of the U.S. economic recession has intensified, and many companies have begun to carry out large-scale layoffs. Under this background, the American people can only keep their pockets tighter. In the second half of the year, the confidence of European enterprises fell to the bottom. Due to record breaking energy prices and slowing demand, one third of the region's large industrial enterprises are expected to stop or reduce their business in the EU. A survey shows that American business leaders are also pessimistic about the future of Europe, and the EU is expected to fall into a deep recession in the next 12 to 18 months.


After the afternoon of Friday, the Central Bank officially announced that it would comprehensively reduce the RRR by 0.25 percentage points on December 5, 2022, which released about 500 billion yuan of long-term funds. There has been an advance notice, which is expected to be a comprehensive RRR reduction. This RRR reduction is mainly to maintain short-term liquidity and stabilize market liquidity expectations. There is no absolute positive or negative effect on the macro level. For example, when the economic expectation is good, it will reflect the loose policy environment and further release liquidity; When the economic expectation is not good, it will further increase the concern. Therefore, the essence depends on the situation of the macro itself. Therefore, when it comes to the implementation of the market, the market feedback is not the same every time.