Metals News
Meilya futures: spot prices pull up to stabilize the pullback
Aug 15,2019
Source:Meerya futures
The content below was translated by Tencent automatically for reference.

SMM News:-Steel:

Important news: (1) Tianjin: Rongcheng United Iron and Steel Group Co., Ltd. plans to sell 1 588m3 blast furnace with a production capacity of 688000 tons. (2) Handan: from 2012 to 2018, the total iron reduction capacity was 17.83 million tons and the steel production capacity was 13.93 million tons. This year and next, Handan will reduce steel production capacity by another 11.034 million tons. By 2020, Handan will reduce its steel production capacity by 40% compared with early 2013.

Spot: the daily trading volume of construction steel by the mainstream traders in the country is 160700 tons, which is 32900 tons less than that of the previous month.

Viewpoint: recently, many steel mills have issued production restriction plans, short-term supply has been affected to a certain extent; on the demand side, off-season demand continues to be weak, and weekly transactions of construction steel have declined slightly. Finished materials continue to accumulate high levels. The disk is higher and the base is back up. Spot prices rose slightly, traders mainly to ship, the overall mood is still not optimistic. Considering that the surface of the disk has risen, the rebound space of the disk may be relatively limited.

Iron ore:

Important news: (1) National Bureau of Statistics: on August 14, the National Bureau of Statistics released data showing that in July 2019, the national coke output was 39.61 million tons, an increase of 5.9 percent over the same period last year, and the growth rate was 4.8 percentage points lower than that of the previous month; the cumulative coke output from January to July was 274 million tons, an increase of 6.7 percent over the same period last month.

Spot: Rizhao port 62% crude (SSFG) is 714 yuan / ton, 61.5%PB powder is 720 yuan / ton, 61% gold Buba powder is 683yuan / ton, 56.5% super special powder is 642yuan / ton, month-on-month increase of 4 yuan / ton, port transaction of 1.736 million tons, up 12.8% from month to month.

Viewpoint: the shipment of foreign mines has increased recently, but the gap between supply and demand of iron ore still exists in the whole year, and the port inventory still has a slight decline. The price of imported mines stopped falling and stabilized, and the volume of sparse Hong Kong rebounded. Port stocks have fallen. Disk shock adjustment, the basis is still in a high position. Short-term timber terminal demand is expected to weaken, iron ore rising power is insufficient. It is expected that there will be a weak shock in the short term. Pay attention to the trend of macro level in the later stage.

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