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[SMM brief Review] Economic data decline in line with expected strong demand to support steel prices
May 15,2020 11:17CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5, March 15: in the morning, the National Bureau of Statistics released a series of economic data. Although the data are generally lower than in the same period of previous years, the overall decline is still in line with expectations. Among them, national infrastructure investment fell 11.8% in January-April compared with the same period last year, and real estate development investment in China fell 3.3% in January-April compared with the same period last year. Bureau of Statistics: the main indicators of continued improvement of national economic operation in April showed positive changes

However, due to the slight lag in the Bureau of Statistics data, it is not possible to more accurately reflect the economic situation in May. Futures prices, the black system after the release of the data fell slightly but soon after the full rebound, the threaded disk turned red.

Recently, the upstream and downstream demand of the black industry chain is good, iron ore due to port inventory continued to lower support prices, infrastructure construction and other factors led to total steel inventory continues to decline. This week, the total inventory of building materials in the country was 11.897 million tons, a month-on-month rate of-8.7%, and the rate of decline accelerated by 2.4 percentage points. Mainly due to the previous period of inventory decline is relatively narrow, on a lower basis encountered this May Day after a few days of hot shipments, so the current period of inventory decline is considerable. And recently digging machine and other machinery sales and prices rose, on the whole, steel maintained a strong trend in the short term.

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