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[SMM Steel Morning News] Premier Li Keqiang attended the main point of the press conference * scrap purchase price cut
May 29,2020 09:02CST
The content below was translated by Tencent automatically for reference.


Friday, 29 May 2020

News breakfast

"rising factors

1. Premier Li Keqiang attended the press conference

1 our large-scale policies do not rely on infrastructure projects. SMM interpretation does not rely on ≠ to combat ≠ stagnation;

(2) expand consumption, expand effective investment, and support the construction of "two new and one heavy";

(3) the goal of economic growth is to seek truth from facts, but the realization of the "six guarantees" will achieve positive growth;

(4) the stimulus policy does not flood, leaving policy space to introduce new policies in a timely manner;

(5) the newly increased fiscal deficit and anti-epidemic treasury bonds should all be transferred to local governments, all of which should be transferred to enterprises, and social security fees should be reduced at the same time, so as to promote the profits of state-owned commercial banks and reduce their operating costs

2. China Construction Machinery Industry Association: the volume and price of excavator market is on the rise.

According to the statistics of China Construction Machinery Industry Association, in April 2020, the 25 excavator manufacturing enterprises included in the statistics of the association sold a total of 45400 excavators of various types. Earlier, data from the China Construction Machinery Association showed that total sales of excavators in March were 49400, up 11.59% from a year earlier, setting a monthly all-time high. According to the data, as of May 28, subject to industrial and commercial registration, China has established more than 2800 excavator-related enterprises in 2020, including 851 in April, an increase of 26.26% compared with March.

Downside factor

1. The purchase price of scrap in several steel mills has been reduced by 20 cents and 30 cents.

Shagang, Zhongtian, Liuan Iron and Steel, Hongtai and other steel mills scrap purchase prices reduced by 20MUR 30. Since May 28, 2020, the purchasing price of scrap of Shagang and Changzhou Zhongtian Iron and Steel has been reduced by 30 yuan per ton. On the 28th, Lu'an Iron and Steel and Huainan Hongtai fell 20%.


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