[SMM Steel Morning News] the central bank cuts the re-loan rediscount rate * Xuzhou Coke Enterprise Steel production capacity reduction

Wednesday, 1 July 2020

News breakfast

"rising factors

1. The central bank cut the rediscount rate by 0.25 percentage points.

The central bank recently issued a statement saying that it has decided to cut the re-lending and rediscount interest rates from July 1. Among them, the interest rates of re-loans for supporting agriculture and supporting small enterprises were reduced by 0.25 percentage point. after the adjustment, the interest rates of re-loans for supporting agriculture and supporting small children for three months, six months and one year were 1.95%, 2.15% and 2.25%, respectively. The rediscount rate was cut by 0.25 percentage point to 2%. In addition, the central bank also cut the financial stability re-lending rate by 0.5 percentage points. after the adjustment, the financial stability re-lending rate was 1.75%, and the financial stability re-lending (extension period) interest rate was 3.77%.

2. Shandong coke enterprises raise coke by 50 yuan per ton in the seventh round.

Since 00:00 on July 1st, the ex-factory prices of metallurgical coke in Weifang, Binzhou, Dezhou, Jining, Zaozhuang, Heze, Rizhao, Taian and other coke production enterprises in Shandong Province have all increased by 50 yuan / ton on the basis of the original price.

3. Some coke enterprises in Xuzhou area of Jiangsu Province officially stopped coal feeding from coke ovens at 0: 00 on June 30.

Jiangsu Xuzhou area four coke enterprises Xuzhou Dongxing Energy Co., Ltd., Xuzhou Longshan Coking Co., Ltd., Xuzhou Zhongtai Energy Technology Co., Ltd., Xuzhou Weitian Chemical Co., Ltd. officially implemented the relevant exit policy on June 30, 2020. the coal feeding of coke ovens was officially stopped at 24:00 in the evening, and the shutdown involved a production capacity of 6.8 million tons.

4. The replacement of production capacity of Xuzhou steel enterprises in Jiangsu Province involves an average daily reduction of about 20600 tons of pig iron production capacity.

A total of 11 blast furnaces in the five steel enterprises involved in Xuzhou stopped production, with a volume of 6482 m ³, involving a pig iron production capacity of 7.51 million tons, with an average daily reduction of about 20600 tons. In addition, eight 60t converters were shut down, involving a crude steel production capacity of 7.4 million tons, with an average daily reduction of about 20200 tons. Of the 18 steel mills in Xuzhou, there are only 2 large combined iron and steel enterprises (Xugang and Zhongxin Iron and Steel), one short-process steel enterprise (Jinhong) in production, and all the other 15 steel enterprises have been shut down. The centralized closure of Xuzhou steel enterprises will have a small impact on the supply of building materials in northern Jiangsu, northern Anhui, southern Shandong and other places.

5. Global market: us stocks rose more than 12% in the first half of the year.

Us stocks closed higher on Tuesday, with the Nasdaq up 1.87 per cent, the Dow up 0.84 per cent and the S & P 500 up 1.53 per cent. In the first half of this year, the Nasdaq rose more than 12%, while the Dow and the S & P 500 fell about 9.5% and 4%, respectively. Gold futures closed up 1.1%, the highest close since 2011, and rose nearly 13.0% in the second quarter. Us oil and cloth oil closed down more than 1%.

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