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[stock market quotation] abnormal movements of iron and steel stocks pull up the limit of Xining Special Steel.
Jul 9,2020 14:55CST
translation
Source:SMM
After 2 p.m. Today, the iron and steel plate was pulled up, of which Xining Special Steel rose by the daily limit, CITIC Special Steel and Jiuli Special Materials rose by more than 5%.
The content below was translated by Tencent automatically for reference.

SMM7 March 9: after 2 pm today, the iron and steel plate changed to pull up, of which Xining Special Steel rose by the daily limit, CITIC Special Steel and Jiulite Steel rose more than 5%, and Shaoguan Steel Songshan, Nanjing Iron and Steel, Anyang Iron and Steel, Fangda Special Steel and so on rose.

On the news side, recently, the central and local governments have introduced measures one after another, and a new round of capacity removal has been launched one after another. The NDRC and other departments will further improve the method of replacing iron and steel production capacity and promote the scientific and reasonable landing of iron and steel projects. We will strictly implement the relevant requirements for safety, environmental protection, energy consumption, quality, land use, industrial policy and capacity replacement, strictly prohibit the addition of steel smelting capacity in any name or in any way, and seriously investigate and deal with all kinds of violations of steel production capacity. we will speed up the withdrawal of backward production capacity and strictly prevent the resurgence of strip steel and the resumption of overcapacity that has been eliminated.

However, the high price of raw materials has put huge cost pressure on the industry. Iron ore prices have been rising since the beginning of this year, and the recent supply concerns caused by the epidemic in Brazil have hit again, and the main iron ore futures price once broke through the 800 mark today. In addition, recently, individual coke enterprises in Shanxi and Hebei once again proposed to raise coke prices in the seventh round. In the current steel mill profit decline, coupled with the rainy season is not over, the fundamentals still need to be cautious before the improvement.

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