Greek election results last week for the euro zone to win a little respite, but the message is the optimism was quickly suppressed by the Spanish banking crisis. The debt crisis in Europe this week to add more uncertainty to the global financial markets remain volatile, the European debt has also become the main topic of this week's G20 summit. June 28, the upcoming EU summit, the EU's ability to achieve the relief measures to restore market confidence, the market has been concerned.
Steel City, at the end of the end of the quarter will also be facing multiple challenges, need to "test" funds; "test" supply and demand, and smooth to the basis of the "consolidation" with relates to the trend of the steel city next month to July, this market attention is high.
Present of "double hard: spread of the body vulnerable
Monitoring data show that last week's shock adjustment of the domestic steel market, some varieties of steel prices rebounded slightly, but the market transactions still continued weak; interim two rebar price fell 4 25mm, 25mm three steel average price of up to 4 yuan, 6.5 mm high line the average price fell 3; 5.5mm hot rolled coil average price fell 10 yuan; 1.0mm cold rolled steel average price fell 30 yuan; 20mm medium plate the average price fell 12 yuan, seamless tube, strip, The profiles are minor adjustments.
A small correction to the spot market, futures market trend is unknown, both long and short trading wishes are not strong, the volume and open interest are both dropped significantly. Comprehensive view, the steel futures trading volume and open interest volume nearly two weeks a sharp decline in capital leave obvious signs of price volatility is not large.
Inventory: the basic suspension of the decline in the pace of
Throughout the national market, the current National 24 major markets steel stocks was 6.7868 million tons, a decrease of 34,900 tons; wire stock was 1.7888 million tons, an increase of 04,300 tons. From the national wire, steel, hot rolled coil, cold rolled coils, plate, five varieties of the total inventory, the current comprehensive inventory of the total 15,740,400 tons, a decrease of 04,700 tons, a decline of 0.03% . Overall, the national total inventory this week, albeit slightly reduced, but have basically suspended the decline in the pace, including wire rods, hot-rolled, plate stock rise, steel, cold plate inventories continue to decline.
Supply and demand: crude steel high demand "dying", contradictions still increasing
According to the China Steel Association statistics show that the average daily crude steel production of the key steel enterprises in early June, 1.6847 million tons, the mid-ring growth of 4.5%; the national forecast the crude steel daily average yield of 1.9994 million tons, the mid-ring growth of 2.03 percent. The average daily crude steel production of the key enterprises in early June and May, mid-level of production has been basically flat. Visible, the recent production of steel is part of the small and medium-sized steel mills, major steel production remained high. On the demand side, in most areas are also facing high temperatures and rainy weather, the market demand downturn trend is hard to change, high crude steel production will make the market supply and demand further exacerbated the market had hoped to bring good confidence in steel production but also much blow.
Funds: banks face a deposit and lending than the arrival of the peak of the assessment and repayment will make funds more strained
According to Central Bank statistics, the country foreign exchange in May of 25.612252 trillion yuan, an increase of 23.431 billion yuan from the previous month. At the same time, fiscal deposits in May to 3.38818 trillion yuan, an increase of 265.176 billion yuan from the previous month. Foreign exchange and fiscal deposits both offset the money supply shrink by 241.745 billion yuan in May. Reduction in the money supply market interest rates continued to rally since mid-June. Monitoring data show that the June 20 Shanghai large bank acceptance bill discount rate of 4.17 per thousand, an increase of 6.38 percent compared to June 15, in which the intermediary market interest rate of 4.38 ‰, 3.65 ‰ compared with the June 11, the cumulative recovery in 20 % of funds in the market become tense again.
Week holiday back, Pro plus the end of the half-year end of June, the bank is facing the savings and loan will make the funds more strained than the arrival of the peak of the assessment and repayment.
On the whole, the domestic steel production is not obvious signs of market supply and demand contradiction is difficult to alleviate. The recent market funds face again strained, while the euro zone debt crisis still face greater uncertainty risk, confidence in the domestic market is still relatively depressed. The domestic steel prices also remains to be seen to be strong, is expected to will remain the consolidation run.
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