EU summit last weekend introduced a package of measures to resolve the debt crisis, the international commodity markets rose sharply. While the country's June manufacturing PMI continued to be weaker, may increase the fears of the market on economic growth, U.S. and European markets next week will be released to key indicators such as unemployment, PMI.
The same time, most of the country will enter the hot weather period. Domestic commodity spot will continue to undergo a multi-factor test.
Overall weak macro environment at home and abroad last week, weak economic data in Europe and America, together with the market are not optimistic about the prospects of Europe's debt crisis, leading to lower international commodity shocks in most of the time, while the market is generally not optimistic about the EU summit, introduced a package of measures, including the ESM can directly inject capital into troubled banks, invested 120 billion euros to promote growth and employment, Europe and the United States stock market and commodities rose sharply.
However, in the market is calm, perhaps, the measures of the EU summit of a more objective evaluation, after all, the debt crisis of the real problem - and cut costs, have not been resolved. The domestic front, the overall is still bearish. Many ministries of denial about the rumors of real estate regulation relaxation, and place loose measures have been stopped. Released over the weekend in June manufacturing PMI also showed that the economic weakening trend has not changed, manufacturing short-term to the inventory pressure is still larger. On domestic commodity spot market, the macro bearish further increase the market's fears hit the market expected. In the rain the weather and the end of the financial pressure on Zhou Taizong commodity spot is generally weaker.
Varieties, the steel market last week, the decline has been enlarged, and increases in both the varieties and market decline. The composite steel price index shows that the industry's absolute price index for June 29th 4215 yuan / ton, down 26 yuan / ton from the previous week.
Long products and flat drop more significantly, last week the last week of June, by the assessment of impact of bank deposit and lending than six months, significantly tightening market funds. Although the central bank to implement a reverse repo, but the Shanghai interbank offered rate still rose high. The other hand, most of the country last week, rain weather, inhibit the formation of the steel market demand. At the same time, around the steel additional resources are obvious. Tight funding, weaker demand and resource supply pressure increases, businesses passive price cut, the overall market decline increase. In July, the funds in the market pressure will be gradually improved.
Society of steel stocks rose across the board, the end of 18 weeks down the momentum. Plus most of the region will usher in hot weather, demand is still hard to pick up steel prices under pressure is still larger.
The iron ore market last week Xianyanghouyi. Iron ore price index, the trading price of the domestic iron ore in June 29th of 1042 yuan / ton, up 7 yuan / ton, or distinctly narrowed from the previous week.
The weakness of the imported ore weekly chain fell. Intensified the decline in steel market, steel production has also been reduced, and Steel Association data show that average daily production of domestic crude steel in mid-June decreased 1.4 percent to 1.9705 million tons. Steel procurement of iron ore replenishment will significantly weaken the bidding market is deserted, and prices fall. Imported ore spot market volatility lower. Domestic ore is also finished lower. After the price of weakening the market bearish mentality increased significantly, the survey showed significant increase in the proportion of imported ore market this week bearish from the previous 25% to 86%, only 1% bullish.
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