Starting from the end of last month, the overhaul of the regional steel production plan is on the rise. According to incomplete statistics, as of now there are more than 40 steel mills are ongoing or planned shutdowns.
The reduction of supply is expected to allow the market to panic eased. Under the price low, the part of the end demand and bargain-hunting demand also began to try the large single admission, so as to drive steel prices lows.
However, on the one hand cut is considered insufficient magnitude, on the one hand, the heavy volume of end demand is difficult to continue, the steel market continued to rebound kinetic energy, the data later this week, he returned to the disadvantaged. Steel futures and even hit a new low over the weekend, no small confidence in the market to combat.
The data show that the major domestic construction steel market prices rebounded last week after the fall. Shanghai regional steel prices from strong to weak, weekly prices unchanged in 3700 yuan / ton; Beijing regional steel prices Xianyanghouyi the that ended on August 3 at 3720 yuan / ton, a single week ended on August 3 prices 40 yuan / ton; Guangzhou regional steel prices a slight correction, and ended on August 3, 3930 yuan / ton, single-week prices were flat.
The spot market rose and then fell, the futures market fell sharply again. Last Friday contracts plate of steel main RB1301 3631 yuan / ton, three-year low, closing at 3672 yuan / ton, down 90 yuan / ton. The RB1301 contract last week, the cumulative volume of 5,990,674 hand, a weekly decline of 2.39%. From the weekly trend showing significantly Masukura downward trend, bargain-hunting bulls confidence hit again. However, the most commodity rebound driven by the Shanghai Futures Exchange rebar main the RB1301 contract slightly rebounded 0.44 percent yesterday.
The continued downturn in demand for the most critical constraints. According to data released by the objects associated steel logistics Professional Committee Member, the steel industry in July PMI fell to 44.5 percent, down 4.7 percentage points compared to June. The lowest point for nearly five months.
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