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Inventory continues to fall, prices are rising steadily

May 14, 2020

Macro focus:


1. The central bank: positive progress has been made in the RMB pricing and settlement of iron ore import trade


2. Production and inventory of steel enterprises in early May 2020


3. Shanxi issued a work plan to promote the withdrawal of outdated production capacity and clarify the work tasks of the ecological environment department


4. At the end of September, the task of the ultra-low emission reconstruction of the steel industry in Shanxi Province will be "cleared"


5. The G20 Minister of Trade and Investment will hold a special video conference on the 14th.


Futures night market: the early night of the 14th, the snail 10 opened 3464, and the bottom of the market rebounded, the highest 3474, the lowest 3446, closed 3469, up 6 or 0.17%. The snail's short-term sideways pattern continues, with limited volatility, and investors can wait and see. (Note: The difference between the rise and fall of all main contracts is the difference from the settlement price of the previous day)


In terms of raw materials: the offer price of some carbon-carbon billets in Tangshan area rose by 10 yuan this morning. The ex-factory price including tax is 3160 yuan / ton, and the ex-factory price of rectangular billet is 3180 yuan / ton.


Comprehensive point of view: The current hot-roll mainstream cities 'quotations are still stable, and merchants' mentality is stable. Factors such as high cost, shortage of specifications, and declining inventory are good for the hot-roll market, but the performance of terminal procurement is mediocre, and the overall high is still difficult. Hot rolled coil is expected to rise steadily today.

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Rogers Zhang