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Demand For Steel Is Expected To Remain Stable

Date: 12/02/2020   View: 79   Tags: Steel Demand Remain Stable
Data released by the China Iron and Steel Industry Association on the 29th showed that in July, the daily output of crude steel was 2,749,100 tons, a decrease of 5.78% month-on-month. The growth rate of steel production has dropped significantly, and the price of steel has been relatively stable. However, due to the high cost of raw materials, the efficiency of steel companies has declined.

From January to July, members of Sinosteel Association achieved sales revenue of 2.43 trillion yuan, an increase of 9.75% year-on-year, but the cost of sales increased 14.4% year-on-year, and the total profit reached 123.582 billion yuan, a year-on-year decrease of 23.93%. The recently released semi-annual reports of listed companies also show that the vast majority of steel companies have experienced a decline in performance.

According to the relevant person in charge of the China Iron and Steel Association, the sharp decline in profits was mainly due to rising raw material prices. From January to July, the cost of purchasing domestically produced iron ore rose by 19.88% year-on-year, imported ore rose by 29.13%, and scrap steel rose by 10.03%.

It is worth noting that although the price of imported iron ore continued to rise sharply, in July, China imported 91.01 million tons of iron ore, an increase of 15.83 million tons month-on-month and an increase of 21.06%; at the end of July, the import iron ore port inventory increased to 11642 10,000 tons.

As a large steel producer and steel consumer market, China is also a large iron ore importer. However, due to the high concentration of mining enterprises and the low concentration of iron and steel enterprises, iron and steel enterprises have always been in a weak position.

In this regard, China Iron and Steel Association believes that the current pricing mechanism is flawed in maintaining the balanced development of the industrial chain benefits, which is not conducive to the long-term mutual benefit and win-win of the upstream and downstream industries, which needs to be further improved. In addition, it is worth noting whether there are non-supply and demand factors in the pricing mechanism.

"Recently, the Sino-US trade friction provoked by the United States has escalated and its economic impact continues to show, but China has also adopted a series of measures to expand consumption and stabilize growth, and steel demand is expected to remain stable. , To further rationally control the production rhythm and maintain market stability. "China Steel Association official said.

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