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From the perspective of downstream steel demand, as the domestic economy stabilizes and picks up, there is a clear pull to the steel consumer demand. From January to February, the added value of industrial enterprises above designated size increased by 20.7% year-on-year, 16.9 percentage points higher than that of the same period of last year. Among them, the growth rate of heavy industry was higher than that of light industry, and the output of major steel-consuming products showed positive growth. Among them, the engine The output of medium-sized tractors, air pollution control equipment, railway locomotives, and automobiles increased by more than 50% year-on-year. From the perspective of steel exports, due to the slow recovery of downstream demand in the international steel market, the recovery of steel production in major steel-producing countries is relatively rapid, which has inhibited the recovery of China's steel exports to a certain extent. In addition, trade protectionism has set China’s steel exports. The barriers also affect the growth of China's steel exports. In January and February this year, the export volume continued to fall. To sum up, there has been a series of positive changes in the consumption demand of steel products, but it will take time for the global economy to fully emerge from the shadow of the financial crisis.
From the steel market development trend, the recent domestic steel market prices will generally show a trend of shocks. First, the basic orientation of positive fiscal policy and moderately loose monetary policy will not fundamentally change in the short term. Second, the country continues to implement home appliances to the countryside, car trade-in policy, while the country will also implement large-scale security housing projects, strengthen rural infrastructure, which will further stimulate the market demand for steel. Third, the improvement of the international economic situation is conducive to the expansion of steel exports. The International Steel Association stated that the outlook for the steel industry is becoming clearer this year, and global steel demand will increase by 10% (1 percentage point higher than the original forecast) and return to 2008 levels. Fourth, the rigid support of the price increase of raw materials for domestic steel market prices is increasing. In particular, the disagreements between supply and demand parties in the international iron ore negotiations have increased this year, and this disagreement not only exists in the supply and demand sides, but even in the demand side parties have different interest demands, which will further complicate the subsequent iron ore negotiations. And uncertain.
Market observation: The recent steel price will show a trend of shock and callback
There has been a series of positive changes in steel consumption demand, but the global economy is still out of the shadow of the financial crisis. From the point of view of steel production, in January-February, China produced a total of 102.892 million tons of crude steel, a cumulative increase of 25 .4%. The main reasons for the rapid release of steel production capacity this year are as follows: First, the recovery of downstream steel demand and the expected improvement in domestic steel demand in 2010 will promote the expansion of steel production. Second, some companies have completed maintenance at the end of the year and have the equipment to expand production. Third, despite the impact of the increase in raw material prices, the profitability of manufacturing enterprises has been compressed, but it is still basically in the profit range. In addition, companies generally see higher steel prices in the later period, thus strengthening the incentives for steel companies to increase production. However, it should be noted that there is no fundamental improvement in the current downstream demand, and a large increase in production will inevitably increase the level of social inventory, which will bring greater pressure to maintain a balance between supply and demand and a stable market.