Crude steel daily output, high steel prices, downward pressure

Under the dual influence of profit stimulation and the pursuit of production scale, steel production is continuously rising and hitting a new high. Coupled with the social inventory that has already set a historical record, the pressure on the supply of the entire domestic steel market has further increased.   According to the data of the China Iron and Steel Association, in the second half of February, the daily output of crude steel in the country was 1.912 million tons, up 5.5% from the previous month, setting a new high in the same period. The ten-day report also showed that the revised daily production value for the month was 1.823 million tons, a net increase of 120,000 tons from 170.3 in January. Hu Yanping, an analyst at Union Steel, said that due to the strong rise in the domestic steel market from the end of last year to the beginning of February this year, the profitability of steel mills has improved, which has played a key role in stimulating the enthusiasm of steel mills. But at the same time, steel social inventories are also rising. According to statistics, the current total inventory of 25 key markets reached 18.9 million tons, breaking through the historical peak of March 5 last year. According to reports, inventory has rapidly climbed from the low level at the end of last year to the peak, due to the increase in the operating rate of steel mills and the limitations of demand during the Spring Festival holiday. This will undoubtedly put more pressure on the steel market that is already in the down channel. From the main varieties, the rebar and wire resources increased at the fastest rate, while the plates were relatively slow. It is reported that in the case that the terminal demand has not increased significantly, some small and medium-sized steel mills have begun to reduce the ex-factory price of steel. In addition, some large steel mills have begun to implement incentives such as insured and recovery for traders. But this is even more important to the market to see the hollow state. Yesterday's thread futures main contract 1110 fell below the 4,800 yuan / ton mark, closing at 4773 yuan / ton, down 47 yuan / ton from the previous trading day.

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