According to the summary report China Logistics and Purchasing Federation of Iron and Steel Logistics Committee 1 release, May domestic steel industry PMI index was 46.8%, compared with April increased by 1.7 percentage points, the second consecutive month of rise, but It has been maintained at 50% for three consecutive months...
According to a report released by the Steel Logistics Professional Committee of the China Federation of Logistics and Purchasing on the 1st, the domestic steel industry PMI index was 46.8% in May, up 1.7 percentage points from April, and rebounded for the second consecutive month. It remained below the 50% glory line for three consecutive months. Steel production remains high. In May, the steel industry production index was 49.0%, up 4.1 percentage points from the previous month. At the same time, production-related procurement activities also rebounded, and the raw material inventory index rebounded. All these indicate that the current steel materials procurement is more active and production activities are still active. According to the latest statistics of China Iron and Steel Association, in mid-May, the average daily output of crude steel in the country was 2,185,400 tons, down 0.35% from the first half of May, but still ranked second in history. In the short-term, steel mills have limited efforts to reduce production, and the market will still maintain relatively high crude steel output.
Steel market demand is only a slight indication of improvement. In May, the steel industry's new orders index rebounded by 2 percentage points to 45.2% after falling for two consecutive months. However, after entering the end of May, the demand fell back more clearly, indicating that demand in the peak season has ended. Considering that the domestic consumption will enter the low season of high temperature plum rain in June, it is expected that the recovery of terminal demand will be constrained. In the context of high output, the steel stocks that continue to rise will be transmitted to the market, and the decline in steel stocks in the later period may be hindered, and even the total recovery may occur again.
Throughout May, the steel charge pit, including imported mines, continued to run along the downtrend channel after a short period of consolidation. Under the attack of domestic steel mills actively selling long association mines, iron ore prices have been falling. On May 31, the 62% grade Australian mining Platts iron ore index was quoted at 109.75 US dollars / ton, compared with the high point of the year. US$158/ton fell sharply by US$48.25/ton. At present, although the domestic iron ore price has dropped to a new low in the year, the transaction is still generally bleak, and the iron ore market shows both price and demand.
According to the relevant report, as a whole, due to the downward price of raw materials, the steel mills have not reduced their production efforts, and the total inventory of society and steel mills is too high. If the production capacity and output are not well controlled, the bright spots in demand are still insufficient. The steel market has formed a significant boost. Steel prices are still inevitably volatile in the short term, but some positive factors in the steel market are also accumulating.
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