The price of minerals hit a 6-month high, steel prices rose infinitely
Due to the optimistic expectations of traders, the spot price of iron ore in the Chinese market has risen to a new high in six months, and the price of high-grade ore is also only one step away from the highest level in 2010. At the same time, as of yesterday, Baowu Anan three major steel mills have raised the February offer in full, and the price of the hot steel (4875, -34.00, -0.69%) is showing an infinite rise. It is worth noting that this trend is likely to continue.
Mine price hit a new 6-month high
In the past few days, the import mine market has shown a trend of high consolidation. Although it is currently in the off-season of steel mills purchase, the high price has further curbed the actual transaction, but because the port resources are still few, the merchants are reluctant to sell, and the wait-and-see attitude of buyers and sellers still can't stop the quotation from rising.
According to the latest data provided by the iron ore index agency TSI, the current 62% iron ore price has reached a half-year high since the July 14th low of $117.6/ton, and the high of $186.5 from April 21st. / ton is only a step away; and the ore price index of 58% is more than the high of 146.9 US dollars / ton on April 21 last year, reaching 153.9 US dollars / ton. Some ore traders told reporters that due to the hot bidding market, it is very common for Indian miners to unilaterally change contracts and temporarily jump prices.
Supporting the rising price of minerals, in addition to the market believes that mainstream mines will continue to raise prices this year, the impact of the floods in Brazil and India's continued increase in ore export tariffs have also given traders more confidence to wait.
As a result of heavy rains in the state of Minas Gerais, one of the Brazilian iron ore producing areas, the expectation of a significant reduction in Brazilian iron ore exports has intensified. In addition, there was news yesterday that Orissa, the largest iron ore producing area in northeastern India, would introduce a 20% tariff on iron ore exports to ensure domestic supply. The above two news have intensified the atmosphere of the market fire, and the spot market is quite difficult to find a situation. This situation is expected to continue on the eve of the Spring Festival.
Information from the industry shows that there are already optimistic forecasts that the price of minerals will exceed $200/ton this year, which means that the mine price will surpass the historical high point of 2008 and set a new record. However, at the same time, there is an industry view that the current atmosphere of using rumors in the market has become increasingly strong, and high prices will likely continue to curb terminal purchases and accumulate risks.
Steel prices have risen infinitely
With the rise in the price of minerals, steel prices are also showing a fierce market of “infinite riseâ€.
Yesterday, Angang introduced the product price policy in February, and the mainstream varieties were raised by 200-300 yuan/ton. At this point, the three major steel companies raised the steel price in February, fully fulfilling the rising expectations of the market.
The spot market fever has not returned. According to data provided by traders, although real demand has been unsupported for the past year, domestic steel prices are still spurred by the rising cost of orders and the expectation of market bullishness. Zhang Tieshan, an analyst at "My Steel", told reporters that this winter's market is very unique. The impact of energy-saving and emission-reduction and limited production in September on supply has exceeded the previous market expectations. As a result, the current inventory of traders continues to be at historically low levels. The price is “emptyâ€. “Traders even hope that prices can be lowered moderately so that they can be purchased smoothly. Otherwise, there will be no inventory in hand, but steel prices will not be profitable,†Zhang Tieshan said.
According to the data of the Nishimoto Shinkansen trading platform, this view is confirmed. The data shows that the signs of weakening downstream demand have been very obvious since January. Last week, the terminal purchase volume continued to decline by 14.14%. At the same time, the continued strong price has also led to the demand for intermediate goods to be mostly sporadic replenishment, and it is difficult to have a big single entry opportunity. In other words, in the absence of support at the current transaction, steel prices are still rising against the trend, and more momentum should come from the bullish expectations of traders and the strong push of steel mill prices.
Mine price hit a new 6-month high
In the past few days, the import mine market has shown a trend of high consolidation. Although it is currently in the off-season of steel mills purchase, the high price has further curbed the actual transaction, but because the port resources are still few, the merchants are reluctant to sell, and the wait-and-see attitude of buyers and sellers still can't stop the quotation from rising.
According to the latest data provided by the iron ore index agency TSI, the current 62% iron ore price has reached a half-year high since the July 14th low of $117.6/ton, and the high of $186.5 from April 21st. / ton is only a step away; and the ore price index of 58% is more than the high of 146.9 US dollars / ton on April 21 last year, reaching 153.9 US dollars / ton. Some ore traders told reporters that due to the hot bidding market, it is very common for Indian miners to unilaterally change contracts and temporarily jump prices.
Supporting the rising price of minerals, in addition to the market believes that mainstream mines will continue to raise prices this year, the impact of the floods in Brazil and India's continued increase in ore export tariffs have also given traders more confidence to wait.
As a result of heavy rains in the state of Minas Gerais, one of the Brazilian iron ore producing areas, the expectation of a significant reduction in Brazilian iron ore exports has intensified. In addition, there was news yesterday that Orissa, the largest iron ore producing area in northeastern India, would introduce a 20% tariff on iron ore exports to ensure domestic supply. The above two news have intensified the atmosphere of the market fire, and the spot market is quite difficult to find a situation. This situation is expected to continue on the eve of the Spring Festival.
Information from the industry shows that there are already optimistic forecasts that the price of minerals will exceed $200/ton this year, which means that the mine price will surpass the historical high point of 2008 and set a new record. However, at the same time, there is an industry view that the current atmosphere of using rumors in the market has become increasingly strong, and high prices will likely continue to curb terminal purchases and accumulate risks.
Steel prices have risen infinitely
With the rise in the price of minerals, steel prices are also showing a fierce market of “infinite riseâ€.
Yesterday, Angang introduced the product price policy in February, and the mainstream varieties were raised by 200-300 yuan/ton. At this point, the three major steel companies raised the steel price in February, fully fulfilling the rising expectations of the market.
The spot market fever has not returned. According to data provided by traders, although real demand has been unsupported for the past year, domestic steel prices are still spurred by the rising cost of orders and the expectation of market bullishness. Zhang Tieshan, an analyst at "My Steel", told reporters that this winter's market is very unique. The impact of energy-saving and emission-reduction and limited production in September on supply has exceeded the previous market expectations. As a result, the current inventory of traders continues to be at historically low levels. The price is “emptyâ€. “Traders even hope that prices can be lowered moderately so that they can be purchased smoothly. Otherwise, there will be no inventory in hand, but steel prices will not be profitable,†Zhang Tieshan said.
According to the data of the Nishimoto Shinkansen trading platform, this view is confirmed. The data shows that the signs of weakening downstream demand have been very obvious since January. Last week, the terminal purchase volume continued to decline by 14.14%. At the same time, the continued strong price has also led to the demand for intermediate goods to be mostly sporadic replenishment, and it is difficult to have a big single entry opportunity. In other words, in the absence of support at the current transaction, steel prices are still rising against the trend, and more momentum should come from the bullish expectations of traders and the strong push of steel mill prices.
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