Source: Cinda Futures Author: Cinda Futures
Strategic Consulting:
【Steel】
RB2301 thread went into shock yesterday, opening at 3660, rising to 3704, falling to 3652 and closing at 3676. Technically, 20 went flat, 10 went up, 5 went down, MA5>MA10 >MA20. Spot market, generally down. Shanghai thread 01 basis weakened to 79 yuan / ton (-34), RB1-5 to 82 yuan / ton.
At an industrial level, yarn supply and demand both declined and total inventories continued to run out, but at a slower pace. Wire production has declined for three consecutive weeks, apparent demand has decreased for two consecutive weeks, and total inventory has decreased for six consecutive weeks, but the rate of inventory reduction has slowed slightly this week. In terms of technology, blast furnaces continue to reduce production, electric furnaces continue to resume production, and immediate production profits are all below the profit and loss line. On 11.24, the daily trading volume of building materials was 128,000 tons, which was average.
Overall, the supply and demand for threads have both decreased and total inventory has been eliminated but the speed has slowed. The fundamental support has weakened and the market has returned to calm. Last night’s Federal Reserve meeting minutes were dovish which boosted market sentiment once again. Long-short play intensifies, thread valuation is neutral, and the short-term trend swings repeatedly.
1. Supply and demand
2. Inventory
3. Spot price
4. Profit
5. Compare prices
【iron ore】
Iron ore main force I2301 rebounded slightly, opened at 723.5, tested 736.5, fell to 714.0 and closed at 722.5. Technically, the head turned down on 5, and both rose on 10 and 20, MA5>MA10>MA20. In the external market, as of press time, Singapore’s main iron ore chain FE recorded 95.00, ranging -0.37%.
At an industry level, overseas shipments from Australia and Pakistan increased month-on-month, while domestic port volume of iron ore decreased month-over-month, and port outfeed volume decreased slightly. The operating rate of downstream blast furnaces continued to decline, the average daily output of molten iron continued to decline, and the demand for raw materials weakened. In terms of inventory, the iron ore port inventory increased and the steel mill inventory continued to be low and declining.
Overall, the industry is pushed down, market sentiment has eased and iron ore is weakly adjusted.
1. Supply and demand
2. Inventory
3. Spot stock and price comparison
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