Due to the reduced demand for iron ore in the European and Chinese markets, the recent decline in iron ore prices has fallen by nearly 20% in the past month. In line with this, as of yesterday, steel prices have also fallen by 8.7% from the previous month. Due to the pressure of falling steel spot prices, major domestic steel companies are also lowering the ex-factory price of steel in November. Demand sharply reduced iron ore price diving According to the "My Steel Network" offer, on the 24th, the domestic Tangshan area 66% iron fine powder wet base has dropped to 900-910 yuan / ton, while the grade 63.5% Indian powder mine It has fallen to 150-152 US dollars / ton, which is about 20% lower than the highest price in the second half of September. The current decline has not yet stabilized. From the index, the iron ore composite index of my steel net on the 24th was 160.1 points, which was lower than 165.4 points a year ago. Compared with the two highs in the year, it also fell by about 20%. From a graphic point of view, The decline in the past month has been particularly fierce. With the spot price of iron ore falling, the world's second largest mining company, Brazil's Vale, said it plans to adjust its iron ore offer in the fourth quarter, from $175 to $160 per ton, a drop of about 8%. My steel network analyst pointed out that iron ore prices fell sharply within a month and Vale took the lead in aggressive price cuts. In addition to the pressure on Chinese steel mills, the sharp decline in demand in Europe is also an important factor. It is understood that the demand of the European steel industry is weak, so many steel mills have implemented a production reduction plan. Among them, ArcelorMittal, the world's largest steel company, has closed at least five blast furnaces and two electric furnaces in recent months, affecting steel mills in France, Germany, Belgium and Luxembourg. The large-scale reduction in production in the region has reduced the demand for European iron ore in Vale by 30% to 40%. Vale has had to transfer some of the excess iron ore to the Chinese market, which has led to short-term oversupply in the market. Most large domestic steel companies have lowered the price of iron ore in steel prices for a month, and finally reflected in steel prices. Data show that last week (October 17-21), the domestic major construction steel market prices fell sharply. As of October 21, the average price of 25mm grade secondary rebar in 44 major markets nationwide was 4,396 yuan / ton. Compared with the previous week, it fell by 229 yuan / ton. In Shanghai, the price of 20mm grade secondary rebar was 4,190 yuan / ton, down 3.3% from the 4,330 yuan / ton before the 17th steel price plunged. According to the "My Steel Network" steel composite index, steel prices stabilized slightly yesterday, with an index of 157.9 points, up 0.15% from the previous trading day. However, compared with a month ago, the comprehensive price of steel fell by 8.7%, and the decline of rebar with a larger decline exceeded 10%, reaching 10.24%. In the domestic steel market, the spot price has fallen sharply, and most steel mills have successively lowered the new factory price. According to the market monitoring data provided by the sales center of Laigang Group, in addition to Baosteel's product prices remained flat in November, trying to maintain the market, most other steel mills began to cut the ex-factory price. Analysts pointed out that the downward adjustment of the ex-factory price of major steel mills shows that the recent orders of steel mills are worrying, which further aggravates the market's concerns about the continued decline in steel prices. The analysis report of China Iron and Steel Association also pointed out that due to weakening demand and tightening policies, the growth of manufacturing industry continued to slow down in the later period, and the steel market is still in a situation of oversupply, and steel prices will face downward pressure.
2Pc Ball Valves, 2Pc Ball Valve ,2Pc Body Ball Valve,Stainless Steel 2Pc Ball Valves
WENZHOU DIYE VALVE&FITTINGS CO.,LTD , https://www.diye-valve.com