The February manufacturing PMI and PMI both on the iron and steel industry rebound, market confidence can form a boost? The central bank cut interest rates again, can drive the steel price rebound? Recently, the western route of the new released the latest research report, the central bank in the first week after the Spring Festival announced to cut interest rates, show steady growth determination. The rate cut in November last year cut effect, to a great extent will be conducive to reducing the real economy financing costs, expand the entity economy financing scale, provide good monetary environment for the upcoming season of consumption to expand domestic steel market, the domestic steel market demand.
But the report says, because China has cancelled the limit loan interest rates, commercial banks to "high pollution, high energy consumption" of the steel industry generally limit the loan, and loan interest rates also increase, the central bank to cut interest rates to benefit more large-scale iron and steel enterprises, private small and medium-sized iron and steel enterprises and steel trade enterprises it is difficult to directly benefit from the. After the Spring Festival in the domestic market and steel stocks stock both rise substantially, the market demand has yet to start terminal essence under the condition of the central bank to cut interest rates, the impact on the market is more to boost confidence in the market, the short-term trend in steel prices difficult to have substantive effect.
According to the China Steel Association statistics, crude steel key enterprises in mid February average daily output of 1637600 tons, the ten day growth of 0.6%, in three consecutive mid chain fell slightly after the rebound, but still at a low level in mid February; at the end of steel inventory statistics of key steel enterprises amounted to 16466700 tons, a 10.39% increase over last ten days at the end of Lent, has been in continuous growth.
In this regard, the Shinkansen West senior researcher Qiu Yuecheng said, the central bank monetary policy easing is accelerated apparently, an important meeting is expected to bring further good policy, will help boost the confidence of the market, the domestic steel prices rebound kinetic energy is gradually gathered. But in the short term, after the domestic market inventory and steel inventory substantially higher, while the site fully started still takes time, the short-term market supply and demand contradictions intensified, the expected domestic steel prices will still give priority to with weak trend adjustment.