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Steel market takes plunge after 3 weeks ambiguity in China 金属展-冶金展-2014广州金属暨冶金工业展览会-亚洲最大金属冶金展-巨浪展览-The 15th China(
Guangzhou)Int’l Metal &Metallurgy Exhibition
10/18/2013 金属展-冶金展-metal expo-metallurgy expo |
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Steel prices decline hastened in China today after 10 days impasse. Post National Holiday period was beset with ambiguity with market barely able to maintain status quo. After initial flicker in rebar price level enthusiasm petered out as the stockiest after offloading inventory took a break. Flat product price levels took thick of the flak during this period with high inventory levels and slow movement from the consumer durable and automobile segment.
Even the infrastructure sector was slow on demand owing to tight credit policy being followed by the PBOC. However the major tilt came with crude steel production resurrecting after mild slump in early August.
China’s daily crude steel production is estimated to reach 2.152 million tonnes in the last ten days of September, growing 8500 tonnes or 0.42% from the second ten days of September, according to data released by CISA.
Daily crude steel of large steel mills is estimated at 1.788 million tonnes, up 8500 tonnes or 0.48% from previous ten days.
Pick up in production would certainly add to inventory level thereby depressing the price level.
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Class
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11-Oct
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17-Oct
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Change
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CLPPI
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6172
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6160
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-12
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CFPPI
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5732
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5710
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-22
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CHISPI
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5923
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5905
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-18
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CLPPI – Chinese Long Product Price Index
CFPPI – Chinese Flat Product Price Index
CHISPI – Chinese Steel Price Index
Source – Strategic Research Institute
金属展-冶金展-2014广州金属暨冶金工业展览会-亚洲最大金属冶金展-巨浪展览-The 15th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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