[Steel] This week the thread table needs to fall, the overall weak stabilizing, inventory continues to decline, pay attention to the off-season. Growth in infrastructure and manufacturing is slowing down. The sustainability of the recovery in real estate sales is being tested. New construction is still falling sharply, and it will take time to repair. Profit margin of tons of steel improved, steel production slowed down, some have begun to resume production, pay attention to the progress of crude steel reduction. Disk fluctuations in the gradual stabilization, there are still short-term repeated concerns about policy and market sentiment changes.
[Iron Ore] The overseas shipment of iron ore is stable and gradually increased seasonally. The production reduction of domestic molten iron is less than expected, but with the off-season approaching, there is still room for further production reduction in the future. National port inventory destocking slowed down, steel mills continue to maintain very low inventory, the overall fundamentals of iron ore continue to turn loose. However, due to the scale of the dial back has been larger, so we believe that although iron ore is currently lack of upward drive, but want to further down there is difficulty, short-term trend to the interval shock.
