Steel futures have generally strengthened, and the decline in steel price has slowed

On February 21, the Futures 2005 contract fluctuated strongly in the early trading, with a mid-day close of 3469 rising 0.84%; the futures 2005 contract fluctuated strongly in the early trading, with a close of 3466 rising 0.61%.

On February 21, the iron ore 2005 contract fluctuated in early trading, closing at 670.5 and rising 2.05%.

On February 21, the coking coal 2005 contract fluctuated weakly in the early trading, closing at 1260 in the afternoon and fell 1.22%; the coking coal 2005 contract fluctuating in the early trading, closing at 1869 rose 0.51%.

As of today's close, the main contract of the futures screw was reported at 3469 yuan / ton, which is a discount of 85 yuan / ton over the 20mm three-level rebar in the Shanghai market (after discounting the pound price).

Macro-level: The Ministry of Commerce will study and introduce policies and measures to further stabilize automobile consumption; the Ministry of Transport will guarantee the annual target of 1.8 trillion highway and waterway investment; the Ministry of Commerce expects that the growth rate of imports and exports will decline sharply in January-February this year, and consumption in March The market is expected to bottom out and stabilize; RMB loans in January increased by 3.34 trillion yuan, a record monthly high.

Industry: Mysteel surveyed 247 steel plants' blast furnace ironmaking capacity utilization rate was 73.93%, down 0.77% week-on-week, and 5.14% year-on-year; Mysteel surveyed this week's steel “social warehouse + factory warehouse” totaled 34.28 million tons, compared with the same period last year An increase of 38.4%; Hubei stated that all kinds of enterprises will resume work no earlier than March 10 except for the need for epidemic prevention and control; China Automobile Dealers Association: The comprehensive return efficiency of automobile dealers is 12.67%.

Recently, the domestic macro counter-cyclical adjustment has continued to increase, especially the timely fine-tuning of monetary policy, new loans exceeded expectations, accelerated issuance of local bonds, and the quotation rate of the loan market has been lowered, reflecting the increased financial support for the real economy. Macro policy preferences, confidence in the capital market have been restored, and the futures market has also been boosted. However, in the short term, the pressure on the supply and demand fundamentals of the steel market is still high, and the resumption of work at downstream sites is slow. The steel market as a whole may still have adjustment pressure, but the downward trend is slowing down, and local markets have explored or gradually entered the bottom shock.