On July 24, the prices of some varieties of steel in the spot market fell slightly, while the main varieties in the futures market rose. Among them, coking coal hit the daily limit again in the afternoon, rebar and hot-rolled coil rose by about 0.34%, coke rose by 1.97%, and iron ore fell by 0.55%.
As the main coking coal rose to the daily limit again in the afternoon, the black series as a whole was pushed up by market sentiment, but coke and steel varieties retreated sharply in the late trading, and rebar and hot-rolled coil finally closed with a small positive line; at present, as the price fluctuations on the market increase, market risks are also increasing.
State-owned Assets Supervision and Administration Commission of the State Council: Optimize the incremental investment of state-owned assets, adjust the stock structure, take the lead in resisting “involutionary” competition, and strengthen restructuring and integration
The State-owned Assets Supervision and Administration Commission of the State Council held a seminar for heads of local SASACs in Beijing from July 23 to 24 to summarize the work in the first half of the year, exchange practices and experiences, and study and deploy key tasks for the next stage. The meeting required that the deepening and upgrading of state-owned enterprise reforms should be completed with high quality, and the next reform measures should be planned from a high starting point, so as to strive to create a modern new state-owned enterprise with leading innovation, outstanding functions, efficient governance, and vitality.
We should focus on the “three concentrations”, optimize the incremental investment of state-owned assets, adjust the stock structure, take the lead in resisting “involutionary” competition, strengthen restructuring and integration, promote the optimal allocation of state-owned capital, and form a new state-owned capital layout structure.
We should adhere to the “two consistent principles”, promote more scientific and standardized corporate governance, more flexible and efficient market-oriented operating mechanisms, and more advanced enterprise management, so as to form a new state-owned enterprise governance and operating mechanism.
We should adhere to the unity of “letting go” and “controlling”, form new means and methods of state-owned asset supervision, and continuously improve the level of professional, systematic, legal, and efficient supervision.
Continue to deepen the tax system reform of Hainan Free Trade Port
The inventory of the five major steel varieties fell slightly by 11,600 tons to 13.365 million tons, which was a slight decline for the fourth consecutive week.
Among them, social inventory increased month-on-month, and steel mill inventory hit the lowest level since the Spring Festival. Specifically, the social inventory of rebar increased by 28,100 tons, while the inventory of steel mills decreased by 74,300 tons, the weekly output increased by 29,000 tons, and the apparent demand rebounded by 104,100 tons to 2.1658 million tons; the output of hot-rolled coils decreased, but the inventory increased, and the apparent demand decreased by 85,500 tons to 3.1524 million tons; in addition, the apparent demand of wire rod and cold-rolled steel decreased by more than 2%, and the apparent demand of medium and thick plates increased slightly.
Overall, the inventory of steel mills hit a new low, the total inventory continued to decline slightly, and the bottom of steel prices was supported, but the demand for steel in the off-season was difficult to continue to improve, and the transaction of high-priced resources was blocked, which was bearish for the trend of steel prices.
Zheng Zhajie: Promote the rectification of involutionary competition and expand cooperation in the industrial chain and supply chain
China and the United States will hold economic and trade talks in Sweden from July 27 to 30, led by He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council. The talks will be based on the consensus reached by the two heads of state in a phone call on June 5, and will play the role of the China-US economic and trade consultation mechanism. China and the United States will continue to hold economic and trade talks, which will help boost market confidence and benefit steel prices.
