The average daily output of crude steel in August was stable. Under the support of low inventory and cost, steel prices have stopped falling. The construction of affordable housing has entered a period of comprehensive acceleration, and the demand support in the later period is obvious. Maintain an investment rating of “recommended†for the industry.    The average daily output of crude steel is stable. The average daily output of crude steel in the country was 1,941,900 tons, up 0.35% from 1,935,200 tons in late July, 15.10% higher than the average of 1,687,200 tons in 2010. The average daily output of steel was 2,421,500 tons, down from 2,551,900 tons in late July. 6.04%, 12.05% higher than the 2010 average of 2,611,000 tons. The sales volume in this quarter decreased. The average daily sales volume of steel products of 76 key steel enterprises was 1.417 million tons, down 24.95% from the end of July to 1.5318 million tons, 0.48% lower than the 2010 average of 1,152,200 tons. .. Inventories of key steel enterprises rose. The inventory of steel products of 76 key steel enterprises was 8.59 million tons, an increase of 6.53% from the end of July to 8.06 million tons. The stock at the end of the period was equivalent to a daily output of 5.67 days, an increase of 0.54 days from the mid-July period of 5.88 days, compared with the average of 6.28 days in 2010. More than 0.61 days, the stock at the end of the week is equivalent to 7.47 days of daily sales, 2.21 days more than the 5.26 days in late July, 0.03 days less than the average of 7.44 days in 2010.
Steel prices fell from the previous month. The average price of steel products of 76 key enterprises was 5,067 yuan/ton, which was 11 yuan lower than that of 5078 yuan/ton in late July, which was 0.22% lower than the average price of 4,481 yuan/ton in 2010.
Investment strategy: According to the National Bureau of Statistics, the national crude steel output in July hit a new low of 59.3 million tons.
The economic operation data released in July this week, in which the CPI rose by 6.5%, the PPI rose by 7.5%, and reached a new high, indicating that domestic inflationary pressures are still huge, and the expectation of continuing to introduce monetary policy in the later period still exists.
From the perspective of inventory, social inventories continued to decline this week, close to the low point of the year, indicating that downstream demand is still strong; although the international macro-level fluctuations increase, but the protection of housing and water conservancy construction in the second half of the steel demand for the biggest point of view Basically determined. We maintain our recommended investment rating for the steel industry. Iron ore resources, long products, regional and restructuring will be the theme, most optimistic about Antai Technology , Sangang Shuguang , Shagang , Pangang Vanadium and Titanium, Bayi, Xinxing Casting Pipe, Daye Special Steel, Bengang.
Steel prices fell from the previous month. The average price of steel products of 76 key enterprises was 5,067 yuan/ton, which was 11 yuan lower than that of 5078 yuan/ton in late July, which was 0.22% lower than the average price of 4,481 yuan/ton in 2010.
Investment strategy: According to the National Bureau of Statistics, the national crude steel output in July hit a new low of 59.3 million tons.
The economic operation data released in July this week, in which the CPI rose by 6.5%, the PPI rose by 7.5%, and reached a new high, indicating that domestic inflationary pressures are still huge, and the expectation of continuing to introduce monetary policy in the later period still exists.
From the perspective of inventory, social inventories continued to decline this week, close to the low point of the year, indicating that downstream demand is still strong; although the international macro-level fluctuations increase, but the protection of housing and water conservancy construction in the second half of the steel demand for the biggest point of view Basically determined. We maintain our recommended investment rating for the steel industry. Iron ore resources, long products, regional and restructuring will be the theme, most optimistic about Antai Technology , Sangang Shuguang , Shagang , Pangang Vanadium and Titanium, Bayi, Xinxing Casting Pipe, Daye Special Steel, Bengang.
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