Black tie futures "jump up and down" and ride on the roller coaster to be able to determine the productivity
Black tie futures "jump up and down" and ride on the roller coaster to be able to determine the productivity
China's commodity futures market has been on a "roller coaster" for just two weeks this week, with prices of "black" industrial chains such as coking coal, coke and spirals falling by more than 20 per cent. To review this year Spring Festival in late April during the domestic commodity futures prices continue to surge, steel, coal, iron ore spot prices also rose, some steel mills factory price jumped $500 will be a day, a lot of steel mills and even potential comeback. In the face of the "coal coke" futures market, many people in the industry expressed concern that it could affect the production capacity of steel and coal. For to capacity "persistent" iron and steel industry, the Shanghai futures exchange, according to data from the main rebar futures contract prices in late April to a maximum of 2787 yuan per ton, 1618 yuan per ton from the end of last year's low price had jumped 72% in recent years. However, in the more than a dozen trading days after the price peaked in late April, the price of staple steel, coking coal and coking coal futures plummeted by 25 per cent, 22 per cent and 20 per cent respectively. For this, industry insiders point out that this is the irrational speculation caused by the influx of money. In addition, for the futures market, liquidity increased dramatically this year, no matter up or down, a lot of trading capital influx of irrational speculation helped "steel capital" lovebirds rollercoaster ride. Abnormal price movements are making companies more difficult. Wild futures markets have led to the spot market's excitement. The steel industry's upstream raw materials and factory steel spot prices also rose. Many steel factory prices have recently risen to more than 3,000 yuan per tonne, while spot prices, such as coking coal, coke and iron ore, have also risen sharply. In this case, some enterprises choose to resume their production, while at the same time, there are no production enterprises that are producing. Many experts believe that the rise in the futures price of coking coal steel reflects the recovery of domestic demand and the economic warming. The rise in futures prices has led to a rebound in the spot price, giving rise to an increase in profits and a rise in profits for enterprises facing difficulties in production capacity. But the price roller coaster has raised concerns in the industry. The party secretary of a large iron and steel company in northeast China told reporters that a sudden rise would bring a sudden fall, and that this abnormal price fluctuation would make companies face a bigger problem. In addition, such price increases may have some wavering on the overall reform of the production capacity and the synergistic effect of corporate downsizing. In the case of firm capacity but difficult to divert, the stage profits will test the determination of enterprise reform and the psychology of the reform. A number of market participants believe that the market fund is the key to seize the current excess capacity of the industry, and dare to continue the hype. Some commodity exchanges have recently cooled the market by raising fees and margins. For the impact of big swings in commodity futures prices, the head of a steel company that has shut down some of its furnaces says there is no real way out. Experts say that in the face of the inner strength of the market, it is necessary to stand up to the global situation of actively yet prudently to maintain the power of reform.
