Bottom signal is far from coming coal tar steel continue to find

The China securities journal on June 24, reported: the fed first blew global monetary tightening and other Horn & throughout; Not only cause the overseas financial markets & other; A strong earthquake & throughout; , has also led to domestic equities and commodities we encountered a lot of liquidity failure last week & other; Tsunami & throughout; 。 Tsunami, industrial products is break down low, but known as & other; Small stock & throughout; As the rebar can firm performance. Based is yet to be solid steel prices rebound on Friday rebar outperformed refers to the direction of coal tar and period there are two reasons behind. The early stage of the first, the declines, short-term there down suspected. Before the related materials & ndash; — Coking coal, coke and glass have rebounded, rebar by more than expected capacity expansion to become empty focus on goals, or far more than other building materials products. Especially in compare the varieties of glass, was cast as a hedge traders buy glass rebar arbitrage strategy of choice. As the rebar super fell sharply and the glass at a significant premium in recent months was understanding one after another set of trading profitable positions, and increase in the number of investors to participate in the set of operating the common lead glass recent fall repairs and rebar short-covering. Second, the rebar to inventory is better than that of coal tar, but to capacity is shallow. According to my steel net, for the week ending June 21, major cities in China rebar inventories for 762. Week of 640000 tons, monthly inventory continue to back the 21st. 360000 tons, a drop of 2. 72%, showed growing trend. Compared to the same period last year, inventories to 55. 090000 tons, the growth of 7. Narrow it down 79%, also shows continuous gesture. The rebar to inventory is not as good as usual, but exceed market expectations, and relative to the coking coal and coke, inventory status slightly a little advantage. Although the hong kong-listed to give a slight edge to inventory, but face the awkward to capacity. Although steel prices remain low reversed transmission section steel mill to valuation to leak, but starts to seasonal fall and appear more passive device maintenance component, and destroy the initiative to capacity phenomenon such as blast furnace are rare. Predictably, the lack of loss of inventory and production capacity to double the basic factors, the current steel price bottom signal is far from coming.