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Wang Xiaoqi made the above statement at the 10th Shanghai Derivatives Market Forum. He pointed out that the current comprehensive steel price index compiled by China Steel Association is around 103 points, and in 1994 when the index was launched, it was 100 points. In the same period, the price index of non-ferrous metals has turned several times, while steel prices have almost gone.
The low price of steel products has caused the steel industry to suffer losses in the main business for six consecutive quarters since the fourth quarter of 2011, with the most serious losses reaching 16.5 billion yuan in the third quarter of last year. The reason why there is still meager profit is mainly due to the investment in upstream mines and non-steel industries, but this kind of reversal is obviously unreasonable.
Wang Xiaoqi analyzed that serious overcapacity is the main cause of losses in the steel industry. In the first four months of this year, China's crude steel output reached 258 million tons, an increase of 8.4%. Of the 20 million tons of production increase, 10 million tons went directly into the warehouse. "It should be said that this year's steel demand is OK, but they have all been eaten by the fast-release capacity."
In terms of overcapacity, raising environmental standards is the most important way. For those steel mills that are not environmentally friendly, they will use different electricity prices and other measures to squeeze their living space. According to the "Regulations on Steel Industry Standards" promulgated by the Ministry of Industry and Information Technology, at the end of the "Twelfth Five-Year Plan", efforts will be made to incorporate about 80% of production capacity into standard management. Moreover, the normative standards may be further improved in the future, and another 80% will be verified on the basis of the 80% already passed, and the excess capacity will be gradually resolved.
Talking about the trend of steel prices in the short term, Wang Xiaoqi said that steel prices have fallen by about 10% this year. At the same time, the price of coal, the main raw material for steel, fell by more than 10%, while the price of iron ore fell by about 3%.
Faced with the risk of fluctuations in the steel market, Ye Chunhe, deputy general manager of the Shanghai Futures Exchange, said that on the basis of the successful launch of rebar futures in the early stage, he will actively carry out the listing preparation work of hot rolled coil futures and iron ore price index futures. R&D work provides risk management tools for all parties in the industry chain.
Steel industry profits plummeted in the first four months
Abstract Wang Xiaoqi, vice president of China Iron and Steel Association, said on the 29th that the profits of the steel industry in the first four months of this year were 1.3 billion yuan, 1 billion yuan, 260 million yuan and 150 million yuan respectively. Overcapacity is the main cause of the sluggish performance of the steel industry.
Wang Xiaoqi, vice president of China Iron and Steel Association, said on the 29th that the profits of the steel industry in the first four months of this year were 1.3 billion yuan, 1 billion yuan, 260 million yuan and 150 million yuan respectively. Overcapacity is the main cause of the sluggish performance of the steel industry. In the future, we will strive to integrate about 80% of our production capacity into standard management by improving environmental barriers.