In the early trading of June 9, the futures 2510 contract opened low and closed high, and remained flat in the afternoon at 2982; the futures 2510 contract opened low and closed high, closing 3094 at noon, falling 0.10%; the iron ore 2509 contract fluctuated weakly, closing 705.5 at noon, falling 0.35%; the coke 2509 contract fluctuated weakly, closing 1344 at noon, falling 0.85%; the coking coal 2509 contract fluctuated narrowly, closing 780 at noon, rising 0.13%.
As of press time, the main contract for futures spirals was 2,982 yuan/ton, a discount of 128 yuan/ton compared with the 20mm three-stage seismic rebar in the Shanghai market; among the 31 major cities in the country, the price of rebar in the markets of Shanghai, Hangzhou, Nanjing, Hefei, Wuhan, Chongqing and other markets fell by 10-20 yuan/ton, and the markets of Fuzhou and Kunming rose by 10-50 yuan/ton.
Macro: China and the United States will hold the first meeting of the economic and trade consultation mechanism; China's CPI fell by 0.1% year-on-year in May, from rising to falling month-on-month, and the year-on-year decline in PPI expanded to 3.3%; China's foreign trade exports increased by 6.3% year-on-year in May, and imports fell by 2.1% year-on-year.
Industrial scope: China exported 48.469 million tons of steel from January to May, of which 10.578 million tons of steel were exported in May, an increase of 116,000 tons from the previous month; on June 6, local time, the Xipo Iron Ore Project in Australia was fully put into production, with a designed annual production capacity of 25 million tons.
On June 9, heavy rainfall was still there in many places in the south, and steel demand continued to be weak. my country's steel exports remained strong in May, maintaining more than 10 million tons per month. At present, most steel mills have small profits and limited production cuts. Although the price of raw fuel is under pressure, the decline is not large. After the third round of price cuts for coke is implemented, we will pay attention to whether there is still a possibility of a fourth round of price reduction.
In the short term, the supply and demand of the steel market are weak, and the balance is generally maintained, and the cost side is not fluctuating much, and steel prices are expected to fluctuate in a narrow range.
