RB1010 pulled strong, long hold
Rebar main RB1005 to close at 4209 yuan / ton, up 0.31%, full-day turnover of 520.6 thousand hands and hand positions to reduce 30000 to 698,000 in hand; wire main WR1005 to close at 4022 yuan / ton, up 0.2%, full-day turnover of 890 hand, an increase of 18 positions to 1.16 million contracts in hand.
One of the three giants BHP Billiton iron ore has increased the rally outside the negotiations. Although negotiations are still ongoing, but BHP Billiton has already unilaterally notified some of China's steel mills called for the temporary settlement of a long co-ore prices increased by 40%, and so the outcome of the negotiations after the talks scheduled in accordance with results "Duotuishaobu." BHP Billiton said that if the price of steel is not in accordance with this issuance of letters of credit, will not be a long association in accordance with the agreed supply of ore, steel mills only in accordance with the current spot price of imported iron ore.
In early 2009, the state has the iron and steel, automobile, shipbuilding, petrochemicals, light industry, textiles, non-ferrous metals, equipment manufacturing, electronic information and logistics industry, such as ten revitalization plan, in the second half it announced the "on curbing overcapacity in some industries and redundant construction and guide the healthy development of industry, a number of informed opinion. " The country's new economic policies and fast economic growth in Henan Province has put forward higher requirements. According to the survey, Henan Province, the problem of excess capacity in some industries is very conspicuous. Iron and steel industry in Henan Province to meet the national industrial structure adjustment will be phased out by 2011 and below 400 cubic meters of blast furnace, 30 tons and below, converter and electric furnaces, in 2012 out of 1,000 cubic meters of blast furnace will be about 60% of the iron and steel production line will be shut down the object.
Bank's open market operations this week, has increased the one-year central ticket issuance, the market for a central vote-year expectations of interest rates may rise once again become strong. This once again shows that the central bank's open market operations intended to further intensify efforts to repatriate the intention of the banking system liquidity.
Japanese steel makers will eventually be likely to accept BHP Billiton's proposed short-term contract for the supply of coking coal pricing system. In fact, the Japanese blast furnace steel mills have to accept close to the spot price of coking coal prices and short-term pricing system, because this is a trend.
I think it RB1005 contracts and contract RB1010 trend looks somewhat like the great differences between the original RB1001 and RB1005 for the main contract relationship between the main use of long positions would be a good move is expected to re-delivery can not be pinned to the far-month contract, and because of the enormous RB1010 premium is also interested in making short plate full. Author Statistics 2007 to 2009 the national average price of rebar, namely, 3600,4600,3600, which means the price is now RB1010 more than the highest average in history, but it does not mean that prices have been drawing to a close , the operation still insist on long train of thought, RB1010 long hold, stop the move to 4530 yuan / ton.
