Q345 channel steel price market traditional sales season

 Q345 channel steel price market traditional sales season, and because of the "golden nine" market failure, the market will habitually think that the delay of the peak season, may eventually fall to October, so before the National Day, the market for " The Silver Ten” peak season still has high expectations, and after the steel price has been consolidated for more than a month, there are conditions for a rebound. However, from the latest data released during the National Day, although the Chinese manufacturing PMI rebounded to 51.1% in September for three consecutive months, the final value of HSBC China's manufacturing PMI was only 50.2%, far less than expected and initial value. In addition, the PMI index of the steel industry for the month was only 49.2%, which fell sharply by 4.2 percentage points from the previous month and fell back below the dry line. The performance of the downstream industry was much lower than expected. Among them, the overall performance of fixed asset investment was still relatively optimistic, and the performance of transportation infrastructure was strong. The real estate industry investment, new construction, commercial housing sales and land acquisition all fell back from last month; the overall automobile industry The performance was good, and the demand for the four major categories of home appliances gradually improved, but it was still in a downturn; the demand in the machinery industry was slowly improving, and the production and sales were mostly stabilized; the overall industry of the shipbuilding industry still showed a weak recovery. Judging from the overall reaction, the current contradiction between supply and demand in the steel market is showing an increasing trend, which is not conducive to the improvement of the market. 
 On the supply side, the domestic steel PMI index fell back below 50% in the dry line in September, but the production index rebounded by 1.1 percentage points to 53%, which was above the critical point of 50% for three consecutive months, with the large and medium-sized steel enterprises. The profitability continued to improve, the willingness of its steel mills to actively reduce production, and domestic production rebounded again. It shows that the enthusiasm of steel mill production is still at a high level, and the market supply pressure is gradually increasing. According to the latest data of China Steel Association, the average daily output of crude steel of key enterprises in mid-September was 1,779,500 tons, an increase of 0.97% from the previous month; the estimated national total was 2,143,500 tons, an increase of 0.66% from the previous month. The average daily output of crude steel in key enterprises hit a record high, and the average daily output of crude steel in the country also increased for the third consecutive quarter. In September, although the steel market was not prosperous in the peak season, demand remained stable, but the increase in demand was obviously less than the increase in supply. The weak situation of oversupply has not been improved, resulting in no decline in social stocks. Rising situation.