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Real-time News
Japanese Finance Minister Katsunobu Kato: Will attend the G20 Finance Ministers Meeting and the International Monetary Fund-World Bank Meeting in Washington from October 23 to 27.Futures News on October 11, one working day before and after the National Day, plastic products rose overall, PP, PE rose by about 200 yuan/ton, downstream BOPP, CPP rose by 200-400 yuan/ton, and downstream tape mother rolls rose by 300-500 yuan/ton; however, the rise retreated instantly on the 9th, and some markets have already seen a downward trend. Zhuochuang analysts believe that there are the following influencing factors. First, the main reason for the price increase is driven by macro market news. The news of "interest rate cuts" and "reservation cuts" before the holiday boosted the confidence of market traders; second, the five consecutive increases in international oil prices during the National Day gave the market a strong boost, and the market had a good start after the holiday; third, after the sharp rise in prices, the market orders were limited, and the buying support was insufficient, coupled with the futures turning downward and crude oil falling from highs. This week, the macro positives have dissipated, and the market has returned to fundamentals. It is expected that the plastic market will be consolidated after the rise, and some products will fall back from highs.Futures reported on October 11 that the average price of asphalt in the country was 3,717.52 yuan/ton in the week after the holiday, up 3.90 yuan/ton or 0.1% from before the holiday. The price of asphalt rebounded, and the spot prices of asphalt in major domestic regions fluctuated significantly. Forecast: Next week, the fundamentals are limited, and the uncertainty of crude oil is relatively large. It is expected that the spot price will fluctuate slightly with crude oil, and the fluctuation range will be 3,680-3,720 yuan/ton. 1. From the demand perspective, next week, the Northeast, Northwest and northern North China will focus on rushing to work before the temperature drops. The rigid demand for asphalt in the north will still perform well, and the demand in other regions may be relatively stable. 2. From the supply perspective, the adjustment of the tax deduction policy for diluted asphalt has not been implemented, and the negative impact on the production link of local asphalt refining is limited. It is expected that the operating rate will gradually increase, and the asphalt output will increase gradually, which is bearish for the spot market. 3. From a policy perspective, the State Council Information Office will hold a press conference on the morning of October 12 to introduce the situation of "strengthening the countercyclical adjustment of fiscal policy and promoting high-quality economic development". The incremental fiscal policy this year may boost the commodity market including asphalt. 4. In terms of cost, there is still uncertainty in the conflict in the Middle East. Oil prices are expected to fluctuate widely next week. The average price of US crude oil is US$72 per barrel, and the fluctuation range is between US$70-75 per barrel. The uncertainty is relatively large, which has a strong impact on the spot price of asphalt.Futures News on October 11: As of October 10, the mainstream price of 6517 silicon manganese was 6200-63500 yuan/ton, down 5.21% month-on-month. After the holiday, silicon manganese futures showed both high and low trends, and the spot price was willing to rise. The current market fundamentals game is still going on, and the industry is cautious in operation. The implementation of the price increase of raw coke and the high trend of futures have brought certain confidence to the silicon manganese market. In the near future, the release of downstream demand may be expected to be improved to a certain extent, stimulating the enthusiasm of steel mills to produce, and the willingness to inquire about alloy purchases may increase. In the short term, the silicon manganese market is in a wait-and-see mood, and it is still necessary to follow up and pay attention to the performance of the market and the latest progress of steel recruitment to give the market clearer signals.Futures News on October 11, Ansteel adjusted its product price policy for November 2024 based on the "Product Price Policy for October 2024" as follows: Hot-rolled steel increased by 500 yuan/ton. Cold-rolled steel increased by 500 yuan/ton, medium and thick plates increased by 500 yuan/ton. Wire rod increased by 500 yuan/ton. Rebar increased by 500 yuan/ton.
