Before the Spring Festival , the “double coke” futures price was impacted by the expectation of Australian coal imports out of the stage decline, but iron ore, rebar and other futures varieties were not dragged down, maintaining a strong trend. Subsequently, the “double focus” also followed the plate out of the rebound trend. From the main continuous contract, as of the close of January 20, January coke futures price rose 8.2%, coking coal futures price rose 1.15%.
During the Spring Festival, the domestic macro policies maintain a warm atmosphere, the executive meeting of the State Council required to grasp the current economic and social development work, promote the economic operation at the beginning of the year; the National Development and Reform Commission and other departments issued a document to encourage and support the qualified and willing people to move to cities, is generally conducive to the revitalization of the real estate industry, and then promote the economic recovery, at the same time, the end demand for ferrous metal also has a certain stimulating effect. In addition, the US inflation index continues to fall, the pace of the Federal Reserve rate hike may slow down again, and the international financial market rose more or less. Under the stimulation of many warm factors, the first trading day after the end of the holiday (January 30), the ferrous metal plate collectively opened high, and then the shock fell, coke late closed slightly up, coking coal closed down.
In general, during the Spring Festival, the “double coke” spot market activity decreased, the price stabilized, the coking loss after the festival superimposed the increase of blast furnace operating rate, is conducive to the coke price stop, need to pay attention to the sustainability of the increase of molten iron production in the later period. In the futures market, the macro level continues to warm atmosphere, the ferrous metal plate is still strong trend, “double coke” due to the existence of the impact of imported coal, the price rise slightly weak. In addition, attention should also be paid to the impact of iron ore prices on other futures varieties.
Post time: Feb-13-2023