Black futures open lower higher, steel prices local rebound

On July 31, the spiral 2410 contract opened low in the morning and closed down 0.12% at 3340 at noon. The futures 2410 contract opened lower in the morning session and closed 1.75% lower at 3472 at midday.

On July 31, the iron ore 2409 contract opened low in the morning and closed 763.5 down 1.80%.

On July 31, the coke 2409 contract opened low in the morning and closed 2047.5 down 1.21%; The coking coal 2409 contract opened lower in the morning session and closed 1.15 percent lower at 1461.5 at noon.

As of press release, the contract of the main screw is 3340 yuan/ton, which is 160 yuan/ton higher than that of the Shanghai market 20mm grade 3 anti-seismic rebar (meter); In 31 major cities in the country, the price of rebar in Wuhan, Taiyuan, Kunming, Xi 'an and other markets fell by 10-30 yuan/ton, and the market in Fuzhou and Nanchang rose by 10-20 yuan/ton.

Macro: the Political Bureau meeting to deploy the second half of the economic work, macro policies to continue to force, more powerful; The Ministry of Finance is considering pushing forward the consumption tax collection process and steadily assigning local governments to guide local governments to speed up the issuance and use of special bonds. Japanese media said Bank of Japan officials will discuss raising interest rates to 0.25% on Wednesday.

Industry: China's manufacturing PMI in July was 49.4%, slightly down 0.1 percentage points from the previous month; The business activity index of the construction industry in July was 51.2%, down 1.1 percentage points from the previous month; According to the Centennial construction research, as of July 30, the fund arrival rate of sample construction sites was 62.05%, down 0.30 percentage points week on week.

In July, China's manufacturing and construction demand fell, the rate of capital arrival at construction sites fell, and the demand for steel in the off-season was weak. Considering that the domestic macro-control efforts will increase, the market pessimism has been eased, driven by the rebound in black futures, today's low-price resource transactions have improved. In addition, more and more steel mills are overhauled to reduce production, and the pressure on supply and demand is expected to gradually ease. Of course, the degree of recovery of market confidence still depends on the strength of inventory digestion, and the short-term decline in steel prices has slowed down, showing a shock.