Industry News

Another day to witness history

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Update time : 2021-05-12 16:38:55
Steel prices soared and hit another record
On May 10th, Investors witnessed many historical records, the domestic commodity futures market black series staged a daily limit wave.

Another day to witness history! On May 10th, the increasing trends on mass cargos trading is almost going crazy, let's have a quick glance at the following data:

The main force of iron ore futures has rushed to the highest record of 1346.5/Tons, which hit the new highest;
The main force of coking coal has reached 2068/Tons, broked an increase of 6%, which also hit the new highest;
The rebar directly has rushed to the daily limit after opening, touched the new highest of 6208/Tons;
Glass futures hit the daily limit in the intraday, increased to 2710/Tons, continued to break the new highest;
Shanghai Copper once increased to 78270, which broked the highest since May of 2005, also broked the record of almost 16 years;
Shanghai Aluminum’s main contract broke through the 20,000 yuan mark, setting a new high in the past 13 years since July 2008;


The historical extreme value is refreshed one by one. In the end what happened? How long can the current skyrocket continue? 

#The main contract of 20 varieties rose over 20% during the year #
The daily limit of iron ore, rebar, coking coal, glass, hot coil, etc. hit a record high, and wire rods also hit the daily limit. Most basic metal also rose.

The iron and steel industry is one of the country’s important raw material industries. Real estate, automobiles, home appliances, machinery, shipbuilding and elevators are important downstream industries in the iron and steel industry, which are also severely affected by changes in steel prices. 

According to reports, the current price of raw materials has been significantly higher than that when the downstream manufacturing industry accepts orders. In order to avoid a larger loss, some manufacturers can only choose to cancel ordres, charge back, break the contract and pay liquidated damages.

Source of partial data: Snowball The copyright belongs to the author. For commercial reprints, please contact the author for authorization, and for non-commercial reprints, please indicate the source. Author: Wind Information Link:
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