abucardinal3| Iron ore rose 2.51% to lead the rise in ferrous metals sector: hot rolling period is now upside down

News summary

On May 22, domestic ferrous metal futures prices generally rose, with iron ore and wire rods rising by more than 2%, and rebar rising by 1.abucardinal3.69%, and ferrosilicon fell 1.43%. The spot prices of rebar, iron ore and other varieties are higher than futures, indicating that the period is upside down.

Newsletter text

[The domestic ferrous metal futures market is picking up, with iron ore and wire rod leading the gains] The ferrous metal futures sector showed an upward trend on May 22, with both iron ore and wire rod increasing by more than 2%. The main iron ore contract price was 919.00 yuan/ton, an increase of 2.51%abucardinal3; The main contract price for wire rod was 4,095.00 yuan/ton, an increase of 2.48%. At the same time, the main rebar contract also rose by 1.69%, recording 3,799.00 yuan/ton. However, the main contract for ferrosilicon fell by 1.43%, with the price being 7,318.00 yuan/ton. [Analysis of basis between futures prices and spot prices] As of May 21, the basis data of commodity futures showed that hot coils and iron ore contracts had a 'futures upside down' phenomenon in which spot prices were higher than futures prices. The basis difference of rebar is-108, and the basis difference ratio is-2.98%; the basis difference of wire rod is-104, and the basis difference ratio is-2.67%. In addition, the basis differences of hot-rolled coil plate, stainless steel, ferrosilicon and manganese-silicon are 26,-260,-416 and-865 respectively, and the basis ratios reach 0.67%,-1.83%,-5.94% and-10.94% respectively. Iron ore performed the opposite, with a basis of 15 and a basis ratio of 1.64%. [Changes in warehouse receipt data] In terms of warehouse receipt data, the cumulative warehouse receipt for rebar increased by 601 tons, reaching the total to 84079 tons; the cumulative warehouse receipt for iron ore remained unchanged at 3700 tons; the cumulative warehouse receipt for stainless steel decreased by 677 tons, with a total amount of 170013 tons; the cumulative warehouse receipt for hot coils remained unchanged at 149080 tons; the cumulative warehouse receipt for wire rod was 0 tons, without change; the cumulative warehouse receipt for ferrosilicon decreased by 7 tons to 17285 tons; The cumulative warehouse receipts of manganese and silicon remained unchanged, at 77968 tons.