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Prices press miners to enact suply discipline

机译:价格迫使矿工制定应有的纪律

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摘要

Steel demand in China continues to underwhelm though as expected,industrial production growth has started to revive in Q2, but only by 0.3%year-on-year from the March period to 5.9% in April. Regardless of any tinydemand-related revival, steel prices are falling, adding to the real debtburden for mills, by lowering the relative price of assets in relation totheir liabilities (which remain unchanged). Thus, the end of very rapiddemand growth in China in 2013 has resulted in ongoing downwardpressure on coking coal and coke. This is especially acute, given thatsupply has been ramped up in the expectation that Chinese demand willstill grow at or near the rapid pace, in tonnage terms, seen in the past.
机译:尽管中国的钢铁需求持续低迷,但正如预期的那样,第二季度工业生产增长已开始复苏,但从3月的年率仅同比增长0.3%,至4月的5.9%。不管与微小需求有关的任何复苏,钢价都在下跌,通过降低资产相对于其负债的相对价格(保持不变),增加了钢厂的实际债务负担。因此,2013年中国极速需求增长的结束导致焦煤和焦炭的持续下行压力。考虑到过去以吨数计,中国的需求仍将以或接近快速增长的速度增长,因此供应尤为突出。

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