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Cumulative effect example 2
The cumulative effect of regulation shows that steel prices may fluctuate in stages.

Since the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China announced the implementation of the tariff policy of 5%- 10% on 83 kinds of steel products on May 2, 2007, the weekly comprehensive average price of domestic steel products has fallen for four consecutive weeks, with a cumulative decline of 4.37%.

China Iron and Steel Industry Association believes that the price trend of steel market may fluctuate in stages in the later period due to the increasing strength and frequency of macro-control measures introduced by the state. According to the report released by the National Development and Reform Commission yesterday, steel prices in the domestic market have been falling for four consecutive weeks since May 2 1.

According to the monitoring data of steel trading markets in 22 key cities in China, the weekly comprehensive average price of the four major domestic steel products last week was 4,095 yuan per ton, down 1. 1% from the previous month and 3.7% from the same period last year.

Among them, the average weekly prices of wire rod, medium plate, cold-rolled plate and rebar are 36 1 1 yuan per ton, 4 186 yuan, 4,968 yuan, 36 18 yuan, respectively, down 1.8% and/kloc from the previous month.

Previous data showed that from May 2 1 day to May 27, the weekly comprehensive average price of the four major domestic steel products was 4,226 yuan per ton, down 1.3% from the previous month and up 5.7% year-on-year.

From May 28th to June 3rd, the weekly comprehensive average price of the four major domestic steel products was 4 190 yuan per ton, down 0.9% from the previous month and up 2. 1% from the same period last year.

From June 4th to 10, the weekly comprehensive average price of four major domestic steel products was 4 142 yuan per ton, down 1. 1% from the previous month and down 2% from the same period last year.

In this regard, it can be found that compared with the week before the announcement of the export tariff increase, the weekly comprehensive average price of major domestic steel products fell by 1.87 yuan/ton last week, with a decrease of 4.37%. The latest report issued by China Iron and Steel Industry Association also believes that the steel price in the domestic market rose in the first half of May, and the price adjustment was triggered by the increased regulation in the later period.

According to statistics, at the end of May, the domestic comprehensive steel price index was 1 13.34 points, up 2.116 points from the end of April and up 3.64 points from the same period last year. Compared with 65438+ at the end of February last year, it rose by 8. 19 points at the end of May, with an increase of 7.79%.

According to the report, the fundamentals of the relationship between supply and demand in the steel market "did not change fundamentally" in May, mainly due to changes in the market expectation psychology, which led to a short-term decline in steel prices.

China Steel Association believes that the economic environment at home and abroad has not changed in the later period, and the demand for steel in domestic and foreign markets is still strong. Although the domestic steel price fluctuates slightly, it is still strongly supported by rigid factors such as cost and price difference at home and abroad.

According to the report of the National Development and Reform Commission, the price of iron ore with 66% iron content in China was 845 yuan per ton last week, which was the same as last week and increased by 38.5% compared with the same period last year. In addition, the prices of raw fuels such as slab, coking coal and coke all increased year-on-year, and the increase of these rigid costs has a strong supporting effect on steel prices.

Last week, the price difference between the international and domestic markets was still large. According to statistics, the steel price index in the international market rose by 4.2% year-on-year, and the domestic steel price fell by 3.7% year-on-year.

China Steel Association believes that due to the increasing intensity and frequency of macro-control measures introduced by the state, the price trend of steel market will fluctuate in stages in the later period.

Analysts pointed out that since the beginning of this year, the state has lowered the export tax rebate rate of steel products twice and raised the export tariff of low-end products once. The cumulative effect of these regulatory policies will be gradually reflected after June, which will bring downward pressure on domestic steel prices.

At the same time, the rising cost of steel price and the progress of the country's work to eliminate backward steel production capacity will support the steel price. Due to the game of the above two factors, there may be a wave-like market in the future price trend.