Demand shrinks to crack down on coking coal prices

The growth of investment, consumption and import and export has continued to decline

The industry pattern of oversupply has caused the coking coal market to continue to suffer. The coking coal price has been falling steadily, and the price of ** has dropped to 560 yuan/ton near the lowest level this year, showing a trend of continuously hitting a new low. Although coal companies intentionally reduced production, and import pressure also slowed as the spread further narrowed and depreciated, the reduced demand for superimposed Fed rate hike expectations, especially the overall decline in demand caused by China's economic slump, will continue to constrain coking coal prices. It is expected that the price of coking coal will hardly increase in the next six months to one year, and the probability of continuing to maintain a weaker oscillation and even further lowering is greater.

The commodity market is still pessimistic

European debt problems are getting farther and farther and the Eurozone economy is stable but still hidden

The debt problems that have plagued Europe seem to be getting further and further away. Except for the Greek issue, which has disturbed the market this year, other countries such as Ireland, Portugal, or Spain have improved. The euro area countries’ long-term debt yields have continued to decline. Wind statistics show that as of September 2015, Irish, Portuguese and Spanish long-term bond yields fell to 6.14%, 6.08% and 4.09%, respectively, 0.44, 0.59 and 0.17 percentage points lower than the same period of last year; Greek bond yields This was an increase of 2.65 percentage points from the same period of last year, but it was already 3.46 percentage points lower than the highest in the year. The gradual solution of the European debt problem has won precious time and space for the stabilization of the European economy.

During the debt crisis, the European Central Bank adhered to a loose monetary policy, launched an "European version" of quantitative easing under the background of economic recession and "deflation" risks, and gradually stabilized the euro zone and EU economy. The data shows that in the second quarter of 2015, the GDP of the EU-27 and the Eurozone increased by 1.9% and 1.5% year-on-year, and the growth rate was 0.7 and 0.8 percentage points higher than that of the same period of last year, indicating a gradual steady state trend. At the same time, as the manufacturing and service industries in the European Union and the euro area continue to expand, employment conditions have improved and the unemployment rate has gradually declined. Data show that in October 2015, the PMI index for the manufacturing and service industries in the euro area reached 52% and 54.2% respectively, which was 1.4% and 1.9 percentage points higher than the same period of last year; the unemployment rate in the 27 EU countries and the euro area was 11.5% from the same period of last year. And 10% fell to 11% and 9.4% in August this year. However, the euro zone is still facing the risk of “deflation”. Data show that in September 2015, the consumer price index of the 17 countries in the Eurozone turned negative once again, which was a year-on-year decline of 0.1%, indicating that the economic growth in the euro zone in the later period is still worrying.