乐博现金网登录66866China Cement Weekly

乐博现金网登录66866China Cement Weekly

Slight decline in national cement prices. The average cement price
(nationwide) decreased 0.87% week on week to RMB333.42/tonne last week.
Cement prices in parts of North Anhui and Fujian were down
RMB20-60/tonne, and in parts of Loushao, Hunan and Hainan were down
RMB40-60/tonne. The average inventory level (nationwide) climbed
slightly to 62.38% in mid June due to traditional factors in the low
season. Overall cement prices fell slightly as the market stepped
gradually into the low season.

    Coal prices rebounded 0.36% week on week to RMB564 RMB/ton. The
comprehensive average price index for Bohai-Rim Steam Coal (Q5500K) was
up RMB2/tonne to RMB564/tonne. The index was up 41% on a year-on-year
(YoY) basis.

乐博现金网登录66866,    National cement output from January to May 2017 was up 0.7% YoY to
890m tonnes. Production in May was 230m tonnes, up 0.5% YoY. The trend
of nearly flat YoY prices remained unchanged. Growth in FAI (Fixed Asset
Investment) was 8.6% in 5M2017, down slightly by 0.3ppt month on month.
Growth in property investment also slowed down moderately from 9.3% in
4M2017 to 8.8% in 5M2017. Although infrastructure investment maintained
a high growth rate of 20.9% in 5M2017, it was still down 2.4ppt month on
month. Overall, we believe the share price performance of the cement
sector in the near term will depend more on progress in supply side
reform and more stringent environmental protection requirements. The
demand side is unlikely to be a major catalyst at the moment.

    Cement stocks under coverage down 2.5% on average. Best performer
CNBM [3323.HK;SELL] went down 0.2% last week. CR Cement
[1313.HK;BUY] was the weakest among our coverage stocks, dropping
3.7%.

admin

网站地图xml地图