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 Posted: Wed 4:33, 06 Apr 2011 Post subject: cheap Coach Crossbody Commentary cheap coach diap |
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n ore negotiations will soon end and Vale 90% -100% of the proposed increase, which will undoubtedly increase the cost of steel pressure. Domestic steel prices rising sharply in recent weeks, reflecting the cost of steel prices began to shift to the lower reaches. As Steel Important downstream Machinery Cost to the industry issue of concern.
CICC believes that steel prices has a double impact on the machinery industry, while rising steel prices direct extrusion machinery industry profit margins; the other hand, rising steel prices during the same time [link widoczny dla zalogowanych], accompanied by lower demand for machinery industry to good, so the rise in steel prices do not mean a decline in machinery industry profit margins.
Overall, the cost structure of machinery industry accounted for 6% of the cost of steel (excluding castings and forgings, parts, semi-finished products such as steel, refers only to the direct purchase cost of steel). Molecular industry point of view, container, steel cost accounting for the largest ships, heavy machinery, Machine tool , Construction Machinery , Port machinery Second, a relatively small proportion of steel railway equipment.
Based on historical experience, profit margins declined in the period, steel prices rose 10 percent each, machinery industry profit margins will fall 0.64 percentage points. Which, instrumentation, engineering machinery, internal combustion engine, petrochemicals common, machine tools and other sub-sectors the decrease in profit margin larger. And agricultural machinery, culture Office Supplies Sub-sectors such as profit margins decline slightly smaller.
Although the steel raw materials while the machinery industry, steel prices directly affect the cost of machinery industry; but at the same time, the steel price changes are a direct reflection of the degree of economic prosperity. Lower demand from the steel industry structure point of view, real estate, infrastructure and machinery, Home Appliances , Car , Ships and other manufacturing industry is the major source of demand. If demand driven up steel prices, which reflects the degree of related downstream industries increased prosperity, the economy of these industries will directly lead engineering machinery [link widoczny dla zalogowanych], machine tools, Metallurgy Equipment, spare parts, instruments and other machinery industry. Therefore, the steel prices during the same time the machinery industry may lower demand for the good times.
CICC said rising steel prices in different periods of the machinery industry profitability and stock price were different. Recovery phase in the industry, rising steel prices mean lower demand for the moderate recovery of scale to bring the industry to enhance profitability, the trend of the basic synchronous machine plate or outperform. The peak level in the machinery industry boom, the steel of the rose are often faced with regulatory pressure [link widoczny dla zalogowanych], mechanical industry, often Underperform. From the steel (general plate) in the characteristics of a cycle point of view, steel prices in 5000 yuan / ton fluctuations (equivalent to 2007 levels), mechanical industry profit margins will not be much affected, more than 5,000 yuan / ton, will have a greater negative impact on profit margins, stock price will also be a negative blow.
By the year 2010, rising steel prices have limited impact on the machinery industry profit margins. Steel prices in 2010 mainly in the 5,000 yuan / ton, in addition to China's machinery industry to the economy during the peak period there is no scale effect of room for improvement still exists, and machinery industry still has a good performance.
In addition, the Industrial Securities pointed out that research in the machinery industry companies basic lessons learned in 2008, have started in the low reserves of steel, so this year, steel prices rose on the obvious degree of erosion of industry profit. At the same time, the corresponding product
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