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Chinese Steel Weekly-20150511
1. On May 10th, the People’s Bank of China announced that the RMB benchmark lending and deposit rate will be cut by 0.25 points since May 11th, and one-year benchmark deposit rate of financial institutions will also be cut to 2.25%. Moreover the upper limit of floating range of deposit interest rate will be 1.5 times of benchmark deposit rate instead of 1.3 times.
MPI’s comments: Refer to the steel industry, benchmark rate cut is aimed at changing long-term prospect of the whole industry, which is similar with interest rate cut. Due to weak demand, lower level of profitability, higher level of fixed cost and overcapacity, it will difficult to see a continuous improvement of profitability of Chinese steel industry. The measure of interest rate cut can reduce financing cost and expenses for steel companies. In virtue of adjustment of upper limit of floating range, some commercial banks are expected to provide higher level of interest rate to attract deposit, which will be helpful for steel companies to increase value of current assets.
2ThyssenKrupp Steel (Europe) Co. Ltd will subscribe for 12.5% shares of Ansteel Chongqing High-strength Automobile Steel Co. Ltd, which is affiliated to Anshan Iron and Steel (Group) Co. Ltd.
MPI’s comments: Execution of this project is favorable for Ansteel to optimize the product mix and promote transformation and upgrading. Besides going abroad, it will be necessary for Chinese steel industry, the biggest steel producer and consumer in the world, to introduce some overseas partners to promote industrial transformation and upgrading.
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