After Labor Day, we need to pay attention to the height of hot metal production and the toughness of end point demand

Gold ten futures on April 30, Zijin Tianfeng futures said that last week, the supply side of the total shipments up; Australia shipments resumed, northern Brazil system precipitation fell, shipments rebounded. China's arrival at the port fell month-on-month, still at a high level over the same period. On the demand side, 247 daily average molten iron + 25,000 tons to 2.2872 million tons, steel mills are still in the process of resuming production; 247 steel mills profit rate rose, coil profits fell. Iron ore spot transaction data to maintain stability, steel mills pre-holiday replenishment warehouse has ended. Inventory side, steel mills import mine inventory increased by 150,000 tons; 45 port inventory increased by 2 million tons. Brazil's rainy season is coming to an end, Australia's second quarter shipments are also expected to increase, and the supply side will be in a loose state for a long time; hot metal is still in the process of resumption of production, and it is expected that hot metal will reach a level of more than 2.30 million tons after Labor Day. At that time, it is necessary to pay attention to the height of resumption of hot metal production and the resilience of end point demand; the current inventory of the whole industry chain is still at a high level. Views are volatile.