📈 Profit Surge for Jin Mo and Luoyang Molybdenum in the First Half of 2024

Jin Mo Shares 2024 First Half-Year Performance Increase

On July 13, Jin Mo Company released the 2024 semi-annual performance announcement. During the announcement period, the company achieved a total operating revenue of 65.93 billion yuan, an increase of 19.66% compared to the same period last year; the total profit was 19.96 billion yuan, an increase of 1.94%; and the net profit attributable to the shareholders of the listed company was 15.02 billion yuan, an increase of 0.59%. The basic earnings per share were 0.465.

Luoyang Molybdenum: Expected Significant Increase in First Half-Year Net Profit

On the evening of July 12, Luoyang Molybdenum announced that the net profit for the first half of the year is expected to be between 51.89 billion yuan and 57.35 billion yuan, a year-on-year increase of 638%-716%. The main reason for the significant increase in the company's performance in the first half of 2024 compared to the same period last year is the significant increase in the production and sales volume of the main products such as copper and cobalt, the obvious effect of cost optimization and technical improvement measures, and the strong market price of copper in 2024, which has brought about an improvement in performance.

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Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

• Website: https://www.metal-ae.com/www.metal-ae.com
• Email: ae@americenergy.com
• Phone: 13521210668
• whatsapp: 13521210668
• Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China

When Can the Stainless Steel Market Turn Around?

Recently, the stainless steel futures market has experienced a decline, with no significant improvement in market demand, and social inventory remains difficult to digest. The current trend of stainless steel prices is weak. When will this situation turn around?

Futures Market Fluctuates Downward

Market performance is not satisfactory. Recently, the stainless steel futures market has fluctuated downward, and the market is filled with pessimistic sentiment. With the new round of steel mill price adjustments, many spot merchants have followed suit. Downstream companies are cautious and wait-and-see, and transactions are still based on the demand for purchase. The futures market may affect the current market sentiment, and the overall market performance is not good.

Raw Material Prices Support

Although macro factors are weakening, the supply of Indonesian nickel ore is still tight due to the approval process and the rainy season. The smelting cost of Indonesian ferronickel factories is high, and the price of ferronickel is well supported. Domestic trade prices may warm up, but it is still necessary to pay attention to policy changes in the Indonesian industry. At present, steel mills are temporarily unable to accept the purchase of high-priced raw materials and maintain a price-pressing mentality for the purchase of raw materials such as ferronickel.

Supply Contraction Not Significant

From the supply side, the production of stainless steel crude steel in July is 3.2467 million tons, a month-on-month decrease of 1.27%. The production of stainless steel in July may further decline, but the contraction of supply is not significant. In the latest inventory data (as of July 18), the total social inventory of stainless steel in the mainstream national market of 89 warehouses is 1.1087 million tons, a week-on-week increase of 1.94%. The total social inventory of stainless steel in the mainstream national market of 89 warehouses has increased this period, with various series having different degrees of inventory increase. Downstream replenishment operations are cautious, the market is mainly based on the demand for purchase, and the pressure of stainless steel de-stocking still exists.

International Economic Situation is Severe

On the macro level, international precious metal futures generally fell, and most of the basic metals in London closed down. In addition, the Federal Reserve released the Beige Book on the economic situation, which is expected to slow down economic growth in the next six months due to various factors such as elections, policies, and political conflicts. Affected by the international macroeconomic situation, the overall market sentiment is not good.

Summary

In summary, the stainless steel futures market fluctuates downward, downstream demand is still weak, the macroeconomic situation is not good, and the market is full of wait-and-see sentiment. In the short term, the price of stainless steel may operate weakly and steadily. When the current market situation will turn around needs to continue to pay attention to market dynamics, supply and demand conditions, and policy trends.

Why Asian Stainless Steel Mills, Represented by China, Are More Competitive?

According to a message from Gerber on July 18, 2024, if there is one thing clear about Europe, it is that domestic steel and stainless steel mills have been reluctant to invest in outdated production methods for many years.

Without subsidies from the EU or member states, Europe would be helpless in terms of steel. This is not a new or surprising realization; Brussels has known this for decades.

"European Steel Agreement" on a One-Way Street

The recent position paper submitted by the German branch of the European People's Party (EPP) to the European Parliament, calling for a "European Steel Agreement," once again clearly shows this, and also shows who the final product of this position paper is.

European Stainless Steel is Outdated

This is the fear of Western multinational steel groups, who use completely outdated steel plants and technology to produce steel and stainless steel in Europe, and once again whisper evil stories about stainless steel to members of the European Parliament. If more protection and subsidies are not provided, a flood of cheap steel may sweep across Europe. Important evidence shows that this perfidious strategy and politicians who are willing to be obedient victims, in addition to the EU's safeguard measures for certain steel products (extended to 2026), bureaucratic CBAM mistakes, and two anti-circumvention lawsuits against flat-rolled stainless steel from Indonesia.

Asia Surpasses Europe in Innovation and Emissions

Despite the fact that Europeans have been squeezing the so-called "cows" behind national barbed wire fences for decades, Asia has built new state-of-the-art steel plants.

The production methods used include the RKEF-AOD process in Indonesia and China. These steel plants can not only save up to 25% of energy compared to old electric arc furnaces (EAF) in Europe to produce stainless steel, but also reduce carbon dioxide emissions by using renewable energy and at least 90% scrap content.

The outdated steel plants that Europe (such as ThyssenKrupp, Westphalia Hütte, Dortmund, Germany, 2002) sold to Asia before the 21st century no longer exist.

Threat of Overcapacity and Dirty Steel?

Nevertheless, Brussels is still trying to spread the threat of overcapacity (it has a lot of overcapacity itself) and dirty steel production.

In order to prove the rationality of the carbon border tax CBAM, despite it being full of formal errors and obviously based on false data and assumptions.

The demand for import quotas for steel produced by electric arc furnaces under CBAM clearly shows this. Just use green energy and a little more scrap in the electric arc furnace, and steel and stainless steel will suddenly become carbon dioxide-friendly.

Of course, it is not possible for the whole world to suddenly start producing green steel. Brussels and companies do not plan for this!

Better Population Prospects in Asia

For example, the population of Germany, a member state of the EU, is getting older, and the next generation no longer wants to ruin their health for invisible investors and replaceable company leaders, but there are still many places in the world with a better population situation. In Asia, it is easier to find and retain labor. Whether through education and training, health insurance, or fair and reliable pay. For example, this can be seen from a famous Chinese stainless steel manufacturer, which not only invests in the most advanced equipment and environmental protection but also carries out extensive training programs, thus caring more about its workers than some (Southern European) European stainless steel mills.

What Europe Needs Now

European steel and stainless steel industries no longer need any protectionism based on hypocrisy and lies. What Europe needs is an optimistic spirit. The willingness to take entrepreneurial risks again. And a significant reduction in bureaucracy that only serves the self-protection of the state and European institutions. Europe must get rid of old and rigid structures, dismantle market blockades and trade barriers.

If some steel oligopoly enterprises are put aside in this process, that's nothing big. European SMEs are desperately looking for qualified employees and are very willing to express the necessary gratitude to them. And are very happy to get more attention from Brussels to make changes.

About Americ Energy (CHINA) Co., Ltd.

Americ Energy (CHINA) Co., Ltd. stands as a prominent manufacturer and distributor of a comprehensive range of stainless steel products, designed to cater to the diverse needs of various industries. Their offerings encompass stainless steel tubes, plates, strips, and square tubes, all manufactured to uphold the highest quality benchmarks.

Contact Information:

• Website: https://www.metal-ae.com/www.metal-ae.com
• Email: ae@americenergy.com
• Phone: 13521210668
• whatsapp: 13521210668
• Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China