Japan steel export gap Chinese steel companies have the opportunity to make up

At present, the earthquake in Japan has been separated by more than two weeks, and the short-term impact is gradually weakening. However, it is worth noting that the earthquake in Japan caused the rise in the price of iron ore coking coal and Other upstream raw fuel prices to be limited in the second quarter. It is not ruled out that there will be a correction in the short-term. In this case, the profitability of steel enterprises will improve. At the same time, there is a short-term gap in Japan’s global steel exports, and Chinese steel companies may have the opportunity to partially offset and push up international steel prices, which will improve China’s steel exports. From the perspective of demand, the construction of affordable housing starts on schedule, and railway, water conservancy, and regional infrastructure needs will gradually enter the peak season. From the perspective of supply, with the declining inventory of steel mills and traders and the arrival of the later consumer season, consumption margins The increase will be greater than the production increment, and the gap for supply exceeding demand will narrow. In the secondary market, the recent steel stocks have led the rise, and the low-value sector has formed a wave of upswing. It is expected that steel stocks will have room to rise in the future.

With regard to real estate, the introduction of purchase restrictions in various places has caused the real estate industry to experience a period of price fluctuations. However, real estate transactions rebounded last week, and the volume of first-tier cities that issued purchase restrictions increased by nearly 30%. Analysts pointed out that in the short-term, due to regulatory policies and monetary tightening expectations, real estate prices will continue to be suppressed. However, judging from the valuation of the real estate sector, the static price-to-earnings ratio of the four major real estate companies in 2010 is 12.8 times, and the valuation has a margin of safety; in addition, the construction of social security housing may trigger the government to implement real estate companies participating in the construction of affordable housing. The loosening of directional policies has boosted the valuation of property stocks. Therefore, from this perspective, the valuation process of the property stocks is still in progress.