The consumption of liquefied petroleum gas (LPG) in China is growing rapidly, mainly fuel consumption. China’s liquefied petroleum gas market started in the 1970s and 1980s, and experienced rapid development in the late 1990s and the beginning of this century. In the past decade, with the advancement of urbanization and the rise of chemical applications, the demand for LPG in the domestic market is increasing day by day. From 2011 to 2018, the annual apparent consumption of LPG increased from 24 million tons to 44 million tons, with an average annual growth rate of more than 9%. However, after 2016, the utilization of LPG in chemical industry is generally saturated, and fuel has gradually become the largest consumption field.

LPG can be used as industrial and civil fuel, as well as an important chemical raw material, widely used in the production of various chemical products. Of the total consumption of 44.02 million tons, 23.53 million tons are fuel consumption, accounting for 53%; and 20.49 million tons are chemical consumption, accounting for 47%.

Fuel is the largest use area of LPG. According to the purpose, it can be further divided into urban civil fuel, industrial fuel, catering fuel and rural fuel. Among them, rural fuel accounts for the largest proportion, reaching 38%; catering fuel is also an important consumption area of LPG, accounting for 34%, which constitutes the main consumption area of LPG in China, and has maintained a rapid growth rate. In addition, industrial fuel and urban resident fuel account for 5% and 23% respectively. With the popularization of pipeline natural gas in China, the substitution of natural gas for LPG of urban residents tends to be stable. The urban residents without pipeline laying conditions constitute a relatively stable consumer group in the urban area, but the overall industrial fuel field has been shrinking due to cost factors.

Rural fuel and catering fuel are rigid demand areas of LPG. In rural areas, due to the impact of environmental protection policies, LPG has become the preferred energy source for “coal to gas” in rural areas because of its cleanness, flexibility, non dependence on pipe network facilities and low-cost supporting. LPG is a clean energy source, and its emissions of sulfide and nitrogen oxide are close to those of natural gas, which are 0.04 and 0.6 of coal. LPG in rural areas can be flexibly distributed to remote areas without relying on large-scale infrastructure investment such as pipelines. In addition, the rural LPG economy is significantly better than natural gas. According to the statistical data of China Urban Gas Association, 60 households per square kilometer is the critical population density of natural gas and LPG economy (with state and local subsidies). The population density of rural areas in China is low. LPG is a good gas source for “coal to gas” and “gasification” in rural areas.

In the field of catering, LPG consumption also keeps increasing. In 2017, LPG consumption in the catering sector was 7.8 million tons, with a steady growth. In recent years, the business income of catering industry in China has maintained a growth rate of more than 10%. Affected by this, LPG consumption in catering industry has maintained a growth rate of 2.26%. According to the survey, the consumption of LPG in catering industry and its proportion in LPG fuel consumption have increased year by year, and now it has exceeded 30%.

From the perspective of consumption regions, domestic LPG consumption regions are concentrated in South China, East China and North China. The total LPG consumption is 30.16 million tons, accounting for 69% of the total. The consumption of LPG fuel in North China is 4.31 million tons, accounting for 31% of the total regional consumption; the consumption of LPG fuel in East China is 4.71 million tons, accounting for 56% of the total regional consumption; the consumption of LPG fuel in South China is 6.58 million tons, accounting for 83%.

1、 Spot market of asphalt this week

As of March 20, the average market price of national road asphalt was 2547 yuan / ton, down 297 yuan / ton from 2844 yuan / ton last week, down 10.44%. This week, the domestic road asphalt market price continued to decline sharply, mainly due to the strong negative international news, leading to the continuous downward exploration of the crude oil futures market, even touching the $20 pass. In this context, it is difficult to establish a buying atmosphere for downstream operators in the asphalt market, and the impact of low price resources is strong, leading to the continuous decline of transaction price. However, the single-day increase of oil price on Thursday has been in recent years Most of all, the low-end price of asphalt has rebounded, especially in Shandong and North China.

2、 Supply and demand analysis

Demand: it is expected that part of the short-term areas will still be affected by rainfall, especially in the southeast of Northwest China, Chongqing, eastern Guizhou, northwest and Southeast Yunnan, central and Western Jiangnan, and most of South China. Among them, the coastal area in southwest Guangdong will encounter rainstorm, and the engineering infrastructure in the rest areas will grow steadily.

Inventory: according to the statistics of 64 major domestic road asphalt manufacturers, the total inventory / storage capacity ratio of major national asphalt manufacturers in the week ending March 20 was 44.84%, up 1.56% on a month on month basis. In the later stage of the market, the pressure on the short-term asphalt market price to keep rising is still unabated, and whether the conflict between Russia and Russia can be mediated is still pending, so the possibility of sharp decline of asphalt inventory in refineries is relatively low.

In terms of operation rate: according to the statistics of 64 major domestic road asphalt production enterprises, the comprehensive operation rate of domestic road asphalt production enterprises in the week ending March 20 was 46.66%, 1.2% higher than last week. In the later market, the momentum of the broad crude oil futures market continues to rise or is limited, and the refinery’s asphalt production profit is still at a high level, but the momentum of the asphalt spot price rise is relatively insufficient, and the support for the refinery’s inventory pressure slowing down is relatively weak, and the NDRC continues to reduce the expectation of gasoline and diesel is temporarily stranded, which does not exclude the possibility of partial Refineries or conversion of coking materials.

3、 This week’s Asphalt futures market and future prospects

This week, bu2006, the main oil asphalt contract, closed lower at 1940 yuan / ton, 178 yuan / ton lower than last week, with 6.23 million transactions and 420000 positions. At present, the spread of foreign social public events is still strong, and the inflection point is not yet coming, which will lead to the decline of crude oil demand is difficult to improve. However, the current industry will focus on whether the conflict between Russia and Russia can be mediated, and whether Saudi Arabia is willing to cancel the production increase remains to be seen. If the production increase is cancelled, the crude oil is expected to climb to the 40-50 range in the future, but if the production increase is continued, the possibility of the original price falling below $20 will be greatly increased. Attention should be paid to the pressure of sharp fluctuation of short-term crude oil price, especially under the continuous outbreak of social public events, the pessimistic atmosphere of investors enveloped the market, and it is expected that the demand for crude oil in the future will be bleak. In addition, the “crude oil price war” between Saudi Arabia and Russia will continue, so the oil price will remain low. The domestic social public event control superimposed considerable spot profits, which led to the continuous recovery of asphalt refinery operation rate, but the downstream construction started less, and the recovery progress was slow in some areas or affected by rain, the sharp drop of crude oil seriously affected the traders’ ordering mentality, the spot market trading was light, some refineries began to significantly reduce the spot price, and the social inventory was still accumulating rapidly. In this context, the domestic road asphalt market price continues to decline and is expected to remain. Investors who hold positions need to keep a close eye on the development trend of social public events and international crude oil situation, and do a good job in cash management to deal with future uncertainty.

According to statistics, the price trend of domestic ammonium nitrate in this week slightly declined. By the end of the week, the market price of domestic ammonium nitrate was 2370 yuan / ton, which was 0.42% lower than the price of 2380 yuan / ton at the beginning of the week, up 16.56% year on year. On March 19, the ammonium nitrate commodity index was 124.74, unchanged from yesterday, down 0.42% from 125.26 (2020-03-15), the highest point in the cycle, and up 61.23% from 77.37, the lowest point on October 31, 2016. (Note: cycle refers to 2013-02-01 to now).

This week, the price trend of domestic ammonium nitrate Market is slightly lower. The operation of domestic ammonium nitrate manufacturers’ devices is normal. The supply of ammonium nitrate in the field is normal, and the price of manufacturers is slightly lower. In the near future, the supply of goods in the field is normal, and the transportation has been alleviated. The price trend of ammonium nitrate Market is slightly lower. In the near future, the market of ammonium nitrate manufacturers is general, the downstream is purchased on demand, the domestic ammonium nitrate manufacturers are limited to start work, and the market price of ammonium nitrate remains high. Up to now, the negotiation mainstream in Shaanxi is 2300-2400 yuan / ton, that in Shandong is 2400-2500 yuan / ton, and that in Hebei is 2400-2600 yuan / ton.

This week, the price trend of concentrated nitric acid in China rose, with the weekend price of 1550 yuan / ton, and this week’s price trend rose by 3.28%. Jiangsu Hongze Yinzhu Chemical Co., Ltd. offers 1500 yuan / ton; Anhui Jinhe offers 1550 yuan / ton; Shandong helitai offers 1750 yuan / ton. Anhui Aodeli offers 1550 yuan / ton; Wenshui County synthetic chemical offers 1700 yuan / ton. In the near future, the domestic maintenance devices are in normal operation, the supply of concentrated nitric acid market is less, the on-site delivery is general, the price trend of nitric acid market is slightly increased by 50-100 yuan / ton, the increase of nitric acid price is the favorable influence of ammonium nitrate Market, and the price drop of ammonium nitrate Market is limited.

The price of upstream liquid ammonia fluctuated in high level this week, and the price of domestic liquid ammonia fluctuated in high level, with an increase of 15.66% in March. According to the monitoring of the business agency, the price of domestic liquid ammonia market rose significantly compared with the price at the end of February. Since the rebound began in late February, liquid ammonia began to rebound, and experienced a short repair stage in the middle. In the week of March 16, the price of liquid ammonia remained high, and the dealers adjusted the price range and The frequency slows down. According to the statistics of the business agency, the market price of liquid ammonia in China was 3200-3300 yuan / ton on the 20th. The overall price of upstream liquid ammonia market is at a high level, while the price trend of ammonium nitrate Market is stable and slightly lower.

In the near future, the downstream demand is limited, but the market price of raw materials continues to rise, which has certain cost support for the market price of ammonium nitrate. Ammonium nitrate analysts of the business association believe that the market price of ammonium nitrate may maintain high volatility in the later period.

1、 Price trend

According to the data of the business club’s large scale list, the domestic propylene (Shandong) market price continued to decline this week, with a weekly high of 6023 yuan / ton at the beginning of the week; a weekly low of 5732 yuan / ton at the end of the week, with a weekly decline of 4.83%.

2、 Analysis and comment

Products: in March, the decline trend of propylene price in Shandong Province in the early stage of reform began. On the first day, the prices of some enterprises rose slightly. On the second day, the prices of the whole line rose slightly. On the third and the fourth day, the prices of most enterprises generally rose. On the fifth day, the prices of some enterprises increased by about 50-100 yuan / ton. On the sixth day, the prices of enterprises began to fluctuate up and down, but the range was relatively small. On the tenth day, the prices generally fell by 50-100 yuan / ton. On the eleventh day, the prices slightly fell by 50 yuan / ton The daily price slightly decreased by 50-100 yuan / ton, and the price decreased by 200-300 yuan / ton on the 13th. It was obvious again on the weekends. The price remained stable on the 16th, and fell continuously on the 17th, 18th and 19th. Today, the price is mainly stable. At present, the market turnover is 5650-6000 yuan / ton, and the mainstream price is 5650-5750 yuan / ton.

Industry chain: upstream, influenced by OPEC meeting and various international economic policies, international crude oil rose and fell sharply; prices fell sharply again on the 16th, slightly on the 17th, sharply on the 18th and slightly on the 19th. The change of crude oil is large, which has obvious influence on propylene.

This week, PP market stabilized after a continuous downward trend, with a weekly decline of 4.68%, which had a certain negative impact on propylene.

This week, acrylic acid market remained stable, and the price did not change, which had little impact on propylene.

Propylene oxide rose slightly this week, up 0.80%, with limited impact on propylene.

Epichlorohydrin prices fell slightly this week, down 2.36%, slightly negative for propylene.

This week, the domestic price of n-butanol fell sharply, the weekly decline reached 6.54%, which had a significant negative impact on propylene.

This week, the octanol market continued to decline in a straight line, with a weekly decline of 4.40%, which had some negative impact on propylene.

Affected by the epidemic situation, the market price of isopropanol, as one of the raw materials of disinfectants, rose sharply this week, reaching 26.40% of the weekly increase, which has exceeded 30% in seven days, which has a significant positive impact on propylene.

The phenol Market in Shandong Province remained stable this week, with limited impact on propylene.

Shandong acetone market slightly increased this week, with a weekly increase of 2.05%, which had little impact on propylene.

3、 Future forecast

According to the propylene analyst of business and chemical branch, the crude oil market has risen and fallen sharply recently due to the impact of the international crude oil market game. As the production and inventory of propylene are low before, the decline in the early stage is not significant, and the trend of follow-up in the later stage is also obvious. Although the market of isopropanol in the lower reaches increased significantly, other lower reaches were not ideal. It is expected that the price of propylene will continue to be affected by crude oil in the later stage, with in-situ shocks dominating.

1、 Trend analysis

According to the data monitoring of the business agency, the cobalt price this week was greatly adjusted, and the decline of the cobalt market could not be stopped. As of March 20, the price of cobalt was 256500.00 yuan / ton, down 1.03% from the average price of 259166.67 yuan / ton at the beginning of the week. The closure of factories and stores has affected the confidence of cobalt market. The panic of cobalt market has spread and the price of cobalt has fallen.

2、 MB cobalt price drops sharply

Judging from the trend of MB cobalt price, the price of MB cobalt fell sharply this week. The decline of international cobalt market further hit domestic cobalt market, which was negative.

3、 Apple will close all retail stores outside Greater China

On the afternoon of March 14, Beijing time, Apple’s official website announced today that all stores (retail stores) in China (Greater China) have been reopened, and decided to close all stores in other regions of the world before next Friday (March 27)! Apple’s cell phone closing stores will inevitably affect mobile phone sales and generate negative demand for cobalt.

4、 Tesla temporarily closes California and New York plants

Tesla (NASDAQ: tsla) announced Thursday that its plants in Fremont, California and buffalo, New York, will be temporarily shut down. Tesla shut down the plant, further negative for cobalt market demand. Cobalt market spread bad.

6、 Future prospects

According to Bai Jiaxin, a data analyst at business club, the global economy is in a weak state, multinational enterprises are shutting down or reducing production, and sales outlets are also affected by the trend of closure. The closure of production enterprises and sales outlets has a great negative effect on the demand of cobalt market. In the absence of a significant reduction in supply, the downward pressure on cobalt market is increasing. In the short term, the market of cobalt is good but not good, and the negative effect is increasing. Although 5g is still stimulating consumption for a long time, and the general trend of new energy vehicles, cobalt market is still optimistic for a long time. However, cobalt city was closed shop tide poured a basin of cold water, cobalt city rising cycle infinite delay. Short term cobalt market is more bearish than positive, and cobalt price is short-term bearish.

On March 19, the HFA commodity index was 104.36, unchanged from yesterday, down 25.69% from 140.43 (2018-02-21), the highest point in the cycle, and up 94.74% from 53.59, the lowest point on November 30, 2016. (Note: cycle refers to 2011-09-01 to now).

According to statistics, the price trend of domestic hydrofluoric acid market is temporarily stable. Up to now, the price of domestic hydrofluoric acid market is 11500 yuan / ton, and the operation rate of domestic hydrofluoric acid is more than 60%. The enterprise reflects that the current spot supply of hydrofluoric acid in the site is normal. Due to the impact of public health events, some units have not been started, and the recent market of goods in the hydrofluoric acid site is relatively smooth. Due to the general downstream demand, hydrofluoric acid market is relatively smooth The market price trend is stable for the time being. At present, the mainstream of hydrofluoric acid negotiation in the south is 11000-11500 yuan / ton, and the price of hydrofluoric acid in the north market is 10500-11500 yuan / ton. The price trend of domestic hydrofluoric acid market is stable for the time being, the supply of spot goods is normal, but the demand situation is not improved obviously, and the price trend of hydrofluoric acid is stable for the time being.

The market price of upstream fluorite is higher. In recent years, fluorite manufacturers are limited in starting work, and the supply of fluorite is very tight. The price of fluorite has been at a high level. As of the 19th, the price of fluorite is 3400 yuan / ton. The rising price of upstream raw materials brings certain cost support to the hydrofluoric acid market, and the price trend of hydrofluoric acid market is affected by the price support of raw materials fluorite. In the near future, the transaction market of downstream refrigerants of the terminal has increased. At present, the automobile industry is gradually back to work. The supply of R22 in China is tight. The price trend of domestic refrigerants R22 market is rising slightly. The starting load of the manufacturer’s production units is still not high. The supply of goods in the market is general. The downstream air-conditioning manufacturers stop more and the demand changes little. The price mainstream of domestic large enterprises rises to 16500-1850 0 yuan / ton. The price trend of R134a market in China has increased slightly, and the unit operation rate of production enterprises has increased slightly. At present, the downstream operation is not high, and the demand for R134a is general. Recently, the stock of downstream industry has increased, and the price has increased slightly. The downstream is still on-demand procurement, and the price trend of hydrofluoric acid market remains high.

Generally speaking, the turnover in the refrigerant market is not very big. For the upstream hydrofluoric acid market, purchasing is on demand. However, with the shortage of fluorite supply and certain support for the cost, Chen Ling, an analyst at the business club, believes that the market price of hydrofluoric acid may remain at a high level.

On March 19, the PX commodity index was 44.00, which was the same as yesterday, setting a new low in the cycle, 57.03% lower than the highest point of 102.40 on February 28, 2013. (Note: cycle refers to 2013-02-01 to now).

According to statistics, the market price trend of p-xylene in China is temporarily stable, the operation of new 600000 ton plant in Hongrun is stable, the operation of petrochemical plant in Pengzhou is stable, 50% of petrochemical plant in Urumqi is started, one line of aromatics plant in Fuhai Chuang is started, CNOOC Huizhou refining and chemical plant is overhauled, the PX plant in Hengli Petrochemical is put into operation, other units are temporarily stable, and the operation rate of domestic p-xylene plant is stable In about 70%, the domestic market supply of p-xylene is normal, and the market price trend of p-xylene is stable. The operating rate of PX plant in Asia is about 80%. On March 18, the closing price of PX market in Asia dropped by 30 USD / ton, and the closing price was 523-525 USD / ton FOB South Korea and 543-545 USD / ton CFR China. More than 40% of PX in China needs to be imported. The sharp decline of external price has a certain negative impact on the domestic market price of PX, and the market price trend of PX is temporarily stable.

US crude oil prices fell $1.49 to $25.46/barrel, or 5.53%, earlier to $25.08, the lowest level since late April 2003. Brent crude oil fell 84 cents (about 3%) to close at $27.89 per barrel after falling to $27.56, the lowest level since the beginning of 2016. In recent years, the trend of crude oil price has declined significantly, while the trend of domestic p-xylene price has been temporarily stable.

In terms of downstream PTA, the price has dropped sharply to the level of 3400-3500 yuan / ton in the near future. The price of PTA has reached a new low since the listing, while the price of crude oil above is slightly higher than the 2016 low, and PTA has been in an oversold state. In view of the overall poor demand at home and abroad, PTA large factories began to jointly overhaul to relieve the market inventory pressure. As of March 17, the operating rate of PTA unit has declined to 69.17%, mainly because Fuhai Chuang’s 4.5 million T / a PTA unit was overhauled for 10-15 days near March 12; Hengli Petrochemical line 3 2.2 million T / a PTA unit was overhauled for 2 weeks from March 12; xinfengming 2.2 million T / A unit was installed on March 17 and entered the half month of overhauling, but from the feedback of the panel, the effect is very little, and the trend of xylene price is temporarily stable.

In the near future, the crude oil price trend has declined, the downstream PTA market price has fallen sharply, and the downstream demand of the terminal has not improved significantly. Business analysts believe that PX market price may decline.

1、 Price trend

According to the data monitoring of business agency, the zinc market plummeted on Sunday, and the zinc price fell 7.31% on the 19th. As of March 19, the spot price of zinc was 14530.00 yuan / ton, down 8.88% from 15946.67 yuan / ton at the beginning of the week, and up 7.31% on March 19. Panic in the international market spread to China, and spot zinc prices fell sharply.

2、 Market trend analysis

Fitch lowered its forecast for zinc price this year

Fitch solution, an industry consultancy, lowered its forecast for zinc prices this year to $2250 a tonne from $2450 a tonne earlier, with factories in China and the rest of the world shutting down more at this stage. At the same time, the agency said that the processing cost of zinc concentrate has been increasing throughout 2019 and 2020 (in the supply contract), and the increase in the processing cost of zinc concentrate has encouraged Chinese zinc smelters to increase production in the second half of this year, which may lead to a reduction of market supply shortage. In the case of limited demand, zinc inventory increased significantly, leading to a decline in optimism among market participants. The upward momentum of zinc price weakened and the downward pressure increased.

International zinc price fell for several days in a row

The price of zinc in LME market fell sharply for three consecutive days. On March 18, the price of zinc fell to 1819 US dollars / ton. The fall of international zinc price has a negative impact on domestic zinc price. The negative pressure of zinc is increasing.

The monthly rate of retail sales in the United States in February hit a new low since January last year

The monthly retail sales rate in the United States recorded – 0.5% in February, with an expected value of 0.2%. The previous value was revised up from 0.3% to 0.6%, and the monthly rate data hit a new low since January last year. Analysts expect a surge in grocery purchases in March, but in April it will be bad. The fall in U.S. consumption reflects the weak global consumption environment this year, the global economic downturn and the expected sharp decline in zinc demand. After the zinc market, the negative market increased.

Domestic zinc output from January to February

China’s zinc production in January February was 1.04 million tons, up 12.9% year-on-year, according to data released by the National Bureau of statistics on Tuesday. The high cost of zinc processing in China has made zinc smelting enterprises more active in production, increased supply of zinc market and increased zinc inventory.

The delivery service fee standard of multiple domestic futures is adjusted to 0

The previous exchange also announced that from April 10, 2020 to January 8, 2021, the delivery service charge standard of copper, aluminum, zinc, lead, nickel, tin, screw steel, wire rod, hot rolled coil, stainless steel, gold, silver, natural rubber, paper pulp, fuel oil and petroleum asphalt futures will be temporarily adjusted to 0.

3、 Future prospects

Bai Jiaxin, an analyst at business club, believes that although all countries have certain economic stimulus plans in the near future, the repeated circuit breakers in the stock market reflect that the economic stimulus plan has not brought much confidence to the market, and the global market demand is expected to decline sharply in 2020. For the zinc market, the price of zinc in the international market has dropped sharply for several consecutive days, and the negative pressure on the domestic zinc market continues to increase; however, under the condition of a sharp decline in demand expectation, the domestic zinc ingot production has not declined correspondingly. On the contrary, in January February, when most downstream customers stopped production, the domestic zinc ingot production has increased by 12.9% year on year. Under the condition of insufficient demand, the supply has increased, and the zinc ingot price has increased It is inevitable that things will fall. However, such a sharp decline on the 19th is still rare in the history of zinc market, and the increase in supply is only one factor. The fear of global market demand in the future is the main cause of zinc price falling to the end.

The price of silver has fallen beyond recognition

Trend of spot silver price

The futures market continued to decline after the third consecutive decline of Shanghai and Bank of China. Today, it continued to open low and walk low. On February 24, the price of Shanghai silver in 2006 was still 4500 yuan / kg. Today, the lowest price is 2857 yuan / kg, and the closing price is 2937 yuan / kg.

Silver futures fell to a total loss, comparable to the U.S. stocks. Spot silver prices are following suit.

According to the tracking data of business agency, the average price of spot silver market on March 19 was 2942.67 yuan / kg, which was 4247.33 yuan / kg compared with the average price at the beginning of the month, with a 30.72% drop in the month.

Break through 3000 silver and set a new low in 10 years

As a precious metal with strong industrial properties, silver has recently fallen. As precious metals, the trend of gold and silver prices tends to be obvious, but the recent gains and losses are significantly different.

According to the tracking data of business agency, the average spot gold market price on March 19 was 331.75 yuan / g, which was 370.75 yuan / g compared with the average market price at the beginning of the month, down 10.52% in the month. Lengthen the price trend (as shown in the figure below). At present, precious metal gold is only down the increase since December last year, while silver spot price has fallen to the lowest price since the tracking data on September 6, 2011.

On March 18, the silver commodity index was 35.19, down 0.54 points from yesterday, a record low in the cycle, down 65.76% from the highest point of 102.76 on September 6, 2011. (Note: cycle refers to 2011-09-01 to now)

Price trend of gold and silver in recent 10 years

 
How to deal with market panic

List of interest rate cuts by central banks this week (incomplete statistics):

The Federal Reserve cut interest rates to zero on Sunday and launched a massive $700 billion quantitative easing program. The Federal Reserve also cut banks’ emergency loan discount rate by 125 basis points to 0.25% and extended the loan term to 90 days.

Bank of Jordan: cut the main interest rate by 100 basis points (for the second time in recent two weeks) to 2.50% to stimulate the economy.

The Central Bank of Chile cut interest rates by 75 basis points to 1%.

The Egyptian central bank cut the interest rate by 300 basis points, reducing the overnight deposit rate to 9.25%, up from 12.25%.

Poland’s central bank cut the benchmark interest rate by 50 basis points to 1%; cut the bank’s direct financing rate by 100 basis points to 1.5%; and cut the rediscount rate to 1.05%, previously 1.75%.

The Bank of Iceland cut its benchmark interest rate by 50 basis points to 1.75%.

Brazil’s central bank: cut the benchmark interest rate by 50 basis points to 3.75%. Previously, analysts expected 4.00%.

Ghana’s central bank cut its benchmark interest rate from 16% to 14.5%.

Wrong killing in panic?

The outbreak of overseas oil black swan incident was superimposed, and the speculative market plummeted like a virus among various varieties.

Such as US stocks, because of their higher valuation + investment game theory convergence risk, panic resistance is weak, the bubble was plummeted to correct.

In the precious metals category, silver has a strong industrial attribute and a weak hedging attribute, which is obviously impacted by the convergence of panic and speculative effect.

Under the environment of the market’s growing concern about the economic slowdown and the simultaneous downward movement of precious metal prices, on the one hand, we should consider the dynamic changes in the physical demand and supply of precious metal silver; on the other hand, we should also consider the factors of capital, the speculative cost performance of silver in the trading market after the panic and collapse.

On the premise of no systemic risk in the world economy, ye Jianjun, a precious metals analyst at the business club, believes that with the stable market expectation and the disappearance of panic, the investment demand of precious metals will usher in a new climax under the loose monetary policies of various countries.

On March 17, the fluorite commodity index was 119.30, unchanged from yesterday, down 6.42% from 127.49 (2019-01-03), the highest point in the cycle, and up 142.43% from 49.21, the lowest point on December 18, 2016. (Note: cycle refers to 2011-09-01 to now)

According to statistics, the price trend of domestic fluorite is stable temporarily. As of the 18th day, the average price of domestic fluorite is 3400 yuan / ton. In recent years, the operation rate of domestic fluorite plant is relatively low, there is less resumption of construction of mine and flotation plant in the site, and the supply of fluorite in the site is still tight. In the near future, the price of hydrofluoric acid in the downstream remains high. For the purchase on demand in the fluorite market, the goods in the fluorite site are in good condition, and the price trend of fluorite market is stable temporarily. In the near future, the downstream units are under normal operation, the spot supply of fluorite in the site is tight, and the downstream terminal purchases on demand, resulting in high market price. As of August 18, the price of 97 fluorite wet powder in Inner Mongolia was 3200-3400 yuan / ton, that of 97 fluorite wet powder in Fujian was 3300-3500 yuan / ton, that of 97 fluorite wet powder in Henan was 3300-3600 yuan / ton, and that of 97 fluorite wet powder in Jiangxi was 3300-3600 yuan / ton.

The market price of hydrofluoric acid downstream of fluorite fluctuates. As of the 18th, the domestic market price of hydrofluoric acid is 11500 yuan / ton. The high market price of hydrofluoric acid has a certain positive impact on the upstream market of fluorite. However, in recent years, the operation of hydrofluoric acid plant is general, the demand for fluorite is normal, some enterprises have not yet started, the supply of goods in the site is relatively tight, and the price of fluorite remains high. In the near future, the transaction market of downstream refrigerants of the terminal has increased. At present, the automobile industry is gradually back to work. The supply of R22 in China is tight. The price trend of domestic refrigerants R22 market is rising slightly. The starting load of the manufacturer’s production units is still not high. The supply of goods in the market is general. The downstream air-conditioning manufacturers stop more and the demand changes little. The price mainstream of domestic large enterprises rises to 16500-1850 0 yuan / ton. The price trend of R134a market in China has increased slightly, and the unit operation rate of production enterprises has increased slightly. At present, the downstream construction is not high, and the demand for R134a is general. Recently, the stock of downstream industries has increased, and the price has increased slightly. The downstream is still on-demand procurement. The price trend of hydrofluoric acid market remains high, and the price trend of fluorite market is temporarily stable supported by favorable conditions.

On the whole, the market of downstream refrigerant industry is rising slightly, the supply of fluorite is tight, and the recent price trend of hydrofluoric acid market remains high. Chen Ling, an analyst of business agency, thinks that the market price of fluorite may remain high in the short term.