China Merchants Securities Co.Ltd(600999) believes that China’s total demand will decline rapidly in the second half of 2021, with a steep slope; After the mitigation of coal shortage and power rationing and other issues, a number of policies to boost demand have been issued, and China’s total demand is expected to rise rapidly; It coincides with winter, and the policy cannot fully exert its force. The prosperity of the construction season after the Spring Festival is expected to exceed market expectations. At present, the profit per ton of steel is in a high position. Considering that the growth rate of total demand in 2022 is expected to rise quarter by quarter, the profit per ton of steel in 2022 is expected to run at a high level, exceeding market expectations.
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