


Basic requirements for the inspection of butt fasteners
There are many precautions when using butt fasteners. We should pay attention to some characteristics of butt fasteners when using them. Only when we fully understand a product can we fully utilize it and ultimately maximize its effectiveness. The production of butt fasteners also inevitably goes through many processes. The creation of each product is the result of people's hard work and also the crystallization of people's wisdom. While admiring the working people, we must also respect them. Many products are invented to meet people's living needs. Where there is a need, there will be production.
The unsafe factors in the use of butt fasteners are: ① The sources of fasteners are miscellaneous, and the quality is uneven, especially low-quality fasteners with very low prices entering the construction site; ② The bolts of old fasteners have stripped threads but are still barely used. Butt fasteners include stamped steel plates and malleable cast iron. The fasteners used for erecting formwork support frames are malleable cast iron fasteners, and the material is malleable cast iron with mechanical properties not lower than KTH33008.
The basic requirements for the inspection of butt fasteners are as follows: ① New fasteners must have product quality certificates, production licenses, and test reports from professional testing units; ② When the tightening torque of fastener bolts reaches 70 N·m, malleable cast iron fasteners must not be damaged. Their mechanical properties: tensile strength 330 N/mm², elongation 8%, hardness HB120~163. Malleable cast iron is made from white cast iron of a certain composition through graphitization annealing. It has higher toughness than gray cast iron and is mostly used to manufacture castings that bear impact loads. 





The contradiction in steel supply has been greatly alleviated, and winter storage demand has become the core factor for subsequent trends
Short-term view
① It is estimated that steel prices still have some room to fall, but it is more due to seasonal factors, and the core contradiction between supply and demand has been greatly alleviated.
Large-scale production cuts have greatly improved the supply-demand pattern. The supply side is the core factor that led to the sharp drop in steel prices over the past month or so. In several reports starting from November, we repeatedly emphasized that substantial loss-driven production cuts are the basis for steel prices to stop falling. During the process of steel prices falling over the past month or so, daily steel output fell by a maximum of 100,000 tons. This reduction is no less than last year's heating season production restrictions, and current supply is only 4.5% higher than last year. Two core indicators have become key: First, the scale of production cuts caused by losses is still expanding. We previously estimated that steel products, especially plates, in low-profit regions such as Northwest, North China, and Northeast China have seen significant production cuts, and this trend is still expanding. Second, electric furnaces are gradually entering the break-even area. The per-ton gross profit in core regions such as East China has dropped to 130. A large increase in northern materials moving south has compressed profits in the main electric furnace production areas. The short-term method of maintaining profits by suppressing scrap steel prices is unsustainable. East China and Central China are flat areas on the electric furnace profit curve and can form effective support for steel prices.
Winter storage demand has become the key to the subsequent bottoming of steel prices. Market expectations have been changing, and so have traders'. Regarding winter storage prices, first look at the supply-demand structure, and second at expectations. Last year, the price for large-scale winter storage was 3,800. This year, the supply-demand structure is worse, and traders' expectations are worse. Micro surveys show that traders' expected winter storage prices are generally 3,000-3,500, with a median price of 3,300. In other words, steel prices need to bottom out near traders' psychological winter storage price levels.
② Futures side: The 1901 rebar price of 3,700 is on the high side, but its advantage lies in the approaching delivery and position transfer time; the 1905 rebar price has a large discount, and traders are more willing to use it as an alternative winter storage option.

Long-term view (maintained): Based on our judgment of steel price trends, we believe that although the stock side may rebound this year, it is difficult to have a major trend opportunity. Since supply-side reform, steel has been highly profitable for nearly two years, and the market has no consensus on where the profit center for steel products should be. We believe that the profit center for steel products and the valuation center for steel stocks must undergo market testing. When the macroeconomy and real estate bottom out, steel stock earnings...