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Triangular debts come back to the steel industry can not get out
China Metallurgical Southern Engineering Technology Co., Ltd., a research institute with a background in central enterprises in Wuhan, is now “at hand†very tight. "From September, we felt that it was already obvious. Since September, our account receivable ratio has started to increase and we have not received any money." Zhang Qiang (pseudonym), a senior executive of China Southern Metallurgical Corporation, revealed. After entering October, the pressure began to become more apparent. "In October, our accounts receivable only reached 130 million yuan, and we paid out 400 million yuan. From the fund situation this month, our cash flow is already negative, and this has begun to affect our normal operations. Production." Zhang Qiang said. Benefiting from the investment boom in recent years, research institutes are generally well funded. The situation in the middle of MCC was only due to the steel. After the outbreak of the triangular debt problem in the railway industry, the triangular debt crisis in the steel industry began to intensify. Many people in the industry began to worry that this round of triangular debt will be even stronger than the triangular debt of the 1990s. More crucially, the industry has not seen good news in the short term, and the industry's prosperity is unlikely to pick up in the near future. The triangular bond binds MCC South, and its predecessor is the Wuhan Iron and Steel Design and Research Institute of the Ministry of Metallurgical Industry. One of its main business is to provide general contracting for large-scale steel plants in the early stage. Nearly all major domestic steel companies, such as Baosteel and Shougang, Angang and others are their customers. "We do engineering, usually in accordance with the progress of the project to collect progress payments in installments. Under normal circumstances, we will receive 10%-30% of the total contract amount as an advance payment, and then according to the project to reach the stage specified in the relevant contract, Instalment will be charged in the following stages." Zhang Qiang said, "Now many companies are dragging after the advance payment, and the progress of the project has been dragged down. Considering the construction cost, we have to stop as much as possible. The scalp is doing, and we can't hold it anymore." "And there are still a lot of companies that are in arrears with our performance bond. It has been out for a long time, and it has not been in place. This is not a small expense. "He said. It is reported that under normal circumstances, after the company wins the bid, the owner will ask the engineering company to provide a performance bond equal to 5%-10% of the total value, and the performance bond will generally be returned to the construction company one year after completion. “When we investigated in August, the steel-funding agents, steel mill sales companies and general dealers accounted for one-third of the financing difficulties, and now this proportion is increasing rapidly.†Lange Steel Hou Zhizhen, director of the Information Research Center, said. According to data released recently, the current accounts receivable of more than 70 large and medium-sized steel enterprises nationwide reached more than 50 billion yuan, and accounts payable exceeded 300 billion yuan. The year-on-year growth rate has increased by more than 10% compared with the same period of last year. In addition, these steel companies have more than 1 trillion yuan in bank loans, and it is already difficult for some steel mills to continue to obtain loans. The steel trade is a capital-intensive industry. The entire business process requires a large amount of credit funds from the bank to supplement the liquidity. The average sales profit of the steel industry is less than 3%. The tight capital chain seems to be much more sensitive to them than other industries. “And the financing methods of steel trade enterprises are mostly in the form of enterprise joint insurance and warehouse receipt pledge. This exists: the collateral is sealed, discounted or auctioned when the guarantee company has a capital chain break; the joint insurance family has gone bankrupt or “people go to the building†"Empty" will involve other guarantee companies to bear the joint liability of the debt." Hou Zhisheng said. Although Zhang Qiang refused to disclose how many accounts receivable he currently has, he said that he has to rely on bank loans to pay the following constructors. "Now many construction parties, manufacturers also donate money to us, we really have no way, the above owes us, our cash flow is negative, and we have to owe them first." "We think this The triangular debt of the round will be more serious than the round of the 1990s and last longer." Zhang Qiang said. He was still worried about the last round of triangular debts. The situation at the time was very similar to that of the present. The amount of “receivable but not paid†and “payable but not paid†on the corporate account increased significantly. By 1991-1992, the size of the triangular debt had grown to the point of accounting for one-third of the total bank credit. It’s not at all that “it’s not just a shortage of funds, but there are a lot of steel companies that have never lost money before, and now there are losses. The most important thing is that there is no sign of improvement in the short term.†Zhang Qiang said . "In fact, our contract amount is still good this year, because Xinjiang's new projects account for a large proportion, the mainland's projects are actually decreasing, and there will be fewer projects in the Mainland next year." Zhang Qiang said. "From this year on, many steel companies have no profit at all, because their high-priced iron ore, the market is not good now, low-priced steel; no profit and no new projects, we have no projects, There is no profit at all," said the person in the south of China Metallurgical. "And in the case of bad profits, steel companies will stop production and maintenance, and there will not be too many technological transformation projects. This is also a major business of ours and will have a great impact on us." Baosteel in the middle of this month The price policy for December was first introduced, and the ex-factory prices of all steel products were significantly reduced, ranging from 150 yuan to 400 yuan per ton. As a leading steel company, Baosteel's price cuts are believed to lead a wave of price cuts. Huatai Securities (601688, shares) expects that other leading steel mills such as WISCO and Angang will also cut prices in December. Hou Zhixuan said that according to the previous laws, it is at least 2-3 months for the market to stabilize and stabilize by reducing prices and digesting stocks. In the downstream demand, it is also a chilly winter, and there is no sign of a warming. Hou Zhisheng said, "At present, the policy-based housing starts have been completed 98%, and no new demand is seen. And because of the seasonal factors, the winter market is about to enter the traditional construction off-season, industrial steel will be relatively stable, there will be no larger Growth, and the foreign market is declining due to the demand for the two-debt crisis, and the export is unlikely to increase significantly.†Even if the Ministry of Railways has recently paid RMB10.5 billion to China South Locomotive Co., Ltd. and CNR, it is beneficial to the railway equipment manufacturing industry and the basics. Steel procurement for construction projects increased. But Zhang Qiang believes that this is just a drop in the bucket for the recovery of the entire industry. "Our most optimistic estimate has to wait until the second half of next year, to see if the market will improve." Zhang Qiang said.