Industry of the stainless steel after innovation greets new management pattern

Industry of the stainless steel after innovation greets new management pattern

2015 is the watershed of management pattern of industry of Chinese stainless steel, the product is coessential change the price competition that cause to enter miserable intense to shuffle new level, management characteristic influences market of gifted brand effect open patulous new journey. On November 20, the pathos that stainless steel price and synchronism of LME nickel price drop continues to diffuse, nickel price falls to 8650 dollars / ton, 304 hot-rolling tape is new dish immediately falls to another new low 10400 yuan / ton. The nickel price that does not eliminate to acclaim contention still can blaze new trails again low, but the only factor that nickel price is not cost of influence stainless steel, value of stainless steel product cannot blindly passive follow, stainless steel industry runs distinguishing feature of need individuation innovation.

One, stainless steel is relatively surplus
1, products increases no longer. Output of product of Chinese stainless steel maintains double digit to grow all the time since 2006, 2007 add fast be as high as 31.93% , also achieved 2011 gave the fast growth of 27.66% . The crop 2014 achieves two million one hundred and fifty thousand seven hundred tons, grow 14.67% compared to the same period. Among them, the crop of 1-10 month was one million seven hundred and forty-five thousand nine hundred tons 2014, grow 15.28% compared to the same period.

Each months of output that although the daily expense of countrywide stainless steel first half of the year was made 2015,tastes an industry is total all show ascendant trend, achieved yield June 205 thousand tons. But from 2015 the 3rd quarter begins, the circumstances of industry of products of countrywide stainless steel appeared changeover, crop is progressively fall after a rise, output fell compared to the same period in October 9.53% . Data of national statistic bureau shows, the output of product of daily expense of countrywide stainless steel of before 2015 10 months falls compared to the same period 1.81% , add fast relatively the corresponding period dropped last year 17.09 percent.

2, exit begins to drop. Since imports and exports of Chinese stainless steel achieved favourable balance first 2010, exit maintains high speed growth for a long time, entrance immediately continues atrophy decreases. 2014, china exports stainless steel 3.85 million tons, grow 45.12% compared to the same period, the entrance is measured from 2005 3.14 million tons of peak value drop 2014 824 thousand tons of trough. Only outlet expands to 3.026 million tons, adjacent the 2nd big stainless steel produced the whole world 2014 country crude steel total output of Japan 3.33 million tons.

Growth of high speed of exit of Chinese stainless steel also caused global tidal water like turn over dumping investigation, items is various, pattern 100. Only since this year September, the European Union is aimed at compressed material, cold rolling board and weldment, thailand is aimed at steel tube, turkey is aimed at cold rolling, india is aimed at 304 hot-rolling, malaysia is aimed at cold rolling, argentina is waited a moment in the light of tableware, lift ceaselessly turn over dumping investigation, perhaps make turn over dumping ruling. Below the big setting that looks up afresh in global trade protectionism, chinese stainless steel reachs what goods exports to restrict apparent increase. The stainless steel exit of 1 quarter dropped 2015 1.7% , drop considerably compared to the same period first half of the year 6.93% reach one million eight hundred and ten thousand two hundred tons, before 3 quarters continue deep drop 9.02% reach two million six hundred and ninety-four thousand one hundred tons. Illuminate this computative, the stainless steel 2015 exports quantity general under 2014, predict to drop extent exceeds 10% .

3, crop is added fast glide. Crop of crude steel of Chinese stainless steel is jumped from 524 thousand tons of 2000 rise twenty-one million six hundred and ninety-two thousand tons of 2014, 15 years grew 40 multiple, still appeared among them than 2002 940 thousand tons grew one times much great leap setting 1.94 million tons 2003, lead crop of crude steel of global stainless steel to break up from 20.33 million tons of 2002 from this times 41.7 million tons when rise to 2014. 2014, crop of crude steel of Chinese stainless steel still is maintaining the double digit of 11.2% to grow.

2015 beginning, suffer economy to continue low fan and the price drops continuously wait for multiple blow, individual smelt enterprise begins reduction in production, branch of stainless steel of association of industry of Chinese spy steel is the same as caliber statistic output of 1 quarter crude steel fell 2015 1.37% . Although 2 quarters appear,improve, with what caliber releases crude steel output still grows 0.68% only first half of the year. Crop of crude steel of before continueing to what same orgnaization announces from this 3 quarters sixteen million one hundred and thirty thousand four hundred tons, grow to still be maintained compared to the same period in 0.68% . Chinese metal data is current statistic of branch of association stainless steel of 40 enterprises first half of the year crude steel crop, add fast also had dropped 7.6% . Statistic of the 3rd quarter the crude steel crop of 43 steelworks 17.26 million tons, add fast drop further to 6.5% .

2, coessential change competitive miserable intense
Industry of Chinese stainless steel grows profit from to develop 200 departments stainless steel and ferronickel production greatly. Popularize 200 departments stainless steel through development, with race to control of absolutely cost advantage in much low end stainless steel market. Smelt of mine of use laterite nickel ferronickel of tall, medium, low grade, replaced much in order to compare cost advantage the fine nickel demand such as nickel board. Two great pioneering works of catenary of stainless steel industry, bred dimensions of industry of Chinese stainless steel quickly already, pull quickly again low nickel metal sale price, come true for stainless steel product historic gain ground greatly laid solid foundation, for open of stainless steel industry new round of great progress created market condition.

1, the product is similar. 2014, 200 departments (Cr-Mn) stainless steel holds total output of crude steel of Chinese stainless steel 21% , chinese ferronickel output is as high as 11.15 million objective ton (nickel of amount to metal 477 thousand tons of) . The ferronickel of enterprise of smelt of Chinese stainless steel makes dosage rises to 80% right-and-left limits, LME nickel price falls accordingly the trade that cuts 15000 dollars is average cost line. Enter 2015, 200 departments stainless steel continues to advance triumphantly, of the 3rd quarter occupy rise than be being jumped for a time 39.3% .

The large proportion data of 200 departments also showed Chinese stainless steel to apply the limitation of the domain. Basically suffer sexual price to compare an effect, the domain of the people's livelihood such as adornment material, every day object uses 200 departments stainless steel in great quantities, what also brought about things of the people's livelihood from this is coessential spend competition. Although stainless steel decorated the treatment industry such as canal, commodity to had appeared to face the regional move of terminal user, formed a lot of regional stainless steel such as Zi rich, Linyi, Le Shan, De Yang, Xi'an goods treatment is new collect the ground. The base of production of stainless steel goods such as original Guangdong, Zhejiang, Jiangsu and new between appearing manufacturing group, line of the products is basic and identical, terminal user cardinal principle is consistent, the yield that causes a few variety appears structural sex is superfluous, price competition miserable intense.

2, technology is similar. The development course of the smelt craft of stainless steel and carbon steel agrees basically, undertake from grading of original smelt, hot-rolling, cold rolling, the shrinkage fitting heat that develops modern short technological process sends and join even casting press hard against each other. The nickel chromic metal of traditional production technology adopts sequel to add mode, nickel metal basically comes from with the fine nickel that nickel board is a delegate, chromic metal uses the ferrochrome of all sorts of grade all the time. Accept the restriction of a lot of element such as origin of district condition, raw material and technology design, the pattern of departure of continue to use of steelmaking technological process that still 60% is control, can adopt other measure to reduce smelt cost only.

Ferronickel begins from 2005 mass-produced since, the smelt that replaces nickel board promotes stage by stage with makings scale, reached 80% ultimate levels of the left and right sides 2014. The enterprise of stainless steel smelt such as De Cheng, sincere heart, green hill is used further " unifinication " steel-making new technology, ferronickel of proper motion smelt and liquid state ferronickel direct infuse blast furnace, warm up into travel burden again, the steelmaking process such as the de-carbon that blow oxygen, reduced steel-making cost substantially. The shrinkage fitting heat of liquid state ferronickel sends and the Lian Zhu of billet rolling joins press hard against each other, the poor dissimilation that pulled open cost of stainless steel smelt competes.

Stainless steel cold rolling develops from stand-alone to much chance, upgrade gradually to wide cut from narrow cut, technology differs not quite, equipment function is approximate, industry whole level is not quite high still. Too a few enterprise such as gold of steel, grand flourishing, another name for Ningbo begins Xiang Wulian make friends, 6 stride even the new technology such as make friends, relative dominant position has been highlighted. Make those who run an industry solder equipment is basic and similar, the engineering technology that adorns tubal profession especially is basic and same, advantage difference is not apparent.

3, layout concentration. Accept development process limit, the optional location layout of a lot of steely enterprises did not reflect the economic essential factor such as raw material and market, traffic, environmental protection well efficient the principle that match, the roundtrip carriage distance of raw material, finished product, treatment, goods and market is too long, the proportion that content sheds charge to hold totle drilling cost is too large. Concerned statistic shows, chinese content sheds total cost to be as high as 18% in the proportion that held GDP 2014, the proportion first half of the year still was as high as 16.6% 2015.

Current and excessive concentration is in industry of our country stainless steel southeast is coastal, the enterprise of stainless steel smelt western has vast group of wine steel group and gold only aggregate crude steel produces per year a quantity 2 million tons or so, be not worth the 1/10 of countrywide total output, distributing with land area and population extremely not harmonious. Proprietor of an enterprise of stainless steel goods should gather in the province of the eastpart part such as Guangdong, Zhejiang, Jiangsu, self-sufficient rate has the stainless steel product of Sichuan market only 20% the left and right sides. Line-haul of many course of need of stainless steel goods and relapse change trains, ability arrives at terminal to consume the market. Caused many other people to shed defray not only, and increased not little haul distance waste, from this drive up popularize a doorsill a lot ofly.

3, new field business chance is infinite
1, the price no longer costly. Industry of Chinese stainless steel almost from 0 start, in 10 years of short time, what achieved stainless steel yield not only is big span, and the big dilate that led stainless steel the industry, push crop of litre of global stainless steel to be in broke up one time in 10 years in the past. Started the big industry that flows to treatment, goods, market and content from smelt, rolling already, also drove ferrochrome, ferronickel, electroanalysis of the ferroalloy industry such as manganese of manganese, Gao Gui silicon jump greatly litre. 2014, consumption of our country ferroalloy rises to 39.05 million tons of histories once more new tall station. Among them, asset 37.86 million tons, import 2.52 million tons, speak 1.33 million tons of volumes.

Since 2015, lead the whole world the new course that the Chinese economy that a large amount of raw material soare 10 years began hard transition to upgrade, a large amount of raw material continuance cheapen greatly prices. Iron ore, coal the sale price of the main raw material such as anxious, chromic, nickel, manganese deviates from manufacturing cost, pull directly low the production cost of stainless steel. The 1/6 that stainless steel price has highest 2007 period only is lower even, 200 departments stainless steel is in charge of the price to had been been close to or under the level of general carbon steel tube 2008. Suffer economic cycle to restrict, all sorts of analysises are forecasted show, the price of stainless steel raw material and stainless steel itself reemerges very hard in future go 10 years in that way mad go up prices, created historic opportunity to expand of domain of stainless steel application further.

2, improve demand to drive. Our country has stridden ranks of medium income state, income trap waiting in how spanning is main task. Investment growth is afterwards hard, exit is pulled move last feebly, enlarge consumption to cannot hesitate. Cannot go against in view of economic transition trend turn, national policy already one of preferential way that improve people living standard to regard stimulative economy as growth. Through promoting consumption, promote the life quality, pull move economy to be able to grow continuously.

Stainless steel regards important and new-style industry as raw material, the main field such as Gao Tie, shipping, equipment, war industry cannot leave apparently, the domain of the people's livelihood such as things, conduit, tracheal, building materials is apparently welcome. Only domain of the people's livelihood, besides the commodity such as spoon of boiler bowl gourd ladle, flange, connect, protect window of column, door, desk and chair, bin even eave of mobile phone carapace, dustbin, housetop extend a domain individually, dou Chong showed sundry stainless steel new product. Canal, stainless steel lights stainless steel tap water tracheal had Bao Bi is changed wait for distinct advantage with firm solidify, product development obtained more and more positive positive result.

3, innovation motive force is powerful. The development course itself of industry of our country stainless steel probes the struggling process of innovation ceaselessly namely, for industrial catenary each industry upgrades transition infuse driving innovation gene. "Unifinication " smelt new technology gets applied quickly popularizing, the crop of stainless steel crude steel of component of civilian battalion economy holds countrywide total output 7 into the left and right sides. The stainless steel treatment of southeast foreland and products line of business take the lead in rising abruptly, abounded the market structure of commodity above all, also gained a lot of success in the special respect that use material at the same time.

"The people does poineering work, millions of people innovates " policy is oriented earth of already thorough China each corner, in " Internet + " wait for innovation concept drive to fall, each industry appears catenary of stainless steel industry piece flourishingly innovation atmosphere, spurt gives out the new conception of efficient deal with concrete matters relating to work, research and development gives fancy and economic new product. Stainless steel of tall manganese tall nitrogen, exceed low ferrite the steel, new steel such as double photograph stainless steel is planted promotion of trial-produce of ceaseless research and development, report of nucleus of home of treasure steel initiate uses stainless steel carbon productivity of batch of steel answer plywood.

4, the idea is updated urgently. Industry of our country stainless steel grows greatly through 10 years, the price has realized civilian to change. The performance of stainless steel is superior, use is extensive, crop have more than needed, produce can tremendous, sexual price is compared tall. The developed country such as the United States, Europe, Japan is in on 90 time realized the century basically canal, stainless steel lights stainless steel tap water tracheal gain ground greatly, the building of area of coastal, damp and other places uses stainless steel spiral to wait mostly fight corrode new material. Because publicize the matter such as promotion strength inadequacy, whole society still is done not have go from inside the solidify consciousness of high high price, especially branch of the director such as municipal, estate, design, construction did not realise natural resources of stainless steel all-pervading is sufficient adequately gender and cost feasibility.

While chairman of be used to asks to enlarging total demand moderately, exert oneself strengthens reform of sex of supply side structure, exert oneself improves supply system quality and efficiency, enhance economy to increase power continuously. Stainless steel product replaces product of partial carbon steel is a when reform from sex of supply side structure absolutely good grasper, can improve life quality not only, and can improve construction quality, still can drive consumptive demand to upgrade. If go from the perspective of stainless steel,about the branch postmortem waters wholesome, safety burning gas, building durable, adornment is beautiful wait for a domain upgrade replacement, guild and bibcock enterprise order as normative as the industry proceed with from metric system, ceaseless demonstrative promotion, the effect will be very distinct.

4, new field extends characteristic
Rich and colorful of product of traditional stainless steel, the competition of tradition application domain is intense with each passing day. The important way that stainless steel industry wins tomorrow should be to widen ceaselessly use new field, change product and characteristic to change a brand to blend in characteristic to change the square respect face of the service with characteristic, open the demand entrance door that uses new field, realize what stainless steel consumes market size to break up again time.

1, the sanitation that use water. Existence of traditional galvanization carbon steel tube is easy rustily, intensity is low and a lot of blemish, easy ageing of plastic pipe existence, be afraid of a lot of inadequacy such as high temperature, 10 years the left and right sides must change, cannot assure the clean sanitation of drinking water. Japanese Tokyo is self-invited the stainless steel popularity rate of conduit the 11% rises to 2000 90% above from 1982, slack rate falls quickly to be in to the 2-3 2000 from the 50 thousand much place of 70 time (cause contact to be in leakage) by stray current. 1996 sex of cause of disease coliform organisms collective is toxic after incident, the popularity rate of stainless steel canal of Tokyo is achieved almost 100% , improved water quality sanitation already, enhanced aseismatic ability again.

2, safety burning gas. The course is changed in town in, the safety that use gas is crucial. Gas or the sulfide of natural gas or vulcanization hydrogen are common impurity, have to carbolic steel tube extremely strong corrode ruinous. In recent years, the accident that leak burning gas causes has repeatedly happen, endanger person not only safe and create social waste. The corrosion resistance that stainless steel provides can maintain conduit well expedite, prolong conduit service life considerably, can achieve " conduit and building are the same as birthday " ideal effect.

3, building materials upgrades. Chinese coasting is as long as 18000 kilometers, the ten million of foreland the relevant establishment such as ship and of all kinds building, numerous bridge, sufferring the nature such as the seawater, damp that contain salt to erode everyday. Traditional carbolic steel building materials resists hard rustily damage, need building materials of many stainless steel to undertake upgrading replacement, hangzhou bay, harbor bead bay wait for coastal bridge to all choose reinforcing steel bar of stainless steel whorl and wire. If national choose machine publishs what fisher upgrades newlier to concern,urge policy, open new field of another wide stainless steel building materials.

Too the stainless steel that the steely enterprise such as material produces steel group, Jiulite is new-style building materials, not only progressively fill home is blank, and begin to contend for overseas market. In November 2015, too the reinforcing steel bar of stainless steel whorl that own research and development produces steel takes door going abroad first, win the bid successfully the Dan Bulong with Brunei long 30KM crosses Hai Daqiao item, opened new overseas market entrance door for building materials of Chinese stainless steel.

4, equipment is updated. Once stainless steel is thin be short of a times, the price is too high, many large equipment such as establishment of of all kinds machine tool, heavy machinery, large ship, marine project, war industry, must use general carbon steel to brush lacquer to prevent the means such as rust to make bearing the relevant component of gender, structure sex, foundation sex. Of stainless steel gain ground greatly with depreciate greatly, had offerred more beautiful, cleaner, stronger new material alternative for equipment manufacturing industry, change to equip upgrade created new technology condition.

5, globalization market opportunity
Industry of our country stainless steel has stridden region composition to be mixed evenly again globalization new era, not only from southeast coastal upcountry hinterland is outspread move, also be in at the same time eastwards South Asia, medium inferior, the overseas market such as middle east permeates push forward. Face brand-new times, the management structure of stainless steel industry is taking on an entirely new look. Need hard to seize home market new opportunity not only, and should attack actively hold overseas market new business chance.

1, area is balanced again. The with a vast territory of our country, population is numerous, a lot of difference created region economy development is lopsided. Far the stainless steel sale that in northwest fine valley involves group of city wine steel to produce uncovers the south such as in relief, Fosan to machine products company to Guangdong, stainless steel goods carries the terminal such as northwest, China north, northeast to consume the market reversely again. Drained many society resource already, also raised a lot of change trains cost.

The stainless steel of and other places of Sichuan, Chongqing, Shaanxi, Gansu Province, Shandong machines course of study to be since bitter fleabane rise suddenly, the industry of stainless steel treatment of area of and other places of Le Shan, Linyi and near neighbour of enterprise of crude steel smelt and house. With north, Yellow River as the Yangtse River coastal stainless steel machines course of study to expand increasingly, inevitable meeting makes base form huge impact to the tradition such as Guangdong. Face the market new structure that area distributings to be balanced again, traditional production base can increase the innovation strength of high end of get rid of the stale and bring forth the fresh, race to control only, ability keeps due in stainless steel industry first plane dominant position.

2, global unifinication. Before 2015 3 quarters, foreign trade of our country stainless steel still has three million two hundred and forty-two thousand four hundred tons (import five hundred and forty-eight thousand three hundred tons, export two million six hundred and ninety-four thousand one hundred tons of) . If increase the amount of indirect imports and exports of the use stainless steel such as goods and equipment, the feature that industry of our country stainless steel blends in global market unifinication is more apparent. China - east alliance cooperates from trade division, Shanghai the changeful mechanism such as organization, Home Jin Zhuanguo and " one belt all the way " the globalization strategy such as the proposal is being developed bigger and bigger lead action, inevitable meeting drives industry of our country stainless steel to accelerate " go " pace. Green hill group builds 3 million tons of stainless steel to produce base to had made remarkable turn sex mark in Indonesian Morowali investment, the aim that company of chain of stainless steel industry takes no longer the raw material such as ferrochrome of bureau be confined to, ferronickel is gotten, pay attention to abroad resource to the manufacturing this locality of rich collect area is changed and sell globalization more.

3, overseas big market. 2001, our country consumes stainless steel 2.25 million tons, exceed the United States to become the stainless steel with the greatest whole world to consume the market first, the consumption of apparent of stainless steel of average per capita 2014 exceeds 13KG. Show according to concerning a material, consumption of apparent of stainless steel of Indian average per capita is not worth 2KG, consumption of apparent of average per capita only 0.6KG, far the average level under global 5.5KG. China is circumjacent Korea, Mongolia, medium inferior, on the west inferior, South Asia, southeast Asia, and system of the economy in the development such as Africa, latin america, because economic development process is opposite slow, steely industry especially stainless steel industry is not worth badly, for industry of Chinese stainless steel " go " offerred capacious overseas market opportunity.

In recent years, industry of Chinese stainless steel is apparently sturdy " go " pace, a lot of enterprises are already far go to the big market such as Russia, Europe, south Africa, Iran to begin trade sale, some act had provided this locality to change a feature first. Because get a lot of the restriction that opposes a dumping, overseas market manages means to be forced to turn to target market this locality to turn treatment production from pure trade. Pardis group sees Iran removes the huge market potential after punish, the attempt builds stainless steel to protect duty to machine circulation market in Teheran suburb, enter Iran and market of big middle east to offer systematization advantage to change a service for Chinese stainless steel.

6, management characteristic turns a brand
The generation of old times of stainless steel industry with high shortage is already far go, the new era of stainless steel characteristic of cheap of qualitative actor price has come. Industry of our country stainless steel from " the quantity is added " change direction " qualitative change " upgrade transition course, distributing to be balanced again with industrial area, applied new field widens expand, the opportunity of a lot of market such as new structure of global unifinication market is alternant overlay. Latent capacity market shows wide perspective, production is managed show a lot of challenge. About forecast show, consumptive demand may be in the stainless steel of our country to did not come 5 break up again to the implementation in 10 years time, stainless steel crude steel is close to 35 million tons of industry dimensions of the left and right sides. How to seize the market new opportunity below globalization setting?

1, manage upgrade again transition. Stainless steel product enters relatively superfluous period from 2015, mode of battalion of already of look forward to is forced to upgrade actively again transition. Flow of smelt of traditional section type got " unifinication " cost challenge, craft of groovy cold rolling encountered character competes, mode of sale of traditional price difference experienced service comparing to go all out. What electric business times drives is private order make a concept, had moved stainless steel industry the sale nerve of each link. Current business pushs quantity body energetically custom-built type machines a service, also introduced to cold rolling enterprise wide cut is changed, change subtly, beautiful the new journey that change.

It is in the global conformity old age of like a rising wind and scudding clouds, the integrated strength of stainless steel industry also is increased significantly, the integrated action of the industry tycoon such as green hill group, gold vast group begins already. Stainless steel enterprise combines oneself characteristic, effort is outspread value catenary, exert oneself makes collect smelt, hot-rolling, cold rolling and goods and even innovation industry garden be the intensive of an organic whole to change pattern, decrease as far as possible or shorten intermediate flow or manufacturing segment, those who strive for competitive advantage is the biggest change. The advantage has shown the collectivize conformity of industrial catenary, the management pattern that conducts business of integrated main body from this continues to upgrade and once more up transition.

2, characteristic changes brand drawing. Characteristic turns management gain is brand credit, the backside that brand credit spends is characteristic is propped up. After the market severe test of again and again of classics of experience of industry of Chinese stainless steel, new product is rolled out ceaselessly, new company is ceaseless emerge in large numbers, big group expands ceaselessly. The industry grows big trend to not have but changeover, pay attention to brand credit, hold to a brand to manage, the characteristic that creates brand value changes an industry to upgrade overwhelm.

The product that does not have brand consciousness hard abiding, the enterprise bad as a result that devoid characteristic manages is far, the conformity that ignores characteristic brand hard join forces, the drawing that turns characteristic brand infirmly flies hard. The dot of brand credit assemble of stainless steel industry includes group of a lot of element, already body honors the agreement now hand in close, settle accounts of product quality, payment for goods, pay make out an invoice to wait for main field, more center Yu Rui idea innovation, development space, manage upgrade, collaboration wins more wait for development domain, still push exhibit industrial dimensions, structure to match, the outspread space such as social contribution.

Stainless steel is current business management of enterprise classifications the intuitionistic mirror that assess is development of company of reality of industry of one side base oneself upon, service, come out outstanding and current business from the assess in numerous enterprise, stick marked label, begin extensive conduct propaganda, for the user the choice increases intuitionistic basis, to cooperate decision-making strengthen remarkable confidence.

2015 is afterwards of industry of Chinese stainless steel started 2003 fly, 2010 another turning point after foreign trade changeover. Traditional production manages train of thought to be afterwards hard, innovation thinking open develops a space. Coessential change competitive succeed lack of power, characteristic is changed manage win tomorrow. Face correspondence realizes dimensions probably to break up with new field time big market, and the new opportunity that global market unifinication shows, after industry of our country stainless steel experiences the market big severe test 2015, change a brand to serve as drawing with characteristic, acute meaning innovates, serve as actively, regular meeting greets good characteristic to manage a period.

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