Mysteel: Curbs clip daily steel output in early Nov
The daily result for early November was the lowest since the record of 2.23 million t/d recorded over October 1-10, as steel mills in many provinces throughout North, East and Central China were requested to implement a new round of emergency constraints to reduce pollutant emissions after smog had been predicted. The constraints started from October 31, and some areas eased the curbs from November 4, but others continued the restrictions till November 7, as Mysteel Global reported.
Thus, the average blast furnace utilization rate among the surveyed 247 BF steelmakers across China decreased accordingly, with that for the November 1-7 week reversing down 1.09 percentage points on week to 77.39%, according to Mysteel’s database.
Domestic steel prices, especially for construction steel, have increased steadily recently, with the average price for HRB400 20mm dia rebar, a bellwether of the domestic steel market sentiment, having been on a gradual uptrend since late October. The price as of November 8 reached Yuan 3,895/tonne ($557/t) including the 13% VAT, higher by Yuan 43/t from that on October 31, Mysteel’s data showed.
This was mainly thanks to the firm demand from building contractors during that period. Over November 1-8, the spot trading volume of construction steel including rebar, wire rod and bar-in-coil among the 237 sampled traders across China averaged 210,003 t/d, representing a rise of 1,381 t/d compared with the average level for late October, according to Mysteel’s data.
However, many market participants remain concerned about the domestic steel market, as demand from users is expected to shrink further with the falling temperatures in northern China, Mysteel Global learned from the market.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
China's fiscal revenue falls slightly faster in March
Apr 25, 2024 14:00
Russia to search for polymetallic ores in Siberia
Apr 24, 2024 18:30
Japan's crude steel output slips further in Fiscal 2023
Apr 23, 2024 11:15
A Glance of the China Steel Market Week 4, April 2024
Apr 23, 2024 10:06
Mysteel Daily Price Express 2024.4.19
Apr 19, 2024 19:21