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Prices of imported coking coal in China including both seaborne cargoes and Mongolian coal trucked in via border land ports slumped over May 9-13, reflecting the sluggish procurement of foreign resources among domestic end-users in response to bearish market sentiment, according to sources.
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Over May 9-13, China's domestic price of ferromolybdenum (FeMo) under Mysteel's assessment continued to decline by a larger degree, as the bearish sentiment among both steelmakers and traders worsened, with most paring their prices, according to market sources.
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The torrential rain drenching wide swathes of southern China since May 9, especially coastal regions in Guangdong, Guangxi and Fujian provinces, is hampering work at construction sites, disrupting logistics and impacting steel demand and scrap supply, market sources told Mysteel Global Thursday.
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China's imported coking coal prices for both seaborne cargoes and Mongolian coal delivered to the country exhibited mixed trends as of May 6, with that for non-Australian cargoes reversing down, while Mongolian coal prices stayed largely steady, according to Mysteel's survey.
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Cautious sentiment has been prevailing in China's ferromolybdenum (FeMo) market during and after the Labour Day holiday over April 30-May 4, as the FeMo prices assessed by Mysteel continued to trend down over April 29-May 6 from their previous highs with dull demand from steelmakers, according to market sources.
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Chinese steel export prices were largely stable both during and after the Labour Day holiday of April 30-May 4, market sources said, pointing out that export sales were rather quiet.
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Over April 27-May 5, the operational rate of the 110 Chinese independent and affiliated coking coal wash plants under Mysteel's regular survey climbed to 72.2%, a new high since the mid-January, or up by 1.02 percentage points on week, according to Mysteel's survey report published on Friday. More wash plants in North China's Shanxi province were able to resume operations during the period, survey respondents noted.
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Over April 25-29, Mysteel's price assessments for seaborne coking coal showed mixed trends, as the premium medium-volatile (PMV) coking coal price with non-Australian coal as the sample retreated over the survey period, while that of Australian coal climbed for the third week.
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Chinese steel producers and traders attempted to hike their steel prices during the Labour Day holiday over April 30-May 4, though sales were thin over the holiday. But the relaxation of COVID-related logistics controls and more stimuli measures unveiled by Chinese government to help boost real estate and infrastructure sectors have been building up the market optimism, according to market sources.
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News that China has decided to temporarily suspend coal import tariffs from May 1 to ensure energy security is having little supply-side impact on the market, according to Chinese industry sources on Friday.
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Chinese graphite electrode prices showed signs of weakening last week amid an unforeseen demand shift in the domestic market. The resumption of operations among many Chinese electric-arc-furnace (EAF) makers following COVID disruptions had fueled expectations that electrode demand would increase further, but that did not happen, market watchers commented Thursday.
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China's steel export prices have declined faster over the past week amid poorer sales, both at home and abroad, and the weakening Chinese Yuan against the US dollar. Overseas buyers held back buying, expecting prices to fall further in the near term, according to Mysteel's latest weekly report.
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Despite Chinese prices of some ferrous commodities such as finished steel and iron ore showing signs of weakening recently, the country's steel scrap market has so far been rather stable, supported by the continuing supply tightness and firm demand, Mysteel Global noted.
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Chinese prices of seaborne coking coal increased further over April 18-22, primarily due to the increase in procurement of foreign coal among China's domestic end-users last week, according to market sources.
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Over April 18-22, Chinese spot prices of ferromolybdenum (FeMo) and moly concentrates under Mysteel's assessment witnessed downward corrections after rallying persistently to their new highs during the prior three weeks, as market cautiousness resisted the prices from climbing further, according to market sources.
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China's steel export prices continued to shrink this week as global demand weakened. In the meantime, Russian suppliers have been trying to tempt global steel buyers with low-priced products, imposing downward pressure on international steel markets, according to Mysteel's tracking.
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Over April 11-15, Chinese prices of seaborne coking coal strengthened at a faster pace, with that for non-Australian cargoes destined for China rising for the third week, while Australian premium coking coal prices rebounded after two weeks of declines, largely supported by end-users' replenishment needs, according to Mysteel's survey.
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China's prices of both ferromolybdenum (FeMo) and moly concentrates under Mysteel's tracking increased further over April 11-15, with the sentiment among many market participants including smelters, steelmakers and traders softening, according to sources.
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On April 15, China's national average price of HRB400E 20mm dia rebar under Mysteel's assessment continued to increase for the fourth consecutive working day by another Yuan 22/tonne ($3.5/t) on day to Yuan 5,115/t including the 13% VAT, mainly due to improved market sentiment.
