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Over May 12-18, total coke production from 230 Chinese independent coking plants under Mysteel's survey remained largely stable, down by a comparatively small 600 tonnes/day on week to 599,800 t/d. Accordingly, the average coking capacity utilization rate of these surveyed coke producers also appeared stable, down by a tiny 0.07 percentage points on week to 82.71%.
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As of May 17, total processed coking coal stocks at the 110 independent and affiliated wash plants in China under Mysteel's regular survey had mounted for the second week by another 90,500 tonnes or 5.2% on week to 1.82 million tonnes. The uptick in stocks was mainly due to higher output from mines when domestic coking plants and steelmakers were reducing coal procurement, survey respondents said.
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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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Mysteel's latest survey among 40 independent electric-arc-furnace (EAF) steel mills nationwide showed that as of May 13, they were losing around Yuan 35 ($5.2) on every tonne of rebar they sold while over the previous survey period, these mills could still enjoy a margin albeit a tiny Yuan 15/t. Market watchers blamed the steady fall in domestic steel prices over the past few weeks for the mini-mills' thinning margins.
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China's domestic market for steel scrap softened last week, with Mysteel's steel scrap price index edging down by Yuan 38.4/tonne ($5.6/t) on week to Yuan 3,869.2/t on delivery and including the 13% VAT as of May 13. Market watchers cited weakening steel prices and loosing steel scrap supplies for the dip.
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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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Prices of imported coal mixed over May 9-13.
Coking coal imports
Seaborne coking coal offering price to China, unit: $/tonne
PCI coal imports:
Seaborne PCI coal offering price to China, unit: $/tonne
Seaborne thermal coal offering price to China:
Edited by Raymond wu, wuyutong@mysteel.com
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Chinese steel prices of both rebar and hot-rolled coil (HRC) trended downwards in both spot and futures markets over May 9-13, partly due to the softening in steelmaking raw material prices and the cautious near-term market sentiment, Mysteel Global noted.
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Over May 5-11, daily coke output at China's 230 independent coking plants under Mysteel's survey mounted by 17,700 tonnes/day or 3% to reach 600,400 tonnes/day, hitting a new high since August 27 2021.
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As of May 10, total stocks of processed coking coal at China's 110 independent and affiliated wash plants under Mysteel's regular survey had edged up by 39,900 tonnes or 2.6% on week to 1.73 million tonnes, new data show. The rise was mainly due to the processors' steady output at a time when buying from downstream users remained cautious, survey respondents said.
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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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Prices of imported coal remained largely stable over May 5-6.
Coking coal imports
Seaborne coking coal offering price to China, unit: $/tonne
PCI coal imports:
Seaborne PCI coal offering price to China, unit: $/tonne
Seaborne thermal coal offering price to China:
Edited by Raymond Wu, wuyutong@mysteel.com
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China's steel scrap market strengthened last week, with Mysteel's steel scrap price index increasing by Yuan 14/tonne ($2.1/t) on week to Yuan 3,907.6/t on delivery and including the 13% VAT as of May 6. Respondents attributed the price uptick to the continuing tightness of scrap supplies as well as the recently improved finished steel prices.
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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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China's domestic steel prices including both rebar and hot-rolled coil (HRC) moved up on May 5, the first working day after the Labour Day holiday, before making downward corrections in the following couple of days. Last week, the market sentiment was generally optimistic on the anticipation of better steel demand with the easing of COVID-related controls, Mysteel Global noted.
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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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Capacity utilization among the 230 independent coke plants across China in Mysteel's regular survey increased for the third week over April 28 - May 4, edging up by 1.5 percentage points on week to hit an eight-month high of 80.4%, according to Mysteel's latest weekly survey. The rise reflects the better margins that coke plants were earning, which encouraged them to ramp up production.
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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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Prices of imported coal firmed over April 25 -29.
Coking coal imports
Seaborne coking coal offering price to China, unit: $/tonne
PCI coal imports:
Seaborne PCI coal offering price to China, unit: $/tonne
Seaborne thermal coal offering price to China:
Edited by Tina Xue, xueyanming@mysteel.com
