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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for January delivery jumped by Yuan 133/tonne ($19/t) on week to Yuan 3,545/t as of November 15.
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Total stocks of merchant coke at the 230 Chinese independent coke plants Mysteel monitors weekly increased for a fifth straight week over November 8-14, rising by another 15,700 tonnes or 1.1% on week to refresh its seven-month high of 1.48 million tonnes, Mysteel’s data published on Friday showed. The steady decline in coke sales and the continuous increase in coke output are responsible, Mysteel Global notes.
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Imported iron ore stocks at China’s 45 major ports fell to a 1.5-month low of 123.7 million tonnes after having declined for the third week over November 8 -14 when the daily discharge approached its all-time high while new arrivals reversed down during the period, Mysteel's latest weekly survey release showed.
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Averaged daily consumption of imported iron ore sintering fines at the 64 steelmakers across China regularly monitored by Mysteel rose to 578,700 tonnes/day as of November 13, according to Mysteel’s latest bi-weekly survey covering October 31-November 13. Daily consumption was up by 49,500 t/d or 9.4% over the two weeks and made for a two-month high since September 11, the findings show.
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Tangshan Q235 150mm square billet price remained steady at Yuan 3,330/tonne ($476/t) EXW and including 13% VAT as of November 8, the same as last Friday, while demand from local re-rollers eased, according to Mysteel’s surveys, and the billet price has been hovering at the level of Yuan 3,300/t for over one month amid the overall steadiness in the domestic steel market.
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Global scrap prices saw another week of increases over November 1-8, with the import price of heavy melting scrap (HMS) 1&2 (80:20) in Turkey, the world’s largest importer of steel scrap, increasing for a fifth straight week to to $253/t as of November 8, higher by another $5/tonne on week, according to Mysteel’s latest survey.
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China’s imported coking coal prices for both Australian and Mongolian supplies hit their respective two-year lows, as China’s tightened discipline on coal imports and the sustaining weak demand from the Chinese consumers, Myteel Global notes.
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Mysteel’s steel scrap pricing index for China’s national market grew further by Yuan 20.9/tonne ($3/t) on week to Yuan 2,602.6/t on delivery to mills and including the 13% VAT as of November 8, and the demand among Chinese steel mills stayed firm over November 4-8, according to Mysteel’s latest weekly survey.
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Iron ore shipments from Australia and Brazil to global destinations reversed down sharply over November 4-10 to 22.3 million tonnes, 2.45 million tonnes or 10% lower on week, and volumes from both Brazil and Australia subsided, Mysteel’s latest weekly survey showed.
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China’s steel mills cut buying prices of domestic iron ore concentrates over the November 4-8 week by Yuan 15-30/tonne ($2.1-4.3/t) as the steelmakers preferred to buy imported iron ore than concentrates because the latter was more expensive, Mysteel’s latest weekly survey published last Friday showed. In addition, the latest emergency production curbs had dulled the mills’ appetite for procurement.
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China’s imported iron ore prices dropped further over the November 4-8 week when many Chinese steelmakers did not intend to take much iron ore, and traders were active in destocking.
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Mysteel’s composite coking coal price softened by another Yuan 14.7/tonne ($2.1/t) on week to reach Yuan 1,129.3/t including the 13% VAT as of November 8 – a 19-month low since Mysteel launched the assessment in April 2018. The overall Yuan 50/t decline in merchant coke prices last week had forced some coal miners to capitulate and accept lower coal prices as well, Mysteel Global notes.
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Prices ofimported
coal prices stable over November 4-8 2019. Purchase inquiries and transactions
were few and far between.
Coking coal imports
Quotations
of imported coking coal to China
PCIcoal imports:
Quotations
of importedPCIcoal to China
Unit: $/tonne, VAT excluded
Thermal coal imports:
Imported coking coal port stocks on Nov 8
(Unit: in ’000 tonnes)
Note: Jingtang port
stocks have been included in Shougang Group’s
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Stocks of iron ore concentrates at the 186 sampled Chinese mining companies rose over October 25-November 7 to its six-month high of 3.85 million tonnes, amid the continuing growth in output while restrained appetite from the steel mills especially those in North and East China and at the same time, according to Mysteel’s latest data release.
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Total stocks of coke at the 230 independent coke plants across China which Mysteel monitors weekly increased by another 11.4% or 149,800 tonnes on week to hit a seven-month high of 1.46 million tonnes as of November 7 after growing for five successive weeks, according to Mysteel’s data published on November 8. The rise resulted from the decline in coke sales and the recovery of coke output, respondents said.
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Blast furnace capacity utilization among the 247 blast-furnace steel companies across China which Mysteel surveys weekly reversed down by 1.09 percentage point on week to 77.39% over the week of November 1-7, according to Mysteel’s latest survey published on November 8.
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Stocks of imported iron ore at China’s 45 major ports dipped for the second week over the November 1-7, dipping by 628,100 tonnes or 0.5% on week to 125.9 million tonnes, and both daily discharge rates and new iron ore arrivals posted modest changes from the previous week, according to Mysteel’s latest weekly survey released on November 8.
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China’s vanadium nitride (VN) prices dipped further over October 28-November 1, refreshing its two-year low, as the continuing decline in vanadium pentoxide prices was unable to lend any support to VN and further dampened the market sentiment, according to Mysteel’s latest weekly survey.
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Steel scrap prices on the global market edged up slightly over the week of October 25-November 1, with the import price of heavy melting scrap (HMS) 1&2 (80:20) in Turkey, the world’s largest importer of steel scrap, increasing for a fourth straight weeks to rise by $8/tonne on week to $248/t as of November 1, according to Mysteel’s latest survey.
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Offer prices of domestic iron ore concentrates across China tabled by miners in most regions dipped over October 28-November 1, easing by Yuan 10-30/tonne ($1.4-4.3/t) on week, while those in South China rose by Yuan 12/t on week, Mysteel’s latest weekly survey published last Friday showed.
