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China’s steel export volume has remained slack despite recent price rises together with the overall strengthening in China’s domestic prices, as higher prices have only highlighted the lack of pricing competitiveness in the global market, according to Chinese market sources on Tuesday.
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Offer prices for domestic iron ore concentrates in most regions across China either stabilized or rose by Yuan 15-20/tonne ($2.1-2.8/t) over the December 2-6 week, supported by the strong market for imported iron ore and the better business circumstances for concentrates, Mysteel’s latest weekly survey published last Friday showed. The exception was North China’s Shanxi where prices dipped largely because local steel mills were obliged to observe severe emergency production curbs.
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Stocks of iron ore concentrates at the 186 Chinese mining companies Mysteel surveys every fortnight reversed down to reach 3.86 million tonnes over November 22-December 5, chiefly because demand for concentrates had improved in North and East China, according to Mysteel’s latest data release.
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Stocks of the five major finished steel items held by the Chinese traders Mysteel regularly surveys in 35 major cities nationwide refreshed their record low during the week of November 29-December 5, declining for a ninth straight week by another 0.2% on week to 7.56 million tonnes, according to Mysteel’s latest weekly survey. However, the decline was much smaller than the 2.9% on-week decrease seen in the previous survey period.
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China’s steel export offer prices strengthened for the third week over November 23-29 amid the strengthening in both domestic and global steel prices, though the pace slowed down with the week-on-week incline being modest at $2-3/tonne, according to Mysteel’s latest market survey.
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Prices of domestic iron ore concentrates in North and East China recovered over the November 25-29 week after nearly three weeks of declines, Mysteel’s latest weekly survey published last Friday showed. Domestic concs prices followed the upward trend in imported iron ore prices the previous week.
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Chinese steel export prices rose higher last week, encouraged by the steady increases in domestic long steel prices, with the B500B rebar export price climbing by a large $15/tonne on week to reach $460/t FOB Shanghai port as of November 22, according to Mysteel’s weekly export price tracker.
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Offer prices of domestic iron ore concentrates in most regions nationwide remained sluggish over November 18-22, dipping by another Yuan 5-30/tonne ($0.7-4.3/t) on week due to low demand from steel mills amid emergency output curbs, Mysteel’s latest weekly survey published last Friday showed. However, concentrate prices in East China’s Anhui and South China’s Hainan provinces reversed up during the period, driven by the continuous increase in imported iron ore prices.
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Inventories of iron ore concentrates at the 186 sampled Chinese mining companies rose over November 8-21 to its seven-month high of 3.95 million tonnes, mainly as their continuing efforts in ramping up output, while steel mills in North and East China had limited appetite for consumption, and those in Northeast China have almost finished restocking for winter, according to Mysteel’s latest survey release.
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China’s steel mills continued to cut buying prices of domestic iron ore concentrates in nearly all major ore-producing regions over the November 11-15 week, as their interest in concentrates was low when prices of imported iron ore were comparatively cheaper. Mysteel’s latest weekly survey published last Friday showed that the steelmakers had clipped concs prices by Yuan 20-45/tonne ($2.9-6.4/t) on week.
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China’s steel export prices finally showed signs of recovery over November 9-15 after hovering low for some time, mainly thanks to the trend of strengthening prices in the global market and to the increase in domestic prices, Mysteel Global has learned from the market.
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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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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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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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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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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.
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A new round of emergency production curbs will be imposed on many steel mills in North and East China beginning in the next few days, Mysteel Global has learned, as a response to warnings from both the central and local meteorological administrations about air quality deteriorating in the near future.
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Offer prices of domestic iron ore concentrates across China tabled by traders and miners dipped over October 21-25, easing by Yuan 10-42/tonne ($1.4-6/t) on week, mainly due to the low buying interest of steel mills whose operations were still subject to emergency curbs. For their part, the steelmakers were bidding lower by Yuan 10-40/t on week for the concentrates they wanted, Mysteel’s latest weekly survey published last Friday showed.
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After declining for three straight weeks, daily iron ore concentrates output among the 186 Chinese mining companies Mysteel monitors rebounded over October 11-24 to an average of 491,900 tonnes/day from its nine-month low, according to Mysteel’s latest survey on the market. Iron ore miners in some regions have gradually resumed production after temporarily suspending production during China’s National Day holiday over October 1-7.
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Stocks of the five major steel products held be traders that Mysteel regularly surveys in 35 Chinese cities continued to decline over October 18-24, slipping by another 599,300 tonnes or 5.7% to 9.87 million tonnes, a low since January 18, according to Mysteel’s latest survey.
