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Prices for domestic iron ore concentrates generally firmed in most regions across China over January 13-17, with those in a few areas even increasing by Yuan 8-40/tonne ($1.2-5.8/t) on week, according to Mysteel’s latest weekly survey. The increases were a response to some domestic steel mills signalling urgent demand for replenishment for Chinese New Year (CNY) holiday operations.
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Stocks of iron ore concentrates at the 186 Chinese mining companies Mysteel surveys every fortnight reversed down to 3.79 million tonnes over January 3-16, a new low since October 10, mainly because most steelmakers in North China had replenished their holdings of concentrates for the Chinese New Year (CNY) holiday, according to Mysteel’s latest data release.
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Prices of domestic iron ore concentrates in most regions across China on both the buy and sell sides increased over the week of January 6-10, rising by Yuan 5-35/tonne ($0.7-5.1/t) on week, according to Mysteel’s latest weekly survey. The uptick in domestic concentrate prices followed the active imported iron ore market which had received a boost from a few domestic steel mills hurriedly trying to complete ore replenishment to tide them through the upcoming Chinese New Year holiday.
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Bidding prices for domestic iron ore concentrates by Chinese steel mills were generally stable in most Chinese regions over December 30-January 3 2020, though offer prices from miners diverged again, according to Mysteel’s latest weekly survey.
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China’s flat steel exports stayed thin over December 28-January 2, though Chinese steel mills still decided to raise their offer prices by $8-13/tonne, market sources shared on Monday.
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Daily iron ore concentrates output at the 186 Chinese mining companies Mysteel surveys fortnightly continued to dip to 480,900 tonnes/day over December 20-January 2, hitting a near three-month low. The total was down by another 13,700 tonnes/day or 2.8% on fortnight, with output in Southwest, East, Northeast and Northwest China dipping the most, according to Mysteel’s latest data release.
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The price of Q235 square billet in North China’s Tangshan city, a key indicator of the country’s steel market sentiment, remained stable over January 3-5 at Yuan 3,300/tonne ($474/t) EXW including the 13% VAT as of Sunday. Meanwhile, China’s national average price for HRB400 20mm dia rebar inched up Yuan 3/t on day to reach Yuan 3,843/t as of January 3, also including the VAT, Mysteel’s data showed.
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Total inventories of the five major finished-steel products held by traders in 35 major cities across China under Mysteel’s weekly survey increased by 7% on week over December 27-January 2, with the increase being much larger than the 3.1% on-week growth seen in the prior week, according to Mysteel’s latest stocks study.
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Offer prices for domestic iron ore concentrates from miners diverged across China over the week of December 23-27, while bids submitted by Chinese steel mills dipped, Mysteel’s latest weekly survey published last Friday showed.
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China’s steel export business quietened appreciably last week when many countries halted business to observe the Christmas and Boxing Day holidays. In the Southeast Asian market too, the destination for most Chinese steel exports, sales were also slack amid the holidays and preparations for the coming new year, market sources indicated on Tuesday.
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The gap between Chinese steel export prices and those of other countries is narrowing, thanks to the recent jumps in global steel prices, and overseas sales of China-origin steel products have improved as result, Chinese sources told Mysteel Global on Tuesday.
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Offer prices for domestic iron ore concentrates diverged across China over the week of December 16-20, with those in Northeast China declining by Yuan 20/tonne ($2.9/t) on week as local steelmakers had almost completed stocking-up for production over winter, Mysteel’s latest weekly survey published last Friday showed. Prices in other regions rose Yuan 15-36/t on week, however.
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Daily iron ore concentrates output at the 186 Chinese mining companies Mysteel surveys fortnightly reversed down to 494,600 tonnes/day over December 6-19, lower by 10,100 tonnes/day or 2% on fortnight, with those in Southwest, East and Northwest China dipping the most, according to Mysteel’s latest data release.
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Chinese mills and traders continued to raise their export offer prices for a fifth straight week last week in tandem with the strengthening prices seen in the domestic market. However, price disadvantages with foreign competitors meant export sales remained poor, Chinese steel market sources indicated on Tuesday.
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Offer prices for domestic iron ore concentrates were generally stable in most regions across China over the week of December 9-13, with those in a few areas rising by Yuan 4-30/tonne ($0.6-4.3/t) on week, supported by the strong market for imported iron ore, Mysteel’s latest weekly survey published last Friday showed.
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Steel stocks at Chinese trading houses continued to fall for a tenth consecutive week last week to reach 7.44 million tonnes as of December 12, refreshing the historical low since Mysteel Global launched the survey in January 2013. Yet the drop in inventories notwithstanding, the steel market is seeing clear signs of weakening demand, especially for rebar, market sources indicated on Friday.
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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.
