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The capacity utilization rate of the 110 Chinese independent and affiliated coking coal wash plants under Mysteel's regular survey recorded another increase over the week of August 3-9, rising by an albeit tiny 0.48 percentage point on week to 72.87% as of August 9, as some processing companies had resumed operations after their managements had noted improvements in demand.
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Chinese prices for imported coking coal for both seaborne cargoes and Mongolian coal delivered overland into the country exhibited mixed trends over August 1-5, with prices for the former continuing to trend downward in line with the weakening coal prices globally while Mongolian coal prices reversed up in response to increasing numbers of inquiries.
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Total stocks of steel scrap at 61 steel mills including both blast furnace and electric-arc-furnace (EAF) makers across China under Mysteel's survey had decreased for the third straight week by another 178,500 tonnes or 9.5% on week to 1.7 million tonnes as of August 4, or refreshing the lowest level since February 2020.
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Chinese silicomanganese prices lost some ground last week, indicating bearish sentiment prevailing in the market. As of August 5, the national price of 6517 SiMn under Mysteel's assessment had slipped by Yuan 10/tonne ($1.5/t) on week to Yuan 7,198/t including the 13% VAT.
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During the week of August 1-5, Chinese spot prices of iron ore and coke both declined because demand for key steelmaking raw materials weakened amid production restrictions in North China's Hebei and Shanxi provinces, two major steel-producing hubs of the country.
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Over the past week, the improved demand for coke from Chinese steelmakers after some had lifted their production has prompted some coke makers to beef up their own output slightly too, especially as their coke stocks underwent a sharp decline during the period.
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The blast furnace capacity utilization rate among 247 Chinese steel mills under Mysteel's regular survey remained largely stable over July 29-August 4, reversing from six weeks of declines, though it was up by merely 0.3 percentage point on week to 79.6%, as some steelmakers had gradually resumed operations amid recently-improved market sentiment.
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The stocks of scrap held by China's 406 licensed steel scrap yards remained largely stable in July, nudging down by a tiny 0.5% on month, as both scrap demand and supply remained weak during the past month, according to Mysteel's monthly survey.
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Total silicomanganese output among the 121 Chinese smelters under Mysteel's tracking fell sharply by 191,005 tonnes or 23% on month to 644,815 tonnes in July, touching the lowest since October 2021. The 121 sampled smelters host almost all of the country's SiMn smelting capacity.
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Chinese coke prices are likely to rebound in August after five rounds of coke price cuts in a row, as steel trading activities picked up and steel margins recovered slightly.
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The capacity utilization rate of 110 Chinese independent and affiliated coking coal wash plants in Mysteel's survey had increased by 1.09 percentage points on week to 72.38% over July 27-August 2. Survey respondents cited recovering coal bookings from steelmakers amid improved steel market sentiment for the rise.
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Chinese prices for imported coking coal, including those for seaborne cargoes and Mongolian coal trucked in via border land ports, continued to decrease during July 25-29, as buying from end-users remained slack, Mysteel's weekly survey showed.
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The stocks of ferrous scrap at the 61 Chinese blast furnace and electric-arc-furnace (EAF) steel producers under Mysteel's regular survey decreased for the fifth straight week by another 139,200 tonnes or 6.9% on week to 1.88 million tonnes as of July 28, a new low since March 2020. Propelling the decline in scrap stocks was the relatively low volume of scrap delivered from traders.
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Chinese silicomanganese prices softened further last week on thin sales in the physical market, with the national price of 6517 SiMn under Mysteel's assessment sliding to Yuan 7,208/tonne ($1,067/t) including the 13% VAT as of July 29, lower by another Yuan 98/t from one week earlier and touching the lowest since June 2021.
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During the week of July 25-29, China's iron ore prices recovered further amid buoyant sentiment. However, steelmakers' real demand for raw materials remained weak, which in turn saw Chinese spot coke prices drop further last week.
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The losses they're enduring on their output continue to prompt China's coke producers to slash their output. However, Mysteel's latest survey released on Friday found that the makers' coke stocks still swelled during the July 21-27 week due to the rather weak demand from steelmakers.
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Over July 22-28, the blast furnace (BF) capacity utilization rate among China's 247 steel mills under Mysteel's survey had dipped for the sixth week by another 2.1 percentage points on week to 79.3%, a low since late February or 7.1% lower on year, as mills' persistently negative steel margins had forced them to further trim production.
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Falling silicomanganese prices and shrinking demand for the ferroalloy from steel producers will likely keep Chinese SiMn output low in the second half of this year, Mysteel predicts.
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Shanxi province, a major coal-producing hub in North China, has announced to control its coking capacity within 143.7 million tonnes/year, according to a document recently unveiled by the local government. To achieve this goal, it will have to shut down all coking ovens whose chamber height is lower than 4.3 meters by 2023 and no
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Chinese prices for imported coking coal, including those for seaborne cargoes and for Mongolian coal trucked in via border land ports, continued to soften over July 18-22 as demand from users the steelmakers and coke producers slackened further.
