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Despite the heated discussion in the overseas market about the financial matter of Evergrande Group, China’s second largest property developer, and the concerns about the ripple effect on China’s property market and steel demand, China’s domestic steel market sources appeared rather calm, anticipating whatever adverse impact on this individual case will be contained and managed.
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After witnessing on-year declines for 21 successive months, automotive sales in China finally had a reprieve in April, with sales last month increasing by 4.4% on year to 2.1 million units, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on May 11. The rises were mainly thanks to the delay in demand over the past few months and to government stimulus policies, industry watchers say.
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The decision announced Sunday by the government of Surigao del Norte province in the southern Philippines temporarily suspending entry of foreign vessels over March 18-31 in order to prevent the spread of COVID-19 is not expected to affect nickel ore exports because the duration of the ban is short and exports in March are usually limited, according to Mysteel’s latest survey released on March 16.
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Members of China Smelters Purchase Team (CSPT), comprising most of the copper smelters in China, big and small, have so far taken no action of cutting their copper output into 2020 though they had vowed to do so on December 26 2019, Mysteel Global noted.
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Earlier than usual, China’s Ministry of Finance (MOF) disclosed on November 27 to grant China's local authorities a total of Yuan 1 trillion ($142.4 billion) quota for the issuance of government bonds for specific uses, which is part of efforts to stabilize the national economy in 2020, clarifying that this is just “part of the whole parcel”.
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China’s Ministry of Ecology and Environment (MEE) released two notices on its website on November 12 regarding winter restrictions in the Fenwei Plains and the Yangtze River Delta area over October 1-March 31 2020, with steel, coal and coke industries mentioned, though the focus has been on PM2.5 reduction and waste emission than any detailed and specific instructions in tackling coking, blast furnaces, and sintering.
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After a six-year hiatus, China’s National Development and Reform
Committee (NDRC), the country’s top economic planning body, has released its
latest industrial restructuring guidelines, effective on January 1 2020, to
direct the development of all the key 48 economic sectors including new energy,
coal, steel, nonferrous metals and mining.
The version, posted on the Committee’s
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The approaching deadline of Indonesia’s ban on exports of all grades nickel ore whether at the start of 2020 or earlier than planned has further intensified the concern among the market participants both from Indonesia and China on possible pricing war inside Indonesia and nickel supply shortage and higher production costs among Chinese steel produces with their heavy reliance on imports.
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Domestic production and sales of new-energy vehicles (NEVs) across China are showing signs of weakness, largely as a consequence of the central government’s move to reduce generous subsidies on NEVs that over the past few years had helped automakers to enjoy substantial growths in electric car sales.
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China’s National Development and Reform Commission (NDRC), the country’s top economic planning body, is formulating policies to promote nationwide consumption of eco-friendly and high intelligence auto, white goods and electronics products, according to Xinhua reports on April 18 and April 21.
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Changzhou city in East China’s Jiangsu province is among the latest to join Beijing’s drive to improve air quality, with the city explicitly instructing 48 local steel mills to continue to cut their daily steel output beginning July 25 and lasting possibly until year’s end, an official from Changzhou City Environmental Protection Bureau confirmed on July 30.
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Plans by Tesla, the Palo Alto California-headquartered maker of electric vehicles in the US, to build its next Gigafactory - a combination of car- and battery-making plant - in Shanghai, East China, clearly reflect optimism about the strength of China's market for such vehicles but likely suppliers of components and materials remain cool, awaiting more details, Mysteel learned last Friday.
