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The most active iron ore contract on China’s Dalian Commodity Exchange (DCE) in Liaoning, Northeast China, namely that for May 2019 delivery, took a tumble on Wednesday as speculators responded to news the day before that Vale might resume production at its Brucutu mine in Minas Gerais state of Southeast Brazil, releasing more iron ore supply.
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China will reduce the value-added tax (VAT) which manufacturers currently pay to 13% from April 1 from the 16% currently in place, Chinese premier Li Keqiang told media representatives at a press conference on Friday morning following the conclusion of the “Two Sessions” political meetings convened in the capital over the past two weeks.
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China's premier Li Keqiang disclosed at the ongoing press conference in Beijing on the morning of March 15that the value-added tax on the domestic manufacturers will be cut to 13% from the present 16% with effect on April 1. A detailed report on the press conference will be posted once
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China’s fixed asset investment in China’s property market grew 11.6% on year to Yuan 1.2 trillion ($179 billion) over January-February, with the increase being 2.1 percentage point higher than that for the whole 2018, and the funding accounted for 27% of the country’s total fixed asset investment, according to the latest release by the country’s National Bureau of Statistics on March 14.
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China’s fixed asset investment (excluding rural households) increased 6.1% on year to nearly Yuan 4.5 trillion ($670 billion) for January-February, with the growth rate also up 0.2 percentage point from that for the whole 2018, according to the latest data released by the country’s National Bureau of Statistics on March 14.
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China's fixed asset investment in general grew 6.1% on year to Yuan 4.5 trillion for January-February. A detailed story will be posted soon.
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China's coke production grew 7.6% on year to 73.9 million tonnes over January-February. A detailed report will be published soon.
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China's crude steel output grew 9.2% on year to 149 million tonnes for January-February. A detailed report will be posted soon.
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China's fixed asset investment in the property market went up 11.6% on year to Yuan 1.2 trillion ($179 billion) over January-February. A detailed report will be posted soon.
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China's iron ore imports fell by 5.5% on year to 174 million tonnes for January-February. A detailed story will be posted soon.
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China's steel exports rose 12.9% on year to 10.7 million tonnes for January-February. A detailed report will be posted soon.
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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker and headquartered in East China’s Jiangsu province, has decided to lower its steel scrap procurement price by Yuan 30/tonne ($4.5/t), which is effective from March 7 deliveries, Mysteel learns from the steel company’s latest announcement.
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China’s Premier Li Keqiang drafted a few economic development targets including a gross domestic product (GDP) growth at 6-6.5% and proposed a series of measures to support the domestic economic performance for 2019 when delivering his government report at the National People’s Congress annual session on March 5.
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Local authorities in Tangshan city in North China’s Hebei province, by far the country’s largest centre for steelmaking, have issued another round of emergency restrictions on industrial enterprises to be in force over March 1-6, according to an official notice released on the Tangshan government’s website on March 1. Air quality is forecast to remain poor during the period, it warned.
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The Dalian Commodity Exchange (DCE) headquartered in Dalian, Northeast China’s Liaoning Province, released a one-sentence notice on February 26, announcing to welcome overseas retail investors into its iron ore futures trading starting February 27.
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Vale has suspended all the activities at the Fábrica mine at its Paraopeba Complex under its Southern System, an industrial source close to Vale confirmed a company release on February 20.
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A worker was confirmed dead after an accident at Anglo American’s Moranbah North Coal mine in Queensland, Northeast Australia, involving a grader and a personnel carrier in the access drift close to the surface of the mine on February 20, the company confirmed the same day.
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The price of 62% iron ore will likely remain above $80/tonne CFR this year amid moderate growth in China’s steel demand, Paul Gray, Wood Mackenzie’s VP Research, Iron Ore Markets, told delegates attending SteelMint’s 3rd Indian Iron Ore & Pellet Summit on February 18 in New Delhi, India. This factors in the impact of Vale’s tailings dam accident and the continuing improvement in India’s steel demand, he said.
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A fire broke out at the iron ore blending plant at Vale’s distribution center in Teluk Rubiah in Malaysia’s Perak State on Friday afternoon, according to Chinese steel mill sources in touch with the Brazilian miner, with all production and transportation at the plant temporarily suspended.
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Last month China’s imports of coal and lignite surged 19.5% on year to reach 33.5 million tonnes, while the country’s exports of coke and semi-coke in January grew 4.4% on year to 716,000 tonnes, according to data announced by China’s General Administration of Customs on February 14.
