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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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Nowadays, sustainability in the ferrous world has one more dimension, that of the big “C”, as in “carbon”, and many countries including those in the European Union, U.S., Australia, and China have been urging their ferrous industrial enterprises to pursue decarbonization goals. Their domestic companies are also taking their own initiatives to minimize their carbon footprints.
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Since January 1 this year, Tianjin Port (Group) Co, the company managing the leading port in North China’s Tianjin municipality, has seen total cargo throughput exceed 300 million tonnes and its container handling volume reach 13.5 million TEUs as of August 24, both on-year record highs, according to a post on the group’s official Wechat account.
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It is always like a treasure hunt for me whenever reading a company’s annual report, as behind all those hard and straightforward numbers, there is always an interesting story to tell and a glimpse of the company’s development strategy based on its understanding of the future, and this is exactly how I feel when flipping through BHP’s 81-page report on its full-year results for FY2021.
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BHP, a leading ferrous and nonferrous mining company in the world, has signed a long-term nickel supply deal with the world’s largest electric car manufacturer Tesla for the latter’s battery production, BHP shared on July 22.
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Note:
South32’s financial year runs from July to June.
Unless otherwise noted: percentage variance relates to performance
during the financial year ended June 2021 compared with the financial year
ended June 2020 (YoY) or the June 2021 quarter compared with the March 2021
quarter (QoQ); production and sales volumes are reported on an attributable
basis.
Source: South32,
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Production Summary
(1) Wet basis.
(2) Reflects export primary production, secondary production sold into export markets and production sold domestically at export parity pricing from South Africauntil the demerger of the South Africa thermal coal operations effective on June 4 2021, and attributable export production (33.3%) from Colombia (Cerrejón).
(3) Reflects nickel production
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BHP's Production by Product over April-June
Note: All guidance is subject to further potential impacts from COVID-19 during the 2022 financial year.
Source: BHP, released on July 20
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Rio Tinto expects mined copper output (on actual share) for the calendar year of 2021 to be at the low end of the guidance at 500,000-550,000 tonnes, partly as over January-June, the output fell 11% on year to 236,100 tonnes in pure metal, according to its latest quarterly report released on July 16.
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The 400-series or ferritic steel should be greatly promoted in China as the country is with serious shortage of nickel resources, Qi Haiyan, senior engineer of Shandong Taishan Steel, a key stainless producer in China, shared at a recent industrial event.
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Jingye Group (Jingye), a privately-owned rebar maker headquartered in North China’s Hebei province, is mulling acquiring part of the assets under UK-based Liberty Steel, or the second steel project in the European country after its takeover of British steel in March 2020 in order to enhance its presence in the European market, a UK-based source that is close to Jingye shared.
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UC Rusal of Russia (Rusal), one of the world’s top aluminum producers and headquartered in Moscow, produced 932,000 tonnes of primary aluminum during the first quarter of 2021, lower by 1.9% on quarter or 0.8% on year, according to the smelter’s latest Q1 report published on April 27.
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Note:
South32’s financial year
runs from July to June.
Unless otherwise noted:
percentage variance relates to performance during the nine months ended March
2021 compared with the nine months ended March 2020 (YoY) or the March 2021
quarter compared with the December 2020 quarter (QoQ); production and sales
volumes are reported on an attributable basis.
Source: South32, released
on
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On April 25 2021, Shanghai Ganglian E-Commerce Co., Ltd. (Mysteel) completed the annual assurance review in accordance with the requirements of the International Organization of Securities Commission (IOSCO), or the third year in a row. Starting 2021, a series of coking coal and coke pricing indices have also joined Mysteel’s related steel and iron ore pricing indices, being IOSCO compliant.
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Production Summary
(1) Wet basis. The comparative has been restated as Kumba previously reported on a dry basis.
(2) Reflects export primary production, secondary production sold into export markets and production sold domestically at export parity pricing from South Africa, and attributable export production (33.3%) from Colombia (Cerrejón).
(3) Reflects nickel production from
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Leading copper producer BHP has lifted its guidance for output of the metal for its 2021 business year (July 2020-June 2021) to 1.535-1.66 million tonnes (copper contained), slightly up on its original target of 1.51-1.645 million tonnes, according to the latest quarterly report published on April 21. The rise reflects the stronger-than-expected performance at its major mining property, Escondida, in North Chile.
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BHP'sProduction by Product over January-March
(i) Iron ore comprises WAIO and Samarco
Source: BHP, released on April 21
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Rio Tinto’s mined copper output for Q1 2021 declined 9% on year and also 9% on quarter to reach 120,500 tonnes (copper contained), according to the company’s latest Q1 quarterly report released on April 20. The lower recoveries and throughput at some works were the cause, though these were partially offset by higher grades obtained at others, it said.
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Vale, a global leading miner headquartered in Brazil, produced 76,500 tonnes of copper in metal for Q1 2021, down 19% on year or 18.2% lower on quarter, mainly due to the maintenance as planned and unexpected as well as the degrading in some mining regions, according to the company’s latest Q1 report released on April 19.
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Jiangxi Copper Co, China’s leading copper producer headquartered in East China’s Jiangxi province, saw its copper cathode production rise 5.5% on year to 1.6 million tonnes in 2020, but its net profit declined 5.9% on year, it stated in its annual report released on March 30. The smelter cited the impact to its business from the COVID-19 outbreak during January-March last year, as well as the downward trending treatment charges (TCs).
