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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker, has lowered its procurement price for steel scrap, clipping its prices by Yuan 50/t ($7.2/t) effective from November 20 deliveries, the company announced Tuesday. The reduction is the mill’s second in seven short days and will likely encourage other steelmakers in East China to follow suit, Mysteel notes.
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Sansteel Minguang Co, the listed arm of Fujian Sangang Group, the largest integrated steel producer in South China’s Fujian province, has won the bid for a steel capacity quota being offered by Laiwu Steel Xinjiang Co, a Sansteel Mingguang official confirmed on November 19.
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Hebei Iron & Steel Group, China’s second-largest steelmaker after China Baowu Group, is slashing list prices for its long steel products by as much as Yuan 160 ($23.2/t) for sales over November 11-20, according to its latest pricing policy obtained by Mysteel.
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China Steel Corporation (CSC), Taiwan’s top steel producer, has decided to undertake an extensive revamp of the No.1 and No.2 sintering machines at its headquarter works in Kaohsiung, South Taiwan, a company official confirmed on November 13.
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Chinese traders and steel mills consuming BHP iron ore are still awaiting formal confirmation from the Australian mining giant that rail operations have resumed after last week’s deliberate derailment.
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Angang Steel Co (Angang) in North China’s Liaoning province, is trimming flat steel list prices by Yuan 100-200/tonne ($14.4-28.7/t) for sales in December in response to a further cooling of demand from end-users, Mysteel learned on Tuesday. Angang never opens its price policy but sources close to the mill have confirmed the details.
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Of the 3,600 enterprises expected at China’s first-ever event organized to boost the country’s imports of goods and services – the China International Import Expo (CIIE) currently underway in Shanghai – are numerous foreign mining enterprises across the ferrous, nonferrous and energy industries, many of which have evidently already achieved their goal of furthering cooperation with China.
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Chinese buyers of Australian iron ore, both mills and traders, are still awaiting news of the status of BHP’s shipments of ore following the miner’s train derailment early on November 5 in Western Australia’s Pilbara region.
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The city government of Tangshan in North China’s Hebei has finalized the degree to which steelmakers in the city are to reduce production during the winter restrictions period, market respondents confirmed Tuesday. Given the city’s prominence as the supplier of the most steel in the world’s largest steel producing country, Tangshan’s advisory should be a crucial indicator of how China’s steel sector will manage this season’s production cuts. Unfortunately, it is not.
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China’s top metal ore mining and trading company, China Minmetals Corporation, has signed a cooperation agreement with Vale for the Brazilian miner’s supply of iron ore to Minmetals’ ore blending project at its iron ore trading centre in Caofeidian in North China’s Hebei.
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The volume of rebar and wire rod leaving the yards of the 16 major steelmakers in Northeast China for the country’s warmer southern regions is expected to reach 1.58 million tonnes this month, representing a sharp increase of 75% from October and a large 50.5% jump on year, according to Mysteel’s latest survey.
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The Sydvaranger Iron Project in Bjørnevatn in Norway’s deep north is preparing to restart iron ore mining after the company operating the mine, Sydvaranger AS, disclosed that Orion Mine Finance, a New York-headquartered mining-focused investment fund, had pledged to provide working capital to support the ongoing development of the project.
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Transport safety authorities in Australia are investigating the circumstances under which a loaded iron-ore train operated by BHP had to be deliberately derailed early on November 5 after the train had travelled for 92 kilometers across the Pilbara in Western Australia without a driver, according to an official rail safety investigation & report released by Australian Transport Safety Bureau (ATSB) on the same day.
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China’s Jiangsu Shagang Group, located in Zhangjiagang northwest of Shanghai, has decided to deepen its cuts to upstream production during this week’s China International Import Expo (CIIE) to help improve air quality over the city for the event, market sources have confirmed.
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Hongxing Iron and Steel Co, a steelmaker with 5 million tonnes/year crude steel capacity located in North China’s Hebei province, intends to start installing new facilities at its existing works from early next year, an official from Hebei’s Ministry of Industry and Information Technology (MIIT) confirmed on November 1.
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Shisteel Co (Shisteel), a subsidiary of China’s huge Hebei Iron & Steel Group (HBIS), plans to install two new electric-arc furnaces at its works in Shijiazhuang in North China’s Hebei province, according to an October 30 announcement released by Hebei’s provincial Industry and Information Technology Department. But to gain official approval for its plans, the company is ‘swapping’ the new capacity for upstream facilities it will close.
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US coal miner Peabody Energy’s sales volume of metallurgical coal from its Australian mines declined 3.4% on quarter or 20% on year to 2.8 million tonnes over July-September, mainly owing to the decline in volumes from its North Goonyella mine in Queensland, according to Peabody’s quarterly report published on October 30. Mining operations at North Goonyella have been impacted after elevated gas levels were observed beginning early September, as reported.
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Resurgent stainless prices and steady demand for the high-grade steel this year saw Shanxi Taigang Stainless Steel Co (TISCO) post a sharp increase in net profits over this year’s first three quarters.
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Ma’anshan Iron and Steel (Magang) in Central China’s Anhui province, formally shut down two 40-tonne converters on October 29, serving as a milestone for the company to have fulfilled its 2.69 million tonnes/year steel capacity cut task over 2016-2018, according to a company statement on October 30.
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Chongqing Iron and Steel Co, a Shanghai- and Hong Kong-listed company headquartered in Southwest China’s Chongqing province, achieved a net profit of Yuan 1.48 billion ($212.4 million) during this year’s January-September period, decisively reversing the loss of Yuan 882 million it posted for the same nine-month period in 2017, according to the steelmaker’s Q3 report released on October 30.
