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China’s Shagang Group, the country’s largest privately-owned steelmaker, has decided to lift all its long steel sales prices for the period of November 11-20, according to the company’s latest pricing policy released on Monday. The longs comprise rebar, wire rod and bar-in-coil.
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Steel market sources in and out of China are divided on the recent news that Jingye Group, a privately-owned rebar maker in North China’s Hebei province, is mulling to acquire British Steel, arguing possible new markets will also bring along a series of uncertainties.
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Sales of new-energy vehicles (NEVs) in China continue to show signs of stalling, given a series of negative factors including the prevailing softening economy, the county’s cooling automotive sector generally, and the reduction in subsidies for NEV purchases since late June, market sources said.
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Stainless steel producers in Taiwan have decided to cut their stainless list prices for both domestic and export sales in November after the continuous rally over the prior several months, Mysteel Global has learned. The stainless mills cite weak demand from end users.
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Baoshan Iron and Steel Co (Baoshan Steel), the listed-arm of China Baowu Group, suffered a 44% on-year fall in net profits over the first nine months of 2019 to some Yuan 8.87 billion ($1.3 billion) despite firm production. The company cited surging raw materials prices, as well as the softening demand and steel prices, Mysteel Global noted on October 29.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, saw its carbon steel sales in September decrease for a second straight month amid dull demand in both its domestic and overseas markets, with the integrated steel producer’s sales falling by another 5.5% or 48,959 tonnes on month to 834,731 tonnes last month, according to the company’s latest release published on October 24.
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Hebei Xinghua Iron & Steel (Xinghua Steel), a long steel products maker in Wu’an city, North China’s Hebei province, has halted production after a fire yesterday morning that caused seven deaths, Mysteel Global learned from market sources on Friday.
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CITIC Pacific Special Steel Group Co (CITIC Steel), the former Daye Special Steel Co, posted an increase of 37.3% on year in its net profit over January-September, according to the company’s latest Q3 report released on October 23. The growth was higher than the year-on-year 36.6% surge seen in the same period last year, Mysteel Global noted.
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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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Shenzhen-listed Angang Steel Co, one of China’s top 10 steelmakers, is warning shareholders to expect a huge 75% fall in net profits for this year’s January-September period to Yuan 1.7 billion ($239 million), according to the company’s preliminary financial report released on October 14. Angang blamed thinner margins and higher costs for the dramatic fall, noting that profits for the July-September quarter alone plummeted by nearly 88% on year to Yuan 297 million.
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Hoa Phat Group, the largest steel manufacturer in Vietnam, has hot commissioned the second of four converters that will form the core of the company’s new 4 million tonnes/year steel works under construction at Dung Quat in Quang Ngai province in South-central Vietnam.
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China Baowu Steel Group Co (Baowu), the country’s top steel producer or the world’s second largest mill, has always worshipped its clear-headedness and caution in its overseas development strategy all along, and this remains the rule when it studies overseas steel investment opportunities now, as “risks in overseas investment are pretty high”, a senior official from the conglomerate explained.
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Yieh United Steel Corp (Yusco), a top stainless producer headquartered in Kaohsiung in South Taiwan, is raising its list prices for 300-series hot-rolled and cold-rolled stainless coils again by TWD 1,500/tonne ($48.3/t) for domestic sales in October, a company official confirmed Friday.
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Yangchun New Steel, now a subsidiary of Shenzhen-listed Hunan Valin Steel Co and based at Yangchun city in South China’s Guangdong province, plans to produce 3.6 million tonnes of crude steel next year, which would be a 9% improvement on this year if the company achieves its target announced earlier of 3.3 million tonnes for 2019.
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Baoshan Iron & Steel Co (Baoshan Steel), the Shanghai-listed arm of China Baowu Steel Group, is striving to achieve “green” and “smart” manufacturing to speed the qualitative development of China’s steel industry, Baoshan Steel President Hou Anhui disclosed at the 19th China International Steel & Raw Materials Conference on September 26.
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Chinese steel works have an image problem. Rarely does a month go by without news of a local government somewhere – though usually in North China – launching measures targeting reducing pollutant emissions or reinforcing environmental protection facilities among steel enterprises.
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China Baowu Steel Group Co (Baowu), China’s largest steel producer, is actioning a plan to advance electric arc furnace (EAF) steelmaking, with many EAF steel projects currently under study at its subsidiaries nationwide, a Baowu official confirmed.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, said its August carbon steel sales remained almost stable on month as a consequence of the island’s still lacklustre steel demand, with the steelmaker’s total sales lower by 1% or by 9,373 tonnes on month at 883,690 tonnes, according to the company’s latest release published on September 18.
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Metallurgical Corporation of China (MCC), China’s top construction and engineering company, has been benefiting from the country’s “Belt and Road Initiative (BRI)” strategy and winning contracts to build not only steel mills but also civil engineering projects in such countries, Zhang Ye, vice president of MCC shared at the Asia Steel Forum 2019 in Shanghai of China on September 19.
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More details have emerged about the major expansion being planned by Baosteel Desheng Stainless Steel Co (Desheng) that could see the company’s capacity triple to nearly 6 million tonnes/year. But crucially, the project’s timeline remains vague, Mysteel Global has learned.
