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Sales of construction equipment recorded by China’s 25 leading excavator makers totalled 44,278 units in March, up by a significant 15.7% on year, according to the latest statistics released by the China Construction Machinery Association (CCMA) on April 8.
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Chinese domestic sales of heavy trucks in the 14- to 100-tonnes class reached an all-time high in March, traditionally the best month for heavy truck business, with total sales reaching 144,000 units, according to the latest release by Beijing-headquartered Commercial Vehicle World (CVWorld) on April 1. The result marked an increase of 4% on year and an 85% leap from February, it noted.
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Beijing is mulling adjusting its regulating efforts in the country’s property market by allowing the local authorities to take the lead so as to maintain the market’ vigour, Ren Xingzhou, a researcher with the Institute of Market Economy, Development Research Center of China, disclosed when addressing the delegates at the 17th International Steel Market and Trade Conference on March 28 in Nanjing, East China’s Jiangsu province.
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China will likely consume 850-900 million tonnes of crude steel this year, Chi Jingdong, vice chairman of China Iron and Steel Association, predicted at the association’s 17th International Steel Market and Trade Conference held in Nanjing on March 28.
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China’s decision to reduce the value-added tax on manufacturers to 13% on April 1 from the prevalent 16% may not definitely lead to lower prices of ferrous products including iron ore and steel or downstream products such as auto, market sources said on Monday and Tuesday.
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China’s domestic sales of heavy trucks in the 14- to 100-tonnes class reached 75,000 units in February, a seven-year second high for February business though last month’s total was 24% lower than sales in January, according to the latest release by Beijing-headquartered Commercial Vehicle World (CVWorld) on March 4.
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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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China’s Purchasing Managers’ Index (PMI) for the steel industry fell back by 0.9 basis point from January to 50.6 in February after posting strong month-on-month growth of 5.9 basis points in January from December, according by the official index compiler, CFLP Steel Logistics Professional Committee (CSLPC). Nevertheless, the result was still on the positive side of the 50-threshold which connotes growth, Mysteel notes.
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China’s return to work following the Chinese New Year holiday ending on February 10 has witnessed a flurry of announcements from provincial and city governments heralding the launch of public works projects, including many related to transportation infrastructure. The hotter-than-usual infrastructure activity is seen as helping to shore up domestic steel demand in 2019 when pundits are warning that steel will struggle this year.
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Both steel demand and supply in Central China’s Henan province are expected to slacken further with the latest move by the provincial government to curb polluting industrial sectors including steel mills for four days since the late night of December 20 on the severe poor air quality forecast in the next few days, Mysteel understands from market sources on December 21.
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New regulations announced this week by China’s National Development and Reform Commission (NDRC) – the country’s top planning body – promoting increased production and sales of new energy vehicles (NEVs) while placing limits on manufacturers of traditional combustion-engine vehicles should present opportunities for steelmakers offering higher grades of automotive steel such as high-tensile and ultra-high-tensile steel sheets.
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Chinese steel demand in 2019 could weaken slightly from that forecast for this year, and the high profitability Chinese steel mills have enjoyed for much of this year seems unlikely to be sustained into next year, according to market pundits canvassed by Mysteel Thursday.
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China will continue efforts to promote infrastructure development and will maintain effective and steady investment in this area, according to an announcement published by China’s State Council on October 31.
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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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China is committed to improving its investment environment to welcome all foreign investors including those from the US, China's Ministry of Commerce (MoC) said at a routine press conference in Beijing on July 12.
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The recent Chinese Yuan devaluation together with many other currencies against the US dollar is unlikely to spur China's steel exports this year, partly as China's export offering prices may still be way higher than the supplies from the other countries despite a possibility of price cut, Mysteel understands from the market.
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China's auto sales grew 5.7% on year over January-May and manufacturing up 3.8% on year, both being higher than the increases in January-April, according to the statistics from the China Association of Automobile Manufacturers (CAAM).
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Production and sales of automobiles in China rose at a faster pace in April compared with the same period last year, climbing by 12.3% and 11.5% respectively, according to new statistics from the China Association of Automobile Manufacturers (CAAM) published on May 11.
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China's excavator sales stayed robust in April, with the volume jumping by 85% on year to 26,561 units, according to the latest statistics released by the China Construction Machinery Association (CCMA) on May 7. CCAM's survey canvasses the performance of China's twenty-five leading excavator markers.
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Chinese steel prices will likely show strong continuous upticks this month as sentiment among market players has improved, thanks largely to tighter steel supply conditions triggered by ongoing output curbs among producers in Xuzhou city in East China's Jiangsu province. But market sources cautioned that potential risks remain, chief among these being the rapidly rising steel prices.
