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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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Stocks of finished vehicles awaiting sale across China remained high in March, with the Vehicle Inventory Alert Index at 55.3 last month, marking the fifteenth month in succession that stocks have been above the alert level, although the result was a notable 8.3 basis points lower than in February, the latest statistics from China Automobile Dealers Association (CADA) showed.
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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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Overall demand from China’s major steel-consuming sectors including infrastructure, machinery and white goods will remain largely stable or even increase slightly this year, according to Yu Yong, chairman of China Iron and Steel Association (CISA). But demand from a few sectors such as property may decline moderately, he warned.
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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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Taigang Stainless Steel Company, China's top stainless producer and headquartered in Taiyuan city, North China's Shanxi province, has decided to lift its list prices for 300-series stainless products by Yuan 500/tonne ($78/t) while slashing prices of its 400-series products by Yuan 300/t for June sales, according to the mill's latest pricing policy officially disclosed on Tuesday.
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Jiangsu Wujin Stainless Steel Pipe Group Company, a maker of welded and seamless stainless steel pipes and tubes headquartered in Changzhou city, East China's Jiangsu province, plans to invest Yuan 216.5 million ($34.3 million) to build a new stainless seamless tube mill for forming long, precision pipes and tubes for use in applications such as heat exchangers mainly for supply to the petrochemical and nuclear industries, according to a company announcement released on March 15.
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Special steel production in Japan over January-March is forecasted to rise by a tiny 0.4% from October-December to 4.97 million tonnes, according to the country's Ministry of Economy, Trade and Industry (METI). However, the current quarter's output will be 0.6% lower than a year ago, Mysteel notes.
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China's excavator sales continued to stay robust in the first month of 2018, with the volume having spiked 135% on year to 10,687 units in January, according to the latest statistics released by China Construction Machinery Association (CCMA) on February 9.
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China's promise to continue with its opening-up policy and its efforts in upholding globalization in the years to come will be good news to China's steel industry that is striving to evolve while removing excess steel capacities, Mysteel understands from the market.
