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Growth in the total value of China’s exports is at risk of negative pressure in the coming term with the slowdown in economic growth both at home and abroad, and from the many uncertainties caused by the US-China trade friction, Lu Ting, chief economist of Nomura Securities stated on September 18 at the Asia Steel Forum 2019 in Shanghai.
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China’s national economy maintained steady progress up to August, weathering a challenging environment with a mixture of gains and small declines, according to Fu Linghui, spokesperson of the National Bureau of Statistics.
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Industrial growth in China’s domestic ferrous smelting and processing sector rose by 10.4% on year last month, up by 0.2 percentage point from July, according to the latest National Bureau of Statistics (NBS) data published Monday. Growth in the sector in August was the fastest among all the 41 industries NBS monitors.
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China's fixed asset investment (FAI) in general grew 5.5% on year to Yuan 40.1 trillion ($5.6 trillion) for January-August, with the growth slowing down 0.2 percentage point from January to July. Investment in the property market grew 10.5% on year over the eight months, though this too was down 0.1 percentage point from January to July, according to the latest updates from China’s National Bureau of Statistics (NBS) released on September 16.
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China’s daily crude steel output in August reversed up after a short-lived retreat in July, growing by 2.4% from July’s four-month low to reach 2.82 million tonnes/day, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on September 16.
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China's crude steel output reversed up 2.4% on month to 2.82 million tonnes/day in August, and the total volume for the first eight months grew 9.1% on year to around 665million tonnes. A detailed report will be posted soon.
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It is rather interesting to see different interpretations inside and out of China whenever the world’s second largest economy releases economic-related figures, and its latest foreign trade release for the first eight months of 2019 has been a vivid example.
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Beijing’s indication on further lowering banks’ cash deposit reserve ratio on September 4 may be supportive to the steel market sentiment, but it is unlikely to drive up much steel demand from the downstream industries with the property sector in particular, according to Chinese market sources.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry retreated 0.2 basis point on month to 49.5 for August, as production continued with the expansion, while demand was under pressure, according to the latest report from China’s National Bureau of Statistics (NBS) released on August 31.
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Bangladesh is expected to see its demand for steel and therefore steel scrap grow steadily amid the South Asian country’s strong domestic economic growth and its programme of infrastructure construction, Sanjoy Kumar Ghosh, senior manager, Supply Chain Management at Chittagong-based long steel maker BSRM Group of Companies, shared on August 29 at SteelMint’s 4th Steel Scrap, Billet, and DRI Trade Summit in Bangkok, Thailand.
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If the exterior environment remains the same next year, the steel market in Turkey – the world’s largest scrap importer – will probably remain roughly the same as in 2019, Ahmet Isik Kunt, raw material purchasing manager at Istanbul-headquartered steelmaker Çolakoğlu Metalurji A.Ş. told SteelMint’s 4th Steel Scrap, Billet, and DRI Trade Summit in Bangkok, Thailand.
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Japan’s steel scrap exports are expected to grow 25-30% on year in 2020 as the country’s domestic demand is likely to decline while its obsolete scrap production remains at a steady pace, said Arshdeep Singh, director of Singapore-based trading firm Vital Solutions, at SteelMint’s 4th Steel Scrap, Billet, and DRI Trade Summit in Bangkok, Thailand on Wednesday.
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The China Association of Metallurgical Utilization (CAMU) is lobbying the central government in Beijing for steel scrap to be removed from the list of foreign solid waste materials under import restrictions so as to facilitate higher scrap utilization in steelmaking, Li Shubin, CAMU executive vice president, disclosed at a conference in Bangkok, Thailand, on August 27.
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China’s State Council Tariff Commission will impose 5% and 10% tariffs on the U.S. goods worth $75 billion on or 5,078 items in two batches respectively on September 1 and December 15 as the countermeasures to the U.S. announcement on the 10% tariffs on Chinese goods worth $300 billion also in two batches on these two dates.
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The escalating Sino-U.S. trade friction is expected to pose affection on China’s steel market sentiment more than on the direct and actual steel exports or consumption, China’s steel market sources commented on August 23.
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India has overtaken China as the largest metallurgical coal customer of BHP, the world’s top met coal exporter based in Australia, according to BHP vice president, Dr Huw McKay, commenting in his company’s Economic and Commodity Outlook released on August 20. Though India may be taking more, BHP coal remains highly competitive in China, sources told Mysteel Global.
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Over January-July, China’s produced about 577 million tonnes of crude steel, up 9% on year, or 0.9 percentage point lower than that for H1 of 2019 because of less steel output for July, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on August 14.
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Over January-July, China's fixed asset investment (FAI) in general grew 5.7% on year to Yuan 34.9 trillion ($5 trillion), among which that in property market grew 10.6% on year, both being down 0.1 percentage point and 0.3 percentage point respectively from the first half of 2019, according to latest updates from China’s National Bureau of Statistics (NBS) on August 14.
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China's crude steel output grew 9% on year to 577 million tonnes over January-July, with the July volume up 5% on year to around 85 million tonnes. A detailed report will be posted soon.
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China's fixed asset investment in general grew 5.7% on year to Yuan 34.9trillion ($5trillion) for January-July, among which the funding in the property market went up 10.6% on year to Yuan 7.3trillion during the period. A detailed story will be posted soon.
