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The most-traded rebar contract on the Shanghai Futures Exchange for October delivery began heading downward from Thursday after climbing for the previous three days during July 15-17. The price reached Yuan 4,001/tonne ($580/t) as of the close of Friday’s day-time trading session, down by Yuan 13/t from the prior day’s settlement price but up Yuan 36/t on week.
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Industrial growth in China’s ferrous smelting and processing sector surged by 10.3% on year during this year’s January-June half, according to data published by China’s National Bureau of Statistics on July 15. The figure doubled the yearly growth of 5% recorded over the same period last year, Mysteel Global notes.
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China’s GDP achieved a 6.3% year-on-year growth for the first half of 2019 to Yuan 45.1 trillion ($6.6 trillion), which was within Beijing’s economic growth target of 6-6.5% for this year, though the Q2 GDP growth was 0.2 percentage point lower than that for Q1, according the latest release from the country’s National Bureau of Statistics (NBS) on July 15.
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The latest data from China's National Bureau of Statistics (NBS) suggests the country could conceivably produce close to 1 billion tonnes of crude steel for the whole 2019 if the steel production kept running at nearly 10% year-on-year growth rate, though market sources dismissed the possibility.
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China's fixed asset investment (FAI) grew by 5.8% on year to Yuan 29.9 trillion ($4.3 trillion) for January-June, up 0.2 percentage point from that for January-May, while the FAI in the property market grew 10.9% on year in H1, 0.3 percentage point lower than the first five months, according to the latest data released by China’s National Bureau of Statistics on July 15.
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China's crude steel output grew 9.9% on year to 492 million tonnes over January-June, with the June volume up 10% year on year to about 87.5 million tonnes. A detailed report will be posted soon.
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China's fixed asset investment in general grew 5.8% on year to Yuan 29.9trillion ($4.3trillion) for January-June, among which the funding in the property market went up 10.9% on year to Yuan 6.2trillion during the period. A detailed story will be posted soon.
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China's GDP grew 6.3% on year in the first half of 2019, which was within its annual target at 6%-6.5% for the whole 2019. A detailed report will be posted.
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China’s steel market is generally pessimistic about steel demand in the second half of this year, as the property market, a key consumer of steel products, will probably slow down, market sources share on July 12.
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The Dalian Commodity Exchange (DCE) targets to launch iron ore physical delivery by brand by the end of this year to complement the existing standardized terms so as to better serve the industrial investors, Mao Dan, manager of the Industrial Products Dept, DCE, shared on the 4th China Steel Derivatives International Conference (2019) on July 5 in Shanghai.
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The agreement reached by the presidents of China and the United States last Saturday to resume trade talks has injected fresh confidence into China’s steel market, industry insiders said on Monday, but they cautioned that fundamentals will still determine the price trends.
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The key steelmaker members of the China Iron & Steel Association (CISA) sold a total of 56.3 million tonnes of finished steel products in May, making for a 5% rise on year, according to CISA’s latest monthly transaction report. Last month’s result took total sales during January-May to 261 million tonnes, higher by 8.8% on year.
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China Premier Li’s recent calling for the acceleration in upgrading old residential housing in urban areas, and improving the grid network and drinking water safety in rural areas are interpreted good news to fixed asset investment and domestic steel sector may benefit too in turn, market sources shared.
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The 64 countries under the World Steel Association’s monthly survey posted a total of 162.7 million tonnes of crude steel production in May, or up 5.4% on year, according to the official data from WSA released on June 24.
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Indonesia, one of the fastest growing economies in the ASEAN-6 country grouping, will make greater efforts this year to boost capacity utilization for long steel products such as rebars to reduce the country’s reliance on imports, according to Setiawan Surakusumah, Director of Strategic Development & Technology with the Indonesian Iron & Steel Industry Association.
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Philippines’ domestic steel community expects the benefits from the government’s preferential policies and more funding in the country’s public construction this year, Ronald C. Magsajo, Chairman of Statistics Committee of Philippine Iron & Steel Institute, shared at the 2019 SEAISI Conference & Exhibition in Bangkok of Thailand on June 18.
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The ASEAN region could become a net exporter of steel products within the next five to ten years as the potential for over-capacity in the region could tilt the balance of steel fundamentals, Matthew Poole, the Divisional Director of CRU Consulting, said on the 2019 SEAISI Conference & Exhibition held in Bangkok, Thailand on June 17.
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Attendees at this week’s 2019 SEAISI Conference & Exhibition in Bangkok, Thailand, were divided on China’s intensifying steel investments in the ASEAN countries – primarily in Indonesia and Malaysia and potentially, Philippines – with some looking forward to the technology and economic benefits while the others fearing fiercer competition in the domestic steel market.
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Myanmar’s steel consumption is expected to grow 12-15% annually over the coming few years, mainly as construction activity will increase in the country, especially in the infrastructure sector, Kay Thi Lwin, chairman of Myanmar Iron & Steel Association, shared at the 2019 SEAISI Conference & Exhibition on June 17 in Bangkok, Thailand.
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Malaysia’s steel market remains challenging this year amid the most probably only modest growths in GDP and the construction sector, Ng Kian Hin, Director, Group Business Development of Hiap Tech Venture Bhd, shared at the 2019 SEAISI Conference & Exhibition on June 17 in Bangkok, Thailand.
