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China’s fixed asset investment (excluding rural households) increased by 5.4% on year to Yuan 48.3 trillion ($7 trillion) during the January-September period, according to the latest data from China’s National Bureau of Statistics released on October 19. The yearly FAI growth was up by a slight 0.1 percentage point from that over the first eight months, Mysteel noted.
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The recent announcement of People’s
Bank of China (PBOC) to cut a few commercial banks’ reserve requirement ratio
by one percentage point will surely boost the steel market sentiment, though it
remains unclear how much cash will actually be injected into the sector, industrial
sources shared on October 10.
PBOC, China’s policy bank, announced
on October
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China’s Purchasing Managers’Index (PMI) for the manufacturing industry reversed down 0.5 basis point on month to 50.8 for September but still staying above the benchmark 50 for the 26th successive month, indicating a continuing expansion, according to the latest release by China’s National Bureau of Statistics on September 30.
The slow-down
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China’s Customs Tariff Commission of the State Council will impose a 5% or a 10% tariff on another batch of the US-origin products valuing $60 billion starting September 24 in the response to the US’ latest announcement to impose a 10% tariff on additional Chinese goods valuing $200 billion on
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China’s fixed asset investment (excluding rural households) grew by 5.3% on year to Yuan 41.5trillion ($6.1trillion) during January to August this year, according to the latest data released by China’s National Bureau of Statistics on September14. Though FAI spending continues to increase, the NBS data show the growth rate slowing
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China is making changes to the export tax system applied to a total of 397 products including finished steel and non-ferrous metals products, according to a notice from the country’s Ministry of Finance, with some items attracting rebates for the first time while others will have their existing rebates increased.
From
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry nudged up 0.1 basis point on month to 51.3 for August, or staying above the benchmark 50 for the 25th successive month, indicating a continuing expansion, according to the latest release by China’s National Bureau of Statistics on August 31.
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The anticipated slowdown in China’s and global economies will possibly pressure the prices of China’s ferrous products including steel, iron ore, and coking coal in the next two-three years, Tracy Liao, Asia Commodities Strategist from Citi Research, shared her prediction at the China International Iron Ore & Coking Coal & Coke Industry Conference in Shanghai on August 22.
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China’s property market, a major downstream user of steel products with longs in particular, is expected to continue to lend support to the domestic steel market with its rebound in July, market sources shared on August 15.
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China’s fixed asset investment (excluding rural households) grew by 5.5% on year to Yuan 35.6 trillion ($5.2 trillion) over January to July, according to the latest data released by China’s National Bureau of Statistics on August 14. Growth in the country’s FAI was off by 0.5 percentage point from the level witnessed during January-June and was also the slowest since 1999, NBS said.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry stayed above the benchmark 50 for the 24th successive month for July, indicating a continuing expansion, though the it fell by 0.3 basis point on month to 51.2, according to the latest release by China’s National Bureau of Statistics on July 31.
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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 price of the most-traded nickel contract on the Shanghai Futures Exchange for September has tracked down since entering July, with Wednesday's settlement price losing Yuan 2,820/tonne ($434/t) on day to close at Yuan 112,660/t.
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Beijing-headquartered China Oil & Foodstuffs Corporation (COFCO), China's top importer of agricultural products but also in steel and metallurgical products trading, will turn its recently-acquired Zhongyuan Special Steel into an investment and fund management arm via asset swaps, according to a Zhongyuan official's sharing on June 13.
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The US Department of Commerce's final affirmative ruling announced last week on corrosion-resistant steel (CORE) and certain cold-rolled flat products imported from Vietnam - which slaps hefty penalties on these for their incorporation of hot rolled and cold rolled coil substrate originating in China - is being brushed aside by Chinese industry insiders.
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Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, reaped the rewards of a recovering domestic steel market during its financial year 2017 to March 31, posting a 49% year-on-year jump on its net profit to Yen 195.1 billion ($1.8 billion), according to its annual report released on April 26.
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China's Ministry of Finance announced on Monday that China will suspend tariff reductions and impose duties of up to 25% on 128 goods imported from the US to balance the losses to its economy Beijing claims will result from Washington's tariff hike on steel and aluminum.
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China's February finished steel exports rebounded by 197,000 tonnes or 4.2% month on month to 4.85 million tonnes, according to the latest statistics released by China's General Administration of Customs on March 8.
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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 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.
