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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.
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Shanghai-listed Guangxi Liuzhou Iron & Steel Co (Liugang) and Guangxi Zhongjin Metal Technology Co, a stainless producer also in Southwest China's Guangxi Zhuang Autonomous Region, decided not to proceed with their intended merger because of disagreements, a Liugang official confirmed on January 16.
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China has become the top trading partner to 16 out of the 25 Asian countries and has deepened its financial and economic cooperation with Asian countries, according to an annual report of Ministry of Commerce (MoC) released on January 11, which is partly thanks to China's "Belt and Road Initiative", Mysteel understands.
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China's finished steel exports for 2017 went down 30.5% year on year to 75.43 million tonnes, according to the latest statistics released by General Administration of Customs on January 12.
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China's steel mills and mini mills reported a combined Yuan 313.9 billion ($47.8 billion) profit over January-November, or a spiking 180.1% increase year on year, according to the latest release from China's National Statistics Bureau (NBS) on December 27.
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China's steel market participants appear quite chill in general at the latest announcement by the Ministry of Finance (MoF) to remove or cut export tariffs on a number of steel products including carbon, alloy, and stainless steel, Mysteel understood from the market on December 18.
