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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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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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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.
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The U.S. President US Donald Trump announced to impose 10% tariffs on $300 billion Chinese goods starting September 1, which has stirred China’s stocks and steel futures market, Mysteel Global notes.
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U.S. President Donald Trump said on his latest twitter post on August 1 to put 10% duties on $300 billion Chinese goods on September 1. A detailed story with Chinese market comments will be posted later.
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China’s steel market sources and economists are not at all surprised that Beijing may not take as much effort as in the first half to stimulate the property market in H2 2019, as per the signal from the recent central government meeting.
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China is proud of its contribution to the global economy which has seen the country’s growth account for nearly one-third of global growth over the past few years, according to Hua Chunying, the spokesperson of China’s Ministry of Foreign Affairs.
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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.
