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A surge in Chinese steel prices is unlikely to occur anytime soon because the domestic steel market is facing a supply glut as a result of steadily increasing steel output, China's Iron and Steel Association predicted in its monthly report on Thursday.
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Supplies of ferrous scrap globally will likely reach 1 billion tonnes in 2030 and 1.3 billion in 2050, with availability of this major steelmaking raw material climbing by 500 million tonnes over the coming 30 years, according to an estimate prepared by the World Steel Association (WSA) on May 3.
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China's steel industry should avoid any expansions to capacity this year and instead, focus on better quality rather than higher quantity, according to Shen Wenrong, chairman of Shagang Group (Shagang), China's largest EAF mill and based Zhangjiagang, East China's Jiangsu province.
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China's steel industry has managed to return to the track of concentration since 2017 thanks to Beijing's efforts in excess steel capacity cuts and environmental protection, the China Iron & Steel Association notes.
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The most-traded September Iron Ore contract on the Dalian Commodity Exchange (DCE) closed the day trading on April 19 at Yuan 475/tonne ($76/t), up 6.5% from the previous day's settlement price on the boost of China's sound economic development in the first quarter, market sources shared.
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Japan's ferrous scrap price setter, Tokyo Steel Manufacturing, slashed buying prices of all grades of scrap delivered to all its works by Yen 1,000/tonne ($9.4/t) from March 31 deliveries, the mini-mill announced in a post on its website.
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In 2017, China produced a total of 3.52 billion tonnes of raw coal, some 3.3% higher than output during 2016, according to a release by China's National Bureau of Statistics (NBS) on March 19.
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China's fixed asset investment (excluding rural households) increased by 7.9% during January-February, compared with the first two months of last year to Yuan 4.5 trillion ($708 billion), according to new National Bureau of Statistics (NBS) data released on March 14.
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China's iron ore imports in February dropped by 16.08 million tonnes or by 16% month on month to 84.27 million tonnes, according to the latest statistics released by the country's General Administration of Customs on March 8.
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Nippon Steel & Sumitomo Metal Corp (NSSMC), Japan's largest steelmaker, has agreed with ArcelorMittal to form a joint venture as the entity to acquire Essar Steel India Ltd, according to a NSSMC announcement on March 2.
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Singapore-listed Noble Group posted a net loss at $4.78-4.98 billion for 2017, and it is awaiting the proposed debt-for-equity plan to rescue itself out of the serious lossmaking, according to the company's announcement on February 19.
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ArcelorMittal, the world's largest steel mill, expected the steel market to keep an upward momentum in 2018 amid the continuing recovery in the global economy and the steel demand, according to its 2017 annual report on January 31.
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China's steel market in 2018 may not be as rosy as 2017 mainly because of the potential substantial increase in steel supply such as from the electric-arc-furnace mills as well as when the winter curbing comes to an end in mid or late March, officials from a few major Chinese steel mills shared the concern on January 19.
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China's Gross Domestic Product (GDP) for 2017 climbed 6.9% year on year to Yuan 82.7 trillion ($12.7 trillion), according to the latest release from China's National Bureau of Statistics (NBS) on January 18.
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China's metallurgical mining including nonferrous metals, iron ore and coal have already peaked as early as since 2014 as the national economy has been slowing down and shifting towards quality-growth from achievements in quantity, according to a recent post on the Ministry of Land and Resources in retrospect of the country's mining industry.
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China's Ministry of Industry and Information Technology (MIIT) has fine-tuned its steel capacity swap guidelines in the latest version.
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NOTICE: Happy New Year! No news updates on Jan 1 2018.
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NOTICE: Merry Christmas! No news updates on Dec 25.
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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.
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China's fixed asset investment (excluding rural households) grew 7.2% in the first 11 months of this year, down 0.1 percentage point from the first 10 months, according to the latest statistics released by the National Bureau of Statistics (NBS) on November 14.
