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China’s property market may see some positive signs in 2020 after a slowing 2019, though some challenges will persist amid Beijing’s firm stance of “houses are for living not for investment” and the constraint in funding, Chinese market sources shared the cautious optimistic view on December 6.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry returned to the expansion zone in November after having hovered in contraction area for six months earlier on, or rebounding 0.9 basis point on month to 50.2, the latest release from China’s National Bureau of Statistics (NBS) on Saturday.
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Earlier than usual, China’s Ministry of Finance (MOF) disclosed on November 27 to grant China's local authorities a total of Yuan 1 trillion ($142.4 billion) quota for the issuance of government bonds for specific uses, which is part of efforts to stabilize the national economy in 2020, clarifying that this is just “part of the whole parcel”.
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Indonesia’s GDP is expected to grow at 4.8% in 2020, which will be slightly lower than the projected 5.0% for 2019 and the 5.2% growth for 2018, Andry Strio Nugroho, researcher from the Institute for Development of Economics and Finance, an Indonesian thinktank, shared at the 2019 ASEAN Iron & Steel Sustainability Forum in Jakarta of Indonesia on November 25.
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The Indian steel sector which is reeling under the pressure of tepid domestic demand is going to see support from the Energy Infrastructure in the next few years, Union Steel Minister Shri Dharmendra Pradhan said in the ISA (Indian Steel Association) Conclave being held in Delhi.
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China’s central government has launched a round of thorough checks to determine actual steel output and existing steel capacities in all provinces, autonomous regions and municipalities nationwide, intending to have an accurate and clear picture of the country’s steel industry when the audit is done, an official from the one of the three governing bodies in charge of the task confirmed on Wednesday.
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China’s National Development and Reform Commission (NDRC) has shed more light on a series of subtle and indirect economic stimulus efforts being pondered at its monthly press conference on November 15 in Beijing, and China’s steel market has sourced great support from these, as many of them relate to steel consumption.
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Chinese market sources interpreted the latest coal resource tax increase in North China’s Inner Mongolia, the country’s largest coal mining region, to 10% starting October 1 as the region’s endeavour to reduce heavy reliance on coal and to promote eco-friendly economy, and at the same time it is in line with Beijing’s national energy consumption evolution towards clean sources.
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China’s crude steel production continued to grow over January-October, rising by 7.4% on year to 829.2 million tonnes, but the year-on-year growth was 1 percentage point lower compared with the 8.4% yearly growth recorded for the first nine months, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on November 14.
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China’s fixed asset investment (FAI) in general grew 5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, and the growth in the funding in the property sector was recorded at 10.3%, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 14.
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China's crude steel output grew 7.4% on year to about 829 million tonnes over January-October, with the October volume down 0.6% on year to 81.5 million tonnes. A detailed report will be posted soon.
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China's fixed asset investment in general grew5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, among which the funding in the property market went up 10.3% on year to Yuan 11 trillion. A detailed story will be posted soon.
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Australian coking coal prices have weakened further over the past week, amid deteriorating market sentiment on low restocking needs in China.
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China and the U.S. have agreed to roll back tariffs on each other’s goods in phases “at the same time” and “by the same degree” as part of the “phase one” trade deal if it is to be reached, Gao Feng, spokesman of China’s Ministry of Commerce (MoC) confirmed at the press conference in Beijing on November 7.
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The most traded rebar contract on the Shanghai Futures Exchange (SHFE) for January delivery closed the daytime trading session Tuesday at Yuan 3,434/tonne ($490.6/t), up Yuan 59/t or 1.8% from the settlement price of Monday and marking the biggest intra-day increase in the past 1.5 months, Mysteel Global noted.
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China’s 2020 GDP growth may slow down further to around 5.8% from 6.1% this year, and the investment in property sector is expected to ease next year, Ren Zeping, Chief Economist of Evergrande Group shared his projection on October 31 at Mysteel’s 2019 Steel Value Chain Derivatives Summit in Xiamen, Southeast China’s Fujian province.
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China's October steel PMI hit a 46-month low of 41.3, down 2.9 basis points on month. A detailed report will be posted soon.
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Indian steel prices were down trend during the Week – 43 (19-26 Oct'19) over limited trade activities. As per producers, the market observed short pause amid ‘Diwali’ festive holidays.
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China’s coking coal imports over January-September surged 20% on year to 61 million tonnes, which outpaced the growth in total coal imports, and the total value of imported coking coal increased by 20% on year as well to Yuan 59.2 billion ($8.4 billion), during the period, according to the data from the country’s General Administration of Customs on October 23.
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According to World Steel Association, Russia’s crude steel production recorded at 5,900,000 MT during the month of Aug'19 as against 6,200,000 MT in July'19.
