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China’s domestic steel sales has slowed down since mid-January and rebar price, the most important indicator of the steel market sentiment, stayed largely unchanged since the start of 2020, and for once, the quietness does not bear any negative sentiment, as it has had nothing to do with the weakening in fundamentals, but simply because that the whole country has been into the festive mood with the Chinese New Year (CNY) holiday approaching.
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For 2019, China’s gross domestic product grew 6.1% on year to Yuan 99 trillion ($14 trillion), with the final result coming within the central government’s targeted range for last year of 6-6.5%, according to National Bureau of Statistics (NBS) data released on the release on January 17. “Most of the tasks were fulfilled, laying a solid foundation for China to develop into a well-off society,” NBS commented.
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Fixed asset investment (FAI) in China’s manufacturing sector grew by a total of 5.4% on year during full year 2019, up 0.2 percentage point from the first eleven months, according to the latest data from the National Bureau of Statistics (NBS) released on Friday. FAI in the domestic property market increased by 9.9% on year during January-December, though this was off by a tiny 0.3 percentage point from the January-November reading, the data show.
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China’s fixed asset investment (FAI) in manufacturing sector grew 5.4% on year for 2019 among which the FAI into property market up 9.9% on year, according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China’s gross domestic product (GDP) grew 6.1% on year for 2019 to Yuan 99 trillion ($14 trillion), according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China and the US trade tension has shown signs of easing as the two countries signed their phase-one economic and trade agreement on January 15 (Washington time) after nearly two years of trade frictions and talks, according to a news report by Xinhua News Agency on January 16.
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China’s Iron & Steel Association (CISA) expects the domestic steel consumption to increase 2% on year to 890 million tonnes for 2020 as key consuming sectors may see slower growths or modest declines, according to CISA’s latest release on January 14.
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The People’s Bank of China (PBOC), China’s central bank, announced on January 1 that it will shave the reserve requirement ratio of financial institutions by 0.5 percentage point from January 6, in order to support the development of the real economy and to lower financing costs for Chinese enterprises.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry remained at 50.2 for December, unchanged from November, according to the latest release from China’s National Bureau of Statistics (NBS) on Friday.
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All India Furnace Association (AIFA) organised AIIFA’s 33 National Conference on 23rd Dec'19 in New Delhi. The objective of the conference was to discuss "Most advantageous route of environment friendly steel making through Electric Induction Furnace (EIF) and its global acceptance”.
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China’s total rebar output during November soared by 17.7% on year, according to new data from the country’s National Bureau of Statistics (NBS) published on December 18, which was much faster than the 11.9% on-year growth recorded during October.
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China’s economists anticipate China’s economy to stay stable at about a 6% year-on-year growth in 2020 and it helps that the tension between U.S. and China in trade has eased with the latest agreement, according to their sharing at the Mysteel Bulk Commodities Week 2020 forum on December 14-15 in Shanghai.
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China’s steel consumption is expected to remain steady from the property sector in 2020 because of the ongoing construction works, even though a slower growth in fixed asset investment in the sector is expected next year, speakers agreed at the Mysteel Bulk Commodities Week 2020 forum on December 14-15 in Shanghai.
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China’s overall fixed asset investment (FAI) grew by 5.2% on year to Yuan 53.37 trillion ($7.5 trillion) over January-November, with the growth remaining unchanged from that recorded for January-October, according to the latest release from the country’s National Bureau of Statistics (NBS) on December 16. Growth in funding for the property sector was recorded at 10.2%, off by just 0.1 percentage point from the first ten months.
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China’s economy should maneuver into the slower lane but aim for higher quality growth starting 2019-2020, Cheng Shi, chief economist from ICBC International Holdings, shared at the Mysteel Bulk Commodities Week 2020 forum on December 14 in Shanghai, portraying this year and next as the turning point where the country’s future relies on quality rather than sheer speed.
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The central government body administering China’s steel industry, together with the China Iron & Steel Association, are looking into how to improve steel capacity relocation practices to optimize the steel sector’s industrial structure, officials from both the organizations shared at the Mysteel Bulk Commodities Week 2020 forum held over December 14-15 in Shanghai.
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China's fixed asset investment in general grew5.2% on year to Yuan 53.37trillion ($7.5trillion) over January-November, among which the funding in the property market went up 10.2% on year to Yuan 12.13trillion.A detailed story will be posted soon.
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China’s steel scrap prices may ease in the next couple of months and throughout 2020 in general, though some traders may expect otherwise, according to speakers at the Mysteel Bulk Commodities Week 2020 Scrap Seminar on December 13 in Shanghai.
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China’s production of raw coal for all uses from all coal mines nationwide increased by 4.9% on year to reach 3.7 billion tonnes for 2018, making for a second straight year of growth in coal production, according to a new report from the National Bureau of Statistics (NBS) on December 9.
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China’s foreign trade surplus in Yuan enlarged 34.9% on year to Yuan 2.6 trillion ($369.4 billion) over January-November, though the trade surplus in the U.S. dollar increased 28.4% on year to $377.6 billion, according to a release by China’s General Administration of Customs on December 8, both, however, being lower than the 42.3% or 34.9% for the first ten months.
