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The Japanese steel producers plans to produce about 18.9 million tonnes of crude steel during July-September, or down 22.8% on year, according to a survey released by Japan's Ministry of Economy on August 5 , indicating their continuing struggle with the weakening demand because of the COVID-19 despite the resumption of the domestic economic and industrial activities since late May.
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Nippon Steel, Japan’s largest integrated mill, announced a 33.3% on-year drop in its crude steel output over April-June to 8.3 million tonnes on the consolidated basis, recording a net loss at Yen 42 billion ($397.5 million), according to its latest financial report released on August 4.
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Quality development is the mission for the Chinese steel industry even though there are many difficulties to conquer along the way, Shen Bin, chairman of China’s chairman of CISA China Iron and Steel Association (CISA), reiterated at CISA’s latest council meeting held on July 31 in Zhangjiagang, East China's Jiangsu province.
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Japan’s Purchasing Managers’ Index (PMI) for its manufacturing industry recovered by a large 5.1 points on month to 45.2 points in July, though the result was still below the threshold value of 50 connoting growth. Nonetheless, index provider au Jibun Bank Corp noted the reading was the highest since February and indicated that Japanese business expectations continue to recover from their low in April.
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The 4.3% on-year drop in Nippon Steel’s crude steel production during its last fiscal year to end-March could well seem an impressive result when the company announces its business performance for this year’s April-June quarter on Tuesday. Output at Japan’s largest steel company struggled against several headwinds last fiscal, but these will seem minor breezes compared with the gale brought on by the coronavirus pandemic which intensified during the April-June period, Mysteel Global notes.
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Steelmakers in Asia are displaying differing degrees of resilience against the negative impact of the COVID-19 on their businesses. It has been six months since China formally acknowledged its emergence in January, and the actual impact on the steel industry in China, Japan and Taiwan is worth looking into for the comparison of the pros and cons in their respective business models chiefly regarding steel sales.
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A quick look at how China's economy and steel market performed in the first half of 2020.
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Japanese production of crude steel including carbon and special steel in June plunged by 36.3% year on year to some 5.6 million tonnes, according to the latest data released by the Japan Iron & Steel Federation (JISF) on July 22. Last month’s result took the January-June total to 42.21 million tonnes, down by 17.4% from H1 last year.
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Nippon Steel, Japan’s largest integrated mill, has suspended 30% of its molten iron capacity by having halted some of its blast furnaces as planned, according to a company official on July 22.
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China’s fixed asset investment (FAI) and the funding in the property market both grew further by June, and the former, thus, still dropped but by 3.1% on year for H1 against the 6.3% on-year drop over January-May, and the latter up 1.9% on year from a 0.3% annual fall until May, according to the latest official data.
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Anna and Olivia will be discussing some of the key topics discussed during the 2020 SEAISI e-Conference, ASEAN's flagship steel industry conference.
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Over January-June,China’s fixed asset investment (FAI) still declined on year but narrowed to3.1%on year, and the funding in the domestic property market returned to a positive growth of1.9%on year, according to the latest release from the country's National Bureau of Statistics. A detailed report will be posted soon.
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China's crude steel output grew 1.4% on year to about 499 million tonnes over January-June, according to the latest release from the country's National Bureau of Statistics.A detailed report will be posted soon.
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Tensions between China and India amid a military standoff at the disputed northern borders could potentially hurt commodities trade and encourage diversion to illegal channels, Biman Mukherji and Ritwik Sinha report.
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Taiwan's finished steel production could decline by 6.5% on year in 2020 to 23.2 million tonnes, mainly due to affection of the COVID-19 pandemic and the Sino-US trade friction on its local steel demand, and the persistent competition from the lower-priced imports, Ting-Han Lai, secretary of International Affairs Committee of Taiwan Steel & Iron Industry Association, shared at the 2020 SEAISI e-Conference on July 1.
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Japan’s Purchasing Managers’ Index (PMI) for its manufacturing industry recovered by 1.7 basis point on month to 40.1 for June, indicating that the operations and market sentiment had been improving after a few months of declines since February, according to the release from au Jibun Bank Corporation on July 1.
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China's steel PMI for June eased to 49.3, or down 1.6 basis points from May, according to the release by CFLP Steel Logistics Professional Committee on June 30. A detailed report will be posted soon.
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Japan’s crude steel output for the fiscal 2020 (April 2020-March 2021) may decline to around 80 million tonne from the 98.43 million tonnes for FY19, predicted Eiji Hashimoto, the newly-appointed chairman of the Japan Iron & Steel Federation (JISF) on June 16 after the first press conference as chairman.
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The China Securities Regulatory Commission (CSRC), the country’s governing body of all futures exchanges, has granted its approval, allowing three commodity exchanges to launch options contracts for six industrial products over June-August for trading, according to its official post on June 12.
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The declines in China’s total fixed asset investment (FAI) and the funding in the property market slowed further by May, with the former down 6.3% on year over January-May as against the 10.3% on-year fall in the first four months, and the latter dipping 0.3% as against the 3.3% fall by April, according to the latest data from China’s National Bureau of Statistics (NBS) on June 15.
