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Production at steel mills, fabrication companies, mines and logistics enterprises in North China are preparing for some disruption to their business over the coming two weeks as Beijing plays host to thousands of visiting party members and officials for the year’s two most crucial political events convening this week.
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China Baowu Steel Group (Baowu), the world’s and the country’s top steel producer, has been the first in China’s steel industry to pledge realizing carbon neutral by 2050, or ten years ahead of China’s targeted timeline as a country, Chen Derong, Baowu’s chairman, disclosed in an interview with China’s media.
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Tangshan Q235 150mm square billet price, the bellwether of China’s steel market sentiment especially in North China, soared to its over nine-year high of Yuan 4,140/tonne ($641/t) EXW and including the 13% VAT by February 19, or up Yuan 290/t in total from February 2, the last day Mysteel updated the price before the Chinese New Year (CNY) holiday over February 11-17.
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China’s steel mills can make a breakthrough in the iron ore fundamentals in five years if they are looking at the right direction such as increasing their shares in the overseas iron ore mining operations, Xu Xiangchun, Mysteel’s senior analyst commented on February 1.
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Beijing has been working quietly on carbon emission cuts for a few years but its open pledge in 2020 to peak the country’s carbon emission by 2030 and to achieve carbon neutrality by 2060 has undoubtedly imposed more pressure publicly on the steel industry, the country’s second largest carbon emission source only after the thermal coal power generation.
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Six major integrated mills have been recognised by the China Iron & Steel Association (CISA) as being the first to meet tough new ‘ultra-low’ emission standards laid down for the industry as part of the country’s drive to achieve cleaner steelmaking. For most of the six, CISA’s accolade has been achieved at considerable financial cost in environmental protection facilities, though the mills will be in a position to recoup some of their outlay with the help of preferential policies, Mysteel Global notes.
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On December 16 China’s Ministry of Industry and Information Technology (MIIT) released a draft version of the “capacity swap” scheme for the domestic steel industry, listing the detailed guidelines to adhere to for the installation of all the new domestic iron- and steelmaking capacities, and this long-awaited document has been viewed by market insiders as the new code of conduct to shape the country’s steel industry in the future.
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Nippon Steel Engineering, the engineering arm of Japan’s largest steel producer, has received an order from Taiwan’s China Steel Corp to supply a large Coke Dry Quenching (CDQ) plant, NSE announced on November 26.
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China’s Ministry of Ecology and Environment (MEE) has been busy finalizing the winter restriction plan, and it just finished collecting the feedback by October 14 regarding its proposed measures at the Yangtze River Delta including Shanghai, Jiangsu, Zhejiang and Anhui, all in East China, or just two weeks after the feedback collection for the proposal on another seven provinces.
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Despite a pandemic-hit 2020, steel mills in Tangshan city, the core steel producing site in North China’s Hebei province, will still be imposed on restrictive measures on their operations over the winter period of October-March 31 whenever necessary, a practice that the local government has adopted since 2017 to control local pollution.
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In late September, China’s President Xi Jinping surprised the global community by announcing a hugely ambitious plan to make the country carbon-neutral by 2060. In the three weeks since, I have received a growing number of inquiries from steel industry insiders wondering how the Chinese steel industry will adjust to the low-carbon era.
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China’s Ministry of Ecology and Environment (MEE) has requested seven provinces and 10 state-owned energy companies to submit their feedback regarding the ministry’s proposals on winter restriction plans for the upcoming winter by September 30, according to its post on the website on September 28.
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Chinese steel mills, traders and end-users have been active in replenishment ahead of China’s upcoming National Day holiday, fearing that trading or transportation might slow down or be halted completely during the long holiday over October 1-8, Mysteel Global has learned from domestic industry sources.
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Operations of steel mills in Northeast China, including production, sales and raw material transportation, has been running as per normal despite that Typhoon Bavi, the severest in 70 years, is approaching the region, Mysteel Global understands from the industry sources on the morning of August 27.
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The Mines Ministry has invited comments from the public on a series of structural reforms it proposes under Atmanirbhar Bharat to enhance private investments and generates employment in the mineral sector.
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Over the period spanning January 2018 through to last July, North China’s Hebei province, the country’s top steel producing province, had removed a total of 47.6 million tonnes/year of iron and steel capacity, according to a post from the Ministry of Ecology and Environment (MEE) on August 19. This means the provincial government achieved its goal of cutting 40 million t/y by 2020 some five months in advance, Mysteel Global notes.
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Tropical typhoon Higos landed Zhuhai city, South China’s Guangdong province, on the morning of August 19, and strong winds and torrential rains swept the region, causing short-term disruption to the regional steel market, according to local sources.
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In its latest draft for China’s coal industry development strategy, the China National Coal Association (CNCA) proposes to limit the country’s total coal consumption within 4.2 billion tonnes by 2025 on the assumption that coal will remain China’s core energy generation source, while the proportion of clean energy will incline further in the coming years.
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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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A quick look at how China's economy and steel market performed in the first half of 2020.
