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China's General Administration of Customs is cracking down on the smuggling of steel scrap for export, announcing on Wednesday that its officers conducted a special operation overnight between June 4 to June 5 which netted a total of 2.41 million tonnes of smuggled steel waste and scrap valued at an eye-watering Yuan 4.8 billion ($750 million).
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Baosteel Stainless Steel Co, a subsidiary of China Baowu Group, has permanently shut down its carbon and stainless slab mills on June 1 in Baoshan district, East China's Shanghai, after 17 years of operations, moving the capacity to South China, a company official confirmed on June 5.
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China's Ministry of Ecology and Environment is requesting Chinese major ports to transport cargoes including coke, coking coal, iron ore and steel via rail instead of by truck no later than 2019 as part of the efforts for higher efficiency and lower pollution, Mysteel understands from market sources on May 22.
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Steel mills in East China's Jiangsu province are bracing themselves for operations' disruption from the one-month environmental protection inspection the provincial authority to proceed in eight cities along the Yangtze River since April 24, Mysteel understands from the market sources.
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Scrap consumption among China's blast-furnace steelmakers are expected to remain steady at a relative high ratio of 15-18% nationwide in the near term due to its remaining pricing competitiveness against hot metal, market sources shared on April 3.
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Mysteel's iron ore pricing indices both for the US dollar-priced seaborne cargoes and the RMB-priced port inventories are gaining popularity when the global iron ore market participants are seeking a more dynamic basket of indices to best represent their interest in the trading, market sources note.
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The world's top four iron ore miners successfully lowered or kept their production cash costs below $15/wmt in 2017, so as to maintain their competitiveness in the market, Mysteel understands from their publicly-shared information.
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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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China's iron ore price is expected to average $60-65/dmt CFR China for the 62% grade fines for 2018, as the country's steel consumption is expected to slow in the pace of growth while global iron ore market will remain oversupply, according to Chinese steel market analysts.
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China's October steel scrap exports plunged 212,473 tonnes or 41.8% month on month to 295,647 tonnes amid growing demand from domestic steel producers both with blast furnaces and electric arc furnaces, Mysteel understands from the market.
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China's coking coal imports reverted down in October by 12.6% month on month to 5.27 million tonnes, according to the latest official statistics released by the General Administration of Customs.
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China's crude steel output still grew 0.7% month on month to 72.36 million tonnes in October despite emergency restraints on steel mills in some of the "2+26" cities last month, partly due to the fact that steel mills in those unaffected areas had been maximizing their iron and steel outputs amid high margins, market sources shared on November 15.
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Most major iron ore benchmarks have remained within a narrow range since mid-to-late September, as falling domestic blast furnace consumption has been mitigated by reduced iron ore supply.
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Several steel mills in north China returned to the portside iron ore market today, as restrictions on iron and steel enterprises in Tangshan city have been lifted.
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Mysteel's Tangshan billet benchmark increased RMB40/t day-on-day to RMB3760/t, EXW (incl. tax), on Friday 1st Sept 2017, partly due to a rebound in construction steel demand. We also believe some suppliers have become more confident with the prospect of neat term steel prices hikes as we enter the peak seasonal months of "Golden September" and "Silver October".
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Chinese industrial firms maintained a profit surge, underscoring the economy's resilience even amid slowing factory output and investment. Industrial profits increased 16.5% YoY in July, vs 19.1% YoY in previous month.
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The much-awaited Jackson Hole Central Bankers meeting proved to be a disappointment for those who expected clues about future monetary policy steps. Fed Chair Janet Yellen called for modest regulatory reform to maintain financial stability. "Any adjustments to the regulatory framework should be modest and preserve the increase in resilience at large dealers and banks associated with the reforms put in place in recent years," Yellen said.
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Some large iron ore traders dropped offer prices by up to RMB20/wmt for non-mainstream products today, while most deals were concluded RMB5-10/wmt lower day-on-day.
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Bazhou city, Hebei province, will eliminate over 3Mt of annual steel capacity by ordering the shutdown of Qianjin Steel Group's remaining blast furnaces by the end of September 2017.
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Mysteel understands that Chinese iron ore and steel prices declined today owing to recent statements released by officials from the China Iron and Steel Industry Association (CISA) which determined the strength in steel price had been largely caused by "speculation".
