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No one would have expected the global iron ore prices in 2019 to have experienced such a sharp turn for rises epsecially when China, as the world’s largest iron ore consumer, already posted its first-year ever decline in annual iron ore imports volume albeit 1% year on year in 2018.
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The rather eventful 2019 for China’s iron ore market is approaching its end, and in retrospect, this year has been full of surprises both in demand and supply as well as in prices for the market participants. Mysteel Global has listed the ten major happenings in the market according to our own understanding.
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The rather eventful 2019 for China’s iron ore market is approaching its end, and in retrospect, this year has been full of surprises both in demand and supply as well as in prices for the market participants. Mysteel Global has listed the ten major happenings in the market according to our own understanding.
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The rather eventful 2019 for China’s iron ore market is approaching its end, and in retrospect, this year has been full of surprises both in demand and supply as well as in prices for the market participants. Mysteel Global has listed the ten major happenings in the market according to our own understanding.
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Vale, the world’s largest iron ore producer, will cooperate with Ningbo Zhoushan Port to produce its first iron ore grinding product dedicated for Chinese users – ‘GF88’ – at Shulanghu iron ore terminal in Zhoushan in East China's Zhejiang province, with the first ore to be available during first quarter next year, according to news released on Ningbo Zhoushan Port’s official website on December 18.
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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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Steel capacity in the six major ASEAN countries is projected to reach 144.2 million tonnes/year in the next three to five years should all the integrated mills under planning come on stream as planned, Yeoh Wee Jin from the South East Asia Iron and Steel Institute (SEAISI) shared at the 2019 ASEAN Iron & Steel Sustainability Forum in Jakarta of Indonesia on November 25.
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I’ve never attended a regional event yet where the richness of the Asian region’s cultural elements in language and dress were more in evidence than at the ongoing 2019 ASEAN Iron & Steel Sustainability Forum in Jakarta, Indonesia, hosted by the South East Asian Iron & Steel Institute (SEAISI) on November 25.
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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 Ministry of Ecology and Environment (MEE) released two notices on its website on November 12 regarding winter restrictions in the Fenwei Plains and the Yangtze River Delta area over October 1-March 31 2020, with steel, coal and coke industries mentioned, though the focus has been on PM2.5 reduction and waste emission than any detailed and specific instructions in tackling coking, blast furnaces, and sintering.
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After a six-year hiatus, China’s National Development and Reform
Committee (NDRC), the country’s top economic planning body, has released its
latest industrial restructuring guidelines, effective on January 1 2020, to
direct the development of all the key 48 economic sectors including new energy,
coal, steel, nonferrous metals and mining.
The version, posted on the Committee’s
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In week-40 (28th Sep - 5th Oct’19) Indian steel prices in secondary market continued to fall owing to lack of domestic & export inquiries. Major mills announced roll over in finished steel prices for Oct'19.
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China’s Ministry of Industry and Information Technology (MIIT), the country’s top governing body supervising all the industries, has officially approved classification criteria and standards for the domestic steel scrap industry, with the new system to formally take effect from January 1, 2020, according to a MIIT statement released on August 27.
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Prices of imported iron ore in China will likely continue fluctuating at the relatively low levels prevailing now until fundamentals for the steelmaking raw material shrug off their present sluggishness, market watchers suggest.
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China’s crude steel production found another burst of energy during April and May – after leaping by nearly 10% over January-March – to refresh new output highs and in turn, fuel market concerns about oversupply, according to a report in China Metallurgical News on June 19, according to a report in China Metallurgical News on June 19.
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Both the Chinese authorities and the domestic steel mills have been quietly intensifying their endeavours in growing the country’s recycling business to be prepared for the greener growth in the next five to ten years.
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China wants more of its steelmakers to locate at the coastal areas - not just for their health but for everyone else’s. Begun tentatively a decade ago when land was needed for special events – the 2008 Beijing Olympic Games and Expo 2010 in Shanghai, to name but two – the relocation of steelmakers from city areas to coastal regions is now a heavily-promoted industrial guidance upheld by many local and provincial governments. Less widely publicized are the merits for the involved steel mills to get to know their new neighbours.
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China’s National Development and Reform Commission (NDRC), the country’s top economic planning body, is formulating policies to promote nationwide consumption of eco-friendly and high intelligence auto, white goods and electronics products, according to Xinhua reports on April 18 and April 21.
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Chinese imported iron ore prices for spot cargoes and in futures contracts are essentially at two-year highs in response to extensive news from major iron ore miners over the past several days warning of disruptions to iron ore supplies. At the same time, the recovery in Chinese steel mills’ iron ore demand plus factors relating to China’s economic outlook are also serving to propel prices higher, according to market sources.
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The continuous downward adjustment seen in China’s domestic steel scrap market over the past month is likely to continue in April as steel mills’ scrap stocks may keep rising for some time, market watchers said Wednesday. But they suggested that if the next few weeks witness a sustainable rebound in finished-steel prices, the scrap market could experience moderate rises in mid- to late-April.
