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Plans by Tesla, the Palo Alto California-headquartered maker of electric vehicles in the US, to build its next Gigafactory - a combination of car- and battery-making plant - in Shanghai, East China, clearly reflect optimism about the strength of China's market for such vehicles but likely suppliers of components and materials remain cool, awaiting more details, Mysteel learned last Friday.
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Many overseas investors have already or are exploring steel investment opportunities in the ASEAN region as many ASEAN countries are with great market potential with their fast-growing economies, Mysteel understands from the market sources.
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Guangxi Liuzhou Iron & Steel Group Co (Liugang), headquartered in Liuzhou city, Guangxi Zhuang Autonomous Region, Southwest China, on Thursday officially started constructing two blast furnaces at a new works in Fangchenggang city in the same province, marking Shanghai-listed Liugang's official move south.
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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 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.
