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The benefit of covering the ferrous market news for long especially being very close to the happenings in the iron ore market when working in the world’s three pricing reporting agencies (PRAs) is to immediately know that the 62% iron ore pricing index hit a historical high on May 6 when it exceeded $200/dmt CFR China, without even bothering to check the data.
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The surges in the prices of the series of ferrous products including steel, iron ore, and coke since April, have further divided the ferrous market sources in and out of China on their views regarding the possibility of China’s steel output cuts despite Beijing’s reiterations, as steel demand both in and out of China has been robust and steel margins have been high at Yuan 600-1,000/tonne ($93-155/t) depending on products.
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China’s ferrous market has almost been back to the normalcy by now, as is evident before the Labour Day holiday over May 1-5 when participants in the steel value chain have been into the pre-holiday inventory rebuild mode, though market pundits notice that the persistently high steel and iron ore prices have made it less likely for the restocking in large quantities both because of cash flow constraints and pricing risks.
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The Channar Mining Joint Venture, China’s first-ever overseas iron ore mining investment initiated back in 1987 between Sinosteel Corp and Rio Tinto and which ceased operations last December, has been hailed this week.
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China’s ferrous community seems to be in a booming period, as on top of the domestic steel price surges since late March, stocks of both Angang Steel Co and Bengang Steel Plates Co, the Shenzhen-listed arms of the top two steel mills in Northeast China, surged 5.3% and 10% on day on April 7.
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The year 2021 is holding a personal significance to me, as this year is the 20th anniversary of me being a journalist, the career that I have pursued with great passion and full of joy. To mark the special year, over the past two months I have conducted a series of interviews with Chinese steel industry insiders to pay respect for those who have long served the industry.
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Writer’s remarks: 2021 is holding a personal significance to me, as this year is the 20th anniversary of me being a steel and metals industry journalist, the career that I have pursued with great passion and full of joy. To mark the special year, in the weeks to come I will interview a few in China’s steel industry who, just like me, have witnessed it evolve, for their own stories and their observations.
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Writer’s remarks: 2021 is holding a personal significance to me, as this year is the 20th anniversary of me being a steel and metals industry journalist, the career that I have pursued with great passion and full of joy. To mark the special year, in the weeks to come I will interview a few in China’s steel industry who, just like me, have witnessed it evolve, for their own stories and their observations.
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We are almost two months into 2021, and the global iron ore prices have so far appeared rather resilient especially with the serious surges after the Chinese New Year holiday over February 11-17, and with the anticipation of global economic recovery and the recent booms in the steel prices in many countries including China, the worldwide ferrous community is wondering whether the history of 2020 will repeat this year.
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Writer’s remarks: 2021 is holding a personal significance to me, as this year is the 20th anniversary of me being a steel and metals industry journalist, the career that I have pursued with great passion and full of joy. To mark the special year, in the weeks to come I will interview a few in China’s steel industry that, just like me, have witnessed it evolve, for their own stories and their observations.
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Chinese steelmakers have announced intensive maintenance plans recently, and though overhauls are not uncommon during the usual winter lull in business, this year the mills are offering a variety of reasons for taking some major equipment items offline, citing everything from coke shortages to bitter cold.
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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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Hebei, China’s top steel producing province in North China and now the new epicentre of the COVID-19 outbreak in China, has been acting swiftly by curtailing the mobility of the citizens in three of its cities – Shijiazhuang, Xingtai and Langfang, and the local authorities have been fast in blanket swaps tests on the citizens, trying to bring down the number of the new daily cases.
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China’s imports of steel semis over January-August skyrocketed ten folds on year to a total of 11.4 million tonnes, according to data from China’s General Administration of Customs (GACC), and the surge contributed greatly to China’s re-emergence as a net steel importer during June-August for the first time in over a decade.
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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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In the first eight months of 2020, China imported more energy products such as crude oil,natural gas and coal,according to the latest statistics from the country’s General Administration of Customs published on September 7, and the slowing global economy had sent prices lower.
For crude oil, China imported 368 million tonnes
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Similar to the time shortly after the 2008-2009 financial crisis, China has again been standing alone in the global steel market in 2020, absorbing the extra iron ore from the other countries, as their steel industries have slowed down with the stalling economy in the middle of the fierce battling against the COVID-19.
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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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Anna and Olivia will be discussing some of the key topics discussed during the 2020 SEAISI e-Conference, ASEAN's flagship steel industry conference.
