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China’s decision to reduce the value-added tax on manufacturers to 13% on April 1 from the prevalent 16% may not definitely lead to lower prices of ferrous products including iron ore and steel or downstream products such as auto, market sources said on Monday and Tuesday.
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China’s steel industry is in general excited at the news on Beijing’s mulling cutting the value-added tax (VAT) on the domestic manufacturers and small and micro enterprises to 13% from the present 16%, possibly in 2019, expecting the measure to reduce their production costs, helping them enhance their competitiveness especially in the global market, according to market sources on March 5 and 6.
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With severe air pollution expected to envelop large swathes of China this week and next, industries identified as major sources of pollution such as steel mills will likely come under close monitoring by local governments ready to slap emergency restrictions on production, steel sector sources warned Tuesday. But though stern official announcements and excited Chinese media reports have raised anxiety levels among affected enterprises up a few notches, steel market watchers counsel calm, maintaining that disruptions to production are unlikely to be any more severe than those the industry has already endured so far this winter.
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What were the key contributors to developments in China's ferrous industry in 2018?
Which important factors do you need to keep an eye on going into 2019?
Identify opportunities in 2019 with this infographic from Mysteel Global.
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The start of production restrictions for winter among Chinese steelmakers and their raw materials processors has revealed a vast difference in approach to the issue among steelmakers and local authorities in the country’s two largest steelmaking centres, Tangshan and Handan in North China’s Hebei province. But for the 200-odd steelmakers and merchant coke producers the cities host, the differences in policy execution by their city governments may be rendered irrelevant by nature if this week’s pollution alert emergency becomes a worrying regularity.
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More evidence is emerging of the Chinese central government’s determination to ensure no compromise on its drive for clearer skies over urban centres this winter but at the same time individual enterprises including steel producers have been treated fairly with no more “one for all” simplified moves by the local authorities.
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The features is written up based on the market information and sentiment collected at China Iron & Steel Association's 18th China International Steel & Raw materials Conference 2018 in late September in Dalian, Northeast China’s Liaoning province, and it will be shared in three parts, this is Part 3.
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The features is written up based on the market information and sentiment collected at China Iron & Steel Association's 18th China International Steel & Raw materials Conference 2018 in late September in Dalian, Northeast China’s Liaoning province, and it will be shared in three parts, this is Part 2.
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The features is written up based on the market information and sentiment collected at China Iron & Steel Association's 18th China International Steel & Raw materials Conference 2018 in late September in Dalian, Northeast China’s Liaoning province, and it will be shared in three parts, this is Part 1.
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Chinese steel mills’ reaction varied to the possible “differentiated” curbing measures among them during the 2018 winter months, with some applauding the fairer touch while others concerned about the loopholes when inquired by Mysteel on Wednesday.
China’s Ministry of Ecology and Environment called for the local authorities at a government meeting
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Changzhou city in East China’s Jiangsu province is among the latest to join Beijing’s drive to improve air quality, with the city explicitly instructing 48 local steel mills to continue to cut their daily steel output beginning July 25 and lasting possibly until year’s end, an official from Changzhou City Environmental Protection Bureau confirmed on July 30.
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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.
