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Inner Mongolia in North China, now the country’s second-largest coal mining region after Shanxi in North China too and with the most competitive power charges, mulls blocking any new industrial projects including steel, coke, ferroalloys, non-ultra-high electrode graphite and aluminium starting 2021, aiming to rein in on the region’s power consumption mainly by such industrial plants, according to a draft by its Development and Reform Committee.
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China’s price of 60% ferromolybdenum (FeMo) refreshed its one-year high of Yuan 116,000/tonne ($17,945.2/t) including the 13% VAT as of February 26, according to Mysteel’s assessment. Higher production costs and improved demand had supported the increase, respondents to Mysteel’s latest weekly survey said.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry slid for the third month in February, easing by 0.7 basis point on month to 50.6, with the country’s National Bureau of Statistics (NBS) attributing the on-month decline mainly to the Chinese New Year (CNY) holiday over February 11-17. Despite the dip, the national PMI has nonetheless remained in the expansion zone for the twelfth month, according to Bureau’s latest release on February 28.
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Indian
ferrochrome producers are confident that the Chinese ferrochrome
tenders will be much higher, owing to the increased spot prices in
China. Thus, most of the producers have restrained from offering in the
spot market this week and are waiting for the new round of tender prices
by Chinese steel
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Domestic sales of passenger cars in China this month are expected to reach 1.2 million units, some 44.9% lower on month, according to the latest release from the China Passenger Car Association on February 22. The CPCA said the Chinese New Year holiday over February 11-17 had interrupted sales, leading to the decline in sales.
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The price of ferromolybdenum (FeMo) in China reached a one-year high as of February 20, mainly due to a rise in production costs and the climb in FeMo prices in the global market, according to Mysteel’s latest survey. Saturday was a compensatory working day in China.
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Indian chrome ore dispatches increased by 29% m-o-m in Jan '21 in line with surging ferrochrome prices that started escalating since mid-Jan. This prompted an increase in production leading to increased dispatches of Chrome ore.
OMC remained the largest supplier of chrome ore with 150,839 t dispatched. Meanwhile, dispatches from TATA
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Home is where parents are in the Chinese culture. But for this year’s Chinese New Year celebrations, many Chinese working in cities or in other countries away from their places of birth will probably have to bear the separation from their parents for CNY for the first time this year, and all for a common reason – the COVID-19 virus. For the unluckier ones, this might even be the second time they’ll miss their annual family get-together.
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China’s sales and output of automobiles jumped by 29.5% and 34.6% respectively on year last month, the China Association of Automobile Manufacturers (CAAM) released the latest numbers on February 9, attributing the robust performance to the remaining solid demand for vehicles and at the same time low base numbers for January 2020.
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Climbing global prices of ferromolybdenum (FeMo) led the domestic price of the ferroalloy in China to climb to an eight-month high as of February 5, according to market sources, though the domestic market turned dull just a week ahead of the Chinese New Year (CNY) holiday.
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There
is a stalemate situation arising in ferrochrome prices in India. Buyers
areawaitingChinese market to reopen post-holidays. Indian ferrochrome
producers are affirmative that once the Chinese market reopens, the
prices will be on a positive side as production curtailment is still
intensifying in the China.
In January, the production of HC
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The price of South Africa-origin 40-42% grade chrome concentrates in China increased further last week amid firm demand from the domestic smelters and a reduction in stocks at ports, Mysteel’s data showed. Prices had edged up to reach Yuan 31/dmtu ($4.8/dmtu) as of February 2, representing an on-week increase of Yuan 1/dmtu.
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Domestic prices of ferromolybdenum (FeMo) across China remained largely stable over the past week after the decline in the week ending January 22, according to Chinese market sources. Though the smelters had been defending their offering prices, these were higher than the steel mills were ready to accept, with the result that spot trading of the ferroalloy was slack last week.
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The Purchasing Managers’ Index (PMI) for China’s manufacturing industry eased for the second month in January by another 0.6 basis point on month to 51.3, or in the expansion zone for the eleventh month, though the pace of expansion slowed down, as the resurgence of the COVID-19, Zhao Qinghe, senior statistician of the country’s National Bureau of Statistics (NBS) was quoted explaining in the release on January 31.
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The spot price of high-carbon ferrochrome (FeCr) in North China’s Inner Mongolia rose by another Yuan 300/tonne ($46.4/t) on week to Yuan 8,250/t including the 13% VAT as of January 26, according to Mysteel’s latest weekly report. Propelling prices upwards were the domestic stainless steelmakers’ firm demand for FeCr and the limited supplies of the ferroalloy, as well as the rising costs of raw materials generally, one survey respondent said.
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For 2020, China’s sizeable industrial enterprises posted a 4.1% on-year increase in their total gross profits to Yuan 6.45 trillion ($1 trillion), with telecommunication, computer, and other electronics manufacturers and automakers being the top two contributors of the total profits, according to the latest sharing by the country’s National Bureau of Statistics (NBS) on January 27.
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China’s price of 60% ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the noble alloy, declined for the second week last week, down by Yuan 1,000/tonne ($154.6/t) on week to Yuan 103,000/t including the 13% VAT as of January 22. The overall market sentiment turned bearish during the past week and buying among steel mills was slack.
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Despite the hit that the domestic and global economies suffered from the spreading COVID virus last year, Chinese white goods manufacturers managed to maintain comparatively stable production and sales throughout 2020, thanks in part to increasing overseas demand, new official data shows.
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Prices of imported chrome concentrates in China’s spot market have strengthened recently, mainly in response to recent rises in domestic freight charges.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production hub for the ferroalloy, reversed down from an eight-month high on January 8, declining by Yuan 500/tonne ($77.2/t) on week to Yuan 104,000/t including the 13% VAT as of January 15, according to Mysteel’s assessment. The market was firmly in wait-to-see mode last week amid uncertainties brought about by the resurgence of the COVID-19 epidemic and with the Chinese New Year (CNY) holiday less than four weeks away.
