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As of July 27, the price of high-carbon Ferrochrome with 55% Cr content in North China’s Inner Mongolia hit the highest in Mysteel’s assessment since August 2019, reaching Yuan 11,000/tonne ($1,690/t) and including the 13% VAT after another gain by Yuan 1,100/t on week, mainly supported by the remaining supply shortage while firm demand from China’s stainless steel mills.
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China’s stainless steel industry will experience transformation throughout its whole supply chain in the coming years, all triggered by Beijing’s commitment to reducing carbon footprints, Yang Bo, chief analyst of Xiamen Xiangyu Group Corp (XMXYG Corp), shared in Shanghai at the stainless steel seminar of the 5th China Steel Derivatives International Conference 2021 on July 27.
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Liu Youbin, spokesperson for China’s Ministry of Ecology and Environment (MEE) reiterated at a press conference on July 26 that producers from the other carbon-emitting industries including steelmaking, cement and other construction materials will join the country’s power houses in nationwide carbon emission quota trading once the conditions are met.
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For the first half of 2021, China’s sizable industrial firms saw their gross profits surge by 66.9% on year or 45.5% higher than the corresponding period of 2019, according to the latest release by the country’s National Bureau of Statistics (NBS) on July 27, reflecting the strong recovery in demand and their overall performance, and bulk commodities sectors did post higher gains.
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China’s prices of ferromolybdenum (FeMo) and molybdenum concentrates remained unchanged at high levels over July 19-23, according to Mysteel’s survey, though market sources observed that buying interest among Chinese steelmakers for FeMo softened last week.
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China’s total electricity generation capacity from all forms of energy is forecast to increase by 7.7% on year this year to reach 2.37 billion kW, according to a report by China Electricity Council on July 23. Within the total, by year’s end the portion fuelled by non-fossil energy will reach 1.12 billion kW, exceeding coal-fired electricity capacity at 1.1 billion kW, the council predicts.
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Indian market optimistic. Chinese prices escalate to decadal highs. Indian stainless steel mills bleed on higher prices
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BHP, a leading ferrous and nonferrous mining company in the world, has signed a long-term nickel supply deal with the world’s largest electric car manufacturer Tesla for the latter’s battery production, BHP shared on July 22.
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Shortly after the first release of copper, zinc and aluminum reserves through an open auction on July 5-6, China’s National Food and Strategic Reserves Administration (NFSRA) will release the second batch of reserves of these metals via the same means on July 29, the National Development and Reform Commission shared in three posts through its WeChat account on July 21.
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The flooding and the severe rain in some cities of Henan, central China, have seriously disrupted trading, and logistics services among the local metallurgical community including metals and steel though their production has been operating as per normal with only one accident reported at a local aluminium alloy plant, market sources shared.
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China’s high-carbon ferrochrome (FeCr) price for both spot sales and under long-term supply deals reached the highest since in Mysteel’s assessment record since August 2019, mainly as supply has been seriously constrained by the power supply shortage in North China’s Inner Mongolia, market sources confirmed.
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Over January-June, China’s production of all the four mainstream white goods still grew on year though at a slower pace of 5.6-33.5% against the 10.2-37.3% on-year growths for the first five months of 2021, as their June output fell on month, Mysteel Global noted from the latest data released by China’s National Bureau of Statistics (NBS) on July 19.
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China’s power supply has been under serious test since the start of 2021, firstly in winter because of the extremely cold weather in some regions together with the surging power consumption in many industrial sectors as a result of heavy government spending and fixed asset investments to cushion the domestic economy from the blow of the COVID-19.
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HBIS Group (HBIS), a top-tier steel mill with all the core steelmaking facilities in North China’s Hebei province, is joining with South Korea’s largest steelmaker POSCO in a joint venture to produce and sell automotive steel sheet in Hebei’s Tangshan city, according to the official posts released by the two companies.
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Chinese prices of ferromolybdenum (FeMo) rose for the second successive week over July 12-16, according to Mysteel’s regular survey. Market watchers noted that the rebound in FeMo prices was mainly due to the smelters’ higher production costs and improved market sentiment, boosted by the increase in prices of moly concentrates.
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China’s consumption of all types of energy increased 10.5% on year over January-June, reversing up from the 0.2% on year drop during H1 last year when the coronavirus was raging nationwide. For H1 this year, the percentage of clean energy in all energy consumed edged up by 0.4 percentage point on year, while that for coal declined 0.3 percentage point on year, according to a recent post by the National Bureau of Statistics (NBS).
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China released all its key economic development data for the first half of 2021 by last week, and related governing organizations also held press conferences to explain the key points of the data on the day of releases where senior officials emphasized the country’s economic growth had been further optimized and is heading towards the desired track via the heavy reliance on the country’s huge domestic market.
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Indian ferro chrome smelters are now offering the material at around INR 107,000/tonne (t). However, most deals were recorded in the range of INR 105,500-106,500/t ex-Jajpur. An end-user in the domestic market also informed of a deal at an even lower price level, as the smelter is in dire need to sell its stock. Few smelters are also holding on to their stock in anticipation of price increases.
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Privately-owned enterprises have been with greater significance in China’s foreign trade, as among the 479,000 firms involved in foreign trade in the first half of 2021, 397,000 or 82.8% of the total were privately-owned, Li Kuiwen, spokesperson of the country’s General Administration of Customs (GACC), shared at GACC’s press conference on July 13.
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China’s fixed asset investment (FAI) increased 12.6% on year in the first half of 2021 to Yuan 25.6 trillion ($3.96 trillion), and among the total, the funding in the property market grew 15% on year to Yuan 7.2 trillion, according to the release by the country’s National Bureau of Statistics (NBS) on July 15.
