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China's fixed asset investment in general grew5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, among which the funding in the property market went up 10.3% on year to Yuan 11 trillion. A detailed story will be posted soon.
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Indian domestic pellet market remained active with aggressive bookings taking place primarily from central and western India.
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Qingxu county in Taiyuan city, a top coking-coal production hub in North China’s Shanxi province, is moving forward its ‘green’ development target of eliminating all independent coal wash plants from the county by July next year, according to local sources. The county government made its intentions crystal clear last month when it arranged for all electricity and water supplies to some 21 wash plants to be shut off and for equipment, raw materials and washed products to be removed from their sites.
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Chinese iron ore prices for port inventories and seaborne cargoes were generally steady on November 13, with Mysteel’s portside iron ore index reversing down by a slight Yuan 1/wmt ($0.1/wmt) on day to Yuan 633/wmt FOT Qingdao including 13% VAT. Also on Wednesday, the seaborne index rose by a tiny $0.3/dmt on day to $81.1/dmt CFR Qingdao.
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Total iron ore shipment volumes in October from Port Hedland, the key iron ore terminal in Western Australia, stabilized at 42 million tonnes, with those to China also steadying at 35.8 million tonnes, according to the latest shipping figures from the Pilbara Ports Authority (PPA) posted on November 13.
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China’s Jiangsu province, has lowered its procurement price for steel scrap again, clipping Yuan 30/tonne ($4.3/t) off buying prices for all grades effective from November 13 deliveries, the company announced on Wednesday morning.
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Tangshan Q235 150mm square billet price remained steady at Yuan 3,330/tonne ($476/t) EXW and including 13% VAT as of November 8, the same as last Friday, while demand from local re-rollers eased, according to Mysteel’s surveys, and the billet price has been hovering at the level of Yuan 3,300/t for over one month amid the overall steadiness in the domestic steel market.
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The 6517 grade silico-manganese price North China refreshed its 31-month low as of November 8, hitting Yuan 5,950/tonne ($847.8/t) EXW and including the 13% VAT after having dropped another Yuan 200/t on week, according to Mysteel’s latest weekly survey, as the country is still flooded with oversupply of silicomanganese and manganese ore supplies have been more than abundant.
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China’s steel export prices have seen some divergence recently, with that for the B500B rebar being stable at $455-460/tonne FOB Shanghai, while that for the SS400 4.75mm hot-rolled coil (HRC) down $5/t on week to $435/t FOB Bayuquan in Northeast China’s Liaoning province to compete in the overseas market, Mysteel’s weekly survey over November 1-8 showed.
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Imported HRC market in Vietnam has observed some deals being concluded last week. A confirmed trade deal heard of around 30,000-40,000 MT of HRC booked by a major Indian steelmaker. However, the deal price could not be confirmed at the time of reporting this article.
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On November 12, China’s national average benchmark price for HRB 400 20mm dia rebar recovered Yuan 12/tonne ($1.7/t) on day and the Tangshan Q235 150mm square billet price, another important indicator of China’s steel market, also reversed up Yuan 20/t on day, both in response to possible supply reduction with Beijing’s latest announcements on winter restrictions.
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Karnataka iron ore e-auction sales volume has rebounded for the month and registered an increase of 48% in Oct’19. Total iron ore allotted quantity was recorded at 2.82 MnT in Oct’19 compared to 1.91 MnT in Sept’19. This month sales stood the second-highest in this fiscal year after April’19 sales at 2.9 MnT.
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Global scrap prices saw another week of increases over November 1-8, with the import price of heavy melting scrap (HMS) 1&2 (80:20) in Turkey, the world’s largest importer of steel scrap, increasing for a fifth straight week to to $253/t as of November 8, higher by another $5/tonne on week, according to Mysteel’s latest survey.
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Imported iron ore prices for seaborne and port cargoes in China have dipped to several month lows in the recent, mainly due to the fact that domestic steel mills had maintained low stocks for their operations when iron ore supplies at ports belonging to traders were relatively high, market sources said on Tuesday.
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China’s Ministry of Ecology and Environment (MEE) released two notices on its website on November 12 regarding winter restrictions in the Fenwei Plains and the Yangtze River Delta area over October 1-March 31 2020, with steel, coal and coke industries mentioned, though the focus has been on PM2.5 reduction and waste emission than any detailed and specific instructions in tackling coking, blast furnaces, and sintering.
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Chinese iron ore prices for both port inventories and seaborne cargoes reversed up on November 12 after a three-session decline, with Mysteel’s portside iron ore index rising by Yuan 2/wmt ($0.29/wmt) on day to reach Yuan 634/wmt FOT Qingdao including 13% VAT. Also on Tuesday, the seaborne index rebounded from its lowest point since January 25 to $80.8dmt CFR Qingdao, up $2.5/dmt on day.
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Vale has updated its iron ore and pellets sales guidance for 2019, keeping the lower end of the range at 307 million tonnes but reducing the upper end of its guide to 312 million tonnes from 332 million previously, according to its latest statement released on November 11 Brazilian time. The miner expects its sales for the current quarter ending December 31 to be in the 83-88 million tonnes range, the statement indicated.
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China-headquartered Dalian Commodity Exchange (DCE) is allowed to promote its iron ore futures in Singapore with the Recognized Market Operator (RMO) granted by the Monetary Authority of Singapore (MAS), a DCE official confirmed.
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China’s seaborne iron ore price has been trending down since the start of November, and Mysteel’s 62% seaborne iron ore pricing index lost $5.95/dmt from October 31 to $78.3/dmt CFR Qingdao as of November 11, just as the China Iron & Steel Association (CISA) warned in early November.
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China’s auto industry posted slower declines in both sales and production up to October compared with the paces over January-September, with the former down 9.7% on year and the latter down 10.4% on year, according to the latest statistics from the China Association of Automobile Manufacturers (CAAM) on November 11.
