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China’s iron ore prices for both port stocks and seaborne markets rose on September 23 on the back of strengthening finished steel prices. On Monday, more deals for ore were concluded.
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Shagang Group, China’s largest privately-owned steelmaker based at East China’s Jiangsu province, will maintain all list prices of its long steel products for sales over September 21-30, according to the company’s pricing policy released on Saturday.
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China’s prices for imported iron ore fell back during the September 16-20 period in tandem with the softening of the country’s domestic steel market. However, buying of port inventories among steel mills remained relatively active as the makers were stocking up ahead of the upcoming National Day holiday over October 1-7.
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The weakness witnessed recently in China’s domestic steel scrap market persisted during the week of September 16-20, with Mysteel’s steel scrap price index edging down by Yuan 12.5/tonne ($1.8/t) on week to Yuan 2,574.5/t on delivery to steel plants and including the 13% VAT as of September 20.
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Ferrous futures prices on China’s two leading exchanges surged on Monday as news about production curbs on steel mills in regions near Beijing for next week’s 70th National Day celebrations spooked the market and triggered immediate concerns about supply reductions.
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China Baowu Steel Group Co (Baowu), China’s largest steel producer, is actioning a plan to advance electric arc furnace (EAF) steelmaking, with many EAF steel projects currently under study at its subsidiaries nationwide, a Baowu official confirmed.
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China’s daily crude steel output over the middle ten days of September continued to grow slowly to reach 2.49 million tonnes/day, rising by another 0.9% or 22,700 t/d compared with that over September 1-10. This was the highest level since July, according to Mysteel’s latest survey among 247 blast-furnace and 101 electric-arc-furnace steel producers across the country released on September 21.
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Chinese domestic price of hot-rolled coil declined moderately over the week of September 16-20, as transactions among traders and downstream consumers slowed down while the steelmakers’ production remained high and stocks increased, Mysteel Global has learned.
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The total stocks of coke held by the 230 independent coke makers across China sampled regularly by Mysteel dropped by 39,500 tonnes or 4.3% on week to 883,500 tonnes as of September 19, according to Mysteel’s data published on September 20.
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Tangshan city, China’s top steel producing base in North China’s Hebei province, has again beefed up the restrictions it is placing on the operations of local steel mills, with new emergency curbs applied over September 22-27, Mysteel Global has learned. The focus is on sintering operations and the transportation of commodities.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, said its August carbon steel sales remained almost stable on month as a consequence of the island’s still lacklustre steel demand, with the steelmaker’s total sales lower by 1% or by 9,373 tonnes on month at 883,690 tonnes, according to the company’s latest release published on September 18.
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Chinese steel prices continued to decline last Friday but steel trade, especially in East China, rebounded after the continuous price falls. Mysteel’s national average HRB400 20mm dia rebar benchmark price fell for a fourth consecutive day, losing another Yuan 25/tonne ($3.5/t) on day to Yuan 3,843/t including the 13% VAT as of September 20.
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Inventories of the five major finished steel items among the 184 sampled steelmakers Mysteel tracks regularly showed signs of increasing over September 12-18 after shrinking for two straight weeks, edging up by 0.1% on week to some 4.8 million tonnes, according to Mysteel’s latest weekly stocks survey. The finished steels comprise rebar, wire rod, hot rolled coil, cold rolled coil and medium plate.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for deliveries in January 2020, lost another Yuan 59/tonne on September 20 from the previous day’s settlement price or by a total of Yuan 161/t on week over the September 12-20 week to end the daytime trading session at Yuan 3,388/t.
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China’s imported iron ore prices dipped again on September 20 amid less active trading, with Mysteel’s 62% Fe Australian Iron Ore Index at port dipping Yuan 3/wmt ($0.42/wmt) on day to Yuan 745/wmt FOT Qingdao, including the 13% VAT.
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Mysteel’s HRB400 20mm dia rebar benchmark price in China had declined for the fourth day in a row and at a faster rate since Thursday, down a total of Yuan 48/tonne ($6.8/t) in the recent two days to Yuan 3,844/t including the 13% VAT as of Friday, as the hope for substantial supply reduction in winter months amid restrictions have been dashed, market sources shared on Friday.
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Growth in the total value of China’s exports is at risk of negative pressure in the coming term with the slowdown in economic growth both at home and abroad, and from the many uncertainties caused by the US-China trade friction, Lu Ting, chief economist of Nomura Securities stated on September 18 at the Asia Steel Forum 2019 in Shanghai.
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Shagang Group (Shagang), China’s largest electric arc furnace (EAF) steelmaker headquartered in Zhangjiagang city, East China’s Jiangsu province, has cut its steel scrap procurement prices by Yuan 40/tonne ($5.7/t) for deliveries effective from September 20, the company announced the same day.
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China is accelerating construction of dedicated railway lines for transporting freight including steelmaking raw materials to “realize efficient and seamless connection” between railway transportation and key ports, large industrial and mining enterprises and logistics parks, according to an official guidance from China’s National Development and Reform Commission. The push dovetails with the central government’s ongoing three-year campaign to encourage the switch from truck transport to rail to help reduce pollution, Mysteel Global notes.
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Exports of Mongolian coal including bituminous coal and lignite in August swelled by 48% on month or 38% on year to reach 4.1 million tonnes, according to recent data released by the country’s National Statistics Office (NSO).
