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China's market for imported iron ore was relatively weak on July 17, with Mysteel's 62% portside iron ore fines index unchanged at Yuan 463/wmt ($69.4/wmt) FOT Qingdao and including 16% VAT, and Mysteel's 62% seaborne iron ore fines index at $63.5/dmt CFR Qingdao, was just $0.2/dmt higher from Monday.
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China's steel scrap price strengthened moderately by up to Yuan 120/tonne over the week of July 9-13 mainly because of growing demand from the eastern and northern regions with notable rises in finished steel prices, according to market sources.
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China's domestic iron ore market has been showing greater signs of diversion over the week of July 9-13 with offering prices firming in Tangshan in North China's Hebei while those in Northeast China's Liaoning declined further last week, Mysteel notes.
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Brazilian miner Vale produced 96.8 million tonnes of iron ore output during this year's April-June quarter, up by 14.8 million tonnes or 18.1% on quarter and by 5.3% on year to make for the highest quarterly result ever, the company announced on July 16. Sales of iron ore and pellets reached 86.52 million tonnes during Q2, higher by 2.6% on quarter and by 5.8% on year, a record for any Q2 sales.
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Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung city, Central Taiwan, has decided to hold its rebar list prices and procurement prices for locally-sourced scrap for the current July 16-20 week, a company official confirmed on July 16.
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Anshan Iron and Steel Group (Angang), a key flat-steel producer headquartered in Anshan city, Liaoning province, Northeast China, has followed Shanghai-based Baoshan Iron and Steel and elected to keep its flat steel prices unchanged for sales in August, a company sales official confirmed on July 16.
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Rio Tinto expects its iron ore shipment for 2018 to achieve the higher end of 330-340 million tonnes basing on its strong performance in the first half when it sold 168.8 million tonnes of iron ore, according to the company's latest production report released on July 17.
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The inventories of construction steel comprising rebar and wire rod at the 139 Chinese steelmakers contracted another 159,100 tonnes or 6.3% on week to about 2.4 million tonnes during the week of July 5-11, as mills eased down the production pace, Mysteel's latest weekly stocks survey showed.
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China's national average HRB 400 20mm dia rebar price reversed down Yuan 9/t ($1.3/t) on day to Yuan 4,192/t including the 16% VAT on July 16 as demand will weaken further with the whole country entering the hottest summer period and heavy rains hit many regions, while supply may increase with the resumption of some steelmakers in Xuzhou, East China's Jiangsu province, Mysteel notes.
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The price of Q235 billet in Tangshan in Hebei province, North China, reversed up by Yuan 100/tonne ($15/t) on week to Yuan 3,700/t EXW including the 16% VAT as of July 13. Steelmakers and traders nursing lower inventories felt no pressure to sell and so lifted offer prices while markets remain buoyant.
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Iron ore prices diverged in the North and East China iron ore markets last week, as the new rounds of curbs on local steel mills' operations requested by the local government in Tangshan, North China, over this month and next directly dampened local steelmakers' demand for iron ore. By contrast, mills in East China's Shandong province were buying more iron ore to beef up steel output while the finished steel market was bullish.
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The market for imported iron ore at Chinese ports firmed on July 16, with Mysteel's 62% portside iron ore fines index gaining Yuan 3/wmt ($0.45/wmt) on day to Yuan 463/wmt FOT Qingdao and including 16% VAT.
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Mysteel's national average price of 500mm UHP graphite electrodes in East China's Jiangsu province, the country's core electric-arc-furnace (EAF) steelmaking market, declined by a total of Yuan 200/tonne ($29.9/t) on month to Yuan 99,000/t including the 16% VAT as of July 13. Demand among EAF mills was severely dampened by the arrival of high temperatures and heavy rains in late June which heralded the arrival of the slack season (June-August) for steel production.
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China's pig iron production over the first half of 2018 inched up 0.5% on year to 372.8 million tonnes, according to the latest data from China's National Bureau of Statistics published on July 16. However, crude steel output over the same period jumped by 6% on year to 451.16 million tonnes, NBS noted.
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For the first half of 2018, China's crude steel output grew 6% on year to 451 million tonnes, and the daily steel production hit a new high at 2.67 million tonnes/year for June, according to the latest data released by the National Bureau of Statistics (NBS) on July 16.
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China produced 36.1 million tonnes of coke in June, 1% down on month and 4.7% lower on year, according to a post by China's National Bureau of Statistics (NBS) on July 16. Over January-June, China's total coke output declined 3.2% on year to 212 million tonnes, the statistics show.
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China's steel producers will still be able to find solid support from the domestic property market though the latter's prices seem to lose the steam gradually in climb-ups with Beijing's extending its surveillance on residential property prices beyond the top-tier cities, market sources said.
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Different versions of restrictions on the steel mills in Tangshan, North China's Hebei province, has been stirring China's domestic steel market sentiment since the middle of last week, market sources noted.
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China's fixed asset investment (excluding rural households) continued to increase though at a slightly slower rate of 6% on year to about 29.7 trillion ($4.4 trillion) over January-June or down 0.1 percentage point than January-May, according to the latest data from National Bureau of Statistics (NBS) on July 16.
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China's national average benchmark price for Q235B grade 4.75mm hot-rolled coil climbed by Yuan 33/tonne ($5/t) on week to Yuan 4,262/t including 16% VAT as of July 13, which was mainly attributed to better sales, market sources shared.
