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Those Chinese steel mills whose facilities meet the government’s “ultra-low emission” standards are likely to enjoy more privileges in future as more policies will be launched to encourage domestic steel producers to reduce their emissions and achieve sustainable development, Wu Xianfeng, an official from the Ministry of Ecology and Environment (MEE) disclosed at the interim members’ meeting of China Iron and Steel Association (CISA) on July 29.
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China’s industrialization and technological upgrading will gradually drive more liquidity to HRC and stainless steel futures than the established rebar futures,
Feng Xiazong, senior manager, commodity dept 1 of SHFE, shared in Shanghai at the steel forum of the 5th China Steel Derivatives International Conference 2021 on July 28.
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The stocks of finished steel products held by Chinese trading houses monitored by Mysteel increased for the seventh week in a row over July 23-29, rising by 0.7% on week, according to the weekly stocks survey. The pace of accumulation was faster than the 0.1% uptick last week, because the hot and rainy summer weather has crimped steel demand, sources said.
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Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils (CRCs), galvanized, galvalume, coated sheets, tinplate, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance (MoF) and State Taxation Administration.
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Starting August 1, China will raise the export tax on high-purity pig iron to 20% from the exsiting 15%, and that on ferrochrome (FeCr) to 40% from 20%, according to the latest amnnouncement by the country's Minstry of Finance.
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Stocks of imported iron ore sintering fines at China’s 64 steel mills under Mysteel’s regular survey dipped by 188,000 tonnes or 1.2% from July 15 to reach 15.9 million tonnes by July 28, new data shows. The central government’s order that steelmakers must reduce production for the rest of this year made most mills more cautious about purchasing or replenishing, market sources said Thursday.
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During its April-June quarter, Vale’s average price for iron ore fines doubled on year, with the Brazilian miner’s realized price averaging $182.8/tonne on CFR/FOB basis during the quarter, up 106% on year and 18% on quarter, according to its latest quarterly financial report released on July 28 local time.
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Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils, galvanized, galvalume, coated sheets, tinplates, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance and State
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China’s coal miners generally fulfilled their obligations regarding coal supplies to long-term contract customers over January-June, according to a report by the China National Coal Association (CNCA) published on July 28. During H1, these enterprises delivered 451 million tonnes of all types of coal in total, accounting for 96.9% of their contracted volume of 466 million tonnes and exceeding the central government’s directive that the miners must meet over 90% of LT contract terms.
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Nippon Steel has decided to add Yen 10,000/tonne ($91/t) to all its flat steel prices for September deliveries to spot buyers including re-rollers, Mysteel Global has learned. Japan’s largest integrated mill says it needs to transfer production cost rises to buyers, and in any case, supplies of flat products are tight in and outside of Japan and it wants to narrow the price gap with overseas competitors.
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On July 28, Chinese steel market sources including the delegates of the 5th China Steel Derivatives International Conference (CSDIC) in Shanghai expressed their varied views on the recent intensified speculation on China’s removal of some existing steel export tax rebates and the imposition of export taxes on some other products.
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Fortescue Metals Group (FMG), the world’s fourth largest iron ore miner with all mining assets in Western Australia, has raised its iron ore shipment guidance for the FY22 (July-June 2022) to 180-185 million wet tonnes from the 178-182 million wet tonnes for the FY 21, according to its latest quarterly report released on July 29.
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Stocks of imported carbon steel flats including hot-rolled and cold-rolled coils and plates at Japan’s key ports of Tokyo and Osaka declined on month for the first time in June after five months of inclines, down 2.3% or 3,000 tonnes on month to 128,000 tonnes, according to new data released on July 28 by Japanese trading house, Hanwa Co, which was mainly due to robust demand from domestic end-users.
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China’s largest electric-arc-furnace producer has formally been incorporated on July 27 in Southwest China’s Sichuan by combining eight local independent EAF mills, which has also helped the province to enhance it steel industry concentration, competitiveness and efficiency, the Sichuan Provincial Economic and Information Department shared in a release on the same day.
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On July 28, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reversed from three working days of rises, slipping by Yuan 15/tonne ($2.3/t) on day, indicating that the market might have fully digested the support of the possible wide-range steel output cuts on the prices, while spot sales of construction steel including rebar rebounded by 6.3% after having fallen for three working days.
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Rumours of a hike in Chinese steel export tariffs have resulted in Chinese mills keeping away from actively offering HRCs for export, benefitting Indian players. SteelMint’s India HRC export index stands at $888/t FoB east-coast basis, reporting a drop of $8/t as against $896/t FoB seen a week ago.
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FMG's
iron ore production over Q4 FY21 (Apr-Jun)
Note:
Volume references are based on wet metric tonnes (wmt). Product is shipped with
approximately nine per cent moisture.
Source:
FMG, released on July 29
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The years spanning 2021-2025, the designated period of China’s 14th Five-Year Plan, will be a “golden time” for the development of China’s steel scrap industry, as the country aims to raise scrap use in steelmaking to 30% by the end of this period, according to Li Shubin, executive vice president of China Association of Metalscrap Utilization (CAMU).
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SteelMint’s bi-weekly domestic pellet index, PELLEX, continues to remain stable at INR 14,700/t DAP Raipur on 27 Jul’21. A Raipur-based pellet maker sold a limited quantity of around 2,000t in the domestic market at INR 14,500/t exw Raipur within this publishing window.
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Chinese apparent crude steel demand may decline 10-20 million tonnes on year during the present July-December half, Jiang Li, Chief Analyst of China Iron & Steel Association (CISA), shared at the 5th China Steel Derivatives International Conference 2021 on July 28 in Shanghai.
