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World's top miners including Vale, Rio Tinto, and BHP all expressed their commitments to higher-grade iron ore supplies on noting China's greater appetite for such products, according to their officials when presenting at the SGX' Singapore Iron Ore Forum on May 24.
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Blast furnace utilization among the 247 Chinese steelmakers Mysteel regularly canvasses climbed for a fourth straight week this week, rising by 1.1 percentage points on week to 81.5%, according to Mysteel's latest production survey published on May 25.
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The capacity utilization rate at the 230 independent coking plants across China surveyed by Mysteel dipped slightly this week, shrinking by 0.55 percentage point on week to 75.01% as of May 24. The dip in output among coke producers in East China was blamed.
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Total stocks of iron ore sitting at the 45 ports across China surveyed by Mysteel rose by 1.33 million tonnes or 0.8% on week to 158.9 million tonnes as of May 24. The tiny rise nonetheless ended the slide in inventories witnessed over the previous two weeks.
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China mulls differentiating curbing measures among Chinese steel mills during the 2018 winter months depending on their individual waste emission situation, Wang Libin, President of Shijiazhuang Municipal Research Academy of Environmental Science, shared at a panel discussion at the Singapore Iron Ore Forum on May 24.
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The most-traded July nickel contract on Shanghai Futures Exchange (SHFE) has lost the steam, closing at Yuan 108,190/tonne ($17,173/t) on May 24, or down Yuan 2,050/t or 1.9% from a three-year high at Yuan 110,240/t on May 18 as nickel supply has seen increasing.
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China's rebar prices had been declining for the eighth day as of May 24 amid the remaining bleak market mood, with Mysteel's the national average HRB400 20mm dia rebar benchmark price being off another Yuan 21/tonne ($3.3/t) on day to Yuan 4,049/t including the 16% VAT on May 24, or nearly a four-week low.
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South Korea's Trade Commission announced on Thursday to slap an 8.6% antidumping duty on imports of low carbon galvanized steel wire from China, claiming that low-priced Chinese imports have been hurting the domestic industry.
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China's exports of rebars in April climbed by 6% on year to reach 1.37 million tonnes while those of wire rods rebounded even more strongly, climbing by 11.7% on year to (albeit a much smaller) 200,000 tonnes, according to the latest trade data from China's General Administration of Customs on May 23.
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Magang Group Holding Co (Magang) in Central China's Anhui province expects to commission a new reheating furnace for slabs within this month which the company says should help make production of hot rolled coils more efficient.
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China's steel output will be hovering at the peak volume with modest changes annually for the next few years, Liu Zhenjiang, Secretary General of the China Iron & Steel Association (CISA) said at the Singapore Iron Ore Forum on May 24.
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Chinese steel mills and iron ore suppliers should be working towards a mutually-beneficial iron ore pricing scheme for the sustainable development in the long run for both parties, Liu Zhenjiang, Secretary General of the China Iron & Steel Association (CISA) said at the Singapore Iron Ore Forum on May 24.
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Mysteel's 62% Iron Ore Fines Index reversed up by Yuan 3/wmt ($0.5/wmt) on day Thursday to Yuan 457/wmt FOT Qingdao and including 16% VAT. The recovery followed five consecutive trading days of declines.
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Chinese production of ferrosilicon rose by an average of 5.7% or 23,395 tonnes to reach 431,150 tonnes in April, according to Mysteel's latest monthly survey among the country's 60 major FeSi smelters and released on May 23. The average was also 20.4% higher from a year ago, the survey found.
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China's imports of steel scrap in April plunged by 50,000 tonnes or 29.4% on month to 120,000 tonnes, according to the latest data released by China's General Administration of Customs on May 23.
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China imported 130,000 tonnes of aluminum scrap in April, down 28% on month and off 23% on year, according to the latest data from the General Administration of Customs released on May 23. The April result took the total for the first four months of this year to 620,000 tonnes, a decline of 11% from last year.
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Coking coal prices in Changzhi in North China's Shanxi, the country's major coking coal production hub, hit a six-year high at Yuan 1,630/tonne ($256/t) EXW and including 16% VAT as of May 23, driven up by buoyant demand from steel producers and merchant coke makers.
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China's total coking coal imports sharply declined in April, plunging by 45.8% on year to 4.54 million tonnes, according to the latest statistics released by China's General Administration of Customs on May 23. The total was higher by 13% on month, however.
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Domestic prices in China for coke have risen again, climbing by Yuan 100/tonne ($15.7/t) on Wednesday and making for the fifth increase so far this month, according to market sources who cited the higher offer prices being demanded by merchant coke producers.
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Pessimistic market sentiment persists among China's rebar producers and traders, Mysteel has found, with lingering doubts about downstream demand pushing the average benchmark price of HRB 400 20mm dia rebar across the country down by another Yuan 44/tonne ($7/t) on day Wednesday to Yuan 4,070/t.
