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Mysteel’s PORTDEX 62% Fe Australian Fines rose further on July 13 by a large Yuan 31/wmt ($4.4/wmt) – the largest single-day jump since May 29 – from last Friday to reach Yuan 852/wmt FOT Qingdao and including the 13% VAT. On the same day, the SEADEX 62% Fe Australian Fines index reached $111.4/dmt CFR Qingdao, higher by $4.55/dmt from July 10. Both prices were 11-month highs.
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China’s silicomanganese (SiMn) output declined for a fourth consecutive week over July 3-9, as more smelters reduced output given their increased production costs and the persistent weakness in the prices of the ferroalloy, Mysteel Global learned.
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China’s market for imported iron ore saw more trading for seaborne ore cargoes over July 6-10 amid the healthy profits that imported ore still offers, Mysteel Global noted from market sources.
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China has raised the flooding alert to orange from yellow since July 12 with historically high water levels at many rivers and lakes, but so far steel mills in the affected provinces in East, Central and Southwest China have been operating as per normal, and have taken extra preventive measures, market sources shared on Monday.
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Chinese prices of seaborne metallurgical coal were generally stable over July 6-10, as the market cooled last week when fewer bid and offer activities were observed, according to sources.
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China’s domestic steel scrap market remained generally steady over the week of July 3-10, with the mills’ demand remaining firm and availability of scrap remaining tight amid the slowdown in scrap collecting because of the wet season rains and humidity. As of July 10, Mysteel’s steel scrap price index had increased for a second week by another Yuan 7.3/tonne ($1/t) on week to Yuan 2,515.5/t on delivery and including the 13% VAT.
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The continuous four-month rally in daily crude steel production among the 318 Chinese steel mills Mysteel monitors came to a gradual end earlier this month, with the tonnage retreating by 18,800 tonnes/day or 0.6% from late-June’s record high to average 2.93 million t/d over July 1-10, as more steelmakers commenced maintenance during the traditional off season for steel consumption.
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, raised its steel scrap procurement price by Yuan 50/tonne ($7.1/t) effective July 12, or the second rise by Yuan 50/t after June 24, on noting lower deliveries to its steelworks when the other Chinese steel mills have all maintained stable production in general, market sources commented on Monday.
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Shagang Group, China’s largest long steel producer, announced on July 11 to roll over its long steel list prices for sales over July 11-20, or the third time of no change in a row for its ten-day sales, despite the moderate price recovery in the domestic spot market recently.
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Nippon Steel Stainless Steel Corp (NSSC), Japan’s largest stainless producer, has kept its July domestic prices of 300- and 400-series products unchanged for distributors, which has delivered little relief to the distributors, as they have been struggling to transfer the previous price hikes by producers to the end-users yet amid the sluggish domestic demand.
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Prices of steelmaking raw materials including iron ore and coke in China moved toward opposite directions over July 6-10 in the context of the improvement in the domestic steel market sentiment and prices.
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Note:Starting January 32020, Mysteel has enlarged the number of the warehousesin Wuxi by fiveto track 90% of the spot stainless stocks in the city, up from the original 80%. The formal release of the new data have commenced on June 1.
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Indian low-grade iron ore fines prices gained by $2/t w-o-w amid active deal-making. SteelMint assessed the Fe 58/57% fines at $72-73/t, CFR China.
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Over July 6-10, China’s rebar and HRC prices recovered on the declines in steel production, the slowdown in steel stocks build-up, as well as the growing market optimism in the next few months that had boosted spot sales.
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China's national price of the HRB 400 20mm dia rebar, a bellwether of the domestic steel market’s sentiment, took a pause last Friday after five working days of continuous growth. The price hovered at Yuan 3,806/tonne ($544/t) including the 13% VAT as of July 10, unchanged from last Thursday, according to Mysteel’s data.
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China’s sales of excavators for domestic customers and exports totalled 24,625 units in June, still higher by 62.9% on year, though sales have been recording a steady on-month decline for four consecutive months, according to the latest release of the China Construction Machinery Association (CCMA) on July 9.
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Tata Steel reported a 37% q-o-q drop and a 34% y-o-y drop in output at its Indian operations to 2.99mn t in Q1 FY’21.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two stainless trading hubs, remained stable over July 3-9 with new arrivals from steel mills replenishing stocks depleted by the continued consumption of stainless users. The tonnage stayed at 488,683 tonnes, almost unchanged from one week previously, according to Mysteel’s latest weekly survey.
