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China’s exports of steel scrap plunged by 90.1% on month in February, with the volume shrinking to just 142 tonnes last month compared with the 1,440 tonnes the country shipped abroad this January, according to the latest data released by the General Administration of Customs China (GACC) on March 23. Moreover, the export volume was still off by a huge 99.7% from one year before, the data showed.
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March is proving to be a tough month for local steel mills in North China’s steel hub of Tangshan, as local government authorities are busy trying to ensure that the city reaches the target it set itself for improving air quality during the winter season spanning last October to this March. Tangshan, which spans 13,500 sq kms and is home to 7.8 million people, also boasts around 116 million tonnes/year of steel capacity, Mysteel notes.
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Chinese domestic
prices of hot-rolled coil increased for a fifth week over March 16-22, even
though buying interest has waned with the approach of Beijing’s cut in the
value-added tax for domestic manufacturers to 13% from the present 16% starting
April 1, Mysteel noted.
China’s national
average benchmark price for Q235B 3mm HRC advanced by
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The total volume of coking coal China imported in February plunged by a huge 60.5% on month or by 5% on year to 2.91 million tonnes, a 45-month low, according to the data from China’s General Administration of Customs published on March 22. Besides the disruptions caused by the long Chinese New Year holiday in February, the slow-down or suspension of Customs clearance on all types of foreign coal also impacted the country’s coking coal imports from late January, market sources observed.
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Mild volatility was seen in China’s graphite electrode market over the past week, with Mysteel’s benchmark price for 600mm ultra-high-power (UHP) grade electrode in East China’s Jiangsu province easing by Yuan 2,000/t ($298.8/t) on week to settle at Yuan 54,000/t including the 16% VAT as of March 22. The current price is still some Yuan 77,000/t or about 60% lower than this time last year, according to Mysteel’s data base.
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The benchmark price of Q235 150mm square billet in Tangshan, the barometer of China’s steel market, reversed up by Yuan 10/tonne ($1.5/t) over the weekend to Yuan 3,460/t EXW and including the 16% VAT as of March 24. This negated last Friday’s Yuan 10/t dip but the decline since March 19 remains at Yuan 80/t.
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Domestic retail stocks of the five major carbon steel items held by traders across China declined at faster pace over the week to March 20, dropping by 5.6% week-on-week, a much steeper fall than the 3.8% dip during March 7-13, according to Mysteel’s latest weekly inventory survey published on Thursday. The five comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate.
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China’s Ministry of Commerce announced on March 22 to impose provisional duties on stainless slabs and billets, and stainless hot-rolled flat products from the origins including the European Union, Japan, South Korea and Indonesia.
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Chinese imported iron ore prices of seaborne cargoes enjoyed a remarkable gain on March 22, with Mysteel’s 62% Australian iron ore fines price index for seaborne cargoes jumping by $2.05/dmt on day to reach $86.1/dmt CFR Qingdao. However, the price of ore of the same grade and origin at the ports was largely static at Yuan 625/wmt ($93.3/wmt) FOT Qingdao including 16% VAT, having risen by only Yuan 1/wmt on day.
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The government of Qian’an, the largest ironmaking and in ore-producing area in Tangshan in North China’s Hebei province, has advised a total of 126 local miners and beneficiation plants that they must suspend production over March 19-31 in order to improve the city’s air quality, Mysteel confirmed Friday.
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Ma'anshan Iron and Steel (Magang) in Central China's Anhui province aims to produce 19.2 million tonnes of crude steel and 18.2 million tonnes of finished steel this year, according to the company's 2018 annual report released on Friday. The targets are lower by 2.2% and 2.7% respectively compared with the steelmaker’s actual performance last year.
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China will adjust some of the tax rebates it gives exporters from April 1, the same day that reductions will made in the value-added tax (VAT), according to an announcement from China’s Ministry of Finance (MOF) on March 20.
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The price of the most-traded rebar contract on the Shanghai Futures Exchange for May delivery reached Yuan 3,768/tonne ($562/t) at the end of the daytime trading session on Friday, retreating for a third straight working day and down by Yuan 29/t from Thursday’s settlement price.
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China’s daily crude steel output among the 97 major steelworks members of the China Iron and Steel Association (CISA) reversed down 3.9% or 76,700 tonnes from February 21-28 to 1.88 million tonnes/day on average for March 1-10, according to CISA’s latest data released on March 22.
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The total of coke stocks being held by the 230 independent coke plants across China which Mysteel monitors weekly surged by another 176,300 tonnes or 14% on week to reach 1.44 million tonnes as of March 21, Mysteel’s latest survey published on March 22 showed. Market sources attributed the rise in inventories to the slow-down in buying of merchant coke by both steel mills and coke traders.
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The capacity utilization of the blast furnaces at 247 Chinese steel plants nationwide under Mysteel’s weekly survey rebounded over March 15-21, up 0.92 percentage point on week to 77.5% with some blast furnaces back on line after the maintenance, according to Mysteel’s latest survey released on March 22.
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Imported iron ore inventories at the 45 major Chinese ports inclined for the sixth successive week over March 15-21, though the week-on-week incline was only 185,600 tonnes and the total volume, therefore, remained largely unchanged at 147.9 million tonnes as of March 21, according to Mysteel’s latest weekly survey released on March 22.
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Vale updated the development with its 30 million tonnes/year Brucutu mine on March 21 Brazilian time, confirming that the mine has been allowed to return to operations in three day upon the final approval from the related governing body.
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Mysteel’s national average price for HRB400 20mm dia rebar strengthened for the fourth successive day though the day-on-day increment was only Yuan 1/tonne ($0.15/t) to Yuan 4,098/t as of March 21, as it has been finding support from the firm downstream demand, the continuing declines in finished steel inventories, and the continuing market optimism.
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Chinese steel traders canvassed by Mysteel on Wednesday generally agreed that steel demand this quarter is slightly improved compared with January-March last year and expect that demand will become even stronger next quarter.
