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The operational rate of the 110 Chinese independent and affiliated coking coal wash plants in Mysteel's survey had increased by 3.6 percentage points on week to 70.4% as of October 19, a high since August 31, as coal mining and processing operations at North China's Shanxi province continued to recover after heavy rains there earlier this month.
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Chinese spot prices of 304-grade stainless steel fluctuated widely over October 11-15, with the declines being especially significant, Mysteel's latest survey shows. Market sources said last week's spot price swings were in sync with stainless futures prices, and that end-users' demand remains low.
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Daily FeSi output among the 136 Chinese smelters Mysteel tracks reached an average of 9,788 tonnes/day on October 15, a historical low since Mysteel commenced tracking the data on July 26 2019. Output has been steadily declining since August 27, mainly due to production curbs in Northwest China's Ningxia and Qinghai, with that between October 1 and October 15 slumping by 1,880 t/d, the data show.
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The shortage of semiconductors for auto applications continues to impact vehicle manufacturing in China but the problem is likely to ease this quarter compared with Q3, officials from the country's Ministry of Industry and Information Technology (MIIT) maintained at a press conference in Beijing held on October 19.
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Over July-September, Vale's iron ore fines production rose 18.1% on quarter and 0.8% on year to around 89.4 million tonnes mainly due to its production recovery plans and better weather, and encouraged by this, the world's largest iron ore miner has decided to maintain its 2021 production guidance at 315-335 million tonnes, Mysteel Global noted from its latest quarterly report released on October 19.
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Beijing's efforts to increase domestic coal supply mainly to ease power supply crunch in the past few months have made some progress, as by October 18, the country's daily coal production had hit the year's high at 11.6 million tonnes/day on year, or up 1.2 million t/d from the average for September, the country's National Development and Reform Commission (NDRC) shared in a post on October 19.
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China's domestic price of high-carbon ferrochrome (FeCr) showed signs of weakening after four consecutive weeks of inclines recently, as the overall market sentiment has been dampened by possible higher production from some smelters on the easing in curbing and Tsingshan Holding Group's latest announcement to roll over FeCr procurement price, Mysteel noted from the latest weekly survey on the market.
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In September, Japan's steel exports of all kinds approximated 2.94 million tonnes, up 19.2% on year and 0.7% higher on month, according to the preliminary data released by Japan's Ministry of Finance on October 20, which may have been maximum volume that Japanese steel mills could allocate for overseas sales, sources shared.
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On October 19, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment dipped for the seventh working day though the pace slowed with the on-day decline at just Yuan 4/tonne ($0.6/t), while spot sales of construction steel including rebar gained for the second working day by 5.1% on day, as demand showed signs of modest pick-up.
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The Indian induction furnace (IF) steel market saw volatility in prices on 18 Oct’21 as steel prices of the mid-sized mills fluctuated in the range of INR 50-800/tonne (t) across the country, d-o-d.
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Vale's production and sales summary up until Sept (Unit: '000 tonnes)
Notes:
(1) Including third-party purchases, run-of-mine and feed for pelletizing plants.
(2) Including third-party purchases, run-of-mine and feed for pelletizing plants.
(3) Historical figures exclude VNC sales.
Source: Vale, released on October 19 (Brazilian time)
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Ferrous scrap prices in India have hit a 10-year high, not just due to prevailing positive sentiments in the semis and finished steel markets after the gradual lifting of COVID-related regional lockdowns in Q1 FY'22. Other factors driving the rally in the domestic scrap market are the fast-rising prices of substitutes such as sponge iron and tightness in scrap availability, SteelMint notes. Importantly, the ongoing coal crisis and resultant rally in seaborne prices have triggered the rally in domestic sponge iron prices, while power shortage in the country threatens to impact production at different levels.
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China's imported iron ore prices dropped on October 19, while trading activities firmed moderately.
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China's total energy consumption continued growing over January-September, rising by 7.3% on year, according to data from China's National Bureau of Statistics (NBS) published on October 19. However, affected by energy use and intensity control, the growth slowed by 7.3 percentage points and 3.2 percentage points from Q1 and H1 respectively. Meanwhile, the country's energy consumption per GDP unit – or energy intensity – dropped 2.3% on year, which was wider by 0.3 percentage point from H1.
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The Purchasing Managers’ Index for the steel industry in North China’s Hebei province, the country’s top steel production base, retreated for the second month in September to a 19-month low of 43, lower by another 4.3 basis point on month, according to the latest release by the Hebei Metallurgical Industry Association on its website.
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Shagang Group, China’s largest privately-owned steel producer based in East China’s Jiangsu province, began slashing production from October 19, as the severe power shortages had prompted the province to elevate controls on power usage, sources close to the steelmaker confirmed.
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China’s imported iron ore prices for both port inventories and seaborne cargoes fluctuated over October 11-15, with Mysteel SEADEX 62% Australian Fines assessed at $124.65/dmt CFR Qingdao as of October 15, higher by just $0.2/dmt on week.
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The steelmaking capacity utilization rate of China's 71 independent electric-arc-furnace (EAF) steelmakers under Mysteel's regular survey hovered low at 48.55% as of October 14, despite nudging up for the second week by a tiny 0.79 percentage point. Market sources blamed continuing power supply constraints for the lower run rate.
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China’s economy will continue with its recovery and the progress towards high-quality development, and the country will be capable to achieve its economic and social development targets for 2021, Fu Linghui, spokesperson of the country’s National Bureau of Statistics (NBS), shared with confidence at the bureau’s press conference on October 18.
