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China's domestic steel prices are expected to be rangebound for the rest of 2018, as high production costs this year will ease the downward pressure from higher supplies, Qu Xiuli, Vice Chairperson of the China Iron & Steel Association (CISA) said at the 3rd China Ferrous Derivatives International Conference in Shanghai on June 21.
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Chinese production of refined copper in May reversed down 1% on month to 767,000 tonnes, according to the latest figures by the National Bureau of Statistics (NBS), a decline which market analysts blamed on copper smelters at the end of May beginning to throttle back production in preparation of the forthcoming inspections of their environmental equipment which began June 1.
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Mysteel national average benchmark price for HRB 400 20mm dia rebar dipped for the second day on June 20, down Yuan 16/tonne ($2.5/tonne) on day to Yuan 4,209/tonne including 16% VAT, while lower prices spurred the buying interest, Mysteel notes.
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Coking works in Xuzhou in East China's Jiangsu province remain idled following the local government's blitz on environmental protection facilities in use, and when they'll restart is anyone's guess, sources in the province said Wednesday.
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Production of ferrosilicon among China's 60 major FeSi smelters declined by an average of 2.5% or 10,650 tonnes on month to reach 420,500 tonnes in May, according to Mysteel's latest monthly survey released June 15. The production was also 11.65% higher from a year ago, the survey found.
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Reduced demand and surplus supply are being partly blamed for a significant drop in dealer prices of primary aluminum ingots in China but Beijing's new squabble with the US on trade isn't helping sentiment much either.
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China Steel Corporation (CSC), Taiwan's top steel producer headquartered in Kaohsiung, South Taiwan, posted a 4.3% month-on-month rise in its carbon steel sales in May to 969,456 tonnes, up 39,529 tonnes from April and a four-month high, according the company's latest release posted on June 19.
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China's spot domestic steel prices all declined on June 19, with Mysteel's benchmark price for the Q235 billet in Tangshan, Hebei province of North China, being down another Yuan 40/tonne ($6.3/tonne) on day to Yuan 3,650/tonne EXW and including 16% VAT, following a decrease by Yuan 30/tonne over June 16-18.
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The Q235 billet price in Tangshan in North China's Hebei province, strengthened for the fifth straight week during June 9-15, rising by another Yuan 40/tonne ($6.3/t) on week to reach Yuan 3,720/t EXW including the 16% VAT as of June 15, a new three-month high, according to Mysteel's latest weekly survey.
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China's overseas investment expanded for the seventh straight month in May, showing that the country's foreign trade is growing steadily, Ministry of Commerce spokesperson Gao Feng said at press conference on June 14.
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A three-year work plan to fight atmospheric pollution unveiled by China's State Council in a meeting Wednesday could have wide-ranging implications for the country's steel industry in the tougher measures promised to prevent the installation of new capacity in existing steel-producing and steel-consuming regions.
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Anshan Iron and Steel Group (Angang), a key flat steel producer headquartered in Anshan city in Northeast China's Liaoning province, is undertaking routine maintenance on one 5,500mm medium plate mill and a reline of a 4,038 cu m blast furnace, a company official confirmed on June 14. Both are located at Angang's works in Bauyuquan in Yingkou city.
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China’s daily crude steel output hit 2.62 million tonnes/day in May for a new record high, based on the latest data released by the National Bureau of Statistics (NBS) on June 14. The May result surpassed the previous high of 2.56 million t/d set only in April.
Full-month raw steel output
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Mysteel's national average HRB 400 20mm dia rebar benchmark price gained further on June 13, up another Yuan 35/tonne ($5.5/t) day on day to Yuan 4,215/t including the 16% VAT, or a new high since May 3, though trading continued to drop amid higher prices.
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Afrochine Smelting Co, the ferroalloys subsidiary of China's Tsingshan Group in Zimbabwe in southern Africa, is proposing to build a steel mill with 2 million tonnes/year capacity in the capital Harare, market sources shared on June 13. Business representatives from East China's Zhejiang province signed a memorandum of understanding (MoU) with Zimbabwe government representatives in Harare on June 11.
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Chinese-invested enterprises are operating as per normal in Vietnam, unaffected with the latest outburst of anti-Chinese protests in Vietnamese cities such as Ho Chi Minh or Hanoi, market sources shared on June 12.
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Mysteel's national average HRB400 20mm dia rebar benchmark price reversed up on June 12 by Yuan 14/tonne ($2.2/t) on day to Yuan 4,180/t including the 16% VAT, as market sentiment improved on a series of restriction measures including the month-long environmental protection inspections in most of key steel production bases since end of May or early June.
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China's daily crude steel output nationwide during May 21-31 was estimated at 2.49 million tonnes/day, which reversed down from the previous ten days by 1.9% or 48,400 t/d, according to the latest data released by the China Iron & Steel Association (CISA) on June 12.
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Construction steel market order in South China is expected to be affected by the traffic disruption and the flooding amid the torrential rain brought by the recent Typhoon Ewiniar, and local steel price may be down but moderately in the near term, market sources shared on Monday.
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China's auto sales grew 5.7% on year over January-May and manufacturing up 3.8% on year, both being higher than the increases in January-April, according to the statistics from the China Association of Automobile Manufacturers (CAAM).
