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Mysteel's national average HRB 400 20mm dia rebar benchmark price increased by Yuan 36/tonne ($5.4/t) day on day to Yuan 4,047/t including the 17% VAT as of April 24, mainly due to the concern about supply reduction with the steel production restraint measures in Xuzhou City, East China's Jiangsu province for air pollution control.
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In March, aluminum contributed the most to China's production of ten major nonferrous metals with 2.8 million tonnes, or up 4% on year, compared with a total output at 4.5 million tonnes for the ten metals including aluminum, copper, lead, zinc and nickel, or up 3% on year, according to the latest detailed data released by National Bureau of Statistics.
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China's steel industry will be most probably under closer scrutiny with Beijing's greater emphasis on environmental protection and energy saving in 2018, market sources shared on April 24.
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South Korean steel giant POSCO says its crude steel production during this year's first quarter slid by 279,000 tonnes or 3% on quarter to 9.3 million tonnes but mainly due to there being "fewer calendar days" during the period, the firm's Q1 earnings release on April 24 showed.
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Chinese domestic prices of rebar should continue tracking upward over the short term as market players envisage the robust demand for the construction steel product continuing to linger, market sources shared on April 24. But they warned that prices were unlikely to refresh last December's 74-month high anytime soon.
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Mysteel's national average HRB 400 20mm rebar benchmark price rose for a fifth consecutive day on April 23, up by Yuan 29/tonne ($4.6/t) from Friday to Yuan 4,011/t including the 17% VAT as of Monday, thanks to the growing market optimism amid the improvement in downstream consumption.
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China will trim another 30 million tonnes/year of excess and outdated steel capacity in 2018 as part of the central government's ongoing supply-side reforms, according to a joint notice issued on April 20 by six powerful central government departments.
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Daily crude steel output among China's major steelmakers climbed by 5% or 90,000 tonnes/day over April 1-10 from the previous eleven days to 1.88 million t/d, according to the latest data from the China Iron and Steel Association (CISA) on April 23.
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Crude steel production in Japan during the fiscal year 2017 ending March 31 slipped by 0.3% on year, or the first annual decline in two years, according to the data released by the Japan Iron & Steel Federation on April 20.
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The price of Q235 billet in Hebei province's Tangshan, the barometer of China's steel market, jumped another Yuan 80/tonne ($12.7/t) on week to Yuan 3,560/t EXW and including the 17% VAT as of April 20, according to Mysteel's latest weekly survey. Industry players cited the continuing improvement in steel demand and firm market sentiment.
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Shanxi Taigang Stainless Steel Co (TISCO), the listed arm of Taiyuan Iron & Steel Group Co, aims to produce 7.8 million tonnes of pig iron and 10.5 million tonnes of crude steel this year, the latter unchanged from last year, according to the company's 2017 annual report released on April 20.
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Hesteel Company, the Shenzhen-listed arm of China's N0.2 steel mill - Hebei Iron & Steel Group, target to lift its crude steel output moderately by 1.4% from last year to 27.3 million tonnes for 2018 on its remaining confidence on China's steel market, according to its 2017 annual report released on April 20.
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China's steel industry has managed to return to the track of concentration since 2017 thanks to Beijing's efforts in excess steel capacity cuts and environmental protection, the China Iron & Steel Association notes.
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China's domestic steel prices both for long and flat continued with the upward momentum on April 19 mainly due to further declines of inventories for all the major steel products.
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The reborn specialty steelmaker located in Northeast China's Heilongjiang province, Jianlong Beiman Special Steel, is celebrating the posting of its first profit - an impressive Yuan 3.26 million ($520,110) - from its March business. The result brought an end to the monthly losses the carbon and specialty maker has been struggling with since it resumed operations last November.
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China's capacity utilization rate across heavy industrial sectors increased 0.7 percentage point year on year to 76.5% for the first quarter of 2018, according to the latest data from the country's National Bureau of Statistics.
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Tertiary industry and consumption have been with growing significance to China's economic development, with both contributing to over 60% of the country's 6.8% gross domestic product growth in the first quarter of 2018, according to an explanatory note by China's National Bureau of Statistics (NBS) on April 19.
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Mysteel's Q235 Tangshan billet benchmark, the weathervane of China's steel market, stayed on the upward trend on April 18, up another Yuan 40/tonne ($6.3/t) day on day to Yuan 3,530/t EXW including 17% VAT yesterday, or a 19-day high, thanks to the continuing improvement in downstream demand from re-rollers especially for section and strip production.
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Cities in China which participated in last season's "2+26" cities scheme to improve air quality during winter seem set to continue the battle this year, asking heavy-polluting industries including steel, coke making and metal smelting to accept production restrictions.
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Domestic steel prices in China are expected to remain rangebound over the near term given the rapid jump in steel production at a time when domestic demand remains stable, according to the latest release by the China Iron & Steel Association (CISA) posted on April 18.
