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China’s GDP grew 6.2% on year over January-September, still within Beijing’s 6-6.5% economic growth target for 2019, though the growth for Q3 fell another 0.2 percentage point from Q2 to 6% on year, or a new low after Q2 since China started the GDP statistics in 1992, according to the latest statistics from the country’s National Bureau of Statistics on October 18.
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China’s crude steel production still grew over January-September, but at a lower 8.4% year-on-year rate than the 9.1% annual rise for the first eight months, totalling 748 million tonnes, Mysteel Global noted from the latest statistics released by the country’s National Bureau of Statistics (NBS) on October 18.
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China's fixed asset investment (FAI) in general grew 5.4% on year to Yuan 46.1 trillion ($6.5 trillion) over January-September, down 0.1 percentage point from that for the first eight months, while the funding in the property market maintained its growth at 10.5% on year, the same as that for January-August, according to the latest release from the country’s National Bureau of Statistics (NBS) on October 18.
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Japan’s Kansai Iron and Steel Federation, an association of scrap dealers around the Osaka region concluded its 2nd tender in Oct’19, yesterday, (15th Oct’19) in which the winning bid by “JFE Shoji Trade” was awarded a total 5,200 MT of Japanese H2 at an average of JPY 22,050/MT (USD 203), FAS. The current bid is JPY 980/MT (USD 9) lower than the previous tender result on 3rd Oct’19 earlier this month.
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China’s average price for HRB400 20mm dia rebar stayed on the downtrend for the third day on October 17, losing another Yuan 16/tonne ($2.3/t) on day to Yuan 3,853/t including the 13% VAT, while spot trading of construction steel reversed up on traders’ eagerness to sell off stocks amid the weakening market sentiment.
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China's gross domestic products (GDP) grew 6.2% on year for the first three quarter of 2019, and its fixed asset investment grew 5.4% on year over January-September, according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China’s coke output increased 6.3% on year
to 354.4 million tonnes over January-September, and the output of raw coal
including thermal and metallurgical coal grew 4.5% on year to 2.74 billion
tonnes. A detailed report will be posted soon.
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China's crude steel output grew 8.4% on year to 747.8 million tonnes over January-September, with the September volume up 2.2% on year to around 82.8 million tonnes. A detailed report will be posted soon.
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Market participants are hopeful of upcoming Diwali festive season to boost demand and less chances of further decline in prices in near term.Further festive holidays will keep domestic HRC prices largely supported.
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Like in many markets globally at the moment, steel demand in China has not been as strong as generally expected, with the result that prices are weakening. Over September 28-October 12, Mysteel’s SS400 4.75mm hot-rolled coil was traded at $463/t FOB Bayuquan port in Northeast China’s Liaoning province, down $5/t from September 21-27, as Mysteel Global reported.
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Over the coming few days, the local government of Tangshan city, China’s top steel producing base in Hebei province, intends to strengthen emergency measures already in place to reduce pollution over the city, Mysteel Global has learned, as a response to warnings from both the central and local meteorological administrations about air quality deteriorating.
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Chinese shipbuilders received 19.5 million dead weight tonnes (dwt) of new vessel orders during this year’s January-September period, down 27.4% on year, according to the latest statistics from China Association of the National Shipbuilding Industry (CANSI) published on October 16. However, the margin of decline was much smaller than the on-year decrease seen over the first eight months of nearly 38%, Mysteel Global noted.
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Shenzhen-listed Angang Steel Co, one of China’s top 10 steelmakers, is warning shareholders to expect a huge 75% fall in net profits for this year’s January-September period to Yuan 1.7 billion ($239 million), according to the company’s preliminary financial report released on October 14. Angang blamed thinner margins and higher costs for the dramatic fall, noting that profits for the July-September quarter alone plummeted by nearly 88% on year to Yuan 297 million.
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Chinese steel market participants are divided on whether steel mills in the “2+26” cities in North China will definitely face tougher restrictions from their local authorities in the upcoming winter over November-March 2020 just because Beijing has set a higher bar for air pollution reduction, targeting to reduce the average PM2.5 density by 4% on year for the 2019 winter from last year’s 3% reduction.
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As per the latest updates, India has imposed provisional anti dumping duty on the imports of aluminium and zinc coated flat products from three countries including China, Vietnam and Korea, according to a notification of the Finance Ministry . Aluminium and zinc coated flat products are used in infrastructure projects, solar power plants, roofing, and white goods.
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Mysteel’s national average HRB400 20mm dia rebar benchmark fell for the second day on October 16, down another Yuan 17/tonne ($2.4/t) on day to Yuan 3,869/t including the 13% VAT, and the trading activity was slack on Wednesday with buyers hesitating to book tonnage amid a bearish outlook.
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Hoa Phat Group, the largest steel manufacturer in Vietnam, has hot commissioned the second of four converters that will form the core of the company’s new 4 million tonnes/year steel works under construction at Dung Quat in Quang Ngai province in South-central Vietnam.
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South Korean hot rolled coil (HRC) exports to India dropped by over 41% in September 2019 to 85,084 tonnes (MT) from 144,273 MT in August.
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Mysteel’s national average price for HRB400 20mm dia rebar reversed down on October 15 by Yuan 18/tonne ($2.5/t) on day to Yuan 3,886/t including the 13% VAT, and the spot steel trading eased further amid the persistent market uncertainties.
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Odisha govt. has today (i.e 14th Oct 2019) invited bids for grant of ten more iron and manganese ore mining leases via Phase II. In this phase few key iron ore mining leases that are being auctioned include - Rungta's Jajang mine, Serajuddin Balda block, GS Mishra & Sons & BICO.
