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At a closed-door conference held in Beijing on November 29, Chinese government bodies including the Ministry of Ecology and Environment finally approved new classification standards for the country’s steel scrap sector. Though the details are yet to be released, the new standards classify categories of steel scrap and are comparable to those in use internationally, paving the way for China to re-open its ports to approved types of foreign steel scrap, Mysteel Global notes.
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The Purchasing Managers’ Index (PMI) for China’s steel industry for November scored 49.3, or up for the second month by another 3.5 basis points on month, with both demand and supply having shown signs of the continuing modest improvement, according to the latest release from the index compiler the CFLP Steel Logistics Professional Committee (CSLPC) on November 30.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry recovered by 0.7 basis point to reach 52.1 in November after the small decline in October, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 30. The result shows that this weathervane of Chinese manufacturing activity has remained above the threshold of 50 connoting expansion for nine straight months and indicates that the performance recovery of the country’s manufacturing industry is accelerating, NBS said.
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Billet consumption in Tangshan city, North China’s Hebei province, reversed up substantially by four times on week over November 19-25, as the local steel re-rollers has returned to normal operations since November 18 when the latest restriction came to an end, and their own billet stocks, accordingly, fell 20% on week, according to Mysteel’s latest weekly report.
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In China’s spot steel market, the price of rebar declined in reaction to the softening in demand in winter, while that of hot-rolled coil (HRC) increased due to the resilience in demand, Mysteel Global noted.
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The majority of hot rolling mills in Raipur have confirmed SteelMint that they have curtailed output by over 30% in the last 15 days. These mills contribute 20-30% of finished steel production of the secondary mills in Raipur.
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China’s rebar price reversed up on November 27 after three consecutive days of reduction, and long steel sales also eased. The Tangshan Q235 150mm square billet price retreated through the weekend although prices have been largely rangebound for the past week, Mysteel noted.
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China’s Purchasing Managers’ Index (PMI) for its manufacturing industry recovered by 0.7 basis point on month to 52.1 for November, or above the benchmark of 50 for the ninth month, indicating the pick-up in pace of recovery in the country's manufacturing sector, according to the latest release from the country's
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China’s Purchasing Managers’ Index (PMI) for the steel industry rose by 3.5 basis points on month to 49.3 for November, with both demand and supply having shown signs of further growths for the second month, according to the latest release from the CFLP Steel Logistics Professional Committee. A detailed report
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The growth in on-year profits of sizable Chinese industrial enterprises over January-October reached 0.7%, according to the latest data released by China’s National Bureau of Statistics (NBS) on November 27.
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The trajectories of Chinese prices of hot-rolled coil (HRC) and rebar have become entangled, once again. Hot coil prices had edged higher than rebars starting from this year’s second half but from this month, rebars have gained the upper hand again. As of November 26, just Yuan 2/tonne ($0.3/t) separated them, and how they will move in coming weeks is still being debated, Mysteel Global noted.
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Nippon Steel Engineering, the engineering arm of Japan’s largest steel producer, has received an order from Taiwan’s China Steel Corp to supply a large Coke Dry Quenching (CDQ) plant, NSE announced on November 26.
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China’s four top governing organizations released a joint release on November 25, reaffirmed the country’s banning of solid wastes imports starting January 1 2021, which has created mild panic in domestic ferrous and nonferrous communities, fearing that Beijing was reversing earlier plans to liberalize imports of such scraps, though industry insiders stayed calm, reminding all of the exact definitions in the document.
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China’s rebar prices in spot market declined further on November 26 on the overall dampened market sentiment with the cold weather enveloping most parts of China, though the daily construction steel trading volume recovered modestly, Mysteel Global noted.
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Total stocks of finished steel held by Chinese traders declined at a slower pace over November 20-26 as many regions in China were hit by suddenly plummeting temperatures, heavy rains and snowfalls, causing a parallel freezing of demand, Mysteel Global has learned.
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China’s rebar price retreated on November 25 after refreshing its one-year highs continuously this month. Long steel sales continued to weaken in the spot market amid strong cold waves in many domestic regions, according to Mysteel’s tracking.
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China Baowu Steel Group (Baowu), China’s and also the world’s top steel producer in capacity, has been taking no break in its expansion in capacity and inner strength enhancement at the same time, with the latest move to solidify its footing in Northwest China via acquiring existing steel mill and iron ore mines, Mysteel Global noted.
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Chinese steel mills raised their steel export offers last week and again this week, even though domestic steel prices have started showing signs of weakening and when global demand is not so strong, Mysteel Global has learned.
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Chinese steel prices are expected to remain rangebound in the weeks ahead, according to the latest monthly report of the China Iron & Steel Association (CISA) published on November 20, which noted that as the weather in northern China turns gradually colder, the country will enter the off-season for steel consumption.
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Crude steel output amongst the 64 countries under the monthly survey of the World Steel Association (WSA) amounted to 1.5 billion tonnes over January to October, down 2% on year, according to new WSA data. But the pace of the decline had slowed by 1.2 percentage points from January-September result, indicating that steel producers globally are gradually emerging from the impact of the COVID-19 pandemic.
