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China’s economic growth was largely stable over the first three quarters of 2018, with the gross domestic product (GDP) at Yuan 65.1 trillion ($9.4 trillion), up 6.7% on year, according to the latest figures from the National Bureau of Statistics (NBS) released on October 19.
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China’s daily steel output for September hit a new high at 2.7 million tonnes/day, with the monthly output up 7.5% on year or 0.6% higher than August to 80.9 million tonnes, according to the latest data released by the National Bureau of Statistics (NBS) on October 19.
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ASEAN countries such as Malaysia, Thailand and the Philippines will continue to play a crucial role in absorbing steel produced outside of the region, Wikrom Vajragupta, chairman of the Southeast Asian Iron & Steel Institute’s trade promotion and relations committee, said recently in Tokyo, a view that no doubt reassured the delegates from the Chinese steel mills.
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Net profits generated by Jiangsu Shagang Co, the Shenzhen-listed arm of China’s largest privately-owned steelmaker, Jiangsu Shagang Group, during January to September this year reached nearly Yuan 1 billion ($145 million), up by 169% over the same period in 2017, according to the company’s third quarter financial report released on October 18.
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Chinese steelmakers whose facilities satisfy the environmental protection criteria compiled by the Ministry of Industry and Information Technology (MIIT) may still be prevented from operating their plants fully during the coming period of production curtailments for winter, Mysteel has learned.
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For the whole 2018, China will still achieve a steady growth in foreign trade despite the escalation in the US-China trade friction, Li Kuiwen, spokesperson of the General Administration of Customs shared at a recent press conference in Beijing.
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The World Steel Association (worldsteel) has tapped Andre Gerdau Johannpeter, Executive Vice Chairman of Gerdau S.A., as the organization’s new chairman, replacing Nippon Steel & Sumitomo Metal Corp president Kosei Shindo, worldsteel announced at the 2018 General Assembly in Tokyo on October 16.
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The slowdown in growth in global steel demand shared Tuesday by the World Steel Organization (worldsteel) for 2019 in its short-range outlook is mainly because of anticipated slowdown in Chinese demand but the global steel body warns against pessimism. “China is also a positive view,” stressed worldsteel's Director General Edwin Basson. “If there is a risk (in our forecast for China), it is that China will outperform.”
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Tangshan billet market, the barometer of China’s steel market, was robust both in trading volume and price over the week of October 8-12, partly because of the concentrated buying after the weeklong National Day break in the previous week, according to market sources.
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World Steel Association (worldsteel) expects global finished steel demand to grow by 3.9% this year to 1.658 billion tonnes and to reach 1.681 billion tonnes in 2019 though on a slower 1.4% year-on-year growth, according to its latest short-range outlook for the global steel market for 2018-2019 issued on October 16 at its 2018 General Assembly in Tokyo.
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China’s domestic average price for
HRB400 20mm dia rebar strengthened further by Yuan 28/tonne ($4/t) from last
Friday to Yuan 4,617/t including the 16% VAT as of October 15, and the steel
market sentiment was getting positive with the anticipation on supply
disturbance soon in East China because of the China International Import Expo
over
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Given the turbulence that global steel trade has encountered during the first ten months of 2018, the atmosphere surrounding the 2018 General Assembly of the World Steel Association (worldsteel) in Tokyo this week might have been frosty.
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Daily crude steel output among the
steel mill members of the China Iron & Steel Association (CISA) remained
largely steady by being up merely 0.1% or 1,400 tonnes/day over ten days to around
1.985 million t/d over September 21-30, according to CISA’s latest statistics
released on October 15.
CISA, surprisingly, did not release
its estimation on
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Mysteel’s Tangshan Q235 billet benchmark price, a core indicator of China’s steel market sentiment, stayed at Yuan 3,890/tonne ($562/t) EXW and including the 16% VAT as of October 14 after a gain of Yuan 20/t on October 12, and many Chinese market participants felt directionless for the time being.
Tangshan market
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Domestic sales of excavators in China remained robust in September, jumping by 27.7% on year and 15.7% on month to 13,408 units, according to newly-released industry data. The country’s generally buoyant mining sector propelled the sales, Mysteel learns.
According to the latest survey of the China Construction Machinery Association (CCMA) released
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South China’s Fujian province plans to
promote the establishment of no fewer than 27 industrial clusters over
2018-2020 including two to accommodate and nurture steelmakers and their support
enterprises, according to a recently published document from Fujian Development
and Reform Commission.
The two steel industry clusters will promote
production of carbon steel and stainless steel, with
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Market participants in East China anticipate little affection on the local steel mills even if the speculated three-month winter restriction in China’s Yangtze River Deltacovering mostly East China becomes a reality in the end.
A draftplan on the possible curbing over steel, coal and coke sectors over November-February in East China
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Mysteel’s national average benchmark price for HRB 400 20mm dia rebar stayed the uptrend for the fourth day as of October 10, up another Yuan 14/tonne ($2/t) or 0.3% on day to Yuan 4,582/t including the 16% VAT, amid the growing intensity of more curbing measures issued by the authorities
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The recent announcement of People’s
Bank of China (PBOC) to cut a few commercial banks’ reserve requirement ratio
by one percentage point will surely boost the steel market sentiment, though it
remains unclear how much cash will actually be injected into the sector, industrial
sources shared on October 10.
PBOC, China’s policy bank, announced
on October
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Handan City, one of the two major steel production bases in North China’s Hebei province besides Tangshan, has drafted a production curtailment plan it hopes industrial enterprises will observe during the winter months which could see operative capacity among blast furnace steelmakers under its supervision slashed by 42%-51%.
The 100-page long
