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Support from China’s macro-economic environment and steel-market fundamentals may lead Chinese steel prices to record further gains in August, albeit with some fluctuations, according to the latest monthly report compiled by Wang Jianhua, Mysteel’s chief analyst.
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China’s announcement on July 29 to cancel export tax rebates on 23 steel products as well as raising export taxes on high-purity pig iron and ferrochrome, all effective on August 1, though just three months after the last round of adjustment, appears inadequate to the market sources, and many of them are still closely watching whether more policies will be rolled out soon.
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China’s nominal economic growth is very likely to slow down after the COVID-19 years, mainly because of the changes in China’s population structure and the deceleration in investment growth, Xu Xiaoqing, chief economist of DH Fund Management Co shred on July 28 at the 5th China Steel Derivatives International Conference 2021 (CSDIC) in Shanghai.
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This year, China will shift its focus on cutting down on its actual output, a major difference from the past few years when the core task is to eliminate excess and obsolete steel capacities, Wu Xianfeng , an official from the Ministry of Ecology and Environment (MEE), shared in Shanghai on July 29 at the China Iron and Steel Association (CISA)’s interim meeting with its members.
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Vehicle production among Japan’s eight major automakers over January-June rose 30% on year to about 12.2 million units from all their assembly plants in and out of Japan, Mysteel Global calculated based on each maker’s production data released on July 29, largely due to the low base a year ago, as it was still 13% lower than two years ago.
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Carbon neutrality will bring profound changes to the global steel industry in that it will reduce steel demand, restructure demand, raise production cost, and erect “green” barriers in steel trading, Jiang Li, chief analyst of China Iron & Steel Association (CISA), remarked when presenting on July 28 at the 5th China Steel Derivatives International Conference 2021 in Shanghai.
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On July 29, China’s rebar and billet prices had paused from the recent fluctuation, according to Mysteel’s assessments, as HRB400E 20mm dia rebar was the same on day at Yuan 5,452/tonne ($845/t), and Q235 square billet in North China’s Tangshan unchanged too at Yuan 5,240/t EXW, both including the VAT, while spot sales of construction steel inclined for the second day.
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Those Chinese steel mills whose facilities meet the government’s “ultra-low emission” standards are likely to enjoy more privileges in future as more policies will be launched to encourage domestic steel producers to reduce their emissions and achieve sustainable development, Wu Xianfeng, an official from the Ministry of Ecology and Environment (MEE) disclosed at the interim members’ meeting of China Iron and Steel Association (CISA) on July 29.
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China’s industrialization and technological upgrading will gradually drive more liquidity to HRC and stainless steel futures than the established rebar futures,
Feng Xiazong, senior manager, commodity dept 1 of SHFE, shared in Shanghai at the steel forum of the 5th China Steel Derivatives International Conference 2021 on July 28.
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The stocks of finished steel products held by Chinese trading houses monitored by Mysteel increased for the seventh week in a row over July 23-29, rising by 0.7% on week, according to the weekly stocks survey. The pace of accumulation was faster than the 0.1% uptick last week, because the hot and rainy summer weather has crimped steel demand, sources said.
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Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils (CRCs), galvanized, galvalume, coated sheets, tinplate, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance (MoF) and State Taxation Administration.
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Starting August 1, China will raise the export tax on high-purity pig iron to 20% from the exsiting 15%, and that on ferrochrome (FeCr) to 40% from 20%, according to the latest amnnouncement by the country's Minstry of Finance.
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Starting August 1, China will remove export tax rebates on 23 steel products including carbon and alloy steel cold-rolled coils, galvanized, galvalume, coated sheets, tinplates, electrical steel, steel rail, and seamless pipes for the oil and gas industry, according to the joint announcement by China's Ministry of Finance and State
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On July 28, Chinese steel market sources including the delegates of the 5th China Steel Derivatives International Conference (CSDIC) in Shanghai expressed their varied views on the recent intensified speculation on China’s removal of some existing steel export tax rebates and the imposition of export taxes on some other products.
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Fortescue Metals Group (FMG), the world’s fourth largest iron ore miner with all mining assets in Western Australia, has raised its iron ore shipment guidance for the FY22 (July-June 2022) to 180-185 million wet tonnes from the 178-182 million wet tonnes for the FY 21, according to its latest quarterly report released on July 29.
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China’s largest electric-arc-furnace producer has formally been incorporated on July 27 in Southwest China’s Sichuan by combining eight local independent EAF mills, which has also helped the province to enhance it steel industry concentration, competitiveness and efficiency, the Sichuan Provincial Economic and Information Department shared in a release on the same day.
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On July 28, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reversed from three working days of rises, slipping by Yuan 15/tonne ($2.3/t) on day, indicating that the market might have fully digested the support of the possible wide-range steel output cuts on the prices, while spot sales of construction steel including rebar rebounded by 6.3% after having fallen for three working days.
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SteelMint’s bi-weekly domestic pellet index, PELLEX, continues to remain stable at INR 14,700/t DAP Raipur on 27 Jul’21. A Raipur-based pellet maker sold a limited quantity of around 2,000t in the domestic market at INR 14,500/t exw Raipur within this publishing window.
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Chinese apparent crude steel demand may decline 10-20 million tonnes on year during the present July-December half, Jiang Li, Chief Analyst of China Iron & Steel Association (CISA), shared at the 5th China Steel Derivatives International Conference 2021 on July 28 in Shanghai.
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The profit margins of China’s blast furnace (BF) and electric-arc-furnace (EAF) steel mills recovered fast in July, mainly thanks to the steady growth in domestic steel prices and the reduction in their steelmaking costs.
