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Capacity utilization in China’s domestic ferrous metals smelting and processing sector gained 2.3 percentage points year on year to 79.2% over this year’s January-March quarter, according to National Bureau of Statistics data released on Wednesday. This was also 1.2 percentage points higher that last year’s full-year average.
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The most-traded contract for rebar on the Shanghai Futures Exchange for October delivery declined by Yuan 71/tonne ($10.6/t) from Wednesday’s settlement price, closing at Yuan 3,710/t at the end of day-time trading on Thursday. Market pundits blamed the sudden plummet in iron ore futures prices on Wednesday for unnerving some investors.
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The better performance in China’s property market over January-March is expected to boost the long steel market enthusiasm on anticipated consumption increase in the coming months, according to market sources.
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The world’s steel demand for 2019 is expected to grow at a slower pace of 1.3% year on year to 1.74 billion tonnes amid the slowing global economy, down from the 2.1% annual growth for 2018, the World Steel Association (WSA) shared in its April 2019 Short Range Outlook (SRO).
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Shandong Iron & Steel Co (Shangang) has begun hot run trials on the second 5,100 cu m blast furnace at its new integrated steelworks at Rizhao in East China's Shandong province, a company official confirmed on April 17.
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Mysteel’s national HRB 400 20mm rebar benchmark price softened by Yuan 7/tonne ($1.1/t) on day to Yuan 4,238/t on delivery and including the 13% VAT as of April 17 after a strong surge in the previous day, while the spot demand remained rather stable.
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China’s steel market sources shared the concern of Liu Zhenjiang, the secretary general of China Iron & Steel Association (CISA), that the continuing increase in steel supply may tilt the balance in the domestic steel market, thus pressuring the domestic steel prices in the coming months.
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China’s fixed asset investment in the domestic property market rose by 11.8% year on year to Yuan 2.38 trillion ($355.2 billion) over January-March, though the rate of growth was only 0.2 percentage point higher from that during January-February, according to the latest data from China’s National Bureau of Statistics published on April 17.
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China’s crude steel output rose at a faster pace of 9.9% on year over January-March to about 231 million tonnes, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on April 17,
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China’s fixed asset investment (excluding rural households) increased 6.3% on year to Yuan 10.2 trillion ($1.5 trillion) over January-March, with the growth rate up 0.2 percentage point from that for January-February, according to the latest data from the country’s National Bureau of Statistics (NBS) on April 17.
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China’s gross domestic product (GDP) grew 6.4% on year to Yuan 21.3 trillion ($3.2 trillion) for the first quarter of 2019, kicking off the year with a positive and steady note, according to the latest release by the country’s National Bureau of Statistics (NBS) on April 17.
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Mysteel’s national average price for HRB400 20mm dia rebar increased Yuan 16/tonne ($2.4/t) on day to Yuan 4,245/t including the 13% VAT as of April 16 amid the remaining firm downstream demand and the remaining high steel production costs, though the spot trading of long steel subsided on Tuesday.
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China's crude steel output grew 9.9% year on year to 231 million tonnes for January-March. A detailed report will be posted soon.
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China's fixed asset investment in the property market went up 11.8% on year to Yuan 2.38trillion ($355 billion) over January-March. A detailed report will be posted soon.
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China's GDP grew 6.4% on year in the first quarter of 2019, falling in its annual target at 6%-6.5% for the whole 2019. A detailed report will be posted.
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China's fixed asset investment in general grew 6.3% on year to Yuan 10.2 trillion ($1.5 trillion) for January-March. A detailed story will be posted soon.
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China’s daily output of the five most popular carbon steel products is estimated to grow for the third month, up another 8.7% or 140,000 tonnes/day on month to 1.74 million t/d for April on the end of the winter restriction, according to Mysteel’s monthly production survey released on April 12.
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The first quarter of 2019 saw Chinese steel mills’ margins squeezed amid rising iron ore prices while dismal domestic steel market and a few listed companies already warned the shareholders of a 60%-80% year-on-year slump in their net profits.
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Many countries have stepped up their vigilance of Chinese steel imports of late, and so far in April, countries including Malaysia, Egypt, India and Mexico have all launched AD or safeguard probes on exports of China's finished steel, affecting both long and flat, carbon or stainless, Mysteel Global noted.
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Mysteel’s Q235 150mm square Tangshan billet benchmark price, the weathervane of China’s steel market, is approaching its five-month high with a gain of Yuan 20/tonne ($3/t) over the weekend to Yuan 3,570/t EXW and including the 13% VAT as of April 14, thanks to demand revival from local steel re-rollers.
