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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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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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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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China’s crude
stainless steel production remained essentially unchanged at 2.07 million
tonnes in September, inching down by a tiny 0.2% from August, according to
Mysteel’s latest monthly survey published on October 12. The output among the
21 domestic stainless makers Mysteel checks accounts for over 90% of China’s
total stainless output.
Within the total,
production of
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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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China’s steel exports decline slowed down over January-September to 10.7% as against the 13.1% year-on-year drop for the first eight months, as the country’s September export volume reversed up 1.3% on month to 5.95 million tonnes, according to the latest statistics from China’s General Administration of Customs (GACC) on October
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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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China’s stainless market have received Beijing’s decision on reducing the import duties on 35 stainless steel products to 5-8% from the original 6-10% starting November 1 with mixed feelings, with producers sharing their concern on the possible inflow of stainless products from origins such as Indonesia.
China’s Ministry of Finance announced
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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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A notice posted
on the Tianjin Property Rights Exchange on October 7 suggests that Sinosteel
Group Shenzhen Co, a subsidiary of state-owned steel trader- Sinosteel Group, is
severing its financial relationship with Liugang Zhongjin Stainless Steel Co, a
major producer of stainless steel in southern China.
The exchange
notice announced that Sinosteel Shenzhen intends to
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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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Stainless steel producers in Taiwan have cut their
stainless prices, mainly for 200-and 300-series, by Yuan TWD 500-1,500/tonne
($16-48.5/t) for October sales amid lower nickel prices and at the same time
weak demand from both domestic and overseas markets, company officials
confirmed on October 9.
Yieh United Steel Corp (Yusco), a top stainless producer headquartered
in
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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
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The growing possibility for the Shanghai
Futures Exchange (SHFE) to launch stainless steel futures has received mixed
market reactions, with producers’ applauding the development, while traders staying
cautious on the move.
SHFE has been working on the
stainless steel futures project for over two years, and just recently on
September 26, the exchange, together with the
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China’s
domestic 6517 silico-manganese price has slipped from its record high level of around
Yuan 9,000/tonne ($1,302/t) after over a month, down 225/t or 2.5% as of
October 8, amid the increase in supply while weakening in demand since the beginning of
September, market sources noted.
The 6517 SiMn
price fell to Yuan 8,775/t EXW and
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The enhanced scrutiny by the Henan provincial government of
Central China on truck overloading on the road has
increased steel producers’ costs by Yuan 40-50/tonne ($5.8-7.2/t) moving steel
in and out of the province, market sources shared on September 28.
The local authority has commenced close checks on all
trucks on September 1 for any
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The Purchasing
Managers’Index for China’s domestic steel industry declined further for
the second consecutive month in September,
down 1.4basis points on
month to 52, according to the latest release by the index compiler - CFLP Steel
Logistics Professional Committee (CSLPC) on September 30, mainly as steel
production and stocks were on the rise while demand softened
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The Tangshan Q235 billet price dropped to nearly two-month low at Yuan 3,840/tonne ($565/t)EXW and including the 16% VAT on September 30, the last working day before China’s National Day holiday on October 1-5, even though it rebounded Yuan 20/t day on day, amid the growing concern upon the domestic
