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Stainless steel prices in China are currently under stress, mainly due to the mounting pressure of the mismatch between supply and demand, Mysteel notes.
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Shanxi Taigang Stainless Steel Co (TISCO), the listed arm of Taiyuan Iron & Steel Group Co, aims to produce 7.8 million tonnes of pig iron and 10.5 million tonnes of crude steel this year, the latter unchanged from last year, according to the company's 2017 annual report released on April 20.
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China's stainless market strengthened with the 304/2B 2mm cold-rolled stainless coil price in Wuxi, East China's Jiangsu province, up Yuan 200-300/tonne ($32-48/t) day on day to Yuan 15,000-15,150/t including the 17% VAT as of April 19, mainly because of the nickel price surge on the London Metal Exchange (LME) on Wednesday night.
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The reborn specialty steelmaker located in Northeast China's Heilongjiang province, Jianlong Beiman Special Steel, is celebrating the posting of its first profit - an impressive Yuan 3.26 million ($520,110) - from its March business. The result brought an end to the monthly losses the carbon and specialty maker has been struggling with since it resumed operations last November.
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Australia's Anti-Dumping Commission has initiated an anti-dumping and countervailing investigation on certain railway wheels imported from China, according to an announcement on its official website released on April 18.
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Taiwan has decided to initiate anti-dumping and countervailing duty investigations into steel imports from China including stainless hot-rolled steel products and specific carbon cold-rolled steel products, according to a post released by the Ministry of Finance (MoF) in Taipei on April 17.
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China's crude stainless steel production grew strongly by 10.1% on year to 6.6 million tonnes over January-March, according to Mysteel's latest survey among the 34 domestic stainless steel producers.
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Shanghai-listed Xining Special Steel, based in Xining city in Northwest China's Qinghai province, aims to produce 1.65 million tonnes of crude steel and 1.5 million tonnes of finished steel this year, according to the company's 2017 annual report released on April 10.
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China will impose 25% tariffs on $50 billion worth of imported goods from the US such as aircraft, China's Ministry of Commerce (MoC) announced late on April 4. The move was Beijing's response to the announcement of the United States Trade Representative (USTR) the previous day that Washington intends to apply tariffs of 25% to some 1,300 Chinese industrial products.
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Shanxi Taigang Stainless Steel Co, a top stainless producer in China, has decided to slash its list price for 300- and 400-series cold-rolled stainless steel products by Yuan 200/tonne ($32/t) for April sales on noting the remaining lukewarm domestic stainless market, a company official confirmed on April 3.
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Lianyungang Huale Alloy Company, located in Lianyungang city in East China's Jiangsu province, expects to commission the first of two 6-stand cold rolling mills for stainless by June and complete the second during the first half year of 2019, a company official confirmed on Monday.
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China's stainless steel exports surged by 30.7% or 15,700 tonnes on year to 667,000 tonnes in the first two months this year, according to a post by the Stainless Steel Council of China Special Steel Enterprises Association (CSSC) quoting China Customs data on April 2.
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China's Ministry of Finance announced on Monday that China will suspend tariff reductions and impose duties of up to 25% on 128 goods imported from the US to balance the losses to its economy Beijing claims will result from Washington's tariff hike on steel and aluminum.
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Hebei Iron & Steel Group (HBIS), a top steel producer in North China's Hebei province, will install new steel capacity in Tangshan city, Hebei, by shutting down facilities including all those at its Xuanhua Iron & Steel Co as planned, Mysteel understands from a Hebei provincial government notice on March 27.
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New guidelines issued by Shanxi Provincial Commission of Economy and Information Technology aimed at "transforming" Shanxi's steel industry and allow the replacement of old facilities with new will benefit Taiyuan Iron and Steel Group (TISCO), the province's largest stainless steel producer, a company official confirmed on March 28.
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China's Ministry of Commerce (MoC) Monday expressed concern at the decision of the European Commission to launch an investigation to determine whether safeguard measures need to be applied to protect the community's steelmakers from an increase in imports as a consequence of Washington's 25% tariff.
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Taiwan's Yieh Phui Enterprise Co, a maker of carbon steel flat products including pre-painted galvanized, has told the Taiwan Stock Exchange it plans to build a ferronickel smelter and stainless steel plant in Indonesia via its Indonesian subsidiary, PT. E-United Ferro Indonesia.
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Chinese financier Li Feiwen, the second largest shareholder in East China steel giant Jiangsu Shagang Co, has bought a near 8% share in Fangda Special Steel Technology Co, a maker of special steel springs, bars and other specialty longs chiefly for automotive applications and headquartered in Nanchang in Southeast China's Jiangxi Province.
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Beijing Jianlong Heavy Industry Group (Jianlong Group), China's second largest privately-owned steel enterprise and headquartered in Beijing, aims to host 50 million tonnes/year of steel capacity by 2022, including 10 million t/y of special steel capacity, Mysteel has learned. Currently the group's total capacity is 27.4 million t/y, according to its website.
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Hongkong-listed Da Ming International Holding will set up a steel processing and distribution joint venture with Japan's trading company Hanwa Co to better share resources, optimize operations, and upgrade technology, according to a release by Da Ming on March 19.
