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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, 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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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.
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The pace in China’s production of crude stainless steel growth ebbed over January-June from the 36.4% on year for Q1, though still up substantially by 20.8% on year to 16.2 million tonnes, thanks to the firm demand at home and abroad with the steady recovery in global economies, the Stainless Steel Council of China Special Steel Enterprises Association (CSSC) shared in its release on July 27.
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China’s stainless steel industry will experience transformation throughout its whole supply chain in the coming years, all triggered by Beijing’s commitment to reducing carbon footprints, Yang Bo, chief analyst of Xiamen Xiangyu Group Corp (XMXYG Corp), shared in Shanghai at the stainless steel seminar of the 5th China Steel Derivatives International Conference 2021 on July 27.
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On July 27, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment gained for the third working day by Yuan 14/tonne ($2.2/t) on day, still reacting to the growing market optimism on wide-range production curbs in China now that more provinces have reportedly issued restrictive measures, while spot sales of construction steel fell for the third working day by 19.3% on day.
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China’s shipbuilders saw their profits slump by a huge 40% on year to reach Yuan 1.02 billion ($157.5 million) over January-May, despite the recovery of the global shipping market, according to a release from the China Association of National Shipbuilding Industry (CANSI) on July 26. High production costs were blamed.
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China’s steel export prices continued to rise last week despite the decrease in new orders from overseas buyers, Mysteel’s latest weekly report showed. The uptick reflected mounting concerns that China may impose new taxes on steel exports in the near term, respondents said.
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Liu Youbin, spokesperson for China’s Ministry of Ecology and Environment (MEE) reiterated at a press conference on July 26 that producers from the other carbon-emitting industries including steelmaking, cement and other construction materials will join the country’s power houses in nationwide carbon emission quota trading once the conditions are met.
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Toyota Motor, Japan’s largest auto maker, has informed its auto parts suppliers that the company has adjusted its vehicle output plan lower for August and September by 10,000 units/month from its initial plan made a month ago, according to market sources in Tokyo and Nagoya in central Japan. The auto giant citing delays in receiving critical components.
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For the first half of 2021, China’s sizable industrial firms saw their gross profits surge by 66.9% on year or 45.5% higher than the corresponding period of 2019, according to the latest release by the country’s National Bureau of Statistics (NBS) on July 27, reflecting the strong recovery in demand and their overall performance, and bulk commodities sectors did post higher gains.
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In June, Japan’s domestic sales of stainless flats including hot-rolled (HR) and cold-rolled (CR) coils and sheets from Japan’s 32 coil centers rose 18.6% on month, according to the data released by the Japan Stainless Coil Centers Association (JSCA) on July 26, which was probably due to the improvement in spot demand, according to market sources.
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On July 26, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment strengthened for the second working day, or up substantially by Yuan 66/tonne ($10.2/t) from last Friday, mainly to reflect the growing market optimism with anticipated less output, while spot sales of construction steel including rebar eased for the second working day by 2.8% from last Friday in the off season.
