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Mysteel’s PORTDEX 62% Fe Australian Iron Ore Fines dropped by Yuan 12/wmt ($1.8/wmt) on day to Yuan 898/wmt FOT Qingdao and including the 13% VAT on September 23, or hitting the low since August 3. On Wednesday, the SEADEX 62% Fe Australian Iron Ore Fines declined by $2.2/dmt on day to $114.5/dmt CFR Qingdao, hitting a low since last month.
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China has massively increased the tonnage of foreign metal scrap it will allow to enter the country under the latest import quota allocation, this year’s twelfth batch, according to the latest bulletin released by China Solid Waste and Chemicals Management, the country’s import window for ferrous and nonferrous scrap.
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China’s steel export prices weakened over September 14-18, their first decline since early May, as steel suppliers – especially traders – lowered their offers when domestic demand turned slack, Mysteel’s latest weekly survey has found. Export trading increased after the gap in prices between Chinese products and those of rivals closed, respondents said.
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We compared the seaborne iron ore benchmark price against the daily average price of Chinese rebar. Move your cursor over the chart below to see the historical data.
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China’s domestic coking plants are chasing quantities of metallurgical coal to buy to ensure smooth operations during the National Day holiday over October 1-8, with total met coal stocks at coking plants reaching a new high since the previous long holiday – the Chinese New Year break in late January. The healthy margin the coke makers are earning now must be the key driver, according to sources.
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The daily steel output among the member mills of the China Iron & Steel Association (CISA) reversed up slightly by 9,000 t/d or 0.4% in ten days over September 11-20 to 2.15 million tonnes/day on average, and it was 1.9% higher on year, according to the latest release by the association on September 22.
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Rio Tinto, the world’s second largest iron ore miner with core mining assets in Australia, has signed a Memorandum of Understanding (MoU) with the Dalian Port Company to build its first iron ore bonded blending operations at the port in Northeast China’s Liaoning province, according to the company’s sharing on Wechat on September 22.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel continued to weaken for the sixth working day on Tuesday, down another Yuan 12/tonne ($1.8/t) on day to Yuan 3,768/t including the 13% VAT as of September 22. Steel trade picked up slightly after the recent continuous price drops.
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Sarda Mines will have to stop operation immediately as per orders of the Ministry of Environment and Forest and Climate Change that finds its environment clearance invalid.
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Mysteel’s PORTDEX 62% Fe Australian Iron Ore index slid by Yuan 6/wmt ($0.9/wmt) on day to Yuan 910/wmt FOT Qingdao and including the 13% VAT on September 22 to reach a 1.5-month low. On Tuesday, the SEADEX 62% Fe Australian Iron Ore price declined by $2.85/dmt on day to also reach a 1.5-month low, settling at $116.7/dmt CFR Qingdao.
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Scrap prices generally weakened throughout Asia over the week of September 11-18, perhaps with the exception of Taiwan where landed scrap prices showed signs of strengthening, reflecting the keenness of Taiwan’s local buyers for stocking, according to Mysteel’s latest survey.
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Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to roll over its rebar list prices and buying price for locally-sourced scrap over September 21-25 to monitor scrap price trends in the global market, a company official told Mysteel Global on Tuesday.
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The price of seaborne premium low-volatile hard coking coal destined for China hit a five-month high of $138/t CFR North China as of September 18, or up sharply by $12/tonne on week, according to Mysteel’s assessment. Market sources cited growing demand in China as the main reason for the price spike.
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The total volume of iron ore dispatched to global destinations from the 19 ports and 16 mining companies in Australia and Brazil reversed down over September 14-20 after one-week gain, falling 8.8% or 2.3 million tonnes on week to 24 million tonnes, with both countries posting declines, according to Mysteel’s weekly tracking.
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Odisha government's notices have stirred three miners to respond stating they would start production soon.
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China’s national average price of HRB400 20mm dia rebar assessed by Mysteel, an indicator of China’s steel market dynamics, declined by another Yuan 15/tonne ($2.2/t) from last Friday to Yuan 3,780/t including the 13% VAT as of September 21. The price had softened for five working days in a row and market sentiment deteriorated as steel demand had remained weak.
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In August, after two months of gains in carbon steel sales volume, China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, saw the volume down 10.1% on month or 12.1% lower on year to 776,542 tonnes, according to the company’s latest release on September 21.
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Global ferrous scrap market sentiments turned bearish as no deep-sea scrap cargo bookings were reported by Turkish steel mills throughout the week. Imported scrap prices in India & Pakistan fall by around $10 w-o-w. Japanese scrap export trades slowed down as South Korean mill books Russian cargo.
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The Chinese spot price of 60% grade ferromolybdenum (FeMo) hovered at Yuan 95,000-96,000/tonne ($14,053-14,201/t) over September 14-18, remaining largely stable from the prior week at a 2.5-month high. Buying of FeMo was not active last week, yet procurement of molybdenum oxide increased, especially after the appreciation of the Yuan against the US dollar, according to Mysteel’s weekly survey.
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Prices for imported iron ore in China’s portside and seaborne cargo markets softened on September 21, with Mysteel’s PORTDEX 62% Fe Australian Fines index decreasing by Yuan 16/wmt ($2.4/wmt) from last Friday to Yuan 916/wmt FOT Qingdao and including the 13% VAT. On the same day, the SEADEX 62% Fe Australian Fines price also dipped by $5.1/dmt on day to $119.55/dmt CFR Qingdao.
