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Australian iron ore shipments to worldwide refreshed its nine-month low, hitting 11.8 million tonnes as of January 19 after another decline by 529,000 tonnes or 4.3% on week, as Rio Tinto suspended operations at its two ports for a total of four days because of Cyclone Claudia, according to Mysteel’s latest survey released on January 21.
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Imported coking coal stocks at the five Chinese ports under Mysteel’s weekly survey dropped again over January 10-16 by 410,000 tonnes or 7% to 5.3 million tonnes, a seven-month low, as the remaining buoyant coking coal demand from domestic steel mills and coke plants while few new coal shipments arrived at these ports.
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China’s national average benchmark price of the HRB 400 20mm dia rebar remained unchanged for the third working day at Yuan 3,834/tonne ($548/t) including the 13% VAT on January 20 amid the lukewarm market with the Chinese New Year (CNY) holiday to start on Friday.
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India pellet export has increased further by USD 1-2/MT and hit a five-month high. Current assessment of pellet exports stands at USD 120-122/MT against the last offer at USD 119-120/MT CFR China. As this pellet export figure was last seen in the mid of Aug’19. In a week Pellet export offers increased by USD 5-6/MT.
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Operational
performance
(i) Other copper comprises Pampa Norte, Olympic Dam and
Antamina.
(ii) Fiscal 2020 runs over July 2019-June 2020.
Source: BHP, released on January 21
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Chinese prices of imported iron ore increased on January 20, with Mysteel’s price index for 62% portside iron ore fines rising by a tiny Yuan 1/wmt ($0.15/wmt) from Sunday to reach Yuan 700/wmt FOT Qingdao including the 13% VAT. Sunday was a working day in China in lieu of the Chinese New Year (CNY) holiday commencing later this week. On Monday the 62% seaborne iron ore fines price index dipped but only by a small $0.25/dmt on day to reach $95.5/dmt CFR Qingdao.
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Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung, Central Taiwan, has decided to make further cuts to its rebar sales price and the procurement price for its locally-sourced scrap, clipping these by TWD 200/tonne ($6.7/t) respectively for the period over January 20-22 to reflect changes in the global scrap market, a company official told Mysteel Global on January 20.
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Stocks of iron ore concentrates at the 186 Chinese mining companies Mysteel surveys every fortnight reversed down to 3.79 million tonnes over January 3-16, a new low since October 10, mainly because most steelmakers in North China had replenished their holdings of concentrates for the Chinese New Year (CNY) holiday, according to Mysteel’s latest data release.
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An unloaded coal train operated by Aurizon, Australia’s largest rail freight operator, was derailed near Middlemount in Central Queensland of Northeast Australia at approximately 1pm on January 19 local time, an Aurizon spokesperson confirmed to Mysteel Global on January 20.
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China’s domestic steel scrap market remained generally stable over the week of January 13-17, with Mysteel’s steel scrap price index assessed at Yuan 2,584.1/t ($369.2/t) on delivery to steel plants and including the 13% VAT, nudging higher by a tiny Yuan 0.4/t, according to Mysteel’s database. The scarcity of market transactions with the approach of the Chinese New Year (CNY) holiday was the chief reason, Mysteel Global noted.
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Most Chinese steel mills had gradually completed their pre-holiday iron ore replenishment over the January 13-17 week, and now are actively dragging their port inventories from ports to their plants, according to market sources on Monday.
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Coke stocks at the 110 Chinese steel mills under Mysteel’s weekly survey piled up to about 5.1 million tonnes as of January 16, a new high since mid-April 2014, or up another 137,100 tonnes or 2.8% on week, chiefly because of the steady high coke arrivals at plants.
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Yancoal Australia produced 35.6 million tonnes of saleable coal (actual share) from its assets in Queensland and New South Wales in Australia for 2019, or 8% higher from 2018, according to the company’s quarterly report, thus having exceeded its target at 35 million tonnes for last year.
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Mysteel’s national HRB400 20mm dia rebar benchmark price and Mysteel’s Tangshan Q235 150mm square billet price, the two key indicators of China’s steel market dynamics, stayed unchanged at Yuan 3,834/tonne ($558.9/t) and Yuan 3,300/t EXW respectively including the 13% VAT on January 19.
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Indian Ferro Silicon prices have risen sharply in the northeastern region amid a shortage of Ferro Silicon. Most of the Ferro Silicon producers are overbooked for the month. Whereas, few producers in Guwahati are holding material as they expect the prices to rise further.
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China’s crude steel output did not reach the milestone of 1 billion tonnes last year, but it was really just a millimeter away, as the country’s steel production totaled 996 million tonnes for the whole 2019, or up 8.3% on year, according to the latest statistics from the National Bureau of Statistics (NBS). Or put another way, it was less than two days shy, given that last year’s production averaged 2.73 million tonnes/day.
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China’s iron ore prices gained on January 17, with Mysteel’s price index for portside 62% Fe Australian iron ore fines (PORTDEX 62% Fe Australian iron ore fines) reversing up by Yuan 6/wmt ($0.86/wmt) on day to reach Yuan 679/wmt FOT Qingdao including the 13% VAT. On the same day, Mysteel’s price index for seaborne 62% Fe Australian iron ore fines (SEADEX 62% Fe Australian iron ore fines) nudged up $0.5/dmt on day to $95.75/dmt CFR Qingdao.
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Brazilian miner Vale, the world’s top iron ore miner, has decided to suspend waste and tailings operations at its Esperança mine in Brumadinho, Minas Gerais state, Southeast Brazil, according to an official announcement released on its website on January 16 local time.
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China’s crude steel output totalled 996 million tonnes for full year 2019, representing a jump of 8.3% compared with the total for 2018 and hitting an all-time high, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on January 17.
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China’s production of raw coal for all uses increased by 4.2% on year to reach 3.7 billion tonnes in 2019, according to data from the country’s National Bureau of Statistics (NBS) published on January 17. Domestic coke output grew too, rising by 5.2% on year to reach 471.3 million tonnes, the NBS statistics show.
