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A total of 15 miners were confirmed dead in a gas explosion accident in the underground Ermugou coal mine on November 18 under the management of the privately-owned Shanxi Pingyao Fengyan Coal & Coke Group, according to an accident notice released by Pingyao county government in North China’s Shanxi province on November 19.
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Iron ore shipments from Australia and Brazil to global destinations rebounded by 1.33 million tonnes or 6% on week to 23.6 million tonnes over November 11-17, with the volumes from both Australia and Brazil reversing up over the period, according to Mysteel’s latest weekly survey.
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Mysteel’s composite price for China’s national coking coal market stayed unchanged at the 19-month low of Yuan 1,129.3/tonne ($161.1/t) over November 11-15, or the first week for the price to take a pause from the continuous declines since late August, according to the database.
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Global ferrous scrap market observed a stable or rising trend in almost all major markets this week. Japanese domestic offers are on a rise after 7 months on increase in Kanto tender’s winning bids, while high offers to South Asian markets kept buying activities slow.
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On November 18, China’s average price for HRB 400 20mm dia rebar refreshed its 3.5-month high, reaching Yuan 4,024/tonne ($575/t), and the Tangshan Q235 150mm square billet price also increased to its nearly three-month high of Yuan 3,420/t EXW, both up for the fifth day and including the 13% VAT, and the spot long steel trading stayed robust in a cold winter.
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SteelMint in conversation with market participants learned low-grade fines (Fe 57/58) export price up to around USD 54-57/MT, as against last week's assessment at USD 53-55/MT, CFR China.
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China’s steel mills continued to cut buying prices of domestic iron ore concentrates in nearly all major ore-producing regions over the November 11-15 week, as their interest in concentrates was low when prices of imported iron ore were comparatively cheaper. Mysteel’s latest weekly survey published last Friday showed that the steelmakers had clipped concs prices by Yuan 20-45/tonne ($2.9-6.4/t) on week.
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China’s National Development and Reform Commission (NDRC) has shed more light on a series of subtle and indirect economic stimulus efforts being pondered at its monthly press conference on November 15 in Beijing, and China’s steel market has sourced great support from these, as many of them relate to steel consumption.
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Chinese iron ore prices for port inventories and seaborne cargoes were generally steady on November 18, with Mysteel’s portside iron ore index climbing by another Yuan 2/wmt ($0.3/wmt) on day to reach Yuan 651/wmt FOT Qingdao and including the 13% VAT. Also on Monday, the price for 62% seaborne iron ore rose by a tiny $0.3/dmt on day to $84.9/dmt CFR Qingdao.
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China’s steel export prices finally showed signs of recovery over November 9-15 after hovering low for some time, mainly thanks to the trend of strengthening prices in the global market and to the increase in domestic prices, Mysteel Global has learned from the market.
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China’s pricing index for the 62% Australian iron ore fines for the seaborne market recovered $5.2/dmt on week to $84.6/dmt CFR Qingdao as of November 15, as domestic steel prices recovered over November 11-15 and the country’s ferrous market sentiment turned for the better, according to Mysteel’s latest market survey.
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The volumes of steaming and coking coal that China imports are expected to slow further in the weeks ahead as Customs clearance procedures for foreign coal are controlled at more ports nationwide, industry sources predicted on November 15.
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China’s domestic steel scrap market weakened over the week of November 11-15, with Mysteel’s steel scrap price index decreasing by Yuan 20.4/tonne ($2.9/t) on week to Yuan 2,582.2/t on delivery to steel plants and including the 13% VAT as of November 15. Prices have softened because scrap traders and collectors have hiked their delivery volumes to steel mills, with the result that mill stocks have risen, weakening prices.
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The state-owned unit- KIOCL has invited a tender for the sale of 100,000 DMT BF grade iron ore pellets in the overseas market and another tender for the sale of 100,000 DMT pellets in the domestic market.
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China’s prices of imported iron ore fluctuated over the past several days before reversing up slightly and bringing a temporary halt to the series of rapid falls. Market sources Friday attributed the uptick to improved domestic steel market sentiment and the gradual recovery in iron ore consumption among Chinese steel mills.
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Global iron ore production over the July-September quarter grew 19.5 million tonnes or 4% on quarter to 567 million tonnes, with the major contributors, unsurprisingly, being the top producers including Vale, Mysteel’s latest survey on the 62 mining companies in 15 countries showed.
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Chinese iron ore prices for port inventories and seaborne cargoes rose on November 15, thanks to the improved market sentiment, with Mysteel’s portside iron ore index climbing by another Yuan 13/wmt ($1.9/wmt) on day to reach Yuan 649/wmt FOT Qingdao and including the 13% VAT, while the 62% seaborne iron ore price picked up a tiny $0.9/dmt on day to make $84.6/dmt CFR Qingdao, Mysteel’s data shows.
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Chinese market sources interpreted the latest coal resource tax increase in North China’s Inner Mongolia, the country’s largest coal mining region, to 10% starting October 1 as the region’s endeavour to reduce heavy reliance on coal and to promote eco-friendly economy, and at the same time it is in line with Beijing’s national energy consumption evolution towards clean sources.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for January delivery jumped by Yuan 133/tonne ($19/t) on week to Yuan 3,545/t as of November 15.
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Total stocks of merchant coke at the 230 Chinese independent coke plants Mysteel monitors weekly increased for a fifth straight week over November 8-14, rising by another 15,700 tonnes or 1.1% on week to refresh its seven-month high of 1.48 million tonnes, Mysteel’s data published on Friday showed. The steady decline in coke sales and the continuous increase in coke output are responsible, Mysteel Global notes.
