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Daily iron ore concentrates output at the 186 Chinese mining companies under Mysteel’s regular survey dip to a new record low since January 2018 when Mysteel commenced the survey, hitting 432,800 tonnes/day over February 7-20, as some large-scale independent miners in North and Northeast China have suspended operations because of Novel Coronavirus Pneumonia (NCP), Mysteel Global learnt.
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As per bulk vessel line up data maintained with SteelMint, South African iron ore export shipments in Jan’20 witnessed 5% up to 6.33 MnT, against 6.04 MnT in Dec’19.
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Iron Ore Stocks at
Major Ports in Australia and Brazil - Satellite Data
(unit: '000
tonnes)
Source: Mysteel & CRESDA
* The data updated on January 24 instead of January 27 was due to the Chinese New Year holiday on January 24-February 2.
* The latest data update has been delayed to February 24 instead of
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Total stocks of iron ore pellet held by the 16 individual pelletizing plants across China surveyed by Mysteel last week were higher than their normal stock levels by an average of 200,000 tonnes, responses to Mysteel’s latest pellet-producer survey published on February 21 showed, an increase which respondents blamed on the severe restrictions placed on truck deliveries at a time when pellet makers were producing relatively normally. Throughout all of last year, the 16 pelletizing plants produced a total of 24.8 million tonnes of pellet, accounting for around 40% China’s pellet output.
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Vale’s cash cost for iron ore fines dipped another $0.8/tonne on quarter over October-December, mainly due to “the lower volumes and prices of third-party purchases and favorable foreign exchange effects”, it explained in its quarterly financial report released on December 20 Brazilian time.
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China’s imported iron ore prices in the port and seaborne markets increased further on February 21, with Mysteel’s PORTDEX 62% Fe Australian iron ore fines climbing Yuan 6/wmt ($0.9/wmt) on day to reach Yuan 679/wmt FOT Qingdao and including the 13% VAT. The same day, the SEADEX 62% Fe Australian iron ore fines index gained $0.85/dmt on day to reach $91.5/dmt CFR Qingdao.
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At present, less than 40% of Chinese graphite electrode manufacturers have resumed operations, with the majority of firms continuing to postpone reopening, citing weak demand and transportation disruptions resulting from government efforts to control the Novel Coronavirus Pneumonia (NCP) outbreak, market sources shared on February 20.
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As China’s fight against Novel Coronavirus Pneumonia (NCP) continues to show encouraging signs of progress of late, more Chinese enterprises have been resuming operations after this year’s extended Chinese New Year holiday break. Several provinces have reported that over 70% of the industrial enterprises they host have restarted work, Mysteel learnt from announcements of local authorities on February 19.
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Capacity utilization rate at the 230 Chinese independent coking plants under Mysteel’s weekly survey recovered by 2.2 percentage points on week to 62.3% as of February 20, as the improvement in coal supply and transportation despite the ongoing battle against the Novel Coronavirus Pneumonia (NCP) enabled some coke makers to produce more over February 14-20.
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The blast furnace capacity utilization rate among 247 Chinese steel plants under Mysteel’s weekly survey refreshed its four-month low as of February 20, hitting 73.9% after having fallen for the third week over February 14-20, as China’s steel demand stayed sluggish amid the ongoing battle against the Novel Coronavirus Pneumonia (NCP) outbreak.
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Stocks of imported iron ore at China’s 45 major ports under Mysteel’s weekly survey dipped by another 747,300 tonnes or 0.6% on week to 123.9 million tonnes as of February 20, mainly as the continuing recovery in daily discharge at some of these ports over February 14-20.
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China’s 81 property enterprises have filed for bankruptcy since the start of 2020, according to the official data from the People’s Court Announcement, as their promotional efforts including discounts have been futile in selling off their housing stocks so far when people dare not even step out of the door most of the time since the nationwide outbreak of Novel Coronavirus Pneumonia (NCP) in latest January.
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ArcelorMittal Nippon Steel - an integrated steelmaker with steelmaking capacity of 10 MnT p.a. recorded rise in iron ore sourcing for the month of Jan’20 at 1.22 MnT, up 7% as against 1.14 MnT in Dec’19.
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Mysteel’s national average HRB400 20mm dia rebar benchmark continued to soften on Thursday to refresh its 33-month low to Yuan 3,668/tonne ($524/t) but trading improved significantly thanks to the gradual recovery of downstream demand.
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Indian Ferro Chrome prices came down marginally W-o-W amid intense selling pressure on the absent export market. Ferro Chrome Smelters have had to allocate more quantity in the domestic market which has created a situation of oversupply in the domestic market. Producers reported that the buyers are inquiring for Ferro Chrome but asking the material at much lower prices.
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As of February 17, some 70.2% of Chinese mining coal capacity had resumed work, with 1,274 mines or 2.9 billion tonnes/year of capacity in operation, China Central Television reported Tuesday, based on data from the country’s National Energy Administration (NEA).
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Chinese steel scrap prices are likely to continuing softening in the near term, as scrap consumption among domestic steelmakers may continue to decline amid the slow recovery in finished steel demand, a market source said Thursday. Fewer deliveries of finished steel amid the Novel Coronavirus Pneumonia (NCP) outbreak have produced surges in both finished steel among steelmakers and in scrap inventories held by collectors and traders.
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Iron ore prices in China’s physical market strengthened for a second consecutive day on Thursday, with Mysteel’s 62% portside iron ore fines index increasing to Yuan 673/wmt ($95.9/wmt) FOT Qingdao and including the 13% VAT, adding another Yuan 18/wmt on day. The 62% seaborne iron ore fines index also soared $1.65/dmt on day to reach $90.65/dmt CFR Qingdao Thursday.
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The most-traded iron ore futures contract on China’s Dalian Commodity Exchange (DCE) for May 2020 closed the daytime trading session on Thursday at Yuan 667/dmt ($95.15/dmt), or up Yuan 27/dmt or by 4.2% from Wednesday’s settlement price. Crucially, during trading the offering price reached as high as Yuan 673.5/dmt, topping the level of Yuan 671/dmt reached on January 23, just prior to the start of the Chinese New Year holiday on January 24.
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China’s domestic steel prices may stabilize in the coming days with the gradual recovery in domestic demand, the China Iron & Steel Association (CISA) stated in its latest monthly report on February 19. More steel-consuming enterprises and construction sites may resume operations starting next week in response to the central government’s measures to facilitate progress, the association suggested.
