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Chinese spot prices of 304-grade stainless steel under Mysteel's survey fluctuated within a high range over October 18-22, with prices moving generally in line with those of stainless steel futures on the Shanghai Futures Exchange (SHFE), market sources said.
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Beijing's intention to introduce property tax in some pioneer cities after years of mulling, may not show any notable impact on the domestic steel demand immediately as details have remained unclear, but it will be definite and lasting in the long run, according to Chinese steel market sources, confirming that they have been closely monitoring the development.
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In September, the 64 countries worldwide under the monthly survey of the World Steel Association (WSA) saw their total steel output fall faster by 8.9% on year to 144.4 million tonnes, as against the 1.4% on-year fall in August, according to the latest statistics released by the association on October 26, mainly due to the continuing reduction in steel production from China, the world's No.1 steelmaking country.
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China's State Council has released an action plan on how to realize carbon emission peak by 2030 to public on October 26, listing out the key tasks such as further reducing energy intensity in per unit of gross domestic product (GDP), increasing the proportion of non-fossil energy in consumption, and promoting clean energy and recycling in the country's heavy industries including steelmaking and non-ferrous metals smelting.
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In September, domestic sales of stainless flats including hot-rolled (HR) and cold-rolled (CR) coils and sheets by Japan's 32 coil centers rose 7.6% on month to 55,045 tonnes, according to the data released by the Japan Stainless Coil Centers Association (JSCA) on October 27, reflecting the overall firm demand from domestic end-users.
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On October 26, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment declined to a new low since September 10, or down for the 12th working day by another Yuan 23/tonne ($3.6/t), though spot sales of construction steel including rebar had been seesawing, reversing up 26.9% on day, indiciating the fluctuation in steel consumption and market sentiment swings.
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Imported scrap offers to Vietnam continued with their uptrend on increased demand from end-users in both the domestic and overseas markets. Scrap buyers sustained their inquiries for imported scrap despite high offers. On the other hand, increased freight rates and container availability kept global scrap prices high.
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South Korean steel giant POSCO announced its quarterly results for this quarter ending on Sept'21 (Jul-Sept) results today. The company posted a marginal q-o-q increase in crude steel production while steel sales for the quarter remained largely stable q-o-q.
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Chinese steel export activity remains generally dull, but opportunities gradually emerged last week with the lowering of offer prices among Chinese exporters against the pickup in overseas prices, market sources noted.
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On October 25, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment headed south for the 11th working day, or down another Yuan 51/tonne ($8/t) from last Friday, and spot sales of construction steel including rebar reversed from a strong recovery of 41.5% last Friday, losing 5.2%, suggesting that China's domestic steel demand would not improve much in the last few days of October.
