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China’ steel mills and traders have renewed their interest in exporting, lured by the far higher global steel prices that are more than sufficient to cover the difference now that Beijing has removed tax rebates on most of the commercial-grade steel exports since May 1, market sources shared on May 8, a make-up working day in China after the Labour Day holiday over May 1-5.
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In April, China’s crude stainless steel output retreated from the record high volume in March, down 3.7% on month to 2.89 million tonnes, Mysteel’s survey among the 32 domestic stainless mills showed, and the declines were mainly in 200- and 400-series.
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On May 8, a make-up workday in China after the Labour Day holiday, the country’s national HRB 400E 20mm rebar price soared Yuan 162/tonne ($25/t) to a new high since Mysteel commenced the assessment on March 3 2011, and spot sales of construction steel among the 237 traders under Mysteel’s tracking recovered 2.5% on day.
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China’s domestic steel prices have been on another round of climb-ups after the Labour Day holiday over May 1-5, all according to Mysteel’s assessments, as both domestic demand and market optimism had been lending support, and steelmaking raw material prices have been following closely behind, Mysteel Global noted.
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Note:
1. Starting January 32020, Mysteel has enlarged the number of the warehousesin Wuxi by fiveto track 90% of the spot stainless stocks in the city, up from the original 80%. The formal release of the new data has commenced on June 1.
2.Starting October 15 2020, Mysteel has enlarged the
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Daily crude steel output among the member mills of the China Iron & Steel Association (CISA) increased further by 3.3% or 75,534 tonnes/day in ten days to around 2.4 million t/d on average over April 21-30, according to the association’s release on May 7, confirming that the domestic steel mills had been in general ramping up their steel output to maximize the good days with high steel margins and robust demand.
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Total inventories of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, reversed up over April 30-May 6 after sliding for nine consecutive weeks, mainly due to the volume of new arrivals at traders’ warehouses and reduced consumption during the Labour Day holiday over May 1-5.
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Tata Steel sales have hit a record high at 17.31 mn t in FY ’21 on the back of strong recovery in demand from end-users in H2. The volumes are up by 2% in comparison with 16.97 mn t in the previous fiscal, SteelMint learned from the recent press release in BSE filing. However, the same remained largely stable at 4.67 mn t in Q4 FY ’21 compared with 4.65 mn t in Q3.
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China exported 25.7 million tonnes of finished steel over January-April, up 24.5% on year, and imports totalled 4.9 million tonnes over the same period, up 16.9% on year, the latest statistics from China’s General Administration of Customs (GACC) published on May 7 showed, with the growth rates largely the same as during first quarter.
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China’s foreign trade value gained 28.5% on year over January-April to reach Yuan 11.62 trillion ($1.79 trillion), with exports up more substantially by 33.8% on year to Yuan 6.32 trillion and imports up 22.7% on year to Yuan 5.3 trillion, according to the latest data from the country’s General Administration of Customs (GACC) announced on May 7.
