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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, emptied by another 8,192 tonnes or 1.1% on week over May 13-19 to reach 751,715 tonnes, according to Mysteel's new survey.
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For March, Japan's core machinery orders from domestic users other than shipbuilders and power equipment makers increased 7.1% on month in value to Yen 869.5 billion ($6.8 billion), or the first on-month drop in three months, according to the release by the Japanese government's Cabinet Office on May 19.
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(Unit: '000 tonnes)
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Carbon dioxide capture, utilization, and storage (CCUS) have been identified as one of China's key applications to achieve China's carbon emission reduction goals. CCUS refers to capturing and purifying carbon dioxide from different emission sources (including the air) to realize a permanent reduction in emissions through conversion and utilization in the new sectors. A number of factors highlight the importance of CCUS in helping to reduce emissions: 1) it is the only technology pathway for the decarbonization of fossil fuels, 2) thermal power combined with CCUS can maintain the flexibility of power systems, 3) it can help the decarbonization of those energy-intensive and high-emission industries, such as steel and petrochemicals, and 4) Technologies combining CCUS with new energy to achieve negative emissions are important pillars for carbon neutrality.
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(unit: '000 tonnes)
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Kyoei Steel, Japan's largest rebar producer, has decided to keep its rebar base prices unchanged on month at Yen 120,000/tonne ($937/t) for June domestic sales, to give the market another month to digest the previous hikes, the company announced on May 19.
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On May 19, China's national price of HRB400E 20mm dia rebar dropped for the sixth working day, down by another Yuan 42/tonne ($6.2/t) on day to touch a 3.5-month low of Yuan 4,832/t including the 13% VAT, while spot sales of construction steel including rebar recovered by 32.5% on day after two days of declines, both according to Mysteel's assessments.
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The total global steel trade in 2021 touched 416 million tonnes (mnt), up 11% from 374 mnt seen in the previous calendar year, data collated by SteelMint reveals. However, this volume is still lower than the pre-Covid 2019 level of 435 mnt (worldsteel).
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Inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at the 184 Chinese steel mills under Mysteel's regular survey reversed down slightly by 0.2% on week over May 12-18 after the continuous rise over the prior three weeks, mainly thanks to increased deliveries to traders' warehouses and the decrease in mills' output.
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