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The capacity utilization rate of the 71 independent electric-arc-furnace (EAF) steelmakers across China under Mysteel’s regular survey decreased for a second week during June 18-24 to hit a three-month low of 69.32%, according to Mysteel’s latest survey. The recent plunge in finished steel prices is dragging down the profit margins of the EAF producers and prompting them to reduce production, sources said.
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Less supply and firm demand are keeping China’s port inventories of iron ore lumps low, Chinese market sources observed on Friday, adding that this is ensuring that lump prices remain strong.
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Daily coke production from China’s 230 independent coking plants under Mysteel’s weekly survey fell to a six-week low of 631,000 t/d on average over June 17-23, or down for the third week by 6,200 tonnes/day on week, as coking coal supplies had been tightening and environmental protection checks in North China intensified.
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As ofJune 24,63ofthe 126 blast furnaces in Tangshan region, North China’s Hebei province, under Mysteel’s weekly survey are either undergoing maintenance (excluding long-term production halts) or being idled.
Blast furnaces totaling 50,974cu m, thus,are not producing during the survey period, and the capacity utilization rate among the total is at 61.63%,
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Steel producers including integrated mills and re-rollers in Tangshan, North China’s Hebei province or over 100km away from Beijing, have been requested by the local authorities to observe stricter curbs on their operations over June 24-July 1 for the celebration of the 100th anniversary of the founding of the Communist Party of China, local market sources confirmed on June 25.
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As of June 24, among 247 steelmakers nationwide, blast furnace (BF) capability utilization rate registered at 91.17%, 0.5percentage point loweron week. The daily molten iron output among the steel plants also decreased by13,400tonnes/day over the period to 2.43million t/d. Among these steel works, 74.46% were making profits, 11.69 percentage points
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Blast furnace (BF) capacity utilization rate among China’s 247 steel mills nationwide under Mysteel’s regular survey eased for the third week over June 18-24, or down another 0.5 percentage point week to 91.17%, though still at a high level as most of steel mills kept high production with a few in the northern part of China having launched the routine maintenance on their facilities, market sources commented on Friday.
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Inventories of imported iron ore at China’s 45 major ports under Mysteel’s regular survey had recovered from a three-week decline over June 18-24, up 871,600 tonnes on week to 121.8 million tonnes as of June 24, as daily discharge volume fell, which outpaced the declines in new ore arrivals dipped at these ports.
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Additionally, Mysteel’s other survey on a bigger scale showed that the totalcoke outputof the 230 independent coking plants across Chinaaveraged631,000 tonnes/day over June 17-23, or having decreasedby 6,200t/d. Over the same period, coking capacity utilization rate of these plantsthat include only the operating coking ovens not the idled ones since
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China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment declined to an almost three-month low after eight working days of softening as of June 24, down another Yuan 5/tonne ($0.8/t) on day to Yuan 4,968/t including the 13% VAT, as the market sentiment stayed subdued on thinning spot trading.
