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SteelMint's pellet export index (FOB east coast India) increased around $5/t this week. Index stood at $141/t on 2nd Dec'20. Indian major pellet makers have not been offering material for exports since past few weeks, considering higher realizations in domestic market. Demand from China remained firm due to less availability of Indian cargoes.
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Though weakening sentiment made for lackluster trading, China’s imported iron ore market on December 3 saw prices for both port inventories and seaborne cargos make further gains.
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Prices of the steelmaking raw materials including iron ore, coke and steel scrap have been performing strongly, soaring their respective multi-year highs in China recently, paying little attention to the stalling domestic steel prices, and this may continue in the foreseeable future too, according to Chinese market sources.
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Inventories of the five major steel items held by Chinese traders decreased for the eighth successive week over November 27-December 3, slipping by another 626,700 tonnes on week, according to Mysteel’s latest survey. But the decline narrowed further from the on-week fall of 742,300 tonnes over the prior survey period, as long steel demand in northern areas weakened while orders for flat steel still performed well.
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Stocks of imported iron ore sintering fines at China’s 64 steel mills under Mysteel’s regular survey continued to increase over November 19-December 2, rising by another 172,300 tonnes or 1% over the fortnight, even though daily consumption had edged up over the same period.
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Vale, the world’s top iron ore miner, targets to produce 315-335 million tonnes of iron ore in 2021, or higher from the estimated 300-305 million tonnes for 2020, which will be mainly from the higher run-rate of the iron ore operations, according to its “Vale Day 2020” sharing on December 2.
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Stainless steel consumption in China is expected to reach 25.5 million tonnes this year, higher by 1 million tonnes or 4.2% on year despite the impact of COVID-19, and by 2025 the country’s stainless consumption will exceed 35 million tonnes, according to Liu Yanping, secretary general of Stainless Steel Council of China Special Steel Enterprises Association (CSSC).
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Edited by Ye Li, liye@mysteel.com
Disclaimer: The data is provided only for market reference. Mysteel accepts no responsibilities for consequences caused by usage of the data.
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As of December 2, China’s rebar price in the spot market slid for the third consecutive day, although the daily trading volume moved up modestly, Mysteel Global understands.
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NMDC, India’s largest iron ore producer, can restart the 7mnt capacity Donimalai mine with the Central government’s official stamp of approval to a temporary levy or 'premium' of 22.5 per cent of an average sale price.
