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After a round of sharp declines in June, Chinese steel prices stand a chance of recovering this month, despite some downward pressure on multiple fronts, Wang Jianhua, Mysteel's chief analyst, suggests in his monthly market outlook.
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China's daily crude steel output for the last ten days of June fell by a significant 4% from the prior ten days to average 2.82 million tonnes/day, the lowest since mid-April, Mysteel estimated, based on its regular survey among 247 blast-furnace and 85 electric-arc-furnace steel mills nationwide.
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On July 1, the most-traded iron ore contract for September delivery on the Dalian Commodity Exchange slumped further, closing the daytime session at Yuan 747.5/dmt ($111.6/dmt), down notably by Yuan 55/dmt or 6.9% from the settlement price on June 30.
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Shagang Group, China's largest privately-owned steel producer and headquartered in East China's Jiangsu province, is cutting another Yuan 250/tonne ($37.3/t) off its rebar list prices for sales over July 1-10, the company announced on July 1. The cut follows Shagang's Yuan 300/t reduction for the previous ten-day sales period, as Mysteel Global reported.
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Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China's two core stainless trading hubs, continued declining for an eighth week over June 24-30 to reach 655,266 tonnes, according to Mysteel's latest weekly survey. The on-week fall had slowed to 0.2% however, as against the previous week's 6.2% drop, the data show.
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As of June 30, among 247 steelmakers nationwide, blast furnace (BF) capability utilization rate registered at 87.61%, 1.37 percentage points lower on week. The operating rate among these steel plants reached 80.79%, 1.13 percentage points lower on week. The daily molten iron output among the mills also decreased by 36,900 tonnes/day over the period to 2.36 million t/d.
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As of June 30, 55 of the 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 38,510 cu m, thus, are not producing during the survey period, and the capacity utilization rate among the total is at
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China's heavy-duty trucks sales volume may post an on-year decline of 66% in June, mainly due to the impact of COVID-19, mounting stocks at traders and high oil prices, according to the preliminary study released by the Beijing-headquartered Commercial Vehicle World (CVWorld) on June 30.
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For May, Japan's imports of carbon steel finished products had risen by a large 23% on month to 343,794 tonnes, according to the new data released by Japan Iron & Steel Federation (JISF) on June 30. A JISF official commented that the rise is believed to be just temporary because no demand recovery is seen among Japanese manufacturers.
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For May, Japan's exports of carbon steel finished products had risen for the third month by 11.8% on year to about 2 million tonnes, according to the latest data released by Japan Iron & Steel Federation (JISF) on June 30. Japanese mills were believed to have allocated more for exports in response to softened domestic demand, sources shared.
