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Transaction volumes of construction steel in China's physical market improved significantly this week, thanks to the active replenishment of end-users ahead of the country's coming National Day holiday over October 1-7, Mysteel Global learned.
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China's energy regulator National Energy Administration (NEA) has mapped out a plan to facilitate the high-quality development of energy infrastructures during the 14th Five-Year Plan period (2021-25) at a meeting held by the country's National Development and Reform Commission (NDRC) on September 26.
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On September 27, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment recovered by Yuan 26/tonne ($3.6/t) from the prior day to Yuan 4,148/t including the 13% VAT, while spot sales of construction steel soared to reach the highest so far this year.
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China's Ministry of Industry and Information Technology (MIIT), Ministry of Finance (MOF) and State Taxation Administration made a joint announcement on September 26 that new-energy vehicles (NEVs) purchased over January 1-December 31 2023 will be exempted from purchase taxes, to further support the development of the sector and boost automobile consumption.
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The total volume of iron ore dispatched to global destinations from 19 ports and 16 mining companies in Australia and Brazil under Mysteel's survey had risen for the second week by a large 2.9 million tonnes or 11.5% on week to hit a three-month high of 28.3 million tonnes over September 19-25, with higher shipping volumes from both countries.
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China's sizable industrial firms saw their gross profits decline by 2.1% on year to total Yuan 5.53 trillion ($772 billion) over January-August, as against the 1.1% on-year dip for the first seven months, according to the latest data released by the country's National Bureau of Statistics (NBS) on Tuesday morning.
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On September 27 2022, CSPT set fourth quarter copper concentrate spot TC guidance at USD 93/dmt. Guidance for the third quarter was USD 80/dmt. Mysteel clean concentrate TC was USD 84.3/dmt on September 26. Spot market demand continued to be weak in fourth quarter due to sufficient raw material inventory
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In August 2022, China copper plate/strip import was 7.6kt, decreasing by 0.5kt (6.29%) month on month. Main reasons for import decrease: (1) Import countries decreased from 26 in July to 24 in August. (2) Import from South Korea, Japan and Germany fell by 416t, 172t and 143t, respectively. August import
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China's steel scrap price index under Mysteel's assessment trended down during September 16-23, falling by Yuan 40.1/tonne ($5.6/t) on week to Yuan 3,127.5/t as of September 25, mainly due to the recent domestic steel price fluctuations and the increase in scrap stocks among domestic steelmakers, Mysteel's weekly survey found.
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China's prices of imported iron ore for both port inventories and seaborne cargoes fluctuated during September 19-23, but steelmaker-demand for ore has been firm and had improved further last week, according to market sources.
