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Global iron ore production over the July-September quarter grew 19.5 million tonnes or 4% on quarter to 567 million tonnes, with the major contributors, unsurprisingly, being the top producers including Vale, Mysteel’s latest survey on the 62 mining companies in 15 countries showed.
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Chinese iron ore prices for port inventories and seaborne cargoes rose on November 15, thanks to the improved market sentiment, with Mysteel’s portside iron ore index climbing by another Yuan 13/wmt ($1.9/wmt) on day to reach Yuan 649/wmt FOT Qingdao and including the 13% VAT, while the 62% seaborne iron ore price picked up a tiny $0.9/dmt on day to make $84.6/dmt CFR Qingdao, Mysteel’s data shows.
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Chinese market sources interpreted the latest coal resource tax increase in North China’s Inner Mongolia, the country’s largest coal mining region, to 10% starting October 1 as the region’s endeavour to reduce heavy reliance on coal and to promote eco-friendly economy, and at the same time it is in line with Beijing’s national energy consumption evolution towards clean sources.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for January delivery jumped by Yuan 133/tonne ($19/t) on week to Yuan 3,545/t as of November 15.
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Total stocks of merchant coke at the 230 Chinese independent coke plants Mysteel monitors weekly increased for a fifth straight week over November 8-14, rising by another 15,700 tonnes or 1.1% on week to refresh its seven-month high of 1.48 million tonnes, Mysteel’s data published on Friday showed. The steady decline in coke sales and the continuous increase in coke output are responsible, Mysteel Global notes.
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Hongkong-listed Zijin Mining Group, one of China’s top gold and copper miners, plans a step-by-step rise in production of gold, copper, zinc and silver over 2020-2022, with compound annual growth of copper production to range from 21.9% to 26% over the next three years, according to the company’s official announcement released on November 13. (metal contained).
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Blast furnace capacity utilization among the 247 blast furnace steelmakers across China under Mysteel’s weekly survey recovered by 1.37 percentage points on week during November 8-14 to reach 78.76%, a seven-week high, according to Mysteel’s latest weekly survey released on November 15.
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Most Chinese steel mills are less interested in buying domestic iron ore concentrates these days, market sources said on Friday. Compared with imported iron ores, locally produced concentrates have lost their cost competitiveness, they said, with the result that during the week of October 31-November 13, steelmaker stocks of the concs had slipped to a 22-week low.
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Five major finished steel stocks at the Chinese traders in 35 major cities under Mysteel’s weekly survey fell a low since December 28 2018, reaching 8.3 million tonnes after having shrunk for the sixth straight week over November 8-14, or down another 6% on week, according to Mysteel’s weekly stocks survey.
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Imported iron ore stocks at China’s 45 major ports fell to a 1.5-month low of 123.7 million tonnes after having declined for the third week over November 8 -14 when the daily discharge approached its all-time high while new arrivals reversed down during the period, Mysteel's latest weekly survey release showed.
