China Ferrous Market Weekly Wrap Up - May 21, 2024
Mysteel Global
Latest updates on steel&iron ore, coke&coal, base metals, battery materials, energy&chemicals, decarbonization path.
WEEKLY: China imported iron ore prices to remain rangebound
Chinese prices for imported iron ore are expected to continue fluctuating for the foreseeable future, as fundamentals and sentiment are exerting opposite pressure on the market, industry sources observed.
As of May 17, Mysteel PORTDEX 62% Australian Fines in Qingdao stood at Yuan 895/wmt ($126.2/wmt) FOT and including the 13% VAT, higher by Yuan 12/wmt on week, while Mysteel SEADEX 62% Australian Fines also gained $1.1/dmt on week to reach 117.3/wmt CFR Qingdao.
WEEKLY: China's import coking coal prices edge lower further
Prices of imported coking coal in China for both seaborne cargoes and Mongolian coal delivered overland weakened further during May 13-17, with port traders paring their offering prices to attract buyers, Mysteel's weekly survey showed.
By May 17 for example, the price of Russian K4 coking coal in China under Mysteel's assessment had decreased by Yuan 70/tonne ($9.7/t) on week to Yuan 1,650/t, while during the same survey period, that of Russian Inagli fat coal had also declined by the same Yuan 70/t to Yuan 1,550/t, both on ex-warehouse basis at North China's Jingtang port and including the 13% VAT.
WEEKLY: China coke plants lift output as margins improve
The total volume of metallurgical coke produced by the 230 Chinese independent coking plants contributing to Mysteel's survey increased for the fifth consecutive week during May 9-15, rising by 5,500 tonnes/day on week to average of 531,900 t/d, the latest survey results show. Better margins on selling coke encouraged the coke makers to boost production further this week, according to survey respondents.
The steady growth in coke production was a result of the better profits being made by the coke makers, sources said. Mysteel's parallel survey conducted among a smaller sample of 30 merchant coke producers nationwide showed that as of May 16, the coke firms were making an average Yuan 102 ($14) margin on every tonne of met coke they sold, an increase of Yuan 18/tonne from the previous week.
WEEKLY: China's steel scrap prices soften, stocks rise
China's steel scrap prices moved downward overall during May 13-17 with steelmakers striving to cut their production costs, though scrap demand had continued picking up, Mysteel's latest survey showed.
As of May 17, the national steel scrap price index was assessed by Mysteel at Yuan 2,873.1/tonne ($405.1/t) including the 13% VAT, lower by Yuan 22.5/t on week.
WEEKLY SUMMARY: China's major steel prices recover, sentiment improves
领英推荐
China's prices of major steel products recovered in the second half of last week, as sentiment in domestic market turned upbeat with steady demand from downstream users and Beijing's new measures to stabilize the property market, Mysteel Global learned.
WEEKLY: China's rebar output recovers by 1.3%
Rebar production among the 137 Chinese steel mills under Mysteel's tracking climbed again by 1.3% or 29,700 tonnes on week to 2.34 million tonnes over May 9-15 after a brief dip in the prior week, according to the latest weekly survey. The uptick in output occurred mainly because some mills brought their furnaces back on stream amid the remaining profit margins, survey respondents said.
Rebar output during the latest survey period was still 12.4% lower than the corresponding period last year though, Mysteel's data showed.
WEEKLY: China's HRC output stays flat on week
Production of hot-rolled coils (HRC) among the 37 Chinese flat steel producers Mysteel regularly monitors remained largely stable at 3.25 million tonnes during May 13-17, inching down by just 4,600 tonnes or 0.14% on week, Mysteel's latest weekly production survey shows.
The hot-rolling capacity utilization rate among the 37 mills also?moved lower?by 0.12?percentage point?on week to?average?82.94%?last week, the survey found.
WEEKLY: Tangshan billet prices gain $6/t WoW
The price of Q235 150mm square billet in Tangshan in North China's Hebei province, the country's largest steel production hub, rebounded by Yuan 40/tonne ($5.5/t) on week to reach Yuan 3,500/t EXW and including the 13% VAT as of May 19, Mysteel's assessment showed.
Re-rollers in Tangshan saw their profit margins on finished steel sales improve last week, prompting many to lift their production which in turn required them to procure more feed materials than during the previous week, the results of Mysteel's weekly survey show.
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