DeBeurs.nl

voda 20 augustus 2021 08:34

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US manufacturing index dips in June
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According to data gathered by the Institute for Supply Management (ISM), economic activity in the US manufacturing sector fell in June from the prior month, Kallanish understands. The ISM's purchasing managers index (PMI) registered at 60.6 points in June, with declining levels for orders, employment, and backlogs from the prior month.

However, despite the overall decline in activity for the manufacturing industry, both the fabricated metal products and primary metals sectors experienced moderate growth in imports. Additionally, the fabricated metal products sector experienced rising exports during the month.

“Demand continues to be strong, and customer-ordering patterns are shifting to include long-term demand. Customers are now placing orders for fourth quarter 2021 and first quarter 2022 due to global supply chain issues," says a survey respondent in regards to the fabricated metal products sector.

In June, all 18 manufacturing sectors reported rising commodity prices during the month. Of the 18 sectors, primary metals experienced the fifth largest increase in commodity pricing while the fabricated metals sector experienced the tenth largest increase in pricing out of all sectors.

“We continue to be oversold, based on what we are currently capable of producing. Lack of labour is killing us,” adds a respondent in regards to the primary metals sector.

Zach Johnson USA

voda 20 augustus 2021 08:35

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US amends scope ruling for Chinese steel nails
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The US Department of Commerce is amending its scope ruling for Chinese steel nails following an inharmonious ruling made by the US Court of International Trade, Kallanish reports.

According to a notice published by the International Trade Administration, Commerce is amending its final scope ruling for Chinese steel nails to find that California-based Simpson Strong-Tie Company's crimp drive anchors are not covered under its duty order on Chinese steel nails.

In March 2018, Commerce determined that Simpson's crimp drive anchors were within the scope of its anti-dumping duty order on Chinese steel nails. However, following an appeal made by Simpson, the US Court of International Trade remanded Commerce's determination. As a result, Commerce issued its final redetermination in February 2021 in which the department found that Simpson's crimp drive anchors were outside the duty's scope.

Zach Johnson USA

voda 20 augustus 2021 12:48

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Shaanxi coking companies limit production for National Games
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The 14th National Games of China opened in Xi'an city in Shaanxi province this week. Coking companies in the province were required to implement production restrictions from 20 August to 30 September to ensure air quality.

Kallanish notes from market investigations that among the six independent coking companies in Shaanxi, only two of them are already facing long-term restrictions, with a total capacity of 4.6 million tonnes/year. These need to reduce their production by another 10%. The remaining companies with 7.1m t/y capacity need to reduce their production by 40%-65%. In addition, coking companies in Hancheng city in Shaanxi need to cut their production ratio to 30%.

The additonal restricitons puts more pressure on already tight coke supply. This week, a fifth round of coke price increases added CNY 120/t ($18.45/t) to coke costs, and some steel mills in Hebei have already accepted the increase.

By Kallanish Team

voda 20 augustus 2021 12:49

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China's steel exports face adjustments
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The Chinese steel export sector faced the prospect of new restrictive policies last week, follwoing the year-on-year surge in Chinese steel export volumes earlier in the year, Kallanish notes.

Although the Chinese government has cancelled export subsidies for some steel products since May to curb exports, customs data still shows that China's steel exports from January to July were 43.05 million tonnes, an increase of 30.9% year-on-year.

On Thursday, the China Iron & Steel Association (CISA) issued the "Iron and Steel Industry Export Self-Discipline Proposal." The document recommends that Chinese steel mills consciously control their total export volume, so as to ensure the internal circulation of supply and demand, and to reduce energy and resource consumption. This recommendation places the steel sector firmly in the first, domestic circulation of the 'dual circulation' economic framework. At the same time, steel mills need to reduce the export of ordinary products and promote the export of high-end products. In addition, CISA requires steel companies to strengthen the management of sales and take measures to restrict the re-export of steel meant for domestic trade.

Earlier this week, CISA also published a "Notice on Soliciting Proposals for Import and Export Tariff Adjustments of Steel Products in 2022" to seek suggestions from steel companies on tariff changes. A researcher at Haitong Futures says, ''The abolition of the export tax rebate for steel products is considered to be an encouragement to promote China's steel to continue to reduce exports and turn to domestic demand, which is related to the steel industry's production cuts and other decisions.'' He also believes these measures are part of a long-run strategy and are connected to goals such as carbon neutrality (see Kallanish passim).

By Kallanish Team

voda 20 augustus 2021 14:01

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Saudi Arabian Pipes revenue surges in H1
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Riyadh-based Arabian Pipes Co. (APC) saw revenue inch down 4% on-quarter in the second quarter to SAR 124,1 million ($33.1m). However, a net loss of SAR 13.1m was recorded, versus a net profit of SAR 1m in Q1. The rapid decline in profits relativ to revenue was due in part to an increase in inventory provisions of SAR 11.3 m by the company, according to a borse filing seen by Kallanish.

The company managed to increase revenue sharply in the first half of 2021, by 126% to SAR 253.4m on-year from SAR 111.8m in H1 2020. The firm reduced by 66% on-year its net loss in H1 to SAR 12.1m from a year-earlier loss of SAR 35.7.

The improvd half-year performance was a result of the delivery of orders to customers which had been delayed in previous periods due to the Covid pandemic, the company explained.

APC owns and operates two mills, one in Riyadh with a 160,000 tonnes/year capacity of ERW pipe and the second in Jubail with a 300,000 t/y capacity of LSAW pipe. The company has a threading line for casing pipe and a coating facility and slitting line for steel coil. Besides domestic sales, it exports to other Gulf Cooperation Council countries and the wider Middle East and North Africa region (see Kallanish passim).

Burak Odabasi Turkey

voda 20 augustus 2021 14:02

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Guangxi Xinheli receives reorganisation approval
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The People’s Court of Qinbei District in Qinzhou city has ruled that Guangxi Xinheli Metallurgy will undergo bankruptcy and reorganisation, Kallanish notes.

The company was formed by the local administration in 2009, and had to be bailed out in 2015 because of heavy debts. The business license of Yunnan Xinheli, its largest shareholder and controller, has already been revoked.

The company had two 450m³ blast furnaces producing ferromanganese, and two 25,000 KiloVolt-Ampere (KVA) submerged arc furnaces that produce nickel-chromium-iron alloys. Annual revenue and tax payments reached CNY 10 billion ($1.54 billion) and CNY 400 million separately.

By Kallanish Team

voda 20 augustus 2021 14:03

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Jingye operates new galvalume mill
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China’s Jingye Group has completed trial production at its No.2 galvalume plant and put it into stable production, marking the completion of all production lines in its 1,450-millimetre cold rolling plant, Kallanish notes.

The mill mainly produces products in thickness of 0.3-2.5 millimeters and widths of 750-1,330mm, which could be used as colour-coating substrate, stamping parts and in various industries such as construction, agriculture and automobiles.

In order to extent products in the steel industry chain and promote the company’s upgrade and transformation, Jingye launched a coated flats project with 1.2 million tonnes/year of cold rolling capacity (see Kallanish passim). The enterprise uses self-produced hot rolled coils as upstream products for the plant.

By Kallanish Team

voda 20 augustus 2021 14:09

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Brazilian court rejects claims on Vale, BHP assets
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The Brazilian 2nd Business Court of Belo Horizonte has dismissed the Minas Gerais Public Prosecutor's Office (MPMG) petition for the seizure of assets owned by Vale and BHP to an amount corresponding to the debt of Samarco. The authority also denied the suspension of the miner`s judicial recovery plan (JR), Kallanish notes.

In the request submitted to the Court on 18 August, the Prosecutor`s Office accused Vale and BHP, the owners of Samarco, of a "fraudulent manoeuver" to protect themselves from the responsibility of paying for the damages caused by the Mariana dam accident, which left 19 dead in 2015. The MPMG also called for the suspension of the JR, given the risk that a future court decision will lose effectiveness after the reorganization plan is voted on.

"We must bear in mind the shock and harmful consequences that an extreme measure such as foreclosure can cause in the lives of companies and in the market itself, which is not limited to the mining sector, as they are companies with a strong presence in the main stock exchanges of the world,” said judge Adilon Cláver de Resende in the latest hearing.

The magistrate also denied the request for suspension of Samarco`s JR with the argument that would be an "extreme measure" with a strong impact on the miner and its creditors, workers and suppliers, as well as to the economy of the region it operates and that of the country itself.

Todor Kirkov Bulgaria

voda 20 augustus 2021 14:12

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Chinese rebar pulls out of slump
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Chinese rebar prices plummeted last week, but a recovery in market sentiment helped futures prices to rise on Friday, Kallanish notes.

In Shanghai on Friday afternoon, 20mm HRB400 rebar was trading at CNY 4,950-4,970/tonne ($761-764/t), down CNY 150/t from the week before. On the Shanghai Futures Exchange on Friday the January 2022 rebar contract closed CNY 83/t higher than Thursday at CNY 5,100/t, but CNY 382/t lower than last Friday.

From Monday to Thursday, Chinese rebar prices collapsed. Demand has remained weak and concerns about future demand persist. The sharp drop in iron ore prices caused buyers to lose confidence even further. Futures prices rebounded last Friday however, stimulating some purchases by traders. Market transactions were generally active on Friday, and some traders hoped for a slihgt rebound in prices in the coming week.

Some market research suggests that apparent consumption rebounded slightly overall last week, so the market expects that demand will be susstained in the coming week. After prices hit a bottom, market traders expected prices to rise under the support of a demand recovery, correcting the excessive decline in prices last week.

By Kallanish Team

voda 20 augustus 2021 15:31

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Vale, Ternium to develop low emissions steelmaking
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Brazilian Vale and Latin American steelmaker Ternium have signed a memorandum of understanding (MoU) with the proposal to develop solutions focused on reducing CO2 emissions, Kallanish notes.

The companies will jointly evaluate economic feasibility studies for the potential investment in a briquetting plant, as well as steel plants with a low carbon footprint, using iron ore direct-reduction technology.

This initiative will contribute Vale to achieve its commitment to reduce 15% of net Scope 3 emissions by 2035, the miner says. This is along with the company`s Scope 1 and 2 retrenchments by 33% by 2030 and its plan to achieve neutrality by 2050.

“This is an important milestone in our roadmap to provide low carbon solutions to the steel industry,” Vale’s executive officer, Eduardo Bartolomeo, comments. “We are making progress with our commitment to society and the Paris Agreement’s targets, supported by innovative technologies, a high-quality, world-class portfolio of iron ore, critical to the low-carbon transition.”

Bartolomeo`s counterpart in Ternium, Máximo Vedoya, confirmed that the MoU brings confidence that the steelmaker will comply with its decarbonization strategy to reduce its CO2 emission by 20% until 2030.

“Vale is a key supplier in our value chain, and they share our commitment to preserving the environment,” Ternium`s ceo adds.

Todor Kirkov Bulgaria

voda 20 augustus 2021 15:31

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Brazil’s steel production decelerates in July, outlook positive
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Brazilian steel production remained strong in July, Kallanish notes. Local steelmakers’ association Instituto Aço Brasil (IAB) has revised upward its apparent steel consumption forecast for 2021, supported by the steady market recovery. According to the estimate, Brazil`s ASC should improve by 24% compared to the IAB`s previous outlook to 26.6 million tonnes.

“The Brazilian steel sector is producing and supplying more steel to the domestic market than before the pandemic,” says IAB president Marco Polo de Mello Lopes. “Our market is fully supplied and request for a tax reduction for imported steel presented recently to the government is not justified.”

Brazil’s crude steel output was 3m tonnes in July, 2.1% less on-month but up 14.5% on-year. Year-to-date production was 22% higher on-year at 20.9mt.

July`s rolled products output were just 0.8% down compared to June but 35.4% more on-year at 2.24mt. Flat steel production accounted for 1.27mt, while long steel output was 972,000t. January-July rolled steel production amounted to 15.6mt, 32.6% higher over the first seven months in 2020.

In July, Brazilian mills produced 681,000t of semi-finished products, with slab representing 611,000t. This volume was down 14.9% over the previous month and also 12.1% less compared to July 2020. Year-to-date semis production amounted to 4.79mt, up just 0.2% on-year, with slabs making up 4.47mt.

According to IAB, July pig iron output reached 2.38mt, 0.1% more m-o-m and 18.6% higher over the same period in 2020. Seven-month production amounted to 16.3mt, 20.3% more on-year.

Brazil’s apparent steel consumption, meanwhile, rose 44.9% in January-July to almost 16.4mt. In July alone it was 5.1% lower compared to the previous month but 23.9% more on-year at 2.36mt.

Todor Kirkov Bulgaria

voda 20 augustus 2021 15:32

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Gerdau restructures Mexican unit
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Brazilian Gerdau's board has approved a corporate reorganisation for its Mexican unit, Kallanish learns from the company. The process involved its subsidiary Sidertúl, Aceros Corsa and Gerdau Corsa.

According to the steelmaker, the operation is part of the process of restructuring and simplification of the corporate structure in Mexico.

“The restructure included the merger of Sidertúl and Aceros Corsa by Gerdau Corsa, with the objective of strengthening its financial structure, with reductions in its leverage and financial expenses as well as centralise the main business activities, generating greater operational efficiency for the companies involved," Gerdau explains. This in addition to optimising internal processes, creating synergy in activities and economy of scale with the reduction of administrative, operational and tax costs, the steelmaker adds.

As a result of the merger, Gerdau will increase, indirectly, its interest in Gerdau Corsa from 70% to 75%, maintaining its shared control of the company with Grupo Córdova.

“The corporate reorganisation also will reinforce the commitment of both sides with respect to their operations in Mexico, an important and strategic market for their long-term vision,” Gerdau concludes.

The transaction is expected to be completed in the fourth quarter of 2021 and is subject to approval by shareholders and the Mexican antitrust agency, Comisión Federal de Competencia Económica – Cofece.

Todor Kirkov Bulgaria

voda 20 augustus 2021 15:32

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Spanish scrap prices fall as August ends
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The Spanish scrap market will end August with a new downward adjustment. Most of the local steel mills, meanwhile, have delayed their annual stoppages for programmed maintenance due to higher orders, Kallanish hears from local market sources.

Domestic scrap prices have fallen by nearly €10/tonne ($11.67/t). This was the second decrease since the beginning of this month.

“Prices could further slip in the next few days if the market follows the correction seen in the Turkish scrap market last week. If Turkish import prices remain lower, our market could see a new downward adjustment by some €10-15/t in the first week of September,” a market source says.

Another merchant says that it should be taken into account that scrap prices have been “good enough” during recent months, and this situation had lasted for longer than expected in Europe.

Auto bundle quality is at €520-525/t delivered in the domestic Spanish market, while new E8 quality is now offered at €445-450/t. Shredded E40 grade is at €425/t, while demolition and heavy demolition grades E3 and E1 are delivered at €400/t and €380/t respectively.

Todor Kirkov Bulgaria

voda 20 augustus 2021 15:33

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Interpipe increases pipe production, railway output falls
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Ukrainian pipemaker Interpipe increased pipe production in January-July to 317,100 tonnes, up by 18.5% on-year, Kallanish notes.

However, in July alone, the company produced 55,000t, down 1.3% compared to June.

Sales of pipe products since the beginning of the year increased by 11.3% on-year to 306,200t. In particular, shipments of seamless pipes increased by 21.4%, while welded fell 37.8%.

Sales of pipe products in July amounted to 48,800 against 59,200 in June.

The main sales markets were Europe with share 27%, North and South America with share 16% and the MENA region with share 25%.

However, Interpipe in January-July reduced the output of railway products by 15.9% on-year to 97,500t. In July alone it produced 15,500t, up by 10.4% compared to June.

Sales of railway products since the beginning of the year decreased by 19.4% on-year to 96,400t. In July alone shipments amounted to 13,200t, down by 15,6% on-month.

The main sales markets were CIS with share 43%, Europe with share 33%, Ukraine with share 10% and American market with share (6%).

Interpipe increased crude steel production in January-July to 537,000t, up by 19.9% on-year (see Kallanish passim). However, in July alone, the company produced 79,000t of steel, down from 90,500t in June.

Interpipe has been forced to leave the US pipe market after Washington announced the introduction of a 23.75% duty on Ukrainian line pipe. It also voiced its intention to introduce a 30.19% duty on Ukrainian oil and gas OCTG pipe, in addition to the current 25% customs duty.

Interpipe said previously it sees global demand for pipe growing this year, allowing it to more aggressively raise prices for new orders.

Early in the second quarter, the company managed to redirect the volume of wheel sales lost due to the Russian embargo on Ukraine to other regions like the US, CIS, Europe and India. The enterprise will continue to increase capacity for export markets. In 2021, it plans to complete the construction of an additional workshop for the production of wheelsets. It will also start construction of new facilities for the production of pipe with premium threaded connections for oil and gas production.

Svetoslav Abrossimov Bulgaria

voda 20 augustus 2021 15:33

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Metalloinvest supplies steel for gas pipeline construction
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Russian iron ore and steel producer Metalloinvest’s Ural Steel plant produced and shipped strip made of K52-D steel of increased cold resistance for the Russian Chelpipe company, part of TMK, the steelmaker says.

The consignment is intended for the construction of the Markovskoye oil and gas condensate field of the Irkutsk Oil Company in the city of Ust-Kut.

The delivery of high-cold-resistance strip with a volume of more than 6,000 tonnes was made in compliance with the requirements for impact strength KCV at a temperature of minus 60 ?elsius, Kallanish notes. The norm for impact toughness relative to the standard test temperature of strip of this strength class minus 20 Celsius was doubled.

Despite the stringent requirements for rolled metal, Ural Steel successfully coped with the task and ensured the supply of high-quality steel on time, the enterprise claims.

Metalloinvest raised iron ore output in the first half of the year, but decreased steel and pig iron production (see Kallanish passim). Crude steel production was down by 2.3% on-year in H1 to 2.48 million tonnes and hot metal output was down 8% to 1.16mt. Iron ore production increased by 1.2% on-year to 20.4mt. Pellet production remained flat on-year to 14.2mt.

Metalloinvest saw revenue surge 64.7% on-year in the first half to $5.06 billion, with net income more than tripling to $2.17 billion on higher demand and prices.

Svetoslav Abrossimov Bulgaria

voda 20 augustus 2021 15:34

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Mechel ships steel for Russian construction site
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Chelyabinsk Metallurgical Plant (ChMK), part of Mechel, has produced rolled metal products for the construction of workshops at the Shoybulaksky breeding plant in the Russian republic Mari El, the company says.

ChMK produced over 1,800 tonnes of reinforcement bars, beams, sheets, and shaped rolled metal, Kallanish notes. It was supplied to the facility by Mechel’s metal trading company Mechel-Service.

Shoibulaksky is one of the largest agricultural enterprises in the region - it is engaged in pig breeding, cattle feeding, grain growing, and compound feed production. It is a raw material base for the Yoshkar-Ola meat processing plant.

Earlier, Mechel-Service supplied 14,000t of rolled steel for he Ethylene-600 olefin complex in Nizhnekamsk, Tatarstan (see Kallanish passim). The company also delivered 40,000t of steel for the construction of large-scale offshore structures in the Murmansk and more than 3,000t of beams for the manufacture of metal structures for a large shopping and entertainment centre in the city of Yekaterinburg.

Mechel-Service posted a 10% on-year increase in shipments in the first half of 2021 to 797,000t. This year the company wants to increase its presence in the hardware, wire rope and beam markets.

Parent company Mechel saw first-quarter sales of long products fall 7% on-quarter and 13% on-year to 564,000t. Despite lower sales and output, revenue rose 10% on-quarter and 13% on-year to RUB 76.1 billion ($1.04 billion), while profitability rose to 24%.

Svetoslav Abrossimov Bulgaria

voda 20 augustus 2021 15:34

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VIZ-Stal increases efficiency with equipment upgrade
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Russia-based VIZ-Stal, part of NLMK, has equipped digital systems for measuring the thickness of rolled metal strip two units of the finishing section and one unit of the rolling section of the cold-rolling shop, the company says.

The introduction of new generation equipment will increase the level of quality control of transformer steel, since the uniformity of the metal thickness affects the magnetic properties, the enterprise claims.

Total investments is RUB 58 million ($800,000) for updating the thickness gauges. Two devices were installed on each unit.

The program for updating the fleet of thickness gauges has been operating at VIZ-Steel since 2018. It is planned to renew 100% of this equipment by 2023.

Earlier, the plant has put into operation a modernised line for heat treatment of transformer steel (see Kallanish passim). The design capacity of the line is 9,600 tonnes/year. Total investment amounted to RUB 342 million.

In July, NLMK chose Tenova to supply the equipment for VIZ-Stal, thereby advancing construction of its India-based grain-oriented electrical steel plant.

NLMK's Maharashta-based plant is due for commissioning in the first half of 2022. It has begun installation of metal structures, due for completion by end-2021.

The project aims to increase output of transformer steel in India, with NLMK supply from Russia currently having a 25% share of the market. The new $100-150m plant will have a nameplate capacity of 64,000 t/y of premium grain-oriented steel, produced by localising its final transformation stages by applying electrically insulated coating, straightening by annealing, cutting, and laser treatments.

NLMK's annual output of both grain-oriented and non-grain-oriented transformer steel totalled 526,000t in 2020, 2% up on-year.

Svetoslav Abrossimov Bulgaria

voda 20 augustus 2021 15:35

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Taiwan, LatAm demand keeps Turkish billet exports elevated
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Turkish semi-finished product exports, the vast majority of which were billet, more than doubled on-year in June to 105,084 tonnes, but fell slightly from the 2021-high in May, according to Turkish Statistical Institute (TUIK) data monitored by Kallanish.

HS code 720711 billet comprised 90,076t of exports, at an average price of $643/t versus $401/t in June 2020 and $599/t in May 2021.

Taiwan, Dominican Republic and Peru took in 44,982t, 23,998t and 16,015t respectively of HS code 720711 billet. Shipments to these countries a year earlier amounted to zero.

The trend of rare Turkish HS code 720712 slab exports in 2021 continued in June, with 14,779t shipped to France.

In January-June Turkish semis exports surged 49% on-year to 548,085t. HS code 720711 billet comprised 468,564t, with Peru overtaking Morocco as top market, followed by Tunisia in third.

Turkish rebar exports meanwhile rose 41.7% in June to 675,355t and by 35% in January-June to 3.62 million tonnes (see Kallanish passim).

Adam Smith Germany

voda 20 augustus 2021 15:35

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Vietnamese steel industry braces for harder times
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More strict Covid-19 curbs in southern Vietnam are expected to cause steel demand to dwindle even further, Kallanish notes. Residents in Ho Chi Minh City are barred from leaving their homes starting from 23 August for two weeks to counter rising infections.

“The market will worsen because of the stricter social distancing measures,” a Vietnamese trader says. “All companies are requested to close including supermarkets. The military will be responsible for distributing food and water for those in need,” another says. The lockdown imposed in the city will last till 15 September.

Steel mills are located outside the city so they can still operate, a mill manager says. “Only demand is now at bottom as many (construction and building) projects have stopped,” he says. Steel exports are undergoing some delays due to manpower shortages at Vietnamese ports. “We see delays especially for shipments which have to go through Cat Lai port in Ho Chi Minh City,” he says. Congestion at Vietnamese ports has reduced the supply of vessels available for delivery of steel overseas, a trader says.

The shutdown of businesses which started last month has caused local demand to spiral downards. “Nobody can sell anything in the local market,” a Vietnamese trader says. This has left Vietnamese mills turning to the export market in order to trim down burgeoning steel inventories, particularly for billet, rebar and wire rod.

Meanwhile, the Vietnamese hot rolled coil market is stagnant. Many HRC users have stopped making purchases because they are unable to sell their processed steel products in the local market. Russian and Indian SAE 1006 HRC offers remain at $880/t cfr Vietnam and $900-910/t cfr Vietnam.

The Vietnamese users are not even keen on buying local HRC from the two domestic mills. “Buyers forsee that the market trend will be slow next month, so no one dares to buy now,” another trader says. Demand for HRC in Ho Chi Minh City accounts for 60-70% of total Vietnamese demand, trading sources estimate.

Kallanish reduced its SAE 2-2.7mm thickness HRC assessment to $890-900/t cfr Ho Chi Minh City, down $10 on-week.

Anna Low Singapore

voda 20 augustus 2021 15:38

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Chinese HRC falls on market panic
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China’s poor real estate performance in July and the market panic spreading from collapsing iron ore prices dragged down Chinese hot rolled coil prices last week. Prices finally saw a limited rebound on Friday however, Kallanish notes. Exports were in lull as usual because of uncompetitive high price.

In Shanghai on Friday afternoon, 5.5x1,500mm Q235 HRC was traded at around CNY 5,660-5,690/tonne ($871-875/t), down CNY 155/t from the previous Friday. On the Shanghai Futures Exchange, January 2022 HRC futures were the most traded contract on Tuesday and closed CNY 69/t higher than Thursday and CNY 307/t lower than the previous Friday at CNY 5,458/t.

Transactions remained at low levels, while production was not slowing down fast enough to reduce the inventory burden on steel mills. End users chose to hold off buying as they expected continuous price decreases this week. Market participants are now worried that the turning point in demand will come later than previously expected.

Some Chinese steel mills have confirmed lower HRC export quotations. Offers of SS400 HRC given by steelmakers such as Benxi Iron & Steels fell to $1,000/t fob China, a drop of about $20-30/t from two weeks ago.

The most competitive SS400 HRC offers came to $989/t cfr Vietnam, however, “this is also useless cause bids for Indian offers of $910-915/t cfr are $900/t cfr, and it’s difficult for them to make a deal too,” a sources notes.

In terms of other markets in Asia such as South Korea, no bids could be received by Chinese steelmakers there either. “It is desperate now,” one exporter told Kallanish.

Kallanish assessed 2mm SAE1006 HRC at $925-935/t fob China on 20 August, a drop of $5/t compared to the previous week.

By Kallanish Team

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