China: Limited Trades Lower Finished Steel Export Volumes in Aug’19
As per the latest data released by Chinese customs, the nation’s finished steel exports stood at 5.006 MnT in Aug’19, lower by 10% in comparison to 5.57 MnT in Jul’19.
Bearish market sentiments owing to volatile futures in the domestic market along with thin trades kept the nation’s export volumes on the lower side. Also, the depreciation of RMB against USD remained a factor of consideration.
In addition to this USA’s announcement of a further 10% trade tariffs on USD 300 billion of Chinese imports also resulted in pessimistic sentiments in the nation’s export market.
Meanwhile, Chinese steelmakers majorly export HRC to Vietnam. However, end-users in Vietnam are procuring material from India over cheaper offers as compared to China.
Chinese HRC export offers fall on M-o-M basis- As per data maintained with SteelMint, the nation’s HRC export offers on an average basis stood around USD 495/MT FoB basis in Aug’19 which was USD 510/MT FoB basis in Jul’19.
Thus, these reasons can be attributed to lower HRC export volumes from China in Aug’19.
Whereas, on a yearly basis nation's finished steel export volumes tumbled by 15% in Aug’19 as compared to 5.875 MnT in Aug’18.
During the first eight months (Jan-Aug) CY'19 nation's finished steel export volumes were recorded at 44.98 MnT, witnessed marginal fall by 5% as compared to 47.215 MnT in the similar time frame of CY'18.
Chinese steel imports rise by 16% M-o-M in Aug’19- Nation’s finished steel imports stood at 0.974 MnT in Aug’19; up by 16% against 0.842 MnT in Jul’19.
On yearly premise nation’s imports fell by 8% in Aug’19 as against 1.06 MnT in Aug’18.
Meanwhile, during the first eight months (Jan-Aug) in CY’19, the imports reduced by 10% and stood at 7.64 MnT against 8.45 MnT in the similar period of the previous year.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
