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China’s crude steel production and apparent demand will reach record highs this year, according to Qi Xiangdong, vice-secretary general of the China Iron & Steel Association (Cisa).
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China will require more steel as a new round of economic growth begins, according to Chen Dongqi, vice director of macro-economy institute National Development and Reform Commission.
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Wuhan Iron & Steel Co. Ltd. (Wisco) has signed a definitive agreement to pay $400 million for a stake in Brazilian iron ore producer MMX Mineracao e Metalicos SA, and will build a 5-million-tonne-per-year steel mill near Rio de Janeiro, a Wisco executive said.
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Chinese steel demand will continue to be strong into 2010, Geoff Boyd, regional head of automotives and steel at Asian independent brokerage and investment group CLSA, said at Metal Bulletin’s 7th Steel Survival Strategies Europe conference.
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Chinese stainless steel producer Tsingshan Steel Pipe Co. Ltd. plans to start trial output next month at two new stainless pipe mills near Shanghai.
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China’s steel overcapacity and rising stocks will continue to weigh on prices, the China Iron and Steel Association (Cisa) warned as prices fell in October for the third consecutive month.
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China’s tungsten concentrate output fell 7.6 percent in October and is expected to continue to fall amid decreased demand, market participants said.
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China’s finished steel exports are expected to remain high in the fourth quarter after preliminary data showed that October’s exports had set a 2009 peak.
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Negative market sentiment pushed Chinese spot rebar and wire rod prices down another 40 to 50 yuan ($6 to $7.50) per tonne Thursday after the country’s central government renewed its commitment to cut overcapacity.
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China’s steel oversupply may worsen in the fourth quarter and into next year as the market weakens, according to the China Iron and Steel Association (Cisa).
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A string of leading Chinese steel executives has publicly acknowledged the problem of steel overcapacity in China in recent weeks, sparking questions on whether enough is being done to tackle the issue in the fourth quarter.
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China’s finished steel exports in September increased to their highest level so far this year, and Chinese traders are predicting further increases in October.
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China’s tinplate export bookings for the fourth quarter remain healthy, with demand picking up, market sources said.
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Ferrous scrap prices in China have firmed slightly thanks to short supply, according to market sources.
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Chinese steelmakers’ profitability has improved faster than those elsewhere, Kevin Fowkes, Integer Research Ltd.’s business manager of steel and ferroalloys, said.
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Brazil’s Vale has inked a deal with South Korean shipper STX Pan Ocean Co. Ltd. to transport 3 billion tonnes of iron ore to China over a 25-year period starting in 2011, an STX executive said.
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China’s steel price slide is gaining momentum as pessimism has thickened, market sources said.
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China’s steel export market continued to recover in August, with hot-rolled coil exports surging 87 percent and cold-rolled coil exports increasing 44 percent from July, according to Chinese Customs.
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Construction steel prices have taken a harder hit than flat products as steel tags in China continue to drift lower.
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The Chinese central government has again said it is revved up to clamp down on overcapacity, but continues to send mixed signals as steel production runs at all-time highs.
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Chinese oil country tubular goods (OCTG) producers say they are unconcerned with Canada’s decision to launch a dumping probe into imports of Chinese material.
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China’s coking coal imports climbed 7 percent to a fresh record high in July, but market participants say imports have probably passed their peak.
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Chinese H-beam exporters have cut their latest offers on the back of falling prices in the domestic market, mills and traders said.
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Falling iron ore spot prices may send the over-the-counter (OTC) swaps forward curve from backwardation to contango, brokers said.