CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
Global crude steel production for 64 countries is reported at 175 million tonnes in May 2021. It is noteworthy that this amount of production has increased by about 16.5% compared to May 2020. Iran is also mentioned in this report as the tenth steel producer. Iran is likely to continue this trend with growth, as it did in 2020.
Hot-rolled coil prices across China’s domestic market continued to move lower on Tuesday June 22, while futures prices extended their decline, sources said.
Iron ore prices rose on Tuesday June 22, and there was market chatter about the potential resumption of blast furnace operations and the easing of emissions restrictions in Tangshan, sources told Fastmarkets.
In recent days, the Chinese government has decided to orderly control the price of iron ore and coal in its domestic market. The Chinese policymaker argues that prices have risen irrationally, but the reality seems to be something beyond that. Despite the reduction in prices, this has reduced the profit margins of steelmakers and led to a relative recession in the market.
Mr Xu Kuangdi, the former president of the Chinese Academy of Engineering, said at a symposium on Monday June 21 that using scrap in steelmaking would be an “effective and realistic” way for China to achieve carbon neutrality in the steel sector and it should be “strongly encouraged” nationwide, sources said.