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
Despite all the shortcomings and challenges created by China in the steel supply chain, the central government has begun to demand a reduction in steel production, and China seems to be very serious about this. Elimination of Chinese steel export discounts In the current situation, it is unlikely to curb Chinese steel exports in the short term. Instead, it could even lead to a global increase in some steel products.
Eastern China rebar prices were flat on Friday August 6 on rising demand from trading houses, but the end user demand kept weak, causing a week-on-week decrease of 130-140 yuan per tonne.
Technical analysis of international iron ore shows that the market does not want to grow demand for iron ore. The tendency to buy imported high purity iron ore is not high and most low and medium purity is popular. In fact, when factories are looking for high-purity iron ore, they want to increase steel production while now they are reducing production.
According to the Iranian Steel Producers Association, the apparent consumption of steel is 6.4 million tons for semi-finished products, which shows a decrease of 1% compared to the same period last year. Rebar is the largest part of Iran's steel exports. During this quarter, Iran recorded 684,000 tons of exports in this area. The total volume of Iran's rebar exports has increased by 142% compared to the same period last year
Spot prices for imported hot-rolled coil in Vietnam were unchanged in the week to Friday August 6 amid persistent poor demand for imported Indian and Chinese material.
Turkish crude steel production has been impressive over the past year. According to the latest data from the World Steel Association, the production of crude steel by Turkish steel mills in the first half of the year amounted to 19.7 million tons, which was 20.2% more than in 2020, according to Argus. Turkey has shown that its market penetration strategy in the steel industry has worked.
Turkey's domestic hot-rolled coil prices were largely stable in the week to Friday August 6 despite limited trading activity, sources told Fastmarkets.