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
The global coke trade has been well received in recent days. Global demand for coal is still strong and supply remains limited. Delayed sales can be attractive to markets in the current situation.
The production rate of crude steel, final steel and base metals in the first 10 days of August decreased by about 9% compared to the same month last year. This is a decision planned by the World Iron and Steel Association of China. The Chinese steel market is expected to continue to gain momentum in August.
In July 1400, compared to June, billet and bloom production decreased by 42%, rebar production by 53%, sponge iron production by 42% and hot sheet production by 22%. The amount of hot plate production in the first 4 months of this year was 2 million 759 thousand tons, which shows a decrease of 10% compared to the same period last year.
Extended waiting times and bottlenecks at major Chinese ports have resulted in lower demand for imports of steel billet and higher freight costs for such shipments this week, sources told Fastmarkets on Friday August 13.