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Steel products prices in China continued to move up in mid-Mar (Mar11-20). The average price of construction steel rebar (HRB 400, 20mm) at 25 major cities in China stood at 4,272.6 yuan/t, up 46.4 yuan/t or 1.1% from ten days earlier, NBS data showed.
Global crude steel production fell 1% YoY to 142 Mt in Feb, showed data from WSA. In Feb, the top ten crude steel producers were China, India, Japan, the U.S., Russia, South Korea, Germany, Brazil, Iran and Turkey.
Daily crude steel output at key member firms of China Iron and Steel Association (CISA) stood at 2.25 Mt during Mar 11-20, rising 4.71% compared with the previous ten days, the CISA data showed.
For the week to Mar 24, the average cost of construction steel products produced by 40 independent electric arc furnace steel mills was 4,232 yuan/t, down 102 yuan/t week on week. The average profit was 56 yuan/t, while the profit averaged at 162 yuan/t during power valley demand periods, down 26 yuan/t week on week.
Several provinces in South China were hit by thunderstorms and hail. The Central Meteorological Administration has issued a blue-coded alert for strong convective weather, which lasts until Mar 25. During the period, thunderstorms or hailstorms of magnitude 8 to 10 are expected in parts of Hunan, Jiangxi, Fujian, Guangxi and Guangdong, which will bring heavy precipitation and cause temperatures to drop significantly.
Luo Tiejun, vice president of the China Iron and Steel Association, said half of domestic steel companies were in the red in the first two months of the year. He also warned that the decline in new construction in the real estate industry and the fall in manufacturing export orders will continue to dampen steel demand in the coming months.
China Yangtze Power on Mar 21 said the average inflow of the Wudongde Reservoir on the upper reaches of the Yangtze River was 2,070m3/s in Jan-Feb, 72.1% higher than the multi-year average, and 5.5% higher YoY; the inflow of the Three Gorge Reservoir was 6,570 m3/s, 58.1% higher than the multi-year average, yet 4.2% lower YoY. The rise in the reservoirs was mainly as the rainfall in the upper reaches returned to normal.
In Mar 11-20, China's domestic steel prices averaged higher in major trading markets, NBS data showed. Among them, the prices of rebar (HRB 400, 20mm) averaged 4,272.6 yuan/t, up 1.1% from Mar 1-10 session.
On Mar 23, the Bank of England announced a 25 basis point interest rate hike to 4.25% in an attempt to curb persistently high inflation. This is the 11th time the Bank of England has raised interest rates since December 2021.
The head of the Swiss Electricity Emergency Organization, Lucas Conger, cautioned the electricity supply situation in Switzerland remains severe and there may also be a power shortage this winter.
Indian Coal Minister Amrit Lal Meena said in an interview that the coal industry is ready to cope with the record electricity demand this summer as India's coal production is about to outpace the growth of electricity consumption. The Indian government also plans to transport coal by sea from eastern production areas to western states.
Bayi Steel, one arm of China's steel giant Baowu, signed an agreement with Mongolia Energy for raw material procurement for 2023.
Mongolia's coal shipment through railway was registered at 1.26 Mt in Feb, up 32.21% YoY but falling 14.58% MoM, snapping the sixth straight month of increase, showed data from Mongolian statistical authority.
According to a recent report published by the International Renewable Energy Agency, in 2022, the global renewable installed power generation capacity reached 3,372 GW, an increase of 295 GW compared to 2021, or 9.6% YoY, with renewables accounting for 83% of last year's newly-added generation.
On Mar 22, the Baltic Dry Index fell further and hit the biggest one-day drop since mid-Feb, as demand for larger ships weakened. The BDI fell 56 points, or 3.7%, to 1,456 points.
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Steel products prices in China continued to move up in mid-March (March 11-20), according to the latest data from the National Bureau of Statistics (NBS). The average price of constructio
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