Latest news with #ChinaIronandSteelAssociation
West Australian
21-07-2025
- Business
- West Australian
China's $256b dam project in Tibet opens iron ore price floodgates
Iron ore and steel climbed to a four-month high, as China's plan for a mega dam in Tibet bolstered the outlook for demand. The steel-making ingredient jumped as much as 2.9 per cent in Singapore to approach $US104 a tonne on Monday, following a run of four weekly gains, while futures for reinforcement bar in Shanghai also surged to the highest level since March. On the London Metal Exchange, copper advanced. Premier Li Qiang launched construction of the 1.2 trillion yuan ($256.5 billion) hydropower project on the Yarlung Tsangpo river on Saturday. The initiative — which will consist of five cascade dams — promises to deliver a positive economic jolt for construction materials including metals, cement and glass. Iron ore is on course for the first monthly gain since January, as Beijing has continued a push to curb excess competition and overcapacity in the steel industry, fuelling expectations it could have positive impact on mill margins and lift raw-materials prices. The new dam project stands to benefit steelmakers, which have been grappling with a prolonged property crisis. The China Iron and Steel Association said on Friday it held a meeting with major steelmakers and the steel department chief at the industry ministry, at which participants vowed to step up efforts to curb so-called involution, a state of hyper-competition that hurts returns. China will also study setting up a new system to rein in overcapacity, the group said, without giving details. Iron ore surged 2.8 per cent to $US103.60/t at 10.45am in Singapore, while rebar and hot-rolled coil in Shanghai climbed more than 2 per cent. On the LME, copper was up 0.5 per cent to $US9830/t while zinc and aluminium also gained. Annie Lee
Time of India
17-07-2025
- Business
- Time of India
China floods global markets with steel billet to dodge tariffs, ETInfra
Advt Advt Potential export tax Chinese steelmakers are bypassing tariffs in countries such as Indonesia and Turkey by exporting semi-finished products, a tactic that undermines barriers against a flood of cheap Chinese metal and is raising concern in Beijing over the surge in lower-value exports, industry sources steel exports from the world's largest producer have sparked a protectionist backlash globally with 38 anti-dumping investigations from various countries since January last year. Top trade partners Vietnam and South Korea have imposed tariffs, arguing domestic manufacturers are hurt by cheap Chinese response, Chinese exporters are turning to steel billet, semi-finished blocks of steel, that typically faces fewer tariffs. Exports between January and May were three times greater than the year before at a record 4.72 million metric tons, or nearly 10 per cent of all steel exports over the same period, customs data exporters need to find any opportunity they can to sell products that are hemmed in on all sides by tariffs and weak demand at home, said Tomas Gutierrez, head of data at consultancy Kallanish Commodities, who added the trend started last autumn."Whenever billet exports are profitable, they will be exported," Gutierrez top five export destinations for steel billet are Indonesia, the Philippines, Saudi Arabia, Italy and Turkey, according to customs data. Indonesia, Turkey and Saudi Arabia have tariffs on some finished steel products, but none on steel top export destinations for finished steel, including South Korea or Vietnam, similarly don't have tariffs on billet, which is processed into finished products then used in construction and relative lack of trade barriers for steel billet versus finished steel has helped fuel the rapid growth in exports, analysts at Mysteel said in a note last of that demand comes from trans-shipment, they added, with countries in Southeast Asia importing Chinese billet, processing it and then re-exporting it to Europe and the U.S. President Donald Trump's 50 per cent tariffs on steel imports have disrupted parts of the trans-shipment trade by making it far less lucrative for countries to ship to the United States. Underpinning the push for exports, whether billet or finished steel, is a weak Chinese economy and a battered property sector unable to absorb the huge amount of steel produced by a sector that has been toying with output cuts for surge in billet exports has sparked warnings from China's state-backed industry body, which wants steelmakers instead to focus on higher-value added China Iron and Steel Association (CISA) advised the government to limit billet exports so the industry would stay focused on exporting higher value steel products, according to a statement reported in local media last is considering imposing an export tax on steel billet, a source with knowledge of the matter told Reuters on condition of anonymity as the discussions are about whether and how much tax may be imposed have not been finalised, the source Ministry of Commerce and the CISA did not respond to Reuters requests for value for steel billet is 400 yuan ($56) to 500 yuan lower than for finished steel products, according to consultancies Mysteel and Fubao.
Yahoo
08-07-2025
- Business
- Yahoo
Iron Ore Climbs as Trump Leaves Door Open for More Tariff Talks
(Bloomberg) -- Iron ore gained as President Donald Trump signaled he was open to more negotiations after unveiling his first wave of letters threatening to impose higher tariffs on US trading partners. Are Tourists Ruining Europe? How Locals Are Pushing Back Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Denver City Hall Takes a Page From NASA In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark Can Mamdani Bring Free Buses to New York City? Futures of the steel-making ingredient rose as much as 0.9%, as Trump teased the possibility of additional negotiations and delayed the new rates until Aug. 1 for all nations facing his 'reciprocal' tariffs. Ferrous markets have been sensitive to Trump's tariff announcements as fears of an impact to global growth weighs on prices. Iron ore has shed around 12% since reaching a 2025 peak in mid-February, although prices got some support last week after China vowed to phase out outdated capacity. Separately, inventory levels at major Chinese steel mills fell nearly 5% to 15.5 million tons in late June compared with mid-June, according to data from the China Iron and Steel Association. Still, volumes were about 5% higher than in the same period last year. Futures in Singapore were up 0.8% to $95.95 a ton at 1 p.m. local time. Yuan-priced futures on the Dalian exchange also rose. Meanwhile, most commodities on the London Metal Exchange were trading higher, with aluminum gaining 0.4% and copper up 0.1%. Will Trade War Make South India the Next Manufacturing Hub? 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
Time of India
16-06-2025
- Business
- Time of India
China's crude steel output falls, keeping industry on track for cuts
China's crude steel output slipped sharply in May compared to the prior year, surprising analysts and keeping steelmakers on track for lower production this year in line with Beijing's push to cut output in the sector. Beijing unveiled plans in March to restructure the giant steel sector via output cuts this year, leaving key details including the time and scale of output curb unanswered. May output slid 6.9% from a year earlier to 86.55 million metric tons, taking the year-to-date total to 431.63 million tons of crude steel, down 1.7% from a year earlier, data from the National Bureau of Statistics (NBS) showed on Monday. May output missed expectations among analysts again after an unexpected fall in April. An official from the state-backed China Iron and Steel Association forecast at an industrial event last week China's steel output will fall by 4% year-on-year in 2025. Falling output in the world's largest steelmaker comes at a time when profitability among steelmakers is improving thanks to robust exports and better-than-expected domestic demand. More than a half of Chinese steelmakers were operating at a profit in the first five months, versus an average of 35% over the same period in 2024, data from consultancy Mysteel showed. Despite growing trade barriers, China's steel exports from January to May climbed by 8.9% to an all-time high for the period at 48.47 million tons. Average daily output in May was 2.79 million tons, down 2.6% from 2.87 million tons in April, according to Reuters calculations based on the data.
Business Recorder
16-06-2025
- Business
- Business Recorder
China's crude steel output falls, keeping industry on track for cuts
BEIJING: China's crude steel output slipped sharply in May compared to the prior year, surprising analysts and keeping steelmakers on track for lower production this year in line with Beijing's push to cut output in the sector. Beijing unveiled plans in March to restructure the giant steel sector via output cuts this year, leaving key details including the time and scale of output curb unanswered. May output slid 6.9% from a year earlier to 86.55 million metric tons, taking the year-to-date total to 431.63 million tons of crude steel, down 1.7% from a year earlier, data from the National Bureau of Statistics (NBS) showed on Monday. Struggle for steel continues May output missed expectations among analysts again after an unexpected fall in April. An official from the state-backed China Iron and Steel Association forecast at an industrial event last week China's steel output will fall by 4% year-on-year in 2025. Falling output in the world's largest steelmaker comes at a time when profitability among steelmakers is improving thanks to robust exports and better-than-expected domestic demand. More than a half of Chinese steelmakers were operating at a profit in the first five months, versus an average of 35% over the same period in 2024, data from consultancy Mysteel showed. Despite growing trade barriers, China's steel exports from January to May climbed by 8.9% to an all-time high for the period at 48.47 million tons. Average daily output in May was 2.79 million tons, down 2.6% from 2.87 million tons in April, according to Reuters calculations based on the data.
