Coronavirus news - steel industry impact.

China steel prices hit three-year low on demand woes
Mon, 29 May 2023 00:00:00 GMT
Steel rebar prices in China hit their lowest in three years this week, underscoring flagging growth in the worlds second-largest economy, particularly in its weak property sector. The spot price of HRB400 20mm steel rebar used to reinforce concrete for buildings and infrastructure fell to 3,510 yuan ($507.80) per tonne in Shanghai on Thursday, data from consultancy Mysteel showed. Thats the lowest since April 2020, when the start of the COVID-19 pandemic in China had curbed most


Iron ore slump shows Chinese economy is still struggling
Mon, 15 May 2023 00:00:00 GMT
Chinas economic recovery falters Iron ore has been on a downtrend for almost two months. Its price on the Singapore Exchange fell to a year-to-date low of $94.20/t last week, down more than 20% from its year-to-date highs and is now hovering below the key $100/t level. Prices climbed above $130/t in February amid bets of a revival in steel demand in leading consumer China following the end of the strict Covid-19 lockdowns. Although China last month reported annual quarterly GDP growth of


Silver imports in 2023 expected to fall a third to 6,000 tonnes ...
Wed, 03 May 2023 00:00:00 GMT
Imports went up in 2022 as demand rose after two years of Covid-19. But now the situation has normalised and imports will come down. But the high prices will dent the demand by 15 -20 per cent, said Chirag Sheth, principal consultant of Metals Focus, an independent precious metals research consultancy.


Chinas steel margins pressured by higher output, slow demand ...
Wed, 19 Apr 2023 00:00:00 GMT
Chinas steel prices and margins saw increased pressure in early April from continued higher production and a slow recovery in demand following the countrys most recent surge in COVID-19 cases over December 2022-February. Output had risen steadily on the year through most of the first quarter and market participants now expect it to slow down mildly in late April due to the poor margins, and support prices. However, most market sources S&P Global Commodity Insights spoke to expect


Voestalpine eyes March Kapfenberg plant launch after delays
Thu, 09 Feb 2023 00:00:00 GMT
Voestalpine is optimistic that the start-up of its all-new special steel plant in Kapfenberg, Austria, will take place by the end of March. The projects completion suffered massive delays due to delivery bottlenecks for technical equipment, partly attributable to the Covid-19 pandemic hitting during the construction period. The start-up is now coming nearer. It


Iron ore hits 2-week low as China rally fizzles out
Fri, 03 Feb 2023 00:00:00 GMT
Iron ore futures fell to a two-week low on Thursday as traders reassessed demand prospects in key consumer China, despite expectations for more policy stimulus to support the countrys economic rebound. Iron ore and steel prices in China hit multi-month highs in January as markets rallied from early November on the back of Beijings stepped-up policy support for its ailing property sector and dismantling of strict COVID-19 curbs. The steelmaking ingredient has risen more than 9% this year o


Japan 2022 crude steel output falls 7.4% amid slow car production
Tue, 24 Jan 2023 00:00:00 GMT
Crude steel output in Japan, the worlds third-biggest producer, fell 7.4% in 2022 from the previous year due to a slow recovery in automobile production and weaker export demand amid a slowdown in the global economy. Output dropped for the first time in two years to 89.23 million tonnes, figures from the Japan Iron and Steel Federation showed on Monday. During the COVID-19 pandemic, Japans Toyota Motor Corp 7203.T fared better than most car makers in managing supply chains, but it fell


China reopening rally to drive up iron ore prices
Fri, 20 Jan 2023 00:00:00 GMT
China remains key for iron ore direction Iron ore was one of the worst-performing commodities in 2022. Concerns over Chinese macroeconomic performance and Covid-19-related disruptions were key to driving prices lower. China alone accounts for about two-thirds of seaborne iron ore demand. The Chinese economy has slowed since the second quarter of 2022, mainly due to strict Covid measures that disrupted port and land logistics, retail sales and catering, and caused temporary shutdowns of


Iron ore extends rally on China demand optimism
Fri, 13 Jan 2023 00:00:00 GMT
Iron ore futures rose for a third straight session on Thursday, with the Singapore benchmark scaling a fresh six-month peak, underpinned by continued optimism about demand prospects in top steel producer China. Prospects of stronger demand in China, which has dismantled COVID-19 restrictions and rolled out supportive policies particularly for its ailing property sector, have supported a rally in the ferrous complex since early November. Iron ores most-traded May contract on Chinas Dalia


Iron ore slips as China COVID surge spurs volatility
Thu, 05 Jan 2023 00:00:00 GMT
Iron ore futures slipped in volatile trade on Wednesday, as COVID-19 disruptions and lingering concerns over weak real estate market in China outweighed optimism around the countrys reopening and economic stimulus measures. The most-traded May iron ore on Chinas Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.4% lower at 846.50 yuan ($122.94) a tonne, surrendering early gains. On the Singapore Exchange, the steelmaking ingredients benchmark February contract SZZFG3 was down 1.2%


Chinas COVID U-turn lifts iron ore after wild swings in 2022
Fri, 30 Dec 2022 00:00:00 GMT
Iron ore futures ended a volatile year firmer on Friday, with the Dalian benchmark settling near a more than six-month high, propelled by optimism around top steel producer Chinas unwinding of pandemic controls and economic support measures. Spot prices of the steelmaking ingredient also rallied this week, scaling a five-month peak as traders brushed aside concerns about surging COVID-19 infections across China. But it was set to mark its weakest year-end finish in three years. The


SGX iron ore scales 5-month peak as China eases COVID rules
Wed, 28 Dec 2022 00:00:00 GMT
Iron ore futures rose on Tuesday, with the Singapore benchmark price hitting its highest in five months after top steel producer China decided to scrap quarantine rules for visitors, boosting investor sentiment. China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards easing its strict COVID-19 containment policy that has curbed industrial activity and domestic demand, and ignited public unrest last month. The most-traded May iron ore o



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