According to the statistics of the China Iron and Steel Association, in the middle of July 2012, 78 key statistical iron and steel enterprises produced 1,651,200 tons of crude steel per day, which was a decrease of 6,200 tons. However, the country’s crude steel production is estimated to reach 1,993,300 tons per day, an increase of 35,200 tons from 1,958,100 tons in the previous period. After undergoing a sustained slight decline in production for one month, the national crude steel output is expected to rise again in mid-July.
At the same time, in July, stocks of steel society in major cities and stocks of key steel companies also rebounded. According to the statistics of the China Iron and Steel Association, stocks of key steel enterprises at the end of July have reached 12.4942 million tons, which is an increase of 658,800 tons from the previous ten-year period, and reached the highest level in the year. According to my steel network statistics, as of July 20, 2012, steel society stocks in 26 major markets nationwide were 15.484 million tons, which has risen for three consecutive weeks.
In the traditional off-season low demand, the steel mills are still not determined to cut production, aggravating the pessimistic atmosphere of the steel market. After entering steel prices in July, the price of steel products has accelerated, and the ex-factory price of steel mills has been forced to decrease frequently. According to my steel network monitoring, as of July 26, the comprehensive steel price index closed at 136.6 points, down 7.26% from the beginning of the month, hitting a new low in 31 months. Today, the prices of 20mm HRB335 rebar in 25 major cities across the country fell below 3,700 yuan/ton, to 3,698 yuan/ton, and there is still a further downward trend.
However, recent large-scale steel mills and small steel mills have all expanded the number of blast furnace inspections. Prior to this, domestic steel mills mainly arranged rolling line maintenance. According to my steel network survey, as of July 26, of the 42 steel companies in the country, 14 enterprises had their blast furnaces overhauled. At the same time, according to incomplete statistics of my steel network, as of July 27, there were about 14 repairs in 145 blast furnaces in the Tangshan area with a capacity of about 7,420m3 and a blast furnace operating rate of about 90.34%. About 11 blast furnaces are planned or have been confirmed for maintenance in August. In the first three weeks, the operating rate of blast furnaces in the Tangshan area has remained stable at over 96%.
In addition, domestic iron ore prices have also followed a rapid decline in steel prices, and the inventory of imported ore ports has continued to climb, indicating that steel mills are reducing raw material purchases. At present, there is a serious lack of confidence in the domestic steel market. It is difficult for steel prices to rebound without seeing a substantial reduction in steel production. In the latter stage, the increase in output reduction and improvement in downstream demand are the basis for the rebound in steel prices.
At the same time, in July, stocks of steel society in major cities and stocks of key steel companies also rebounded. According to the statistics of the China Iron and Steel Association, stocks of key steel enterprises at the end of July have reached 12.4942 million tons, which is an increase of 658,800 tons from the previous ten-year period, and reached the highest level in the year. According to my steel network statistics, as of July 20, 2012, steel society stocks in 26 major markets nationwide were 15.484 million tons, which has risen for three consecutive weeks.
In the traditional off-season low demand, the steel mills are still not determined to cut production, aggravating the pessimistic atmosphere of the steel market. After entering steel prices in July, the price of steel products has accelerated, and the ex-factory price of steel mills has been forced to decrease frequently. According to my steel network monitoring, as of July 26, the comprehensive steel price index closed at 136.6 points, down 7.26% from the beginning of the month, hitting a new low in 31 months. Today, the prices of 20mm HRB335 rebar in 25 major cities across the country fell below 3,700 yuan/ton, to 3,698 yuan/ton, and there is still a further downward trend.
However, recent large-scale steel mills and small steel mills have all expanded the number of blast furnace inspections. Prior to this, domestic steel mills mainly arranged rolling line maintenance. According to my steel network survey, as of July 26, of the 42 steel companies in the country, 14 enterprises had their blast furnaces overhauled. At the same time, according to incomplete statistics of my steel network, as of July 27, there were about 14 repairs in 145 blast furnaces in the Tangshan area with a capacity of about 7,420m3 and a blast furnace operating rate of about 90.34%. About 11 blast furnaces are planned or have been confirmed for maintenance in August. In the first three weeks, the operating rate of blast furnaces in the Tangshan area has remained stable at over 96%.
In addition, domestic iron ore prices have also followed a rapid decline in steel prices, and the inventory of imported ore ports has continued to climb, indicating that steel mills are reducing raw material purchases. At present, there is a serious lack of confidence in the domestic steel market. It is difficult for steel prices to rebound without seeing a substantial reduction in steel production. In the latter stage, the increase in output reduction and improvement in downstream demand are the basis for the rebound in steel prices.
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