NTA IS RM1.60, MORE THAN RM0.70 TO GO, CHEAPEST STEEL COUNTER IN BURSA
Posted by excelyou > Apr 6, 2021 12:15 PM | Report Abuse X
The steel market extended its upward momentum into April, with Shanghai steel futures rising above 5,000 yuan a tonne for the first time ever ahead of a seasonal recovery in demand and uncertainty over supply after top steelmaking city Tangshan pledged to cut emissions by 50% during days of heavy pollution. Domestic demand is likely to be spur by strong construction and manufacturing activities over the coming peak season. China’s property and infrastructure investment surged 38.3% and 36.6%, respectively, in the first two months of 2021 as the economy consolidated its recovery from the coronavirus blow; and industrial profit surged 179%. Latest data from Worldsteel showed most regions reported a decline in crude steel output in February, led by North America (down 8.9%), the European Union (down 7.1%) and Africa (down 6.4%). On the other hand, China the world's largest steelmaker produced about 83 million tonnes in February 2021, up by 10.9% from February 2020.
Reuters TUE MAY 4, 2021 / 5:01 AM EDT Column: China seeks to cool red-hot steel sector, and aims at Australia
China's finance ministry announced on April 28 that it will remove export tax rebates for 146 steel products from May 1, while waiving import tariffs for some products, including pig iron, crude steel, recycled steel raw materials and ferrochrome.
The end of the export tax rebates may affect about 33.35 million tonnes of steel exports a year, according to Tang Chuanlin, an analyst with CITIC Securities.
Shanghai steel futures break above 5,400 yuan a tonne for the first time on record buoyed by strong domestic demand as the peak constructions season starts.
Also, production curbs aimed at reducing carbon emissions in China’s steel capital Tangshan have been boosting prices and profitability at mills. Global demand is also making a return as more economies reopen, with China’s finished steel exports surging 24.5% from a year earlier in the first four months of the year.
ASX 200 joins Wall Street at record levels, as commodities reach new highs By business reporter Michael Janda Posted Yesterday at 9:28am, updated Yesterday at 2:58pm
Iron ore prices rose to fresh new highs on the back of higher steel prices in China. Steel prices lifted on demand hopes."
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caonima
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Posted by caonima > 2021-05-04 23:57 |
Post removed.Why?