Latest Update in the China Stainless Steel Market

The US dollar index soared on Monday and riskier currencies fell as investors looked for safety while stock markets around the world tumbled on fears of the economic implications of rising COVID-19 cases.

Tangshan government announced another round of stricter production control policy during the weekend, and about 24 steel mills’ sintering machines will be conducted different degrees of production cuts since from Sept 18, 2020, with remove time unknown.

SHFE nonferrous metals rose for the most part on Monday September 21 as investors monitored progress toward a new coronavirus relief bill.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on September 21, 2020

Zinc inventories in China shrank over the weekend, with stocks in Guangdong falling sharply while those in Shanghai and Tianjin extending gains.

The Ministry of Ecology and Environment of China will not deal with any approvals for copper scrap imports for 2021, in order to achieve the target of zero solid waste imports.

China approved just 121,000 mt of aluminium scrap for imports in its 12th batch of approvals, bringing the total approved amounts to 818,000 mt so far this year, according to the China Solid Waste and Chemicals Management.

Xintian Steel Group Zhasan Iron & Steel was required to eliminate all of its capacity to comply with Tianjin’s steel industry policies following the issuance of Work Plan to Fight and Prevent Pollution in 2019 on July 3, 2018. As of September 17, 2020, Zhasan Iron & Steel has shut down completely, resulting in a daily loss of 8,000 mt of pig iron output. The mill mainly produced steel billets and had two 1,260 m³ blast furnaces and two 120 mt converters, with annual steel capacity of 3 million mt.