China’s steel output at 1.05 billion t for 2020, accounts for 58% of the global steel output

[beijingwalker]

CONF: China’s steel output at 1.05 billion t for 2020,
accounts for 58% of the global steel output

Source：MysteelDec 21, 2020 09:45See Full-size Table Here

China Crude Steel Art Abyss
https://www.steelguru.com/author/strategic-research-institute
China’s crude steel output will probably reach 1.05 billion tonnes for 2020, or having maintained an average growth of 50 million tonnes/year in recent years, and its share in the global steel output will rise to 58% from the 53% for 2019,

Luo Tiejun, vice chairman of China Iron & Steel Association (CISA), shared with delegates of Mysteel Annual Summit on December 19 in Shanghai.

The high steel production this year has been driven by strong demand, he emphasized, sharing that against the 5.5% on-year growth in China’s crude steel output over January-November, the country’s apparent crude steel consumption is estimated to have grown by 9.8% on year to 950 million tonnes in the first 11 months of 2020. “Actually,

Unprecedented steel demand in China pushed steel mills to increase daily crude steel output to a record high of 3.09 million tonnes a day in September 2020, which started tapering in in October 2020 to 2.97 million tonnes a day and 2.92 million tonnes a day in November 2020 as with the onset of winters in North China resulted in output restrictions forcing many steel mills to undertake maintenance. However, as the steel realization is very strong, daily crude steel output in December 2020 is likely to remain above 2.9 million tonnes a day, meaning we could witness China producing record 1.05 billion tonnes of crude steel in 2020, up by about 5% YoY, despite crude steel production shrinking to 79.9 million tonnes in January, 74.77 million tonnes in February and 78.97 million tonnes in March, when COVID19 spread had slowed down activities.

CONF: China’s steel output at 1.05 billion t for 2020 | Mysteel Global

www.mysteel.net

 

[GeHAC]

First in the history that steel output of single nation surpass 1 billion ton

 

[beijingwalker]

In 1949, the year the PRC established, China's steel output was 158,000 tons, accounted for 0.1% of the world total steel output. India produced around 1 million tons steel around the same time.
Back then the output of steel was the single most important indicator of a country's overall industrial development level. it shows how far China was behind in the world.

 

[Rafi]

China is a modern wonder of the world.

 

[beijingwalker]

China makes first step towards taking control of world copper market, consumes over half of the world copper supply
By Robin Bromby
-November 20, 2020

China consumes more than half of the world’s copper supply

China has rolled out a yuan-denominated copper futures contract open to foreign traders — a move that is being seen as an attempt to prise open the London Metal Exchange’s (LME) domination of trading in the red metal.

It is also a clear signal that China is pushing ahead with plans for full internationalisation of the yuan.

The new futures contract began trading on Thursday (19 November).

Beijing wants to be a price-maker, not a price-taker, especially when it is largely dependent on imports for any commodity.

It should be assumed that its goal is eventually to have the yuan price dominating copper trading, not the greenback.

News reports have quoted copper suppliers expecting to be dealing in yuan rather than dollars down the track.

In 20 years, China has grown from consuming 12% of the world’s copper supply to using more than half of it now.

The Shanghai trade contract is not the city’s first copper instrument — but is the first international one.

Copper is the world’s most traded metal
While the existing copper contract put in place was tradeable only by Chinese investors, the new one will be available to foreigners, bringing in a potentially larger number of trades.

It is also significant because copper is the world’s most traded metal.

While Beijing’s other attempts to gain footholds in commodities trades — a yuan-denominated crude futures contract, the Shanghai Gold Exchange and iron ore contracts traded in the northern city of Dalian — have made progress, this is the first venture into the LME’s territory.

So far as one can see, China — which has managed to dominate the processing of many commodities (think graphite, rare earths, tungsten, tin, antimony, among many) — is now clearly looking at controlling the supply and trading of commodities.

The new copper contract is traded through the Shanghai International Energy Exchange (INE), the exchange that also operates China’s crude oil futures trading.

The INE is a subsidiary of the Shanghai Futures Exchange.

China copper futures uses same system as LME
Copper traded under the new futures contract will be free of taxes and customs duty — and with the copper having to be delivered into bonded warehouses, just as the LME operates.

The INE crude contract has clearly shown China the potential of engaging with the international futures market.

While it is still well behind the West Texas Intermediate (WTI) and Brent benchmarks in terms of market clout, the contract’s trading has increased substantially in its first two years of operation and attracted foreign participants.

However, China accounts for only 15% of global crude oil consumption. This could be one reason why the INE crude contract remains still a bit-player, with many other Asian countries still working on WTI or Brent as their oil price guidelines.

Copper is quite a different kettle of fish.

The country’s influence on copper is likely to grow to a much greater extent than its one on crude oil.

Yuan to supplant greenback
Not only does the move give China some pricing power, it being the world’s biggest importer, it extends the international role of the yuan (and diminishes that of the US dollar by the same degree).

It helps, too, that the red metal’s “Dr Copper” moniker gives the metal a particularly high profile as investors use it to assess economic health.

One commentator described the new copper contract as “the country’s first, and perhaps most dramatic, endeavour in international futures markets”.

This is because of its impact on the yuan as an international currency is just as vital to Beijing as its ability to put a lid on copper prices.

China wants to make increase the yuan’s convertibility and for this it needs what one banker described as the “availability of deep, liquid markets for financial products”.

Hong Kong controls LME
The yuan being an equal to the US dollar on international markets is a high priority for the Chinese leadership.

The LME has been in operation for 147 years.

It is wholly owned by HKex, the Hong Kong based operator of the Hong Kong Stock Exchange and the Hong Kong Futures Exchange

HKex’s website’s home page proclaims its mission as “reshaping the global market landscape”.

As we have seen in the past few months, Beijing is tightening its control of Hong Kong’s politics and economy.

And Beijing is also in the business of “reshaping the global market landscape”.

China makes first step towards taking control of world copper market

China has rolled out a yuan-denominated copper futures contract open to foreign traders — a move that is being seen as an attempt to prise open the London Metal Exchange’s (LME) domination of trading in the red metal.

smallcaps.com.au

 

[beijingwalker]

Alumina and aluminum
Alumina is the common name for aluminum(III) oxide. It is used to produce aluminum metal. Aluminum ranks number one in the consumption volumes among all base metals, and is expected to strengthen its dominant position as a key structural material in the coming years. The increasing global demand for aluminum continues to be driven by China in 2018. The country made up more than half of the primary aluminum consumption worldwide in 2019, fourfold the share of the second-placed Middle East, and was also the largest aluminum smelter producer worldwide by a wide margin.

 

[TaiShang]

With consumption power comes pricing power. And it is linked with RMB's internationalization.

East Asia alone needs a yearly investment of 1 trillion USD on infrastructure.

So, expect the drive in production and consumption to continue.

 

[Rajputana_]

History of steel production went from manufacturing steel to outsourcing to to cheap labor countries .

Glad China is there for this primary labor intensive industry, rest of the world can source from here.
We got better things to do..

 

[KurtisBrian]

India and Africa have the young vibrant populations. Thus they hold the future.
That is why that 2012 movie had China propping up the world economy then getting fcked over and the survivors of the disaster going to Africa. Not that I would go to Africa. Those banksters (in Tyrol/Switzerland/UK/USA/Netherlands...) are all liars and thieves. They don't just not care about the Chinese, they consider the Chinese to be the orcs (for me the Germanics are the orcs). Those banksters always intended to fck China over.

 

[TaiShang]

History of steel production went from manufacturing steel to outsourcing to to cheap labor countries .

Glad China is there for this primary labor intensive industry, rest of the world can source from here.
We got better things to do..

As if without credible industrial manufacturing India is not polluted enough.

Which things you do better, by the way?

Don't you think we know that India would make 12 superpower videos if it had the largest steel manufacturing and consumption nation titles?

 

[TaiShang]

Im glad, please pump out more steel for us to make bridges, hard to find such hard working labor

Definitely, Raj. Judging by your track record in international sports or scientific competitions, hard-work is not one of your WEAKNESSES.

 

[Rajputana_]

Definitely, Raj. Judging by your track record in international sports or scientific competitions, hard-work is not one of your WEAKNESSES.

Definitely wumao, can just copy amd strive to achieve equality, you people are destined to be followers!

 

[Beidou2020]

History of steel production went from manufacturing steel to outsourcing to to cheap labor countries .

Glad China is there for this primary labor intensive industry, rest of the world can source from here.
We got better things to do..

Im glad, please pump out more steel for us to make bridges, hard to find such hard working labor

Probably summing up the whole western civilization right now.

We always need slaves dont we..sick:

Definitely wumao, can just copy amd strive to achieve equality, you people are destined to be followers!

@waz @Horus

Trolling and derailing thread.

 

[fallstuff]

Once again China on the news !

 

[Beidou2020]

For

@waz @Horus @WebMaster

Trolling and derailing thread.