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Vale Iron Ore Performance in 2019-The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition
3/3/2020  -fastener expo
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    Iron ore 62% Fe reference price averaged US$ 93.4/dmt in 2019, 34% higher than in 2018 driven by disruptions on supply side, attributable mainly to the Brumadinho tragedy in Brazil and the impact of cyclone Veronica in Australia and a record steel production in China. In 4Q19, 62% Fe price averaged US$ 88.6/dmt, 13% lower than 3Q19.

MB65% index averaged US$ 104.5/dmt in 2019, 15% higher than in 2018, following the overall iron ore price trend. In 4Q19, the index fell 10% compared to 3Q19, a lower decrease than the 62% Fe index. Going forward, Vale is positive about high Fe grade ores use and premiums, in response to China’s reforms and Ministry of Industry and Technology Information recent policy of not approving more steel capacity swaps and ordering local governments to inspect steel projects meant to swap older capacity in compliance with environmental, energy consumption and other policies.

In China, crude steel production was record, achieving 996.3 Mt in 2019, with a strong performance in the 4Q19, driven by continued momentum in the real estate sector, a recovery in manufacturing and softer winter restrictions.

Ex-China, according to the World Steel Association (WSA), crude steel production decreased to 873.6 Mt in 2019, 1.6% lower than in 2018, as the steel-using sectors suffered the side- effects of trade tensions between the US and China.

Europe has been hit the hardest, as the export-oriented sectors such as automotive and machinery were impacted by lack of investments and lower trade flows. Steel production in the region totaled 159.4 Mt in 2019, 5% lower than 2018.

In North America, the US was the only country to increase steel production, achieving 87.9 Mt in 2019, 1.5% higher than 2018, due particularly to higher steel production from electric arc furnaces.

In developing countries, India’s steel production increased below expectations to 111.2 Mt, 1.8% higher than in 2018. The modest growth was attributed to slow manufacturing and domestic consumption. On the other hand, Southeast Asia has kept the steel production momentum observed in the past years and steel production was 11% higher than in 2018, based on preliminary figures from WSA.

Vale remains positive on steel demand in China, this time driven by a rebound in infrastructure investments. Nevertheless, we see growing risks emerging from the coronavirus uncertainties, which have led to travel restrictions and a longer Chinese New Year holiday, impacting first mainly services, consumer goods manufacturing and overall sentiment. Iron ore price may be impacted in the short-term by the uncertainties, but it should recover, reacting to restocking activity and stimulus policies. Ex-China, iron ore seaborne demand will be driven by growth of steel production in emerging economies, such as Southeast Asia, and a slow recovery in developed markets such as Europe, Japan and Korea. 紧固件展-2020第二十一届广州国际紧固件及设备展览会-巨浪展览 -The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition - Fastener exhibition,2020 Fastener exhibition, China Fastener exhibition, Guangzhou Fastener exhibition, 2020 Fastener expo, China Fastener expo, Guangzhou Fastener expo
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