Steel Market Update
Advisory Bazaar Info Services
Macro Update
Annual Steel Scrap Recycling Target Set at 300 Million MT by 2030
On July 31, China released its 15th Five-Year Plan for Industrial Green and Low-Carbon Development, outlining measures to steadily resolve structural imbalances in key industries such as steel and non-ferrous metals. The plan calls for the elimination of outdated and inefficient production capacity in accordance with laws and regulations, while promoting electric arc furnace (EAF) steelmaking, low-carbon metallurgical technologies, and greater utilization of renewable resources. By 2030, the government aims to achieve 300 million metric tons of annual steel scrap recycling and raise the comprehensive utilization rate of red mud to 25%.
China to Introduce New Plan to Boost Domestic Demand
China’s National Development and Reform Commission (NDRC) is working with relevant government departments to formulate an implementation plan for expanding domestic demand during 2026–2030. The initiative is expected to introduce stronger and more effective measures to support consumption, investment, and overall economic growth.
China’s Manufacturing PMI Falls to 49.2 in July
According to the National Bureau of Statistics (NBS), China’s Manufacturing Purchasing Managers’ Index (PMI) declined to 49.2 in July, down 1.1 points from the previous month. The reading indicates a moderation in manufacturing activity.
Industry & Downstream
Shenzhen Housing Market Shows Improved Transaction Activity
Shenzhen’s second-hand housing market recorded mixed price trends across different segments in July. However, transaction activity improved notably in the 5 million to 10 million yuan housing segment, reflecting stronger demand for upgraded residential properties.
India May Impose Anti-Dumping Duty on Metallurgical Coke Imports
India has recommended imposing a five-year anti-dumping duty on low-ash metallurgical coke imported from China, Australia, Colombia, Indonesia, Japan, and Russia. The proposed measure is intended to protect the domestic steel industry from unfairly priced imports.
Other Key Developments
* Sinosteel Engineering & Technology has secured a contract from global steel producer ArcelorMittal to build a 320-metric-ton twin-station ladle refining furnace, along with material handling and dedusting systems, at its Dunkirk steel plant in France.
* The technological upgrade and production resumption project at the Yingkou Xinjing Steel sintering plant in Liaoning Province has been successfully completed and officially commenced operations.
* China’s first 100-metric-ton pure electric, bi-directional autonomous mining dump truck (AT150) was officially commissioned at SPIC Inner Mongolia Company’s South Open-pit Coal Mine on July 30.
* Fujian Province has released its 15th Five-Year Action Plan for High-Quality Development of the New Metallurgical Industry Cluster, targeting a total industry output value of 880 billion yuan by 2030, including 480 billion yuan from steel and 400 billion yuan from non-ferrous metals.
* Construction has officially begun on Phase II (1,780 mm Hot Strip Rolling Line) of Guangdong Jinshenglan Metallurgical Technology Co., Ltd.’s annual 8 million MT high-quality special steel project.