China’s two steel giants signed cooperation agreement

The Ministry of Industry and Information Technology issued a notice on the "Fourteenth Five-Year Plan for Industrial Green Development” on December 3. In the column of “Efficient Resource Utilisation Promotion Project", the recycling of renewable resources is mentioned.

The "three red lines” refers to the 70% ceiling on liabilities to assets after excluding advance proceeds from projects sold on contract, 100% cap on net debt to equity, and cash to short-term borrowing ratio of at least one. One year after the introduction of the policy, the average asset-liability ratio and the average asset-liability ratio after excluding advance receipts at the top 100 real estate companies stood at 78.7% and 70.9%, respectively, which was a year-on-year decline of 0.7 percentage point and 0.9 percentage point.

A roundup of the ferrous metals headlines of the week.

Futures and spot prices of ferrous metals fluctuated last week. The futures prices of coking coal and coke weakened amid looser control after July 1, while spot prices stood stable.

Operating rates of blast furnaces at steel mills fell 2.7 percentage points from a week ago and decreased 3.8 percentage points from a month ago to 82.2% as of July 1, SMM survey showed.

The China Iron and Steel Association (CISA) reported that crude steel output across major mills in China averaged 2.4 million mt per day in the second ten days of June, up 2.57% from early June and up 15.99% from the same period a year ago.

The China Iron and Steel Association (CISA) reported that crude steel output across major mills in China averaged 2.34 million mt per day in the first ten days of June, up 2.15% from late May and up 13.33% from the same period a year ago.

Chongqing Steel, a subsidiary of China Chongqing Steel Group, announced that its controlling shareholder, Chongqing Changshou Steel completed a change in business registration on December 2.

Tenova signed a contract with the HBIS Group to build a high-tech hydrogen energy development and utilization project, including an ENERGIRON direct reduction plant with an annual output of 600,000 mt.

Yunnan Tin Group, China’s largest tin producer, said late Tuesday that it would suspend production for maintenance at its smelter from June 24.