Metals News
SMM Webinar Ferrous Update: After the NPC meetings, will the stimulus continue to support prices or will trade issues overwhelm?
smm insight
May 27,2020

In this 2-week webinar special, we will have a deep-dive on the China domestic metals market following the National People’s Congress (NPC) annual meetings.

Chinese metals demand has recovered extremely strongly since the Covid-19 controls have eased, but are other countries likely to follow a similar path, or will the economic disruption mean global demand suffers for a more prolonged period?

Steel demand has recovered strongly in China, and inventory has drawn quickly, but onshore steel prices are now much higher that offshore, prompting an increase in imports. Looking into 2H, the question is whether steel demand onshore can continue to lift prices, or whether this shift in trade flows be enough to cap the rally in Chinese steel prices even with strong demand? 

Iron ore prices have surged to $100/mt on ongoing supply worries, but supply will recover at some point, the only question being when. Operating rates of domestic mines in April increased by 1.1% to 50.3% and SMM expects the operating rates are likely to increase to 52- 53% in May.  Domestic operating rates for blast furnaces in April increased by 2.3% to 86.4% from March, SMM expects the operating rates will grow by 1.1% in May, further supporting iron ore demand and prices in the near term. 

Event Info

Date: May 28,2020  (Thursday) 

Time: 4:00pm CST



Ian Roper
General Manager, Singapore
Shanghai Metals Market

Vicky Wang
Chief Steel Analyst
Shanghai Metals Market

NPC meetings
Two sessions
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