logo
#

Latest news with #Baosteel

Australia and China seek dialogue, cooperation amid regional tensions
Australia and China seek dialogue, cooperation amid regional tensions

The Sun

time21 hours ago

  • Business
  • The Sun

Australia and China seek dialogue, cooperation amid regional tensions

BEIJING: China and Australia have pledged to maintain open dialogue and explore areas of cooperation despite strategic competition in the Indo-Pacific region. The commitment came during a meeting between Australian Prime Minister Anthony Albanese and Chinese President Xi Jinping in Beijing. Xi expressed China's willingness to 'promote further development in the China-Australia relationship,' while Albanese emphasised the importance of keeping communication at the core of bilateral ties. The discussions covered trade, decarbonisation, and regional security concerns. Albanese noted that Australia's trade relationship with China remains independent of its stance on U.S. tariffs. He also confirmed plans to review the decade-old free trade agreement between the two nations, alongside potential new collaborations on decarbonisation. Security concerns were also addressed, with Albanese raising Australia's unease over China's live-fire exercises in the Tasman Sea earlier this year. Xi responded by stating that such exercises were routine, similar to those conducted by Australia. Chinese state media highlighted Xi's call for enhanced strategic trust and a favourable business environment. Meanwhile, Albanese reiterated Australia's policy of cooperating where possible while standing firm on disagreements. The visit signals a cautious thaw in relations, though long-standing tensions over military expansion and foreign investment remain. Albanese also raised the case of detained Australian writer Yang Hengjun during the talks. Business leaders from both nations, including mining executives and Chinese firms like BYD and Baosteel, participated in discussions, underscoring the economic stakes of the relationship. - Reuters

Trade war set to slash China's steel exports, aggravating oversupply at home
Trade war set to slash China's steel exports, aggravating oversupply at home

Time of India

time08-05-2025

  • Business
  • Time of India

Trade war set to slash China's steel exports, aggravating oversupply at home

5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by Live Events China's steel exports are set to slump in the second quarter, threatening to exacerbate a supply glut at home, analysts and traders said, as the trade war and a wave of protectionism moving in its wake crimps export shipments from the world's largest steel producer and exporter are forecast to fall by up to a fifth from the first quarter, said eight analysts and traders, who also expect exports to worsen further later in the would also leave second quarter shipments lower than in the same period in exports have been hit by a double blow as Washington's tariffs choke off the transshipment trade, where third countries resell Chinese steel to the U.S., and top customers like South Korea and Vietnam impose their own duties to avoid steel then being rerouted and dumped in their markets."It's certain that total exports will slide in Q2," said a Chinese steel trader on condition of anonymity as they are not authorised to speak to media."One can look at Middle East, Africa and South America as alternative outlets but the problem is no country can absorb such a huge capacity."China's rising steel exports have helped partly offset weak demand from the battered property sector and any decline will redirect steel back home, depressing prices, eroding steelmaker profitability and denting their appetite for inputs like iron exports hit the highest level since 2016 as mills rushed to get steel out of the country before the then-rumoured tariffs were the steel industry has long expected near-record exports to ultimately trigger some backlash, the magnitude of protectionism unleashed by the trade war between Washington and Beijing has surprised Chairman of China's largest listed steelmaker, Bao steel , said late last month the sector's exports faced "unprecedented" pressure and more steel left at home would intensify orders for a large Chinese exporter fell between 20% and 30% last month versus the month before, according to an April survey compiled by consultancy Mysteel There are also concerns the trade war could spillover into products heavily reliant on steel, like electric vehicles or home appliances, weakening the other major source of steel demand outside the property sector, said Ge Xin, deputy director at consultancy Lange Steel."It takes time for that impact to permeate through into the upstream steel market, likely reflected in data in the second quarter when home demand seasonally slowed, aggravating the supply glut situation."

Trade war set to slash China's steel exports, aggravating oversupply at home
Trade war set to slash China's steel exports, aggravating oversupply at home

Yahoo

time08-05-2025

  • Business
  • Yahoo

Trade war set to slash China's steel exports, aggravating oversupply at home

By Amy Lv and Lewis Jackson BEIJING (Reuters) -China's steel exports are set to slump in the second quarter, threatening to exacerbate a supply glut at home, analysts and traders said, as the trade war and a wave of protectionism moving in its wake crimps export markets. Second-quarter shipments from the world's largest steel producer and exporter are forecast to fall by up to a fifth from the first quarter, said eight analysts and traders, who also expect exports to worsen further later in the year. That would also leave second quarter shipments lower than in the same period in 2024. Steel exports have been hit by a double blow as Washington's tariffs choke off the transshipment trade, where third countries resell Chinese steel to the U.S., and top customers like South Korea and Vietnam impose their own duties to avoid steel then being rerouted and dumped in their markets. "It's certain that total exports will slide in Q2," said a Chinese steel trader on condition of anonymity as they are not authorised to speak to media. "One can look at Middle East, Africa and South America as alternative outlets but the problem is no country can absorb such a huge capacity." China's rising steel exports have helped partly offset weak demand from the battered property sector and any decline will redirect steel back home, depressing prices, eroding steelmaker profitability and denting their appetite for inputs like iron ore. First-quarter exports hit the highest level since 2016 as mills rushed to get steel out of the country before the then-rumoured tariffs were announced. While the steel industry has long expected near-record exports to ultimately trigger some backlash, the magnitude of protectionism unleashed by the trade war between Washington and Beijing has surprised many. The Chairman of China's largest listed steelmaker, Baosteel, said late last month the sector's exports faced "unprecedented" pressure and more steel left at home would intensify oversupply. Overseas orders for a large Chinese exporter fell between 20% and 30% last month versus the month before, according to an April survey compiled by consultancy Mysteel. There are also concerns the trade war could spillover into products heavily reliant on steel, like electric vehicles or home appliances, weakening the other major source of steel demand outside the property sector, said Ge Xin, deputy director at consultancy Lange Steel. "It takes time for that impact to permeate through into the upstream steel market, likely reflected in data in the second quarter when home demand seasonally slowed, aggravating the supply glut situation."

Baosteel anticipates nationwide reduction in steel production in 2025
Baosteel anticipates nationwide reduction in steel production in 2025

Yahoo

time29-04-2025

  • Business
  • Yahoo

Baosteel anticipates nationwide reduction in steel production in 2025

Baoshan Iron & Steel (Baosteel), China's largest listed steelmaker, has indicated the likelihood of a nationwide reduction in steel output this year, reported Reuters. The company, a subsidiary of China Baowu Steel Group, is reportedly the world's top steel producer. Baosteel noted that the steel industry in China is facing external pressures while already struggling with overcapacity and weakening demand. Baosteel deputy general manager Cai Yanbo said during the company's first-quarter results briefing: "Chances for a cut are high as it has been mentioned in the government report," when addressing market speculation about a potential 50 million tonne cut in Chinese crude steel production for the year. However, Yanbo expressed that immediate cuts were not anticipated, stating: "We have appealed to relevant authorities to avoid [a] one-size-fits-all approach while controlling output." An output reduction could help to rebalance the steel market, potentially supporting steel prices and influencing the cost of steelmaking materials. Although there are announced plans in the country to restructure the steel sector through output cuts, specifics regarding the timing and extent of these reductions remain unclear. Baosteel's chair Zou Jinxin provided insights into the future of China's steel exports, predicting a decline of approximately 15 million tonnes in 2025 due to tariff increases. Jinxin also noted that indirect steel exports, which include manufactured goods such as containers and vehicles, would decrease by 20 million tonnes. He anticipates additional stimulus measures from the government to mitigate the external economic challenges. Jinxin also mentioned a projected 2% drop in domestic steel consumption for 2025. In 2024, China's steel exports reached a nine-year peak of 110.72 million tonnes. Baosteel itself achieved a record 6.07 million tonnes in exports last year, although the company has not disclosed its export target for 2025. Despite these challenges, Baosteel reported a 26.4% annual rise in net profit for this year's first quarter, benefiting from reduced costs. Last month, Marula Mining's subsidiary Muchai Mining Kenya entered a contract with Baosteel Resources South Africa for the purchase and sale of manganese ore from the Kilifi manganese processing plant in Kenya. "Baosteel anticipates nationwide reduction in steel production in 2025" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store