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Mitsubishi Materials admitted it faked data on some products just weeks after a similar scandal engulfed Kobe Steel. It became the latest major Japanese firm to admit problems with quality control – another fake data scandal. And it means that Japan’s reputation for manufacturing prowess took another hit.

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Stronger Chinese rebar futures spurred gains in the raw material. As you may have known, Chinese iron ore futures touched a 10-week high on Thursday, providing further support to spot iron ore price, which hit its strongest since September.

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Iran steel output stood at 17.9 million tons since the beginning of January up to the end of October, up almost 21% year-on-year (YoY), according to the latest report released by World Steel Association (WSA).

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Chinese coking coal futures, which were supported by tighter supply amid Beijing's environmental clampdown, surged to 10-week high on Thursday. Shanghai steel rebar price edged up 0.8%. And iron ore futures, the fellow steelmaking commodity, were also rallied.

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There is a stronger showing in Chinese steel price on Tuesday. And nickel price, the price of steel-dependent metal nickel (chiefly used in making stainless steel), was pushed up higher in both Shanghai and London markets.

Fundamentals:

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The bearish global steel billet demand continued to restrain spot price over the past week as buyers looked out for bargains amid poor demand for downstream long steel products. However, production cuts in China may boost price in Asia in the coming weeks as supplies are expected to be tighter.

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The Kobe Steel plant, at the center of a data-falsification scandal, has been stripped of all its industrial quality certifications.

As you may have known, Kobe Steel, Japan's third-largest steelmaker, has an extensive role in global supply chains. It supplies producers of cars, planes, trains and other products across the world. However, it is reported last month that about 500 of its customers had received products with falsified specifications. Kobe shares have plunged nearly a quarter since news of the data tampering in early October.

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According to a report showed on Wednesday, South Korea, nearly three years after lodging the complaint, won the case at the WTO (World Trade Organization) against US anti-dumping duties on steel pipes used in oil industry.

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India finished steel exports jumped 45 percent year-over-year to 0.778 million tonnes in October 2017 from 0.537 million tonnes in the same month last year, according to the official data from JPC.

As you may have known, India is the third largest producer of crude steel in the world after China and Japan. The country is now aiming to grab the second spot.

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Chinese iron ore futures dropped for a third day in a row on Friday amid concerns that consumption of the steelmaking commodity in the world's top user would be reduced because the country was making efforts in steel capacity cuts over winter.

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Will Latin American steel demand grow 4 percent in 2018?

Driven by significant growth in steel use in the main local markets, steel demand in Latin America next year is expected to rise 4 percent year-over-year, according to Rafael Rubio, general manager of the Alacero regional steel association. 

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It is reported that China will close down dozens of steel plants over the following five months to reduce winter pollution in Beijing and its surrounding areas. The new measures are set to take full effect in mid-November, and will continue through the winter.

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After a five-day rally, Chinese iron ore futures pulled back on Wednesday as steel demand in the world’s top consumer declined. 

According to relative data, imports of the steelmaking commodity by China declined to 20-month lows as steel mills cut output as part of Beijing’s war against smog. There are demand concerns.

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Steel shortages in India slowed Indian railways progress. Therefore, there is a move that would undermine Prime Minister Modi’s drive to build key infrastructure in India - buy much-needed rails from overseas.

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