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China SHFE steel and DCE iron ore futures remain bearish

Chinese steel and iron ore futures fell on Tuesday to near the lowest levels for most active contracts on worries over slow demand for steel inChina

The most active rebar for delivery in October on the Shanghai Futures Exchange touched a session low of CNY 3,043 per tonne, near the weakest level of CNY 3,034 for a most traded contract reached last week. It was down 0.6% at CNY 3,049 by 0259 GMT.

At the Dalian Commodity Exchange, iron ore for September delivery slipped 0.7% to CNY 683 per tonne. It fell to CNY 680 earlier, also not far off last week's CNY 675 which was its lowest since the bourse launched the product in October.

Mr Zhou Ting analyst at Jinrui Futures in Shenzhen said that "Steel prices may continue to be near historical lows for an extended period. Construction activity in southern China was slowing down due to the hot weather.”

Source - Reuters
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US auto industry gets serious about light weighting

AP reported that automakers have been experimenting for decades with light weighting, but the effort is gaining urgency with the adoption of tougher fuel efficiency standards. Some car companies are teaming up with airplane makers, which have years of crash simulation data for lightweight materials.

To meet the US government's goal of nearly doubling average fuel economy to 45 mpg (19 kpl) by 2025, cars need to lose some serious pounds.

Ford gave a glimpse of the future last week with a lightweight Fusion car. The prototype, developed with the US Department of Energy, is about 800 pounds lighter than a typical Fusion thanks to dozens of changes in parts and materials. The instrument panel consists of a carbon fiber and nylon composite instead of steel. The rear window is made from the same tough but thin plastic that covers your cellphone. The car has aluminum brake rotors that are 39% lighter than cast iron ones and carbon fiber wheels that weigh 42% less than aluminum ones. Because it's lighter, the prototype can use the same small engine as Ford's subcompact Fiesta, which gets an estimated 45 mpg on the highway.

The average vehicle has gained more than 800 pounds over the last 12 years and now tops out at just over 3,900 pounds (1,770 kilograms), according to government data. Not only have cars gotten bigger, but safety features like air bags and more crash-resistant frames have also added weight. General Motors' Chevrolet Volt electric car has to drag around a 400 pound (180-kilogram) battery.

Source - AP
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Chinese steel exports in 5 months jump up by 34pctYoY

According to data issued by the Chinese customs authorities on June 8, China exported 8.07 million tonnes of finished steel in May this year up 7.03% MoM while it exported 33.94 million tonnes of finished steel in the January to May period of the year, rising by 33.6% Yoy.

In May, China imported 1.22 million tonnes of finished steel, decreasing by 6.15% MoM while its finished steel imports in the January to May period amounted to 6.11 million tonnes up 6.4% YoY.

China imported 77.38 million tonnes of iron ore in May, declining by 7.21% MoM while it imported 382.66 million tonnes of iron ore in the first 5 months of the year, up 19% on Yoy basis.

In May this year, China exported 1 million tonnes of metallurgical coke, up 112.8% MoM while it exported 3.41 million tonnes of coke in the first 5 months, increasing by 250.1% YoY.

Source - Strategic Research Institute
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Global miners respond to fall in iron ore

BD Live reported that BHP Billiton, an influential iron ore producer, has signalled a major shift in the market.

Mr Andrew Mackenzie CEO of BHP Billiton said that the global miner would move to sell more consumer oriented commodities such as potash and copper to China than iron ore and coal.

Mr Sam Walsh CEO of Rio Tinto said that the fall in iron ore prices would hit Rio Tinto’s competitors, but Rio Tinto was the lowest cost producer in the world, at AUD 20 per tonne.

Anglo American, which traditionally had less iron ore exposure than its peers, now has a large and costly project, Minas Rio in Brazil, due to come on stream towards the end of this year.

Mr Hanre Roussouw, Investec Asset Management’s head of commodities for emerging markets, said that despite global industrial production remaining robust, there is concern the Chinese housing market is cooling. Housing uses more iron ore than copper or other metals. The penetration curve of various minerals, which refers to their gross domestic product per capita consumption at various levels of development, shows China is already ahead of the US in its steel consumption. The demand for steel is expected to taper off, while the demand for later stage commodities should still see strong growth."

For the past decade the world’s biggest miners have invested heavily in iron ore projects to meet China’s demand for steel in infrastructure to modernise its economy. This year the trend of rising iron ore prices reversed sharply. The price has fallen about 30% to USD 94 per tonne, reflecting large stockpiles and a fall in Chinese demand for lower grade ore. Lower grade ore requires sintering and China wants to cut down on pollutants.

Source - Bdlive.co.za
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US Steel calls for crackdown on steel dumping into US

Charleston Daily cited Mr Mario Longhi president and CEO of United States Steel Corporation as saying that federal leaders need to be more vigilant in cracking down on foreign countries dumping cheap products in domestic markets, skirting international trade laws and harming US jobs.

Mr Longhi said that “A more aggressive approach would help preserve West Virginia coal jobs, and ensure that the US economy gets the maximum benefit from oil and natural gas shale development underway nationwide. We’re a strong believer that if our country is ever going to get back to its potential, then manufacturing has to be a vital part of it.”

He said that “If our government doesn’t execute and protect out trade laws, and they allow for the massive amount of dumping to continue. they will stifle development. This will create the extinction of some market segments.”

Mr Longhi said that oil and natural gas energy development in the country could lead to a resurgence of US manufacturing. So far, companies like US Steel have not been able to see the full benefit of it because of what he called deceptive and illegal trade practices by foreign countries, particularly China and South Korea.

Mr Longhi said that “The industry waged and won a similar battle against China in 2009. Under current law, it takes a significant amount of time to prove domestic manufacturers are being harmed by these imports. While companies wait for regulators to make decisions, companies are forced to lay off workers and idle capacity.

He said that “The law itself when it comes to the definition of injury is very archaic. It will take you two and a half years of suffering to put a case together. Meanwhile, the industry missed out on growth in the oil and gas boom in 2009 and is missing it again now.”

Mr Longhi said that “The energy boom created a very significant opportunity, but the market share was captured by imports. The domestic suppliers never had the chance to compete on a level playing field. And here we are again, two and a half years later, having to fight the same battle.”

He said that has a trickle-down effect of harming the West Virginia coal market, since metallurgical coal is used to make the company’s steel.

Source - Charlestondailymail.com
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US steel shipments down by 1.2pct in April - AISI

The American Iron and Steel Institute announced that for the month of April 2014, US steel mills shipped 8,235,096 net tonnes, a 1.2% decrease from the 8,337,578 net tonnes shipped in the previous month, March 2014 and a 3.2% increase from the 7,978,531 net tonnes shipped in April 2013.

Shipments year to date in 2014 are 32,086,347 net tonnes, a 1.7% increase vs. 2013 shipments of 31,547,910 net tonnes for four months.

A comparison of April shipments to the previous month of March shows the following changes: hot rolled sheet, up 2.0%; hot dipped galvanized sheets and strip, no change; and cold rolled sheet, down 0.1%.

Source - Strategic Research Institute
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US updates on weekly raw steel production

In the week ending June 7th 2014, domestic raw steel production was 1,845,000 net tonnes while the capability utilization rate was 76.7%.

Production was 1,824,000 net tonnes in the week ending June 7, 2013, while the capability utilization then was 76.1%. The current week production represents a 1.2% increase from the same period in the previous year.

Production for the week ending June 7, 2014 is down 2.6% from the previous week ending May 31st 2014 when production was 1,895,000 net tonnes and the rate of capability utilization was 78.8%.

Adjusted year to date production through June 7th 2014 was 41,385 net tonnes, at a capability utilization rate of 76.3%. That is a 0.3% decrease from the 41,515 net tonnes during the same period last year, when the capability utilization rate was 76.7%.

Broken down by districts, here's production for the week ending June 7th 2014 in thousands of net tonnes: North East: 228; Great Lakes: 692; Midwest: 240; Southern: 596 and Western: 89 for a total of 1,845.

The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50% of the domestic producers combined with monthly production data for the remainder.

Therefore, this report should be used primarily to assess production trends. The AISI production report AIS 7, published monthly and available by subscription, provides a more detailed summary of steel production based on data supplied by companies representing over three quarters of US production capacity.

Source - Strategic Research Institute
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Chinese steel on Verrazano Narrows Bridge project in US continues to spark concern

Silive reported that the use of Chinese made fabricated steel for the upper deck replacement of the Verrazano Narrows Bridge continues to draw fire this time from workers on the project who point to non conformance reports that cite problems with the welding on the orthotropic panels.

But the Metropolitan Transportation Authority said that it has eyes on the ground in Shanghai, has engaged welding experts to oversee the work every six weeks and pledge that the most stringent quality control is being observed.

That's the word from Mr Carl Redmond, MTA senior project engineer, who was among a group of MTA officials to present an overview of the project to the Advance Editorial Board.

But sources familiar with the work have said that the quality assurance sub consultant to US contractor Mr Tutor Perini, Alta Vista has pointed to welding issues on the panels and filed nearly three dozen non conformance missives which remain unresolved.

The panels will comprise a new lighter steel orthotropic deck that will replace the 40 year old concrete grid deck.

Source - Silive.com
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China updates imports for iron ore price in May

From Reuters comes a report that China’s imports for iron ore in May fell 7% MoM, despite a 13% drop in price and may reduce further in months ahead.

A Shanghai based iron ore trader said that “Supply is still more than demand but we have probably seen the peak in supply for now and that’s helping stabilise the market a bit.”

Ms Helen Lau senior mining analyst at UOB-Kay Hian Securities in Hong Kong said that “Imports may continue to decline on MoM basis due to high inventory of iron ore at Chinese ports and among mills, a crackdown on iron ore financing in China and as mills run down stockpiles ahead of the slow summer season.”

Ms Lau said that “This will put more downward pressure on the over supplied seaborne market. We stay bearish on iron ore and steel prices.”

Chinese steel mills are cutting back on long term iron ore contracts in favour of cheaper spot cargoes on expectations that spot prices are unlikely to rebound strongly anytime soon.

Source - Macrobusiness.com
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Mexican Government halts iron ore exports since March 2014

According to official data, the Mexican government has stopped the export of about 300,000 tonne of iron ore since March from 4 ships: one containing 68,000 tonne, 2 ships with 100,000 tonne each and a 4th ship whose volumen is still being calculated.

Mr Francisco Orozco, president of the Mexican Association of Shipping Agents, acknowledged that seized shipments were made through international shipping lines headed to China and the ships remain anchored in the bay of Manzanillo on the instructions of federal authorities while they investigate operations that are accused of illegally exporting of iron ore.

Orozco noted that while the vessels were stopped at the Port of Lázaro Cárdenas, the identification of the originating mines are still unknown.

Source - Visit www.steelorbis.com
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Nissan recovers 97pct of auto shredder residue in Japan

Nissan recovered 112,507.2 tonne of the 115,741.4 tonne of automobile shredder residue collected from 533,836 vehicles in Japan in fiscal year 2013 an amount that represents a recovery ratio of 97.2%.

This means Nissan has achieved the Japan Automobile Recycling law ASR recovery target rate of 70% by FY2015 for eight consecutive years.

In its other recycling results achieved between April 2013 to March 2014, Nissan says the recovery ratio for end-of-life (ELV) vehicles (actual value) was 99.5%.

The company also reduced the amount of ASR-related landfill and incineration disposal to zero and and participated in a trial of recycling ASR, with an advanced method of sorting ASR and process them as resources.

Nissan recovered 1,603,679 airbag-related products from 445,635 vehicles through recovery processing and on-board deployment operations. The airbag recycling ratio was 94.1%, exceeding the legal requirement of 85%. A total of 138,602.149 kg of fluorocarbons collected from 490,825 vehicles was processed.

The cost of the recycling efforts for these specified materials amounted to JPY 5,400,091,730. Recycling fees and income generated from the fund for vehicle recycling totaled JPY 6,286,540,805, contributing to a net surplus of JPY 886,449,075.

From FY2004 to FY2013, the total cost of recycling operations led to a net surplus of JPY 2,987,067,988, an amount that is equivalent to JPY 560 per vehicle. For the mid- and long-term forecast, Nissan anticipates the cost of recycling operations to stabilize.

Consistent with the Nissan Green Program 2016, the company’s mid-term environmental plan, Nissan said that it will continue efforts to improve its ELV recycling actions.

Source - www.environmentalleader.com
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Tugboat captains strike to halts Australian iron ore exports

Tugboat captains at Australia's top iron ore export port have approved plans to go on strike for up to three days in a fight for better pay, which could halt a quarter of the world's iron ore exports.

A spokeswoman for the Fair Work Commission said that Australian Maritime Officers Union members overwhelmingly approved 8 different proposals ranging from a 2 hour to a 72 hour work stoppage.

The vote by the Australian Maritime Officers Union follows approval by tugboat deckhands to strike for up to a week. Neither group has set a date for a strike and the deckhands have said they would hold off until at least late June while they try to resolve issues with tugboat operator Teekay Shipping.

The tugboats guide iron ore carriers in and out of Port Hedland, which handles more than half of Australia's iron ore exports. The strike threat comes as producers have been ramping up output, which has led to heavier ship traffic.

World no.3 and 4 iron ore producers, BHP Billiton Limited and Fortescue Metals Group Limited, export through Port Hedland, along with smaller Atlas Iron Limited.

The unions have come under pressure to compromise with Teekay, as any strike would result in the loss of USD 100 million a day in iron ore sales and millions in royalties and taxes to the state of Western Australia and the country.

Tugboat engineers are holding a separate vote to strike for up to 2 days. Their ballot result is due on June 10th.

Teekay and the unions are due to hold another mediation session on June 5th.

Source - Reuters
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Due to Odisha's faulty policy iron ore shortage - FIMI

Refuting allegations by steel makers of a shortage in domestic iron ore supply, FIMI has said that a paucity in some regions is not because of the inability to produce more but due to a faulty policy of Odisha state.

The Federation of Indian Mineral Industries said in a recent presentation that there has been surplus availability of ore since 2004 to 2005. It is significant that despite no new major mine having been opened in the last 20 years, production of iron ore has kept pace with the rising domestic and export demand. In other words, existing mines have the capacity to increase production as per demand.

Domestic iron ore production has been on the wane and declined to about 129 million tonne in 2013 to 2014 from 213.25 million tonne 6 years ago.

FIMI said that RIn case there is any shortage of iron ore in any part of the country, it is not because of incapacity of industry to produce more but because of faulty policy of Odisha government, which does not allow transport ofBSE 1.80% more than 50% of the total production out of the state.

Odisha is the largest producer of iron ore in the country. The miners' body said that since the requirement of the steel industry in Odisha is not enough to consume even 50% of the ore produced in the state, stockpiles of the resource are lying at mine heads. At the end of 2012 to 2013, 69 million tonne of iron ore, mainly fines were lying at mine heads.

Domestic steel makers have often alleged a shortage in the key steel making raw material and have sought a ban on iron ore exports on apprehensions the country may run out of the mineral if widespread overseas shipments continue. About 1.6 tonne of iron ore is needed to produce one tonne of steel.

Source - Money Control
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BaoSteel rolls over steel prices for July to stop free fall

Shanghai Daily reported that Chinese steel giant Baoshan Iron & Steel Co has kept major product prices for July delivery flat from June, after cutting them for two consecutive months.

Still, BaoSteel cut the prices for some specialty products for July.

BaoSteel’s announcement yesterday showed the company aims to stabilize the market although demand is seasonally weak in the summer

BaoSteel’s pricing policy typically serves as a benchmark for the rest of the industry in China.

Source - shanghaidaily.com
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ArcelorMittal starts fencing work on Bellary steel project

Mydigitalfc reported that ArcelorMittal SA has started work on its 6 million tonne per annum steel plant project at Bellary with the fencing of 2,800 acres of land acquired for the plant.

A spokesperson of the company confirmed that initially the fencing work has to be done and like in all greenfield projects, there are some protests.

He claimed that 90% of the farmers have accepted the compensation offered by the company.

As per report, around 10% of the population is still protesting which would be sorted out in the court.
The construction of the plant will start after the state government of Karnataka provides captive mine to the company.

ArcelorMittal had signed a MoU with the state government of Karnataka for the 6 million tonne steel plant long back. The company’s earlier estimated cost of INR 30,000 crore announced for the project in 2010 is likely to escalate as after 5 years cost of construction will be more expensive.

Source - Mydigitalfc
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Iron ore miners stare at uncertainty as capacity outnumbers demand globally

Glossy talks about exponential expansion in iron ore capacity indulged by global miners seems hollow faced with the unbeatable truth of global iron ore supply fast outpacing demand by miles. Even though miners in self-consoling mode stuck there necks out at an imminent turn of fortunes in the Chinese steel industry they cannot be blind to the changed dynamics.

Chinese growth story fades into oblivion with economic growth estimates plummeting 23 years low of 7.3% in 2014. Largely investment driven Chinese economy seems to survive more on government stimulus and speculative vicissitudes emanating from policy expectations rather than concrete action. Apart from demand slump in key consuming sectors viz., housing, infrastructure and construction crackdown on polluting steel capacities has reduced the propensity for growth in demand for finished as well as iron ore.

Glance through the crude steel production forecast for 2014 and 2015 reveals that while production will grow by 50 million tonnes and 53 million tonnes the iron ore needs demand will increase by meager 80 million tonnes and 85 million tonnes respectively.

The startling revelation magnifies the horror of deluge staring at the global iron ore miners. The capacity addition during this period will cross 175 million tonnes in 2015, compared with a prior prediction of 145 million tonnes. According to estimates output will exceed demand by 72 million tonnes.

Global miners, including BHP, Anglo-Australian rival Rio Tinto and Brazil's Vale, have all banked on a sustained increase in iron ore demand from China, ramping up capacity and boosting available seaborne supplies. , BHP is on track to raise its total annual production to 260-270 million tonnes, up from a planned 217 million tonnes in 2014. Vale and Rio Tinto have added up huge capacities too.

Iron ore price has slumped by 30% this year and is unlikely to pick-up soon. The market is no longer in balance but in the early stage of a structural surplus and China is unlikely to act as safety valve.

Plummeting price levels have forced local steel mills to turn to higher quality material from Australia at the expense of high cost poor-grade supplies from domestic mines.

Chinese imports of iron ore have surged 20.65 percent in the first four months of the year to 305.3 million tonnes, and Australian producers have been the main beneficiary, with shipments up 35.4 percent.

Iron ore will probably find a floor at USD 90 per tonne has the fall has stopped for at USD 92 per tonne yesterday. It is expected that at this level more than a quarter of Chinese mining capacity will go out of business and spur production cuts at mines in Australia and Brazil as well. H2 would see leveling of prices at USD 100 per tonne before decline resumes in Q1 2015.

Overall supply outpaces demand by yawning gap.

Source – Strategic Research Institute
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EU steelmakers restart some of the closed blast furnaces - Report

Reuters reported that EU steelmakers have restarted nearly half the blast furnaces that were idled in the financial crisis holding back recovery in a sector already hobbled by over capacity and high energy costs.

This year alone, ArcelorMittal, the world's biggest steel producer, restarted a blast furnace in Spain with annual capacity of 2.4 million tonnes and its furnace in France with annual capacity of 7 million tonnes.

A leading industry player said that demand for EU steel, a sector that indirectly employs millions of Europeans and was decimated by the 2008 financial crisis, is expected to grow by 2% or 3% this year, after two straight years of decline.

Mr Wolfgang Eder CEO of Austrian steelmaker voestalpine and former president of steel association Eurofer said that "Of the fourteen blast furnaces that were idled since 2008, nearly half of those are back on stream. As long as this is the basic approach in the industry, it is impossible to see a structural improvement in prices."

According to steel producers' association Worldsteel, output in Europe rose 6.2% in the year to April the second highest growth rate in the world and surpassed only by the Middle East.

Unfortunately, the restarts have come at a time when net steel exports from China, the world's largest producer, rose 41.5% in the year to May as the country's growth slowed, while its mills continued to churn out record levels of steel.Also, over capacity in Europe is at an estimated 30 million tonnes, so savvy buyers have opted to shop around for their steel, rebuffing price rises from mills which they well know are incurring lower raw material costs.

Source – Reuters
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High strength cellular aluminium foam for the automotive industry

Science Daily reported that aluminum foam exhibits unique properties when compared to its dense form, particularly its lightweight characteristics. Generally, the foam can be divided into two categories; closed cell and open cell, both have different characteristics and applications.

The features of the closed cell are, the pores structure is isolated and they are not connected to each other. This type of aluminum foam is suitable for application that requires high level of energy and sound absorption characteristics. It has been used widely in many structural parts, particularly in areas exposed to high damping capacity, for example in the automotive front bumper component.

Meanwhile, the open cell, owing to greater level of connectivity of the pores, the structure has been accepted and used in thermal management applications. One such promising application is as a heat exchanger, particularly as a cooling medium to transfer heat, due to the development of its porous structure, which provides greater surface area, thus, enabling improved heat transfer efficiency. Producing a combined structure of open and closed cell in one volume component appears to be a difficult process due to the different processing techniques involved and their individual limitations.

Therefore, in this study, an innovative processing route for high strength cellular aluminum foam by integrating porous and dense structures is presented. The CAF is well known as a light weight product exhibiting high level of inter-connected porosity which is very useful as a thermal management application, particularly as a heat transfer or cooling medium. However, the level of strength for the CAF is not really promising when it is subjected to high impact; thus, limit its potential application, particularly in the automotive industry.

Subsequently, an alternative route by integrating dense and porous structure has been investigated. The solid aluminum at the centre acts as a pillar providing excellent strength for the surrounding foam structure. The product has demonstrated functionally graded properties which is possible for applications that require both properties of heat transfer and high strength.

The product was fabricated using infiltration of NaCl space holder combined with central solid aluminum foam. It is well known that NaCl has a greater melting point than that of aluminum. Therefore, when aluminum melts, the liquid fills the interstitial spaces between the NaCl grain. Prior to melting, the NaCl is sieved according to the desired porous structure.

Source – Science Daily
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Aluminium cans on the rise in Europe - BCME

According to new figures from Beverage Can Makers Europe, 2013 was a good year for aluminium cans, as some 60 billion were produced throughout Europe for growth of 3% compared to the previous year.

BCME observes said that nearly 20% of Europe's beer market relies on aluminium as a packaging material. This was only 14% at the start of the century.

Ms Carine Lemmens chairman of BCME Benelux said that strong growth in exports is believed to have been a main factor in the can production increase. This positive momentum is hailed as a clear sign that leading soft drinks producers and breweries have become aware of the advantages of aluminium cans. They are increasingly popular as they can be easily filled and may be recycled infinitely.

Mr Welf Jung marketing committee chairman of BCME said that “The continual improvement in recycling rates across Europe is further confirmation that consumers are responding well to industry programmes which promote a recycling culture such as Every Can Counts.”

Source – Recycling International
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