Eurobench.com

voda 21 oktober 2014 17:01

0

Cliffs to take USD 6 billion writedown after iron ore plunge

Reuters reported that Cliffs Natural Resources Inc would write down the value of its coal and iron ore assets by USD 6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down as much as 6.8%.

Cliffs said that the non cash charge would increase its debt to capital ratio over the 45% threshold set by its credit facility, and it was working with bankers to amend the covenant. The Q3 charge was related to iron ore for export and coal used in steel making.

Cliffs replaced its chief executive in July and said it would sell underperforming assets after New York-based fund Casablanca Capital triumphed in a proxy battle.

Mr Tony Robson analyst of BMO Capital Markets said that "It essentially confirms that the vast bulk of the company's investments in the last decade prior to the appointment of new CEO Lourenco Goncalves was misspent."

Cliffs said in May it expects seaborne iron ore and metallurgical coal prices to remain weak in the near term, which would reduce revenue in most of its businesses.

FBR Capital Markets said it believed the biggest contributor to the writedown would be the Eastern Canadian iron ore business, including its Bloom Lake iron ore mine in Quebec.

Cliffs said in February it could idle, sell or work out a deal with a strategic partner at Bloom Lake. It bought Bloom Lake as part of its takeover of Consolidated Thompson Iron Mines Ltd in 2010 but higher than expected costs at the mine have weighed on Cliffs' earnings.

Source - Reuters

voda 22 oktober 2014 16:38

0

BHP Billiton voert ijzerertsproductie op

WOENSDAG 22 OKTOBER 2014, 07:25 uur | 719 keer gelezen

MELBOURNE (AFN/BLOOMBERG) - BHP Billiton heeft de productie van ijzererts in het eerste kwartaal van zijn gebroken boekjaar met 17 procent opgevoerd. Dat meldde 's werelds grootste mijnbouwbedrijf woensdag.
BHP Billiton produceerde in de periode van juli tot en met september 57,1 miljoen ton ijzererts, tegen 49 miljoen ton een jaar eerder. Het concern hield vast aan de verwachting dat zijn mijnen in West-Australië dit jaar 245 miljoen ton van de grondstof voor staal zullen voortbrengen.

De prijs van ijzererts is het afgelopen jaar stevig gedaald, doordat grote producenten als BHP, Rio Tinto en Vale de productie hebben opgevoerd. Zij profiteren van lage productiekosten, maar hebben inmiddels ook gezorgd voor een internationaal overaanbod aan ijzererts.

voda 22 oktober 2014 16:52

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China steel sector to see weak recovery in Q4 - CISA

Chinese steel mills see signs of a weak recovery in profit following a widespread loss in the sector. 88 key steel mills monitored by the China Iron and Steel Association posted a combined profit of CNY 4.604 billion in August with a margin of 1.52%. Only 14 mills, accounting for 15.91%, suffered losses, totalling CNY 0.927 billion.

A CISA official said that there are signs of a weak recovery in steel sector, as evidenced by August data, citing the falls in short term bank loans and asset-liability ratio and lower stockpiles than early this year.

The official pointed that the steel industry would see a relatively stable recovery in the fourth quarter should steel prices maintain at current level as low priced iron ore would be gradually put in steelmaking activity.

The relationship between steel mills and miners seems to have taken some changes with the sector entering cold winter. Large scale miners, including Rio Tinto and BHP Billiton, have begun to increase production, aiming to reduce costs to benefit Chinese steel mills and seize the Chinese market, while squeezing miners in the country and other rival suppliers.

According to data released by the General Administration of Customs, the average price of iron ore delivered to China declined to USD 90.85 per tonne in August, the lowest level since January 2010. It can be calculated that China’s mainstream iron ore import price slumped nearly 41% since early this year, with a cumulative fall of more than 48% in four years.

The global mining giants, including BHP Billiton, Rio Tinto and Vale, are also seeking to expand capacity. Rio Tinto aims to ramp up it capacity to 360 million tonnes annually from current 290 million tonnes and BHP Billiton pledges to increase its capacity to 290 million tonnes by mid 2017 from 225 million tonnes in the last fiscal year.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 22 oktober 2014 16:52

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EU's third country steel imports continued to rise in Jul-Aug - Eurofer

The latest EU customs statistics show that third country imports remained on a rising trend in July and August: Finished steel imports rose 32% YoY, compared with 6% rise in Q1 and 33% rise in Q2. This means that over the first eight months of this year total finished steel imports rose 21%. While flat product imports grew 15% YoY long product imports increased by a staggering 49%.

Eurofer, the European Steel Association, these growth rates of third country imports arriving in the EU contrast sharply with the only very moderate growth of apparent consumption.

Eurofer statistics showed that demand for finished steel products in the H1 of 2014 rising almost 5.5% compared with 2013. For the whole of this year around 3.5% growth in apparent steel consumption is foreseen, reflecting the usual seasonal destocking in the second half of the year. This underpins that the rebound in steel demand is only gradually gaining momentum.

Mr Axel Eggert, Interim General Director said that “That is exactly the reason why we are so concerned about the sharply rising trend in imports we are observing since the start of the year. Low-priced imports benefit more from the fragile recovery in the EU market than domestic producers. Moreover, the combination of volume and pricing effects exacerbates the already severe margin pressure in the EU steel sector.”

Source – Strategic Research Institute

voda 22 oktober 2014 16:55

0

Verplaatsen van het probleem?

Hebei fights pollution with relocation of steel firm

ECNS reported that a large iron and steel firm in Beijing’s neighboring Hebei province commenced relocation last Friday under pressure of environmental pollution.

Shijiazhuang Iron and Steel in Shijiazhuang city, subordinate to Hebei Iron and Steel Group, the country’s largest steel producer, will be relocated to suburban Jingxing Mining District by 2017.

Mr Wang Liping, president of the firm, said at the signing ceremony with the district government last Friday that pollution affects the public and that the transportation of materials and products have worsened the city’s traffic woes. The new location is situated in a mountain locked basin, which would reduce the environmental impact of business.

Mr Sheng Zhicheng, assistant secretary general of the steel committee at the Steel Logistics Professional Committee under the China Federation of Logistics and Purchasing did not consider such relocation as innovative and said most pressure comes from the regional environment pollution.

Mr Zhang Yuanxun, a professor of environmental sciences at the Chinese Academy of Sciences said that “Waste gas and heavy metals generated during steel processing are major polluters that cause serious air pollution in Hebei.”

Source - ECNS

voda 22 oktober 2014 16:56

0

Updates on weekly raw steel production in USA

In the week ending October 18th 2014, domestic raw steel production was 1,822,000 net tonnes while the capability utilization rate was 75.7%. Production was 1,832,000 net tonnes in the week ending October 18th 2013, while the capability utilization then was 76.5%.

The current week production represents a 0.5% decrease from the same period in the previous year. Production for the week ending October 18th 2014 is up 1.0% from the previous week ending October 11th 2014 when production was 1,804,000 net tonnes and the rate of capability utilization was 75.0%.

Adjusted year to date production through October 18th 2014 was 77,063,000 net tonnes, at a capability utilization rate of 77.1%. That is up 0.5% from the 76,689,000 net tonnes during the same period last year, when the capability utilization rate was 77.0%.

Broken down by districts, here's production for the week ending October 18th 2014 in thousands of net tonnes: North East: 211; Great Lakes: 670; Midwest: 222; Southern: 630 and Western: 89 for a total of 1,822.

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

voda 22 oktober 2014 16:57

0

Baosteel to supply gas pipes for Turkey-Azerbaijan pipeline

Reuters reported that China's second biggest steelmaker Baoshan Iron & Steel Company Limited (Baosteel) had won a contract to supply pipes for a natural gas pipeline running from Turkey to Azerbaijan.

The company will provide 370 kilometres of pipes for the project known as TANAP.

Source – Reuters

voda 22 oktober 2014 16:59

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Iron ore production near 17 million tonnes - IMIDRO

According to the Iranian Mines and Mining Industries Development and Renovation Organization, Iran’s eight major state run companies have produced nearly 17 million tonnes of iron ore in the six months ending September 22.

Chadormalou Mining and Industrial Company, Iranian Central Plateau Iron Ore Mining Complex and iron ore companies of Golgohar, Markazi, Sirjan, Jalalabad, Mishdovan and Sangan helped the country to produce iron ore.

Based on the report, the above companies produced 16,783,616 tonnes of iron ore in the same period of last year and the figure witnessed 2% rise YoY.

Golgohar, Chadormalou, Markazi and Sangan are Iran’s biggest iron ore mines and produced a major part of iron ore in the same period.

The preliminary production of iron ore reached 25,679,897 tons during the period, which indicates an 11% rise, compared with the previous year’s figure that amounted to 23,089,489 tons.

Source - Iran Daily

voda 22 oktober 2014 17:00

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Russia's crude steel output rises in September

According to data released by Russtat, Russia’s crude steel production totaled 52.8 million tonnes in January to September period, increasing by 2% compared to the same time a year ago.

In the given period of time, the country’s steel product output totaled 45.7 million tonnes up by 3.4% YoY. Steel pipe output reached 8.2 million tonnes up by 7.7% YoY.

In September alone, Russia’s crude steel output increased by 5.3%; its steel product output rose by 23.7%, both compared to figures in the same month of 2013.

Source - www.yieh.com

voda 22 oktober 2014 17:25

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Arcelor levert staal voor 'drijvend hotel'

WOENSDAG 22 OKTOBER 2014, 17:21 uur | 1 keer gelezen

LUXEMBURG (AFN) - Een staalfabriek van ArcelorMittal in Spanje levert meer dan 5.000 ton aan stalen platen voor een 'drijvend hotel' voor personeel van olieplatformen in de Golf van Mexico. Dat werd woensdag bekendgemaakt. Financiële details werden daarbij niet gegeven.
Het complex, dat accomodatie biedt aan 700 mensen, wordt gebouwd op de Spaanse scheepswerf Navantia voor het Mexicaanse oliebedrijf Pemex en zal medio 2016 afgeleverd worden.

voda 23 oktober 2014 14:22

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Anglo American verhoogt ijzerertsproductie

DONDERDAG 23 OKTOBER 2014, 14:03 uur | 158 keer gelezen

LONDEN (AFN/BLOOMBERG) - Anglo American heeft in het derde kwartaal de productie van ijzererts met 37 procent verhoogd in vergelijking met een jaar eerder. Dat maakte de mijnbouwer donderdag bekend.
De productie van de grondstof voor staal kwam uit op 13 miljoen ton. De productie van koper ging juist met 15 procent omlaag en de platinaproductie zakte met 14 procent.

Voor het gehele jaar rekent Anglo American op een ijzerertsproductie van 45 tot 46 miljoen ton. Eerder werd gerekend op 44 tot 46 miljoen ton.

voda 23 oktober 2014 15:16

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JSW Steel financial result for Q2 2014

JSW Steel, India's third largest steel producer, reported a higher-than-expected consolidated net profit of INR 748 crore in September quarter mainly because of increased net sales that rose due to improved product mix and higher share of value added products.

The company had reported a loss of INR 115 crore in the corresponding period last year.

However, net sales of JSW Steel were a tad lower than estimates and stood at INR 13,691 crore in the period under review, up 7% from last year.

The company's bottomline was seen at INR 702 crore in the period under review, while its net sales were expected to be at INR 13,741 crore.

Both, in domestic as well as the international market, the company had refocussed on value added products which led to higher net sales, said the management in the post earnings conference call today.

Mr Seshagiri Rao joint managing director & CFO, JSW said that "In the begining of the year, we had set the target of 33% contribution from value added products in total sales, but we have achieved this target in September quarter itself."

JSW said that during the quarter, the company reported highest ever crude steel production of 3.30 million tonne while saleable steel sales volume stood at 3.07 million tonne.

However, the company's export turnover in the period under review slipped 15% from same period last year because of the appreciating trend in the rupee as it stood at INR 2,086 crore.

Source – Strategic Research institute

voda 23 oktober 2014 15:18

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China steel industry in new stage

Under the circumstances of new normal development of Chinese economy, China's steel industry has walked into New Normal stage, which is closely related to economic performance.

Mr Xi Jinping president of China said that the nation needs to adapt to a new normal in the pace of economic growth and remain cool minded amid a slowdown that analysts forecast will lead to the weakest expansion since 1990.

Mr Li Xinchuang, head of Metallurgical Industrial Planning Institute said that “The features of New Normal stage: low growth in consumption, low growth in production, sustained low growth steel price, poor profit and low raw materials price.”

Although the steel price keeps low, steel companies in China enjoyed the profit in most time this year. China Iron and Steel Association reported that China realized CNY 16.2 billion profit in the first eight months, soaring 97.8% YoY.

Mr Zhou Guoquan, VP from Jiangsu Zenith Steel Group said that "Honestly, steel enterprises only suffered loss in first quarter, and even made money of CNY 400 per tonne to CNY 500 per tonne steel produced when the market was on the rise."

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 23 oktober 2014 15:22

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Supply pressure from steel industry still remained - CISA

According to the latest statistics of China Iron and Steel Association, the daily production of China key steelmakers dropped slightly for two consecutive periods of ten days. In early October, the daily production came back to 1.8 million tonnes, up 0.8% from the preceding ten days, which means that the supply pressure from steel industry didn’t slow down and the steel sector still faced with severe challenge.

With the coming of APEC Summit, news of production restriction and production reduction of steel mill around Beijing came out one after another. According to industrial resource, the rate of operation of steel mills reached up to 96% showing that the effect of production reduction is limited.

By the end of early October, the inventory of CISA’s member mills reached 15.6885 million tonnes up 5.21% or 777,100 tonnes from the end of September up 3.7% over the same period of last year.

Since the production of National Festival remained normal as usual, however the market transaction stagnated during this period, which as a result led to the increase of inventory, in line with expectations.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 23 oktober 2014 15:24

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China daily steel output rises to near record high in Sept

Reuters reported that China's daily crude steel runs rose 1.3% in September to the highest level in three months suggesting mills were still close to full capacity despite weak demand and a steep slump in prices.

Data from the country's statistics agency showed that persistently high steel output from the world's top producer could further drag on Shanghai rebar futures, which sank 13% last month and also dent spot iron ore prices that are reeling from a supply glut as global miners of the steelmaking ingredient push ahead with expansion plans.

Data from the National Bureau of Statistics showed that China produced 67.54 million tonnes of crude steel in September, down 2% from the previous month and flat compared to the corresponding month of 2013.

But the daily output rate rose to 2.25 million tonnes from 2.22 million tonnes in August, driven by a slight improvement in industrial activity. This was the highest since June when output touched a record of 2.31 million tonnes per day.

China's total crude steel output is expected to reach around 820 million tonnes this year, short of its overall capacity estimated at 1.1 billion tonnes but still outstripping demand which has been hit hard by a sluggish economy.

A slowdown in China's economic growth most recently to the lowest level since the 2008 to 2009 global financial crisis has shrunk steel demand in China, aggravating overcapacity problems in the sector.

Source – Reuters

voda 23 oktober 2014 15:26

0

Mexico iron ore exports dive after bid to break grip of drug cartels

The Australian reported that Mexico’s exports of iron ore have plunged in the wake of a bid by authorities to break the grip of drug cartels on parts of the country’s iron ore industry.

Mr Mario Cantu, Mexico’s co ordinator general of minerals said that “Mexico will likely export just 2 million tonnes of iron ore this year, in part because of a crackdown on cartel linked shipments to China.”

Last year, Mexico exported about 10 million tonnes of the mineral, 9 million of which were bound for China. It isn’t clear the extent to which exports specifically to China will drop this year but the decrease will likely correspond with the 80% drop in total Mexican iron ore exports.

The export collapse is linked to Mexico’s moves to combat drug cartels operating in the country’s top ore producing state, Michoacan, and their expansion into lucrative shipments of the mineral to China, the world’s biggest buyer of iron ore.

In addition to confiscating iron ore that officials said was linked to drug cartels and closing facilities where the mineral was processed, Mexican authorities this year introduced a new export permit aimed at curbing illegal shipments. Last November, the Mexican navy also seized control of Michoacan’s port of Lazaro Cardenas, Mexico’s largest in terms of tonnes of cargo, in a bid to cut funding to the Knights Templar, a drug cartel that exerted significant control over the economy in much of the state.

Lazaro Cardenas has long been an entry point for chemicals used in the manufacture of methamphetamines by the Knights Templars. It has also been a gateway for iron ore exports linked to the drug traffickers, which in recent years have seized control of many iron ore mines that were shipping the mineral to China.

Mr Cantu said that “We realised some of the minerals have been exploited without permits. That led us to change the rules.”

Source - The Australian

voda 23 oktober 2014 15:27

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Baffinland Iron Mines preparing for ore shipments

Baffinland Iron Mines Corporation’s Mary River mining project is geared to produce 3.5 million tonnes of treated ore annually for a total investment (including the shipping port at Milne Inlet) of about CAD 750 million.

That’s down from the originally planned capacity of 18 million tonnes outlined in 2012.

Europe-based ArcelorMittal, the world’s largest steelmaker, and US private investment fund Energy and Minerals Group, Baffinland’s joint owners, blame lower global steel demand, slow recovery from the 2009 recession and volatile iron ore prices for the reduction.

Mr Tom Paddon CEO of Baffinland said that “Mary River had been talked about for 50 years, but now we’ve got a year round mining operation with a minimum life of 20 years and making a strong contribution to Nunavut and its people,”

The key milestone came last month when Baffinland began mining ore from the Mary River open pit and trucking it 100 kilometres east in twin trailer combination haulers to the stockpile area near Milne Inlet. Each truck trailer hauls about 150 tonnes of ore.

World spot iron ore prices have dropped 40% this year and stand around USD 85 per tonne, down from a record of almost USD 200 two years ago. The pressure has come mainly from lower Chinese and European demand in the face of rising shipments from Australia.

Watts could see hundreds of miles of untouched ore and billions of tonnes of potential reserves, but Mary River was too remote for development. The turn came around 2005 when Chinese steelmakers began importing vast quantities and forced prices up.

Source – Montreal Gazette

voda 23 oktober 2014 15:29

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Japan's crude steel output drops for first time in 3 years

Japan's steelmakers saw a decline in output during April to September for the first time over past three years.

According to the data from Japan Iron and Steel Federation, Japan’s crude steel output dropped by 0.5% to 55.55 million tonnes in the first six fiscal months compared to the same month a year earlier.

In September, the country’s crude steel output dropped by 0.5% to 9.24 million tonnes compared to the same period of last year. The country’s crude steel output hit a new high over the past 5.5 years, reaching 9.72 million tonnes in March.

Source - www.yieh.com

voda 23 oktober 2014 15:34

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Iron ore price rally on restocking by Chinese mills

Spot iron ore prices rose to above USD 81 a tonne as Chinese steel producers restocked.

Mills in China's Tangshan area in the northern Hebei province were buying more iron ore ahead of planned shutdowns at the start of November, since some steel mills in Hebei, China's top steel producing province, have been asked to reduce or suspend production during the APEC meeting in China next month to help improve the air quality in the capital Beijing. As a result the shutdowns may take almost two weeks and some of the mills are trying to increase production ahead of it.

The most traded iron ore contract for delivery in January on the Dalian Commodity Exchange climbed 1.2 percent to CNY 583 (USD 95) a tonne. Iron ore futures in Singapore also edged higher.

However continued supplies by the mining majors have put a lid on runway escalation in price.

Source – Strategic Research institute

svh21 23 oktober 2014 18:04

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ArcelorMittal announces the publication of sell-side analysts’ Ebitda consensus figures for third quarter 2014

23 October 2014 - The consensus figures are based on analyst estimates recorded on an external web- based tool to be provided and managed by an independent company called Vuma Financial Services Limited (trade name: Vuma Consensus).
To arrive at the consensus figures below, VUMA have aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of around 30 brokers. The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views.

On this page we provide you with the analyst estimates compiled by Vuma Consensus. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

Ebitda consensus estimates

Period

Number of sell-side
analysts participation

Ebitda consensus average
$ million

Q3 2014E

24

$1,816

The consensus data is based on projections made by sell-side analysts. The sell-side analysts who cover ArcelorMittal and whose estimates are included in the group consensus outlined above are the following:
ABN Amro – Philip Ngotho
Barclays Bank - Vladimir Sergievskiy
Bank of America Merrill Lynch - Cedar Ekblom
BEKA Finance - Iñigo Recio Pascual
Citi - Michael Flitton
Commerzbank - Ingo-Martin Schachel
Cowen & Company - Tony Rizzuto
Credit Suisse - Michael Shillaker
Deutsche Bank - Bastian Synagowitz
Exane BNP Paribas - Luc Pez
Goldman Sachs – Stephen Benson
HSBC – Thorsten Zimmerman
ING - Jaap Kuin
Jefferies International– Seth Rosenfeld; Alan Spence
JP Morgan – Alessandro Abate
Kepler Cheuvreux - Rochus Brauneiser
MainFirst – Alexander Hauenstein
Macquarie – Jeff Largey
Nomura – Sarah Barr
Petercam – Junior Cuigniez
Rabobank International - Frank Claassen
RBC Capital Markets - Tim Huff, Ioannis Masvoulas
Société Générale– Alain William
UBS – Carsten Riek

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