Eurobench.com

voda 24 december 2014 13:33

1

Atlas Iron welcomes Western Australian State Govt's royalty relief

It is reported that Pilbara focused iron ore miner Atlas Iron Limited has welcomed the Western Australian State Government's royalty relief.

Subject to the price of iron ore remaining under an average of USD 90 per tonne over the next year the state government will provide a 50% rebate on eligible haematite iron ore royalties.

Mr Ken Brinsden, MD of Atlas Iron, has described the measures as powerful and said that Atlas Iron is aiming to achieve the rebate within the current quarter.

Mr Brinsden said that the savings that may stem from this proposed initiative will help ensure the company remains competitive during the iron ore price downturn.

Atlas Iron advises it has paid more than USD 200 million in royalties since it started mining in 2008.

Atlas Iron reported a net profit of USD 14.25 million in the 2014 financial year.

Source - www.finnewsnetwork.com.au

voda 24 december 2014 13:40

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Hackers break into control system of BF of a German steel mill inflicting serious damage

The German Federal Office for Information Security revealed that unknown hackers have inflicted serious damage to a German steel mill this year by breaking into internal networks and accessing the main controls of the factory.

The report said that that the intrusion into the mainframe system caused significant damage to a blast furnace as the attackers managed to manipulate the internal systems and industrial components, causing outages that disrupted the controlled manner of operation.

The BSI’s didn’t mention which plant was targeted nor gave any reference to the time of the attack. The Office did note the very advanced capabilities of the hackers.

To penetrate the security, the intruders used a sophisticated spear phishing method to gain access to the core networks of the plant. Using this method, which involves targeting specific individuals within an organization, the attackers first penetrated the office network of the factory. From there, they managed their way into the production networks.

Mr Benjamin Sonntag, a software developer and digital rights activist said that cyber war has been going on for a long time. And while it is nothing new, the biggest problem at the moment is the work of the NSA, which handles both the defensive approach which is enhancing security of the infrastructure and the offensive approach which is attacking others with mass surveillance.

The steel mill incident, Mr Sonntag said that reminds him of the most famous attack on industrial control systems Stuxnet. The trojan attack, which was first uncovered in June 2010 was allegedly used by the US and Israel to penetrate a number of Iranian facilities, most notably the Natanz uranium enrichment plant. Stuxnet was responsible for destroyed hundreds of the Iranians’ centrifuges. He said that “The people who do these kinds of attacks are usually either paid by the state, or mafia, or a big company. We do not expect a nuclear power plant or steel plant to be connected to the Internet. To be computerized, but to be connected to the Internet and to be hackable that was is quite unexpected.”

Source – RT.com

[verwijderd] 24 december 2014 13:41

0

hoe zou de AEX staan zonder usa ,ik denk rond de 300 punten . straks in 2015 rente omhoog in usa , beurs usa naar beneden . beurs in europa nog veel harder naar beneden. Hier wordt alles nog steeds met hulp van usa kunstmatig omhoog gepraat.
Zeg maar dat ik het mis heb.Maaar ik hoop het niet. Gelukkig nieuwjaar.

voda 25 december 2014 16:17

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70 million tonnes of iron ore to be produced this fiscal in Odisha

Mr Raj Kumar Sharma newly appointed Principal Secretary of Steel & Mines has sought to clear the doubts about the issue of raw material supply to industries in the State.

Mr Sharma, who took over charge on Tuesday, met representatives of some industrial houses, which have signed MoUs with the Government to set up steel complexes and want long-term linkage (LTL) of raw materials. Only 11 out of 33 MoU singed companies participated in the discussion in the presence of Minister of Steel & Mines Mr Prafulla Kumar Mallick.

The industry representatives raised the issues of different grades of iron ore, the increase in transportation costs and the price hike of ore despite its fall in the international market due to recession.

Mr Mallick said that “However, they welcomed the decision of the Government for extending long-term linkage of raw materials to industries by the Odisha Mining Corporation and the 50% supply from mines which do not have captive industries.”

He said that the issue of supply of different grades of iron ore from Fe 63 to Fe 67 to industries needs to be sorted out as the industry officials pointed out that lower grades of ore increase input cost.

He added that the IBM is looking after it and the OMC is engaged in e-auction of raw materials. Secretary Mr Sharma, while outlining the stock position of raw materials for industries, cautioned that if allotment of raw materials is not executed by any particular industry, it would be debarred from getting further allotments. However, he assured them to meet him one-to-one to resolve the issue of raw materials.

Meanwhile, the Government has intimated industries through an advertisement about their raw material requirements.

He further added that the Government has decided to increase iron ore production to reach the target of 70 million tonnes by the end of this financial year. This would help mop up revenue to a tune of INR 6,500 crore from the mining sector.

Source - www.nyoooz.com

voda 25 december 2014 16:22

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Need to revisit long-term iron ore export pricing mechanism - DIPP

Indian Express reported that with iron ore prices dropping to their lowest level since the global financial crisis, the department of industrial policy and promotion DIPP has suggested that export prices of NMDC Ltd's iron ore should be fixed to ensure adequate sales realisation. The state-run firm only exports to Japan and South Korea.

However, if the DIPP suggestions are taken into account, the government's mineral trading arm MMTC Limited, which also finalises the export rates for NMDC under long-term agreements (LTA), may have to re-negotiate the prices.

The DIPP said that “The department is also concerned about the fact that commodity prices are down and India should not end up getting low prices negotiated now for the LTA.”

The DIPP's suggestion is likely to get support from the domestic steel industry, which has been clamouring for stoppage of ore exports due to heightened demand in India. Both NMDC and the steel ministry have been traditionally opposed to iron ore exports.

Source - Indian Express

voda 25 december 2014 16:24

0

Iran shows interest in strengthening ties with India in steel sector

Economic Times reported that Iran has evinced interest in strengthening ties with India in the steel and mines sector. This was conveyed by ambassador of the Islamic Republic of Iran, Mr Gholamreza Ansari when he called on union steel & mines minister Mr Narendra Singh Tomar in New Delhi.

Mr Tomar highlighted the initiatives taken by the present government in furthering bilateral and multilateral relations with different countries. In the area of steel & mines, a beginning has been made and all efforts will be made to take it forward in a concrete manner.

Mr Ansari apprised the minister of an umbrella agreement that has been signed between the two countries for a rupee credit line. This initiative will help improving business relations and Indian economy since it is for products manufactured in India.

Mr Ansari said that there are a lot of areas where India can help Iran and vice versa, thus complementing each other. Iran's strengths lie in energy, petrochemical, fertilizers and India is strong in steel, rail road, port development. Iran can serve as a gateway for Indian goods to Central Asia, Afghanistan and Russia. We want Indian companies in steel, mines & other sectors to come and invest in Iran.

He also requested the minister to plan a visit to Iran and in exchanging high-level delegations between the 2 countries.

Source - Economic Times

voda 25 december 2014 16:25

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New environmental law to affect Chinese steel industry

It is reported that China's revised Environmental Protection Law which some have dubbed “the strictest in history” will take effect on January 1st.

According to Mr Liu Tao, a senior engineer at the China Metallurgical Industry Planning and Research Institute, no steel manufacturer in China has met the requirements stipulated in the new law so far.

Mr Liu said that “The entire steel industry would have to spend CNY 90 to CNY 110 billion on improving their facilities in order to meet the requirements. The improvement projects are also expected to raise operation costs by CNY 80 billion per year due to maintenance fees and other expenses.”

The report said that yet at a time when the steel industry is experiencing a slowdown, steel producers have shown little interest in such projects though. In 2013, the average profit margin of China's steel industry was only 2.16%, with 23.4% of manufacturers operating at a loss.

Mr Li Yidong vice president of Hebei-based Tangshan Iron and Steel Group, said that nearly all steel products in China are in a state of oversupply, with the production utility rate of most products standing at below 80%.

Source - Want China Times

voda 25 december 2014 16:26

0

Australia slashes price forecast for iron ore in 2015

Sydney Morning Herald reported that Australia has slashed its price forecast for iron ore in 2015 by a 3rd to USD 63 a tonne from USD 94 in September, saying expectations of a drop in Chinese output to counter a mounting global supply glut had yet to occur.

Australia's Bureau of Resources and Energy Economics said that a rapid increase in the global supply pool of iron ore - Australia's most valuable export, combined with moderating demand growth in China, resulted in the price falling nearly 50% in 2014.

BREE said that the market balance and low price have been exacerbated by China's domestic ore production, that is proving more resilient to the pricing downturn. It said that "In previous cyclical price troughs, China's high cost production was quicker to exit the market but, after a period of focused cost reductions and efficiency gains, a higher portion of it is withstanding lower prices, albeit still operating at a loss."

The price of iron ore has averaged USD 90 in 2014 so far but as of mid-December was trading around USD 70, the lowest since 2009.

Source - Sydney Morning Herald

voda 25 december 2014 16:29

0

Ukraine may see 13.6pct decline in steel export earnings in 2014

According to the data released by Ukrainian association of metal producers Metallurgprom, Ukraine at the end of 2014 may see its currency income from exports of ferrous metal products (iron ore, pig iron, rolled steel and pipes) fall by 13.6% YoY to USD 16.05 billion.

The reduction of currency income was seen due to the decline in exports of steel products and the decrease in prices of steel products in the foreign markets this year. The trend is expected to continue in 2015.

In 2014, it is projected that Ukraine's currency income from exports of iron ore will fall by 12.4% to USD 3.251 billion, with income from pig iron exports to decrease by 9.7% to USD 743 million, income from rolled steel exports to decline by 11.7% to USD 10.965 billion, and income from steel pipe exports to decline by 32.6% to USD 1.09 billion, all YoY basis.

In 2015, it is expected that currency income from exports will drop by 21.5% to USD 2.552 billion for iron ore, will fall by 18.6% to USD 605 million for pig iron, will decline by 10.9% to USD 9.77 billion for rolled steel, and will move down by 20.5% to USD 867 million for steel pipes, all compared to 2014.

Source - Visit www.steelorbis.com for more

voda 25 december 2014 16:30

0

Brazilian rise antidumping duties on steel plates from China, Ukraine

Brazil's Secex foreign trade bureau decided that Brazil will charge antidumping penalties on boron-added steel plate from China and Ukraine, adding the product to such penalties on painted heavy plates.

The penalties on Chinese plate are USD 211.56 per metric tonne and from Ukraine are USD 261.79 per metric tonne.

Secex in October 2013 applied antidumping duties on heavy plate from China, Ukraine, South Africa and South Korea. They are valid for five years.

The duties just imposed involve low-carbon plate over 4.75 mm thick and 600 mm wide (excluding some API grades), under HS code 7210.70.10 from China and boron-added plates from China and Ukraine under HS code 7250.40.90.

Secex in a statement said that Brazil's sole plate producer Usiminas in March asked for an extension of the antidumping penalties on painted heavy plates from China and on boron-added plates from China and Ukraine. The two countries were aiming to thwart the effectiveness of the applied AD measure.

Source - BN Americas

voda 25 december 2014 16:33

0

Transportation is a major problem of Ajaokuta Steel Company - Mr Sada

Mr Musa Sada, the Minister of Mines and Steel Development, made this known at Ministerial Platform 2014 in Abuja. He said being an integrated steel company; it required a lot of logistics to transport raw materials to the plant.

Mr Sada said that the concept of Ajaokuta was to produce 1.3 million tonnes of steel annually in the first, 2.6 in the second, and 5.2 in the third phases respectively.

He said that “Now let us look at the first phase of 1.3 million tonnes. For you to produce 1.3 million tonnes of steel, you need to transport materials six times that volume. So, you can imagine the amount of materials you have to move up and down. But unfortunately these infrastructure like the railways and the rail limbs have not been developed.”

He added that this had become a big problem in the development of the steel sector.

Mr Sada, however, said the present administration had made efforts to address the challenges.

According to him, a lot of units like the power plant, the rolling mills, the lime plants, the engineering works and the metallurgical training centre have been completed. He said that all the units completed had been operational at one time or other.

He said raw materials like iron ore, cooking coal, limestone, dolomite and bauxite needed to produce steel, were in many parts of the country. The minister said the Federal Government had set up a committee to look at the infrastructure requirements of the country.

He added that “Most of these have been incorporated in the infrastructure master plan. The government has been tackling some of the problems, like the railways.”

He further added that the ministry was collaborating with Bureau of Public Enterprises to ensure that the privatised steel rolling mills began operation soon.

Source - NAN

voda 25 december 2014 16:41

0

Mr Renzi cabinet approves ILVA Taranto decree

ANSA reported that Italian Premier Matteo Renzi's cabinet approved on Wednesday a decree establishing an extraordinary commissioner to manage the troubled ILVA steel plant as well as measures to rehabilitate the environment of the southern port city of Taranto where ILVA is based.

Those measures will include improvements to the port and a local museum along with significant environmental improvements.

The premier said that the government's interventions in Taranto have a combined value of around two billion euros. Renzi said the ILVA plant will be put in the hands of a new government-appointed commissioner in January, who will oversee a clear up and prepare the plant to be taken over by a new private owner in the medium term.

Mr Renzi told a press conference "I forecast a maximum State intervention of 36 months to clean up ILVA and relaunch ILVA. The city has often been humiliated by the political world. The State intervention will be successful if it's temporary.”

Mr Renzi brushed off concerns that European Commission authorities might view any package as illegal State aid, saying measures were crucial to protect the health of children in Taranto. He said "If European (regulators) want to prevent our work to save the children of Taranto, they have lost their way. I am more faithful to the commitments with those children than to some EU regulation. We will do the environmental rehabilitation".

The plant has faced European Commission scrutiny since it was partly closed more than two years ago by prosecutors for sustained pollution of the area, which has registered high rates of cancer. ILVA was placed under special administration by the Italian government in 2013 and has had two different administrators since then.

Source - ANSA

voda 26 december 2014 16:23

0

US steel import down by 18pct in November 2014 - AISI

AISI reported the US imported a total of 3,635,000 net tonne of steel in November, including 2,878,000 net tonne of finished steel (down 18.2% and 16.3%, respectively, vs October final data).

YTD total and finished steel imports are 40,641,000 and 30,733,000 net tonne, respectively, up 37% and 34% respectively, vs. 2013. Annualized total and finished steel imports in 2014 would be 44.3 and 33.5 million NT, up 38% and 35% respectively vs. 2013. Finished steel import market share was an estimated 29% in November and is estimated at 28% YTD.

Major products with significant YTD import increases vs. the same period last year include plates in coils (up 87%), cold rolled sheets (up 85%), wire rods (up 82%), cut lengths plates (up 75%), sheets and strip hot dipped galvanized (up 59%), heavy structural shapes (up 58%), hot rolled sheets (up 47%), sheets and strip all other metallic coatings (up 43%), tin plate (up 29%), mechanical tubing (up 28%), oil country goods (up 19%) and reinforcing bars (up 17%).

In November, the largest volumes of finished steel imports from offshore were all from
South Korea (467,000 NT, down 15% vs. October final)
China (253,000 NT, down 31%)
Turkey (184,000 NT, down 47%)
Japan (147,000 NT, down 38%)
Taiwan (120,000 NT, up 2%)

For 11 months of 2014, the largest offshore suppliers were
South Korea (5,030,000 NT, up 47%)
China (2,964,000 NT, up 69%)
Turkey (2,011,000 NT, up 74%)
Japan (1,915,000 NT, up 10%)
Russia (1,237,000 NT, up 468%)

Source – Strategic Research Institute

voda 26 december 2014 16:27

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China iron ore futures inch up on bank liquidity easing reports

Reuters reported that China's iron ore futures edged up on Thursday, snapping three straight sessions of losses as reports circulated that the central bank was moving to ease liquidity conditions for banks.

Iron ore futures for May delivery on the Dalian Commodity Exchange rose 0.21 percent to settle at CNY 476 a tonne

However the most-traded May rebar contract on Shanghai Futures Exchange slipped 0.04 percent to CNY 2,482 a tonne.

China Business News reported on Wednesday that the central bank was planning to include interbank lending by non-bank financial institutions as part of the calculated deposit base. Quoting unnamed insider sources who attended a meeting with the central bank, the report said 24 major financial institutions were also told that even if interbank assets are including in the base, they may not need to set aside additional reserves, leaving more liquidity available for lending and investment.

Still, a combination of sluggish demand, along with worries of a worsening supply glut at home and abroad, continued to weigh on iron ore markets.

Source – Reuters

voda 26 december 2014 16:28

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Chinese steel mills to go bust on continuous price falls - Steelease

Shanghai Metals Market’s ferrous branch Steelease said that some Chinese steel mills are expected at the brink of bankruptcy due to continuous price losses and tight year-end liquidity.

According to Steelease data, prices of common steel billet fell CNY 50 to CNY 2,150 per tonne (including tax, ex-works prices) in Tangshan, Hebei Province on December 22nd, registering a total decline of CNY 280 since December 1st.

Market players generally expect price losses to be continuing as the end of winter stocks replenishment and year-end cash crunch will significantly reduce steel demand.

Besides, current prices leave almost all steel mills in red, as the CNY 2,200 mark is the lowest cost level for local mills. Losses at steel mills in Tangshan are now expected to range CNY 50 per tonne to CNY 130 per tonne.

Source – SMM

voda 26 december 2014 16:30

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EU in depth-investigation on alleged steel abrasives cartel

The Commission initiated an investigation into an alleged cartel in the steel abrasives sector in 2010. Steel abrasives are used in the steel, automotive, metallurgy and petrochemicals industries for the cleaning or enhancing of metal services. It can also be used for cutting hard stones (granite and marble).

In June 2010, the Commission organized dawn raids on several companies active in this sector. Following its preliminary investigation, the Commission announced in April 2014 that it had concluded a settlement with four companies: Ervin, Winoa, Metalltechnik Schmidt and Eisenwerk Würth. Such a settlement procedure is conditional on admission by the companies at stake of their involvement in the cartel and allows quicker resolution of the case and a reduction of the fine by 10%. In this case, the concerned companies agreed to pay a total fine of EUR 30,707,000.

On 4th December 2014, the European Commission sent a statement of objections to Pometon for its suspected participation in this cartel, as this company had not participated in the settlement procedure.

The Commission suspects that Pometon coordinated a key price component of steel abrasives, which is the scrap surcharge. This coordination led to a distortion of the whole EEA market. Pometon might also have agreed with other companies not to compete on prices with respect to individual customers.

Following the statement of objections, Pometon will have the opportunity to submit its written answer and to request an oral hearing to present its defence before the Commission.

Source - www.lexology.com

voda 26 december 2014 16:32

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Employees shift way of thinking to create competitiveness - POSCO chairman

Mr Kwon Oh-jun chairman of POSCO urged employees to "create future competitive edge through creative destruction." Taking examples of Apple and founder of UK’s Dyson, he wrote so in the "CEO letter" posted on the company`s internal bulletin board Wednesday.

In this letter, Kwon said that the late former Apple CEO Mr Steve Jobs excelled because he had a creative mindset, seeing the world with fresh eyes and breaking the stereotypes. Mr Jobs opened an era of personal computers with Mackintosh, while opening up the 3D animation market by establishing Pixar.

He said that Mr Jobs changed the way people consume music through iPod and iTunes.

On James Dyson, Mr Kwon said, "The bladeless fan he invented broke the 100-year stereotype that fans should have blades," adding, "Dyson`s creativeness was also displayed on his filter-free vacuum cleaner and silent hair dryer, surprising the world."

He added that "While doing daily work is important, whether we engaged in creative activities today for the sake of tomorrow will determine our future competitiveness. I hope all our employees become creative talents in both professional and converged knowledge."

He further added that "As POSCO`s ad slogan tells you, great ideas never die, let`s move beyond being a traditional Northeast Asian company to a creative firm that the world envies."

Source – English Donga

voda 26 december 2014 16:33

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Bloom Lake iron ore mine to pay a record environmental fine

It is reported that a mining company has plead guilty to 45 charges under the fisheries act and will pay a USD 7.5 million fine for improperly releasing pollutants into fish-bearing waters.

Environment Canada said that Bloom Lake General Partner Limited has been ordered to pay the fine because the Triangle Tailings Pond dam breach in May 2011 and other environmental accidents over a period of 18 months.

The iron ore mine is located southwest of Labrador City but is in Quebec. In one instance, more than 14,500 litres of ferric sulfate was dumped into water frequented by fish.

Environment Canada said that "On a number of occasions, the company did not inform the Department of releases, contrary to regulatory requirements and omitted to take samples and conduct analyses as required under the regulations."

Of the total fine, USD 6.83 million will be directed to a federal government fund that's aimed at making sure those who cause environmental damage or harm to wildlife take responsibility for their actions by supporting projects that benefit the environment. That's the biggest amount that a Canadian company has ever been ordered to contribute to that fund.

The mining operation was supposed to be expanding following a USD 5 billion deal in which the company changed hands. But earlier this year, the US based owner, Cliffs Natural Resources, cancelled those plans because of plunging commodity prices.

Source - www.cbc.ca

voda 27 december 2014 15:15

0

Steel plants in Odisha hit by raw material shortage

PTI reported that the Odisha government has taken steps to tackle the problem by augmenting mineral production for steel units facing acute shortage of raw materials,.

Mr Prafulla Kumar Mallick, Odisha's Steel and Mines Minister, said that while steel plants have highlighted their inability to fully utilise their installed capacities due to severe raw material shortage, government's revenue earnings from mining sector has declined. Mr Mallick said that "We are taking necessary steps to ensure availability of adequate raw materials for the industries and meet the target of INR 6,500 crore revenue from mining set for the current fiscal which at present shows a shortfall of around INR 1,200 crore."

Stating that he held a meeting earlier this week as part of efforts to solve the problem pertaining to raw material, he said that 33 steel companies with whom state government had signed MoUs had been called for discussion while representatives from 11 of them turned up. He said that "If necessary, another meeting can be held to sort out the problem. We also want to discuss the issue with those who failed to attend the recent review meeting," adding companies have been asked to present their case on iron ore requirement before the department secretary.

He added that the companies raised the issue of high cost of iron ore being purchased from Odisha Mining Corporation through e-auction and mentioned about difficulties in transportation of minerals.

Mr Mallick said that representatives from mega industry players including JSPL, Essar Steel and Bhusan Steel who attended the meeting, sought early solution to the raw material problem.

Source – PTI

voda 27 december 2014 15:20

0

Japanese upset over cut in steel quota into Thailand

Bangkok Post reported that the Thailand government has rejected Japan's request to increase its quota for tariff free steel imports and risked angering Tokyo by cutting its quota by half.

Japanese steel importers had requested the government increase its 2015 quota for duty free imports of three types of high quality steel from this year's level of 1.22 million tonnes. But the government is set to announce that Japan's quota will be reduced to only 530,000 tonnes. Imported Japanese steel outside the quota will be taxed at 5% to 10%, depending on its type.

Japanese investors are really upset with the result of negotiations even though the government has promised a mid-year review. An industry source said that the Japanese will ask for a review immediately.The source said that "Japan has always received a high duty-free quota for steel - even higher than the volume used here by Japanese car makers - but next year's quota will be cut to less than half the previous quota. They must be upset. They will seek ways to oppose the decision and not wait until mid-2015 to seek a review."

A Japanese steel user said the government should acknowledge the impact on Thailand's automotive industry if Japanese carmakers cut their production here. The quota request was made through the Japanese government several months ago in line with an expected increase in demand for three types of high-grade steel - Q9, Q10 andQ11 - alongside an improvement in the automotive industry in Thailand.

Four meetings were held between the two governments. Thailand had offered a duty-free quota of 668,000 tonnes after Japan asked for more than 1.5 million tonnes. However, after the final meeting in Tokyo last month, Thailand cut the quota to 530,000 tonnes.

Source – Bangkok Post

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