Eurobench.com

voda 6 januari 2015 16:37

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Chinese domestic market opens 2015 on a negative note

Week 02 opened on a negative note for Chinese domestic steels sector with prices of scrap, billets, rabar, wire rods, plates, HR, CR and HDG posting losses on Monday at many important locations

The most traded May rebar contract on the Shanghai Futures Exchange was down 1.3 percent at CNY 2,560 per tonne. Iron ore futures for May delivery on the Dalian Commodity Exchange fell 1.6 percent to CNY 500 a tonne

Another dimension has been added to Chinese steel market with withdrawal of VAT rebate on exports of some of the steel items on New Year eve as any curtailment of export volumes is likely to add to volumes to already over supplied domestic market in China.

The price slide on Monday reflects that market players see no respite on demand side and remain in pessimistic mode despite People's Bank of China changed rules recently to expand the base for calculating loan to deposit ratios starting from 2015 and it was expected that such a revision could unleash an estimated CNY 5.5 trillion (USD 884 billion) of funds and boost investments, in turn increasing demand for steel products

As, the Chinese Lunar New Year starts on February 19th , Chinese domestic price trends in next 40-50 days would be crucial

As China accounts for almost 50% of global steel production and consumption, the increasing weakness casts a shadow over the fortunes of steel mills worldwide

Source - Strategic Research Institute

voda 6 januari 2015 16:39

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Tosyali and Toyo Kohan break ground for USD 500 million steel unit in Turkey

Hurriyet Daily News reported that Turkey’s Tosyali Holding and Japan’s Toyo Kohan held the ground breaking ceremony for a new flat steel production facility in the southern province of Mersin on January 3, in an investment worth over USD 500 million.

Some 51% of the huge new facility is owned by Tosyali Holding and 49% by Toya Kohan. The facility, which covers an area of 250,000 square meters in the organized industrial zone of the Osmaniye district in Mersin, is Tosyali Holding’s 17th such facility, after recent investments in Montenegro and Algeria. The group aims to create a total of 10,000 jobs over the next three years.

The production of Turkey’s highest added value flat steel will start in 20 months,

Tosyali Holding Chairman Mr Fuat Tosyali said “Our aim is to decrease Turkey’s dependency on foreign countries in high tech steel products. We plan to produce such products with higher added value in Turkey. We’ll be creating over USD 300 million of additional annual export income to Turkey after the facility is completed.”

He added that the products made at the facility will primarily be for the electronic and electrical sectors, followed by the construction and mechanical sectors.

Tosyali Holding made exports worth a total of around USD 550 million in 2014 and aims to reach USD 805 million in exports in 2015

Source - hurriyetdailynews.com

voda 6 januari 2015 16:40

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Brazilian iron ore exports surge in December to highest ever

Bloomberg reported that the world’s second largest iron ore exporter Brazil’s shipments of iron ore in December 2014 jumped to the highest in at least nine years as Vale boosted its output

Brazil’s ministry of Development, Industry and Trade said on its website that exports gained 18% in December 2014 to 37.4 million tonnes as compared with 31.8 million tonnes a year earlier, highest monthly iron-ore volume since at least April 2005

The Ministry said that Brazil’s iron ore was exported at an average of USD 53.3 a tonne in December, down from USD 100.80 a year earlier. The lower price reduced export revenue for the commodity by 38 percent to USD 1.99 billion

Source - Bloomberg

voda 6 januari 2015 16:42

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CISA open to revise iron ore price index methodology

Platts is reported that the China Iron & Steel Association has started revising its iron ore price index methodology

The report quoted a CISA official as saying that “At the request of our member mills, we will be placing greater emphasis on actual transaction prices instead of an index and may be adding more varieties of iron ore to our basket for calculating the iron ore price index instead of only fines.”

He added that “The association is also open to publishing seaborne iron prices for some individual Chinese ports should Chinese mills need it to do so.”

CISA started publishing its iron ore index on a weekly basis on October 11 2011 and increased the frequency to daily from January 2, 2014. Besides selecting 1994 iron ore prices as the basis, CISA also included components of imported iron ore prices in dollars for seaborne cargoes and in yuan for port inventories, both including 62% and 58% Fe, into its index calculation. Prices of domestically produced iron ore both for 62% and 65% grade concentrates are also included in the index’s calculation.

Source – Platts Via hellenicshippingnews.com

voda 7 januari 2015 16:47

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ICRA expects fragile recovery in Indian steel demand

ICRA Limited, an associate of Moody's Investors Service, in a recently released report “INDIAN STEEL INDUSTRY - Benefits of low raw material prices partly neutralised by cheaper steel imports” outlines that any significant pick up in domestic steel demand can at best be gradual, as demand recovery from key end user industries remains fragile, despite a growth in the automobile sector in the current year.

Steel Consumption
Domestic steel consumption growth remained nominal at 1.3% during the period April-November 2014. Weakness in domestic demand from key end-user industries persisted in the current year, and the same was reflected by a low consumption growth of 0.5% only during the period April-October 2014. The demand growth has remained largely unchanged from 0.6% witnessed during FY14. As demand recovery from construction and capital goods sectors remains fragile, ICRA believes that any significant improvement in steel demand can at best be gradual, despite a growth in the automobile sector in the current year.

Steel Production
On the supply side, although steel production trend tracked declining consumption pattern, it still remained higher than the demand growth, at 2.5% during the first 8 months of FY15.

Inventory Build Up
Higher production growth relative to consumption levels and rising imports also point towards an inventory build-up in the steel market

Cheaper Imports
Moreover, the substantial discount at which imported steel is available in the country led to a surge in imports of steel, which reported a growth rate of almost 49% during the period April-November 2014

Declining Exports
Steel exports, which had grown by over 20% during April-May 2014, slowed down subsequently to post a meagre growth rate of 1% during April-October 2014.

Net Importer
This has led to India becoming a net importer of the metal as against its status as a net exporter in FY14.

Sponge Iron
Sponge iron players would, however, face a challenging operating environment, with international scrap prices remaining soft and raw materials remaining in short supply. The recent coal block de-allocations have increased the uncertainties for the sector, as replacing captive coal by imports or e- auctions would significantly increase the cost of production of sponge iron.

Coking Coal
Even though the Indian currency has depreciated significantly recently, landed cost of imported coal in FY15 is still cheaper than that in the previous year. Similarly, domestic and imported metallurgical coke prices have also remained depressed, helping many blast furnace players who directly purchase met coke. ICRA expects coking coal prices to remain low in the near term, given the oversupply situation internationally, and expects coking coal costs of Indian blast furnace operators to reduce by around 15% YoY for every MT of crude steel production during FY15.

Iron Ore
International iron ore prices have seen a sharp decline of over 40% in FY15, driven by a weakening of demand from China, and prospects of higher supply following capacity expansions by large global mining companies. Domestic iron ore production, however, continues to suffer from regulatory restrictions, keeping domestic iron ore prices at elevated levels, notwithstanding some moderations in recent months. This has led to higher iron ore imports in the current year. Given the steep decline in international prices and economies of scale associated with bulk imports, some of the large Indian players with plants near ports are expected to increase imports till domestic production finally recovers.

Profitability
Although pricing pressures from cheaper imports and supply shortages in iron ore are likely to stay in the near term, ICRA expects the profitability of domestic steel players to remain stable on the back of softer raw material prices, and a gradual recovery of demand in some of the end-user industries. However, debt protection metrics are not expected to improve significantly due to the high debt levels of companies, and the fact that interest rates would still remain at elevated levels in absolute terms, notwithstanding an expected moderation in the current calendar year.

Source - Strategic Research Institute

voda 7 januari 2015 16:50

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India to be the 2nd largest producer of steel in 2015-16 - Study

Economic Times reported that India is expected to become the world's second largest producer of crude steel in 2015-16, moving up from the fourth position, as its capacity is projected to increase from 100 million tonne to about 112.5 million tonne in 2015-16.

A sectorial analysis by Frost & Sullivan's Metals & Mining Practice said that "All indicators suggest that India will soon move up to the second position both in production and consumption."

It said “With infrastructure development and automotive industry driving steel demand, production is expected to hit 140 million tonne by the end of 2016, while consumption is expected to grow 6.8% to reach 104 million tonne by 2017.”

According to the analysis, “The Indian steel industry is forging ahead despite chronic handicaps like poor infrastructure. The government is working proactively to provide incentives for economic growth by injecting funds in construction, infrastructure, automotive and power, which will drive the steel industry in the future."

With nearly all major domestic steel producers in the process of adding a mix of brownfield and greenfield capacity, the total planned capacity hike in crude steel production till 2017 is estimated at well over 100 million tonne. The report said that SAIL is adding 27 million tonne, comprising 21.4 million tonne of brownfield and 5.6 million tonne of greenfield capacity. TATA Steel, too, is poised to add substantial greenfield capacity. While JSW Steel is adding 12 million tonne of brownfield capacity, JSW Ispat and Essar Steel will add another 4.5 million tonne and 10 million tonne of brownfield capacity. Rashtriya Ispat Nigam Ltd (RINL), which runs the Vizag Steel Plant, is slated to add 7 million tonne of new capacity, while mining major NMDC's new steel plant at Nagarnar in Chhattisgarh will add another 3 million tonne of new steelmaking capacity. Monnet Ispat, Visa Steel and Electrosteel are also set to add 3.5 million tonne, 3.75 million tonne and 2.5 million tonne of additional greenfield steel capacity.

However, Frost & Sullivanadded in its analysis that domestic producers will face challenges in securing iron ore and coal, two major inputs for steel and issues related to mining. Delays in land and environmental clearances, threat of increasing imports from China and Commonwealth of Independent States countries may also restraint growth prospects.

While total installed capacity for crude steel in 2013 was 102 million tonne, capacity utilisation was about 80%.

Source - Economic Times

voda 7 januari 2015 16:58

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US Steel to idle 2 pipe factories after oil price slump

Chicago Tribune reported that US Steel Corp plans to idle two pipe plants and lay off more than 750 employees as the oil price slump cuts spending by energy companies

The workers at Houston and Lorain received WARN Act notices, legally mandated alerts issued at least 60 days ahead of any closings or large-scale firings.

US Steel Monday notified 614 workers about potential dismissals in March at the company's plant in Lorain, Ohio, which produces 780,000 tons a year of seamless tubular steel products.

It issued similar notices to 142 employees at its tube factory in Houston, which processes 120,000 tons annually.

As per report, US Steel made the decision to idle the plants because of softening market conditions influenced by oil prices and trade

US Steel will continue to produce and finish tubular products at its facilities in Alabama, Arkansas and Texas

As per the information from their tubular website, U S Steel is the largest, fully integrated energy tubular producer in North America. US Steel produces tubular products at the following US based facilities

Fairfield Tubular Operations, Alabama
Fairfield Tubular Operations custom creates seamless steel range 3 casing with an OD range of 4-1/2” to 9-7/8”.

Lone Star Tubular Operations, Texas
The Lone Star facility manufactures high-frequency ERW pipe and specialty tubing products for customers working in the energy sector.

Lorain Tubular Operations, Ohio
The Lorain facility produces high-quality seamless pipe used in oil and gas exploration and production as well as the construction industry.

Offshore Operations, Houston Operations, Texas
U. S. Steel Oilwell Services ensures reliable tubular solutions through our unique ability to service projects from mill to well.

Wheeling Machine Products, Arkansas and Texas
Wheeling Machine Products supplies couplings and specialized couplings ranging in size between 2.375” to 20” used to connect oilfield casing and tubing sections.

Tubular Processing Houston Operations, Texas
This service facility provides upsetting, quenching and tempering, full body normalizing, non-destructive testing, hydrostatic testing, for both API and premium thread lines.

Patriot Premium Threading Services
Patriot Premium Threading Services provides quality connections, repairs, accessories, and rig site services to customers across the Permian Basin.

In 2013, US Steel's tubular division comprised 10 mills with a production capacity of 2.8 million tons a year. The segment posted a USD 69 million profit in the third quarter of 2014, up from USD 49 million a year earlier, even as the company posted an overall net loss.

Source - Chicago Tribune

voda 7 januari 2015 17:02

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Chinese domestic steel market remains in down trend

The down trend continued on Day 2 of Week 02 in Chinese domestic steels sector

On the other hand, Iron ore futures for May delivery on the Dalian Commodity Exchange rose 3.6 percent to CNY 518 a tonne and most traded May rebar contract on the Shanghai Futures Exchange was up 2.3 percent at CNY 2,615 in the morning session.

Weather is one factor pushing up iron ore futures prices but it is not necessarily affecting spot prices. High levels of inventory at ports and low demand from steel mills in China cannot lift spot iron ore prices.”

The China Iron and Steel Association in its regular market report published on Monday said that there was little likelihood of any recovery in iron ore prices in January, noting that there was still room for further declines. It said "As the winter season continues and the Chinese new year holiday approaches, steel production is likely to cool down, the gap between iron ore supply and demand is unlikely to ease and iron ore prices will fluctuate in line with current trends.”

According to data provider SteelHome, imported iron ore stockpiles at major Chinese ports fell for the fifth week in a row last week, but they remain at 100.6 million tonnes, 15 percent higher than the same time last year.

Source - Strategic Research Institute

voda 7 januari 2015 17:06

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Ukrainian steel output in 2014 dips by 17% YoY due to conflict

The Metallurgprom association (Dnipropetrovsk) has told Interfax-Ukraine that Ukrainian metal companies cut steel production by 17% in 2014 compared to 2013, to 27.161 million tonnes,

Source - www.kyivpost.com

voda 7 januari 2015 17:06

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US raw steel production update

In the week ending January 2nd 2015, domestic raw steel production was 1,857,000 net tons while the capability utilization rate was 77.2%. Production was 1,787,000 net tons in the week ending January 2nd 2014, while the capability utilization then was 74.5%.

The current week production represents a 3.9% increase from the same period in the previous year. Production for the week ending January 2nd 2015 is up 6.4% from the previous week ending December 27th 2014 when production was 1,746,000 net tonne and the rate of capability utilization was 72.6%.

Adjusted YTD production through January 2nd 2015 was 1,857,000 net tonne, at a capability utilization rate of 77.2%. That is up 3.9% from the 1,787,000 net tonne during the same period last year, when the capability utilization rate was 74.5%.

Broken down by districts, here's production for the week ending January 2nd 2015 in thousands of net tonne:
North East: 230
Great Lakes: 660
Midwest: 234
Southern: 663
Western: 70

Source - AISI

voda 7 januari 2015 17:08

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Qatar Steel and Algerian ink USD 1 billion steel plant deal by 2017

It is reported that a JV between Qatar Steel and Algeria’s national steel and iron company Industrial Park Cedar will see a new USD 1.2 billion steel plant built and operational by 2017.

A MoU was signed between the 2 companies in 2013, and the announcement over the construction of the plant was made late last month. The plant will be built in the industrial Bellara zone in the Eastern Algerian Mediterranean port of Jijel and is expected to produce 2 million tonnes of steel and iron per year.

Both companies have stated the plant will increase production to 5 million tonnes annually under future expansion plans.

Source - www.constructionweekonline.com

voda 7 januari 2015 17:09

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Chinese Hebei Steel to slash rebar prices for January sales

Hebei Iron & Steel announced its construction steel guidance prices for early January contracts.

The company’s prices for HRB400E rebar with diameters of 16 mm will decrease by RMB 170 per tonne to RMB 2,560 per tonne, including 17% VAT.

However, those for HPB300 wire rods with diameter of 6.5mm-10mm are at RMB 2,650 per tonne, decreasing by RMB200 per tonne from the previous price.

Source - Strategic Research Institute

voda 8 januari 2015 16:28

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India turns net importer of iron ore in 2014

Business Standard reported that India turned a net importer of iron ore in calendar year 2014, as import far exceeded exports. As per report, Indian steel mills imported little over 8 million tonnes of the iron ore in 2014, as against export of around 7 million tonne.

Imports during the year were 8.05 million tonne. The previous record was 3.1 million tonne in 2012.

JSW Steel imported around 6 million tonne out of about 10 million tonne it plans to import in 2014-15, the financial year having three months more to go. TATA Steel brought in 2.2 million tonne, while Essar Steel imported half a million tonnes. State-owned pellet maker Kudremukh Iron Ore Company Ltd imported around 100,000 tonnes from Iran, JSPL imported 120,000 tonnes of pellets from its Oman plant.

Lack of stocks in the domestic market and falling prices in foreign markets encouraged ore-starved mills to look for imported material. Domestic production has been steadily declining from a high of 220 million tonne in 2009-10 to about 150 million tonne in FY14.

Source – Business Standard

voda 8 januari 2015 16:34

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Latin American iron ore miners to remain profitable - Fitch

According to Fitch Ratings, continuing declines in iron ore prices will test the resilience of iron ore miners' capital structures and credit profiles in 2015. Currently prices are around USD 70 per tonne for 62% Fe content cash and freight basis to China.

Mr Jay Djemal, Director at Fitch, said that “Fitch expects the majority of iron ore miners in Latin America to remain profitable through the pricing trough due to their low production costs resulting from higher average ore grades, low transport costs to the port, increasing sales volumes and weakening local currencies. Rating downgrades could occur if iron ore prices remain low for a sustained period absent management action to remedy deteriorating credit metrics.”

Fitch's ratings for Latin American iron ore miners remain consistent with the sector’s ‘through the cycle’ credit profiles and factor in peaks and troughs of the demand cycle. Latin American corporates have historically held large levels of cash for liquidity purposes and Fitch expects to see no changes in this practice during difficult operating periods. Under extremely challenging conditions through a prolonged period, Fitch expects management to take measures to preserve capital structures and ratings at their current levels and in some cases for additional shareholder support to be forthcoming. Downgrades could also result from companies emerging from the trough with significantly deteriorated credit profiles, absent supportive actions mentioned.

Vale S A's credit ratings are expected to remain stable during the pricing trough as it ramps up iron ore production from around 330 million tonne in 2014 to over 450 million tonne by 2018. During 2014, the company had a cash cost of USD 23.6 per tonne to the port and an additional freight cost of USD 20 tonne to China, a total cost of USD 43.6 tonne. Following the completion of its higher grade expansion projects in its Northern System, Vale’s total production cash cost including freight should improve to USD 39.6 tonne by 2018.

Fitch expects higher cost iron producers to be ultimately displaced, allowing for a recovery in prices. Running a financial forecast scenario of three years with average iron ore prices constant at USD 70 tonne, Fitch projects Vale’s EBITDA would be around USD 10 billion in 2015, USD 13.5 billion in 2016 and USD 15.6 billion in 2017. This corresponds to a peak in net adjusted debt to EBITDA of around 3.0x in 2015, reducing to 2.0x in 2016 and 1.5x in 2017 including REFIS debt, and 2.3x, 1.5x and 1.1x, respectively, excluding REFIS. Vale’s EBITDA per tonne at this price level would be USD 28 tonne in 2015, USD 36 tonne in 2016 and USD 38 per tonne in 2017.

These projections maintain a stable cash cushion of around USD 5 billion and do not include the cash impact of any possible asset sales or other value creating measures that Vale recently mentioned as a possibility for 2015 and beyond. Capex requirements will also decrease materially post-2015, alleviating cash flow pressure significantly. Vale has committed credit facilities of USD 9.1 billion as of September 30th 2014 and a very comfortable debt amortization profile of around USD2 billion a year on average until 2018, providing strong liquidity.

Samarco S A also exhibits robust profitability with EBITDA margins at above 30% under a USD 70 per tonne iron ore price scenario. Samarco, like CAP S A, is a producer of iron ore pellets that command a premium of between USD 30 to USD 40 per tonne above the spot price. This pellet premium includes an adjustment for higher iron ore content and for the higher efficiency it brings to the steel making process.

CAP is also able to charge a premium for its magnetite iron content due to the exothermic reaction of its magnetite iron ore pellets during the steel making process, adding extra efficiency and lowering energy costs. CAP produces iron ore lumps, pellet feed and fines, alongside its steel production and steel processing businesses, in addition to pellets, diluting the pellet premium on a consolidated basis for this company.

Both Samarco and CAP exhibit competitive cost structures due to their use of long pipelines that carry their iron ore slurry from mines to plants located close to ports for export. Samarco’s consolidated cash cost is around USD 49 per tonne Freight on Board and CAP’s is around USD 56 per tonne FOB in 2013, with both costs decreasing in-line with their respective iron ore volume expansions. Samarco’s cash cost is expected to decrease to around USD 45 tonne and CAP’s to around USD 50 tonne by 2015.

Samarco’s leverage ratios would be high for its rating category at around 3.5x net debt/EBITDA on average should iron ore prices remain at USD 70 tonne for 3 years as a result of recent debt incurred to complete its third pipeline, 4th pelletizing plant project. Fitch’s downside projection takes into account lower capex and dividends paid to its parent companies, Vale and BHP Billiton Limited. Fitch would expect additional shareholder support under such a scenario to preserve Samarco’s capital structure and credit profile.

CAP under a USD 70 per tonne iron ore price scenario would exhibit net debt/EBITDA between 2.5x to 3.0x during 2015 to 2017. This is dependent on the company achieving an average premium of around USD 10 tonne above this iron ore spot price, blended for its various products and maintaining cash on balance sheet of around USD 400 million as a cushion with stable debt levels of around USD 1.2 billion.

CAP’s ratings could be pressured without additional actions to shore-up its capital structure and if it is unable to sell a product mix to achieve this premium level above the iron ore spot price. Other expectations under this scenario include the ramp-up in iron ore sales volumes from 15 million tonne per year in 2014 to 16 million tonne per year in 2015 and 17 million tonne in 2016. CAP has a debt covenant relating to its USD 200 million senior notes of 3.1x net debt/EBITDA that the company does not breach under this scenario.

Brazilian steel players, Gerdau S A and Usinas Siderurgicas de Minas Gerais S A have postponed plans to expand iron ore production at their respective mining assets. They are currently producing levels of iron ore to remain self-sufficient. The ratings of Companhia Siderurgica Nacional could be downgraded under a long-term USD 70 tonne iron ore price scenario as the company’s iron ore operations would be unprofitable at that price absent further cost reductions. CSN’s production costs are elevated due to the investment to expand Casa de Pedra, CSN’s largest iron ore asset.

Fitch would expect the company to postpone further expansion at a time of low iron ore pricing. Leverage ratios are also currently high for CSN, a sustained period of low iron ore prices not being offset by improved performance from its steel, cement and logistics businesses could result in negative rating action.

Source – Strategic Research Institute

voda 8 januari 2015 16:37

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Iron ore spot prices gain as inventories at Chinese ports dip to 100 million tonne mark

Prices of various grades and types of iron ore products for deliveries to world’s biggest consumer China gained about USD 1 per tonne on Wednesday as inventories at Chinese ports fell to the lowest level in almost 11 months as mills replenished holdings after prices fell and local output slowed during the winter.

Restocking by mills, plus seasonal factor of northern Chinese mines closing for winter drove the stockpiles lower. If the mines stay shut after the winter, it is a possible sustaining factor for prices.

According to data from Shanghai Steelhome Information Technology Company, the stockpiles dropped 0.9% to 100.6 million tonne as of January 2nd, shrinking for a 6th week. That’s the lowest level since February 14th and the 6th weekly decrease is the longest run of declines since April 2013. The inventories are 12% lower after peaking at 113.7 million tonne in July.

However, Iron ore futures for May delivery on the Dalian Commodity Exchange fell 0.8 percent to CNY 510 a tonne after rising by the daily maximum limit of 4 percent on Tuesday gains on the back of rumoured new infrastructure spending in China as well as potential supply disruptions in Australia

Source - Strategic Research Institute

voda 8 januari 2015 16:39

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China Iron and Steel Association adjusts iron ore price index

It is reported that the China Iron and Steel Association is revising its iron ore price index. It will place more weightage on actual transaction prices.

The association said that it would introduce a wider selection of iron ore products to the basket instead of just fine iron ore. The organization representing China's steel mills, has increased its frequency of publishing its iron ore index to a daily edition since January last year.

Source - CCTV.com

voda 8 januari 2015 16:39

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Australian iron ore shipments to China up 5pct in December

Reuters reported that exports of iron ore to China via the Port Hedland terminal rose 5% in December from November, underscoring in part a subdued start to the Australian cyclone season.

According to Pilbara Ports Authority, December shipments to China from Port Hedland, which handles about a 5th of the world’s seaborne trade, increased by 1.57 million tonnes MoM to 30.6 million

The increase, in the face of depressed spot iron ore prices linked to a global supply glut and slowing Chinese demand growth, swept total December exports via the port to 37.8 million tonne, an increase of 7.8 million tonne, or 26% rise versus the same month in 2013.

Source - Reuters

voda 8 januari 2015 17:55

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Air Liquide to build a new oxygen pipeline for ArcelorMittal Dofasco plant in Hamilton

Air Liquide Canada announced the construction of a new oxygen pipeline in Hamilton, Ontario, with the support of Horizon Utilities and the Ontario Power Authority’s saveONenergy Program.

The pipeline will be built between Air Liquide’s air separation complex and the ArcelorMittal Dofasco plant in Hamilton, Canada’s largest flat rolled steelmaking facility.

The new pipeline represents a total investment in excess of CAD 12 million, jointly funded by Air Liquide and the Ontario Power Authority’s saveONenergy Program.

The new pipeline will reduce electrical energy consumption at Air Liquide’s Hamilton operations by almost 29,000MWh/year or CAD 2 millio annually.

It will allow Air Liquide to more efficiently supply ArcelorMittal-Dofasco with oxygen, which is essential in the production of iron and steel. Access to lower cost oxygen will provide an opportunity for increased productivity of ArcelorMittal Dofasco’s blast furnaces.

A large part of purchased goods and services required to build the pipeline will be sourced from local Hamilton area companies. Construction will begin as soon as final approvals are received from the City of Hamilton and commissioning of the pipeline should begin in March 2015.

Source – Strategic Research Institute

voda 9 januari 2015 16:09

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China's steel rebar futures fall further on Thursday

Reuters reported that China's rebar futures extended losses amid thin trade on Thursday as investors shrugged off declines in iron ore inventories at ports in China

The most traded May rebar contract on the Shanghai Futures Exchange shed 0.3 percent to end the day at CNY 2,579 per tonne
Iron ore futures for May delivery on the Dalian Commodity Exchange edged up 0.2 percent to CNY 512

According to data provider Mysteel, stockpiles of iron ore at major Chinese ports fell for the sixth consecutive week to reach 98.24 million tonnes as of Jan. 4, raising hopes that a slowdown in imports would relieve a supply glut. But analysts said that the falling inventory rate was not due to any recovery in underlying demand from steel mills or their desire to restock, and prices were not likely to rise.

Hu Xiaodong, an analyst at Nanhua Futures in the eastern coastal city of Hangzhou said "Steel mills are buying less iron ore and the price has fallen continuously since last year, which has also caused some iron ore trading firms to be shut out the market. As a result, the amount of inventories at ports went down but I don't expect the price to rise dramatically before the Chinese New Year.”

Source - Reuters

voda 9 januari 2015 16:11

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AISI announce steel import permit application in US for Dec'14

Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and Steel Institute (AISI) reported that steel import permit applications for the month of December total 3,563,000 net tonne.

This was a 12% decrease from the 4,069,000 permit tons recorded in November and a 2% decrease from the November preliminary imports total of 3,635,000 net tonne. Import permit tonnage for finished steel in December was 2,856,000, down 1% from the preliminary imports total of 2,878,000 in November.

For the full year of 2014 (including December SIMA and November preliminary), total and finished steel imports were 44,205,000 net tonne and 33,589,000 net tonne, respectively, up 37% and 35% from the same period in 2013. The estimated finished steel import market share in December was 30% and is 28% for the full year of 2014.

Finished steel imports with large increases in December permits vs. the November preliminary included standard rails (up 177%), wire rods (up 74%), plates in coils (up 25%), cold finished bars (up 21%), hot rolled bars (up 14%), standard pipe (up 13%) and wire drawn (up 13%). Products with significant year-to-date (YTD) increases vs. the same period in 2013 include plates in coils (up 91%), cold rolled sheets (up 88%), wire rods (up 85%), cut lengths plates (up 81%), heavy structural shapes (up 59%), sheets and strip hot dipped galvanized (up 57%), hot rolled sheets (up 45%), sheets and strip all other metallic coatings (up 41%), tin plate (up 30%),mechanical tubing (up 27%), oil country goods (up 21%) and reinforcing bars (up 20%).

In December, the largest finished steel import permit applications for offshore countries were for
South Korea (340,000 NT, down 27% from November preliminary)
Japan (215,000 NT, up 46%)
China (197,000 NT, down 22%)
Russia (187,000, up 434%)
Turkey (178,000 NT, down 3%)

Through 12th months of 2014, the largest offshore suppliers were
South Korea (5,370,000 NT, up 44% from the same period in 2013)
China (3,161,000 NT, up 67%)
Turkey (2,189,000, up 82%).

Source - AISI

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