Eurobench.com

voda 24 januari 2015 16:21

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Brazilian iron ore exports up 18pct in Dec 2014 - MDIC

country’s iron ore exports surged higher during the month of December last year. China remained the top export destination, accounting for 58% of the total iron-ore exports by Brazil during the month.

The country’s exports of iron ore during December 2014 totaled 37.393 million tonne, 17.6% higher when compared with the exports during December 2013. Brazil had exported 31.808 million tonne of iron ore during December 2013.

The value of exports totaled USD 1,992.824 million, down by 37.8% when compared with the total export value of USD 3,205 million recorded during December 2013. The average price per tonne dropped significantly by 47.1% from USD 100.8 per tonne in December 2013 to USD 53.30 per tonne in December 2014.

The largest export destination of Brazilian iron ore during December 2014 was China. The exports to China totaled 21.716 million tonne. In second place was Japan with 3.396 million tonne, followed by S.Korea with 1.755 million tonne.

The other key importers of Brazil’s iron ore were India 1,139 million tonne, France 999,000 tonne, Netherlands 978,000 tonne, Philippines 896,000 tonne, Oman 760,000 tonne and Taiwan 706,000 tonne.

Source - Scrap Monster

voda 24 januari 2015 16:22

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Uzhniy GOK's iron ore concentrate output falls 26.8pct in 2014

Ukrainian iron ore and agglomerate producer Uzhniy GOK has announced that in December last year its iron ore concentrate production decreased by 26.8% YoY to 728,700 tonne.

Meanwhile, its output of agglomerate in the given month declined by 46.6% YoY to 126,000 tonne.

In the whole of last year, UGOK's iron ore concentrate production rose by 0.1% to 10.952 million tonne, while its output of agglomerate decreased by 14% to 2.073 million tonne, both YoY.

Source - Visit www.steelorbis.com
for more

voda 24 januari 2015 16:28

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Great Lakes iron ore shipments in December made up for 2013 losses

It is reported that Great Lakes iron ore shipments in December increased dramatically compared to 2013 numbers.

The Lake Carriers' Association reports shipments totaled 6.3 million tonne, an increase of 23.6% compared to a year ago.

The biggest increase came from US ports on Lake Superior.

Loadings out of Duluth, Minnesota, Superior, Wisconsin, Two Harbors and Silver Bay, Minnesota and Marquette, Michigan, totaled 5,124,525 tonne, an increase of 41.8% compared to December 2013.

The December surge allowed the iron ore trade to erase the deficit with 2013. Lakes-wide, the iron ore trade totaled 59.6 million tonne, an increase of 2.2%. However, even with higher water levels allowing for bigger loads and the activation of three US-flag lakers that had not been scheduled to operate in 2014, not all the iron ore that was contracted to be hauled was delivered. The heavy ice that carpeted the Lakes between December 2013 and May 2014 delayed and/or cancelled so many voyages that the next seven months were not sufficient to meet all commitments.

January 2015 was not as cooperative ice- and weather-wise as December. On January 15th, an emergency 24 hour extension was ordered for the Lake Superior shipping season at the Soo Locks in Sault St Marie.

Instead of closing at midnight on Thursday as planned, the locks stayed open to allow boat traffic until Friday at midnight. The extension was ordered due to inclement weather that prevented some boats from passing through the locks.

Source - www.upnorthlive.com

voda 25 januari 2015 15:12

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Bad days ahead for iron ore amid huge supply side surplus

With spot iron ore prices falling to near their lowest level since 2009, iron ore futures in China and Singapore fell further on Friday. Iron ore for May delivery on the Dalian Commodity Exchange was down by 1.8% at CNY 479 a tonne and on the Singapore Exchange, the February iron ore contract slipped 0.8 percent to USD 65.12 a tonne.

A commodity futures contract is an agreement to buy or sell a particular amount of commodity at a fixed price on or before a certain date. Buyers use these contracts to avoid the risks associated with price fluctuations. Sellers use them to try to lock in prices for their commodities. Futures contracts depict market sentiment and expectations regarding the future demand, supply, and price for a particular commodity. These contracts reflect current market conditions in future prices.

The Dalian Commodity Exchange iron ore forward curve is in backwardation. Backwardation occurs when futures contracts trade below the spot price and the futures curve begins to slope downward. This means that the market expects a further decline in iron ore prices based on current indicators and fundamentals.

Joining 4 others, New York based bank Goldman Sachs in a report dated January 23 changed its 2015 forecast for iron ore to USD 66 per tonne in 2015 from an earlier estimate of USD 80. Goldman analysts wrote "Significant overinvestment to date will ensure that the market is well supplied, while demand from the Chinese steel sector is maturing. A painful war of attrition awaits the iron ore industry as less competitive mines shut. Low-cost expansions will probably ……………..

Source - Strategic Research Institute

voda 25 januari 2015 15:13

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Chinese iron ore miner to halt operations on glut - Mysteel

Bloomberg reported that a state owned iron ore miner in China’s northern province of Hebei will halt production at several sites as the global surplus of the steelmaking material expands.

The planned stoppage was reported on January 22 by researcher Mysteel.com in a text message sent to clients and seen by Bloomberg News. The message didn’t name the company.

Mysteel said that “The output pause for as long as 45 days around the Chinese New Year holidays in mid-February will reduce the miner’s annual production by about 150,000 tonne or 7%. That would make it the biggest closure by capacity at a state owned mining company in a year.”

Mines in China have been among the most affected with 89 now shuttered, according to a weekly survey of 266 mines conducted by Mysteel, 4 of them in the past week.

According to Chinese customs data, Iron ore tumbled 47% last year amid increased production from the big three producers and Perth-based Fortescue Metals Group Ltd. Australia and Brazil accounted for 77% of China’s imports last year, up from 70% in 2013.

Source - Bloomberg

voda 25 januari 2015 15:14

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Saudi Arabia offers cheaper gas to Al Tuwairqi Steel

The Express Tribune reported that after the Pakistan government refused to provide gas at a discounted rate to Tuwairqi Steel in Pakistan, the Saudi government has committed to providing Al Tuwairqi Holding with cheaper gas. The move comes after the Pakistan government refused to provide gas at a discounted rate to Tuwairqi Steel.

An official said that “Now, the Saudi government has offered to provide gas at 70% per million British thermal units to Tuwairqi Steel if it sets up a plant in Saudi Arabia,” adding the price was lower than the price demanded from the Pakistani government.

Tuwairqi Steel Mills Limited is a JV between the companies of Saudi Arabia and South Korea. They had planned to set up Pakistan’s largest steel complex with a capacity of 1.28 million tonne per annum. Its Direct Reduced Iron plant has been staying shut for the last several months due to the dispute over gas supply. Phase-I of the DRI plant has been completed with an investment of USD 340 million. While the capital injection in phase-II and III will be in the range of USD 850 to USD 900 million. However, this investment is subject to the commercial success of the DRI plant.

The management of Tuwairqi Steel has requested for gas supply at PKR 123 per million British thermal units in order to effectively operate the plant. However, the government has refused, saying it would have to bear a subsidy of PKR 25 billion over five years on this account.

Also, the Finance Division and the Ministry of Petroleum and Natural Resources have opposed the plan, saying the government is not legally bound to provide gas at a concessionary rate.

In November 2014, while addressing a press conference, Al Tuwairqi Holding Chairman Dr Hilal Hussain Al-Tuwairqi had warned of an inevitable end of the mill’s operations if the government did not provide promised gas at a discounted rate.

In an effort to reach a settlement, the company had even offered 15% (126 million) shares in the steel mill to the government without any payment in response to the gas supply. Later, the company offered to give 17% shares to the government but the issue remained unresolved.

Source - The Express Tribune

voda 25 januari 2015 15:14

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Signs of worry - Chinese provinces cut 2015 growth targets

Bloomberg reported that China’s regions are setting lower economic growth targets as policy makers adjust to the “new normal” of a slower expansion pace for the world’s second-largest economy.

Of seven provinces, municipalities and regions that have so far published 2015 growth targets, six have cut the rates. Economists expect the central government will lower its national target to about 7% from last year’s 7.5% at the People’s Congress in March.

Zhejiang province should “adhere to higher quality, better efficiency and steadier development to adjust to growth pace changes,” Governor Li Qiang said in a report on Jan. 21, adding that the region will try for 7.5% growth this year. The province, China’s fourth-biggest regional economy and the base of e-commerce giant Alibaba Group Holding Ltd., expanded 7.6% in 2014, missing its target of 8%.

Chongqing, the best performer among 31 regions in the first nine months of last year, set a target of 10%. Its economy expanded 10.8% in 2014, 0.2%age point lower than it had been gunning for.

Hebei, China’s steel making base surrounding the capital Beijing, cut its goal to 7% from 8% last year.

Mr Zhang Qingwei, Hebei Governor, said that “Our province is in a critical period of upgrading and transforming, climbing over mountains and ridges, and faces formidable tasks to stabilize growth and adjust in structure.”

Mr Zhang said that Hebei will strive for a more than 20% jump in investment this year.

Source – Bloomberg

voda 25 januari 2015 15:15

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Vale's credit rating cuts by S&P on iron ore prices drop

Bloomberg reported that Vale SA, the world’s largest iron-ore producer, had its credit rating cut by Standard & Poor’s for the first time in more than eight years as a drop in the price of the commodity boosts the company’s debt burden.

S&P reduced its rating on Rio de Janeiro-based Vale one step to BBB+, the third lowest investment grade, saying in a statement that the weakness in the iron ore market will erode the company’s ability to generate cash.

This marks the first time S&P has cut its rating on Vale’s long-term foreign debt since October 2006.

Mr Diego Ocampo and Mr Marcus Fernandes, analysts at S&P, said that “The downgrade reflects our expectation that Vale’s financial risk profile will weaken in the next 2 years. We expect these metrics to gradually improve in 2016 and 2017.”

S&P said that the mineral may average USD 65 a tonne this year and 2016 and USD 70 a tonne in 2017.

Source - Bloomberg

voda 25 januari 2015 15:16

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ThyssenKrupp Materials expands its blanking operations in Mexico

ThyssenKrupp Materials de Mexico SA de CV, a unit of ThyssenKrupp Materials NA Inc, announced the expansion of its current blanking operations in Silao, Guanajuato, Mexico.

The facility currently offers steel blanking and warehousing services for aluminium and steel products in the automotive and aerospace industries.

The USD 20 million investment adds nearly 55,000 square feet and a new aluminium and carbon steel blanking line. Completion of the project, which will create 35 full time positions, is expected in Q4 2015.

Mr Christian Dohr, president and CEO, TKMNA, said that “This expansion positions us as the first Mexico-based facility to offer both aluminium and advanced high strength steel configured blanking capabilities for our customers.”

The expansion centers on a new Schuler blanking line that will process both aluminium and carbon steel, addressing the automotive industry’s needs in using aluminium in place of other materials for specific automotive applications.

Additionally, the line will process carbon steel for exposed and unexposed automotive applications, including high-strength steel up to 1,500 million per annum of TS. The new blanking line and expanded facility will increase the processing capacity of the plant by nearly 70%, to 270,000 metric tonne per year.

Source - www.thefabricator.com

voda 25 januari 2015 15:17

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China to build 7,000 km long Moscow-Beijing railway line

Beijing's municipal government announced China will build a high-speed railway connecting Beijing and Moscow, estimated to cost CNY 1.5 trillion.

The length of the railway will total 7,000 kilometers. The railway will pass through Kazakhstan, and the journey will take two days, Bloomberg reports, citing the government' announcement in the Weibo social network. The railway will ease travel between Beijing and Moscow and reduce travel times.

According to the report, China is promoting its high-speed rail technology on an international level, adding that the construction of the railway is taking place as Russia's relations with the US and Europe cool over the Ukraine conflict.

Source - Sputnik

[verwijderd] 25 januari 2015 15:33

0

De investment CNY 1500 billion krijgen ze nooit terug!

voda 27 januari 2015 16:39

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Budget Update - Indian steel ministry wants import duty hiked to 25%

Economic Times reported that Indian steel ministry is set to seek a sharp increase in peak rate of basic customs duty on steel products to 25% from 10% along with inclusion of steel in negative list in FTA with South Korea and Japan

As per media reports last week, it has already asked the finance ministry for an immediate increase in duty to 10% from 7.5% for flat products and to double it to 10% for long steel.

ET report quoted a steel ministry official as saying that "Increasing peak rate will allow the government to change duty to meet market demands without going to Parliament. The Centre can easily meet this demand. World Trade Organisation's peak import duty for steel is 40%.”

He added that steel ministry could also ask for steel to be included in the negative list of free trade agreements with Asian countries

The ministry also wants sops to make exports of Goa's low-grade iron ore feasible.

Other Recommendations

1. Waiver of the 2.5% import duty on raw material for steel such as coking coal, dolomite, limestone and scrap and nickel

2. Waiver being on imported LNG that will benefit gas based steelmakers such as Essar and Wellspun
.
Source- Economic Times

voda 27 januari 2015 16:39

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Goa industry wants export duty on iron ore scrapped

Business Line reported that stating that there was hardly any domestic demand for Goa’s low grade iron ore, the Goa Chamber of Commerce and Industry GCCI, representing trade and industry in the State, has demanded that the 30% export duty on it be scrapped to facilitate export.

This demand has been made in GCCI’s memorandum submitted to the Union Finance Ministry ahead of the upcoming national Budget, which states that the present high export duty has made export of Goan low grade ore totally unviable, with its cascading effect on Goa’s economy.

GCCI has argued that the State’s mining sector is different from the larger iron ore producing States such as Odisha, Karnataka, Chhattisgarh and Jharkhand, and that ore produced in Goa is of a much lower grade (average grade 54%) compared to the rest of the country.

It reiterated that the Goan ore has no takers in the Indian steel industry.

The GCCI memorandum said that an estimated 30,000 people, comprising mine workers, barge workers, machine operators, truck drivers, mechanics, labourers, etc., depend directly on mining for their livelihoods, which will be threatened if exports cease.

The Finance Ministry had raised the export duty on iron ore from 20% to 30% from December 2011.

Source - Business Line

voda 27 januari 2015 16:42

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Sable to start production at Nimba iron ore mine in Guinea by H1 2016

Reuters reported that Sable Mining aims to begin production from its Nimba iron ore mine in Guinea in the first half of next year after last week's deal to use infrastructure in neighbouring Liberia.

Mr Jim Cochrane, chairman of Sable, said that the AIM-listed company, shares in which soared 156% after Friday's Liberia announcement, expects to conclude a financing feasibility study around the middle of this year and is confident of securing the funds needed for the mine's development.

The 25 year deal with Liberia allows Sable to use ArcelorMittal's nearby rail link to the port of Buchanan, the most direct export route. Liberia said that iron ore exports could begin before the end of this year but Cochrane played down that timeframe.

Mr Cochrane said that about USD 300 million would be needed to start operations at the mine, which is expected to have annual output of 3 million tonne a year, and that the company is considering options including debt and equity issues and potential partnership with another business.

He said that "Once the feasibility study is complete, the time to production would likely be around 12 months. We are not too worried about the fall in prices. Ore from this mine is mostly high-grade, so it will earn a premium to the 62% price."

An ArcelorMittal spokesman acknowledged that the steelmaker is aware of the infrastructure agreement between Sable and Liberia to use surplus rail and port capacity but said that any arrangement must not have an adverse impact on its own operations. The spokesman said that "Any arrangements related to the existing infrastructure in Liberia will need to be made in agreement with ArcelorMittal.”

Source - Reuters

voda 27 januari 2015 16:45

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Goldman joins banks cutting iron ore price forecasts on global glut

Bloomberg reported that First Citigroup Inc, then UBS Group AG, now Goldman Sachs Group Inc, for iron ore, which plummeted 47% in 2014, the cuts to price forecasts from global banks just keep coming in the opening weeks of the year.

Goldman Sachs said in a report that the steel-making ingredient may average USD 66 a tonne this year from an earlier estimate of USD 80. This is the first time the New York-based bank has reduced its 2015 prediction since March 2013, and it's at least the fifth bank this month to lower estimates, citing rising seaborne supplies and weaker demand growth from China, the biggest user.

Goldman analysts including Mr Christian Lelong said in the report that “Significant overinvestment to date will ensure that the market is well supplied, while demand from the Chinese steel sector is maturing. A painful war of attrition awaits the iron ore industry as less competitive mines shut.”

Goldman said that low-cost expansions will probably continue as major producers are still mining iron ore at a profit. This will expand the global seaborne surplus from 47 million tonne this year to 260 million tonne by 2018.

Exporters from Australia are winning the battle for market share in China, accounting for 59% of imports last year from 51% in 2013. Brazil share was 18% from 19%, while exports from the rest of the world fell to 23% from 30%.

Goldman said that “The decade-long love affair between China and iron ore is cooling. We consider China to be a mature market and import growth is bound to moderate in line with domestic steel consumption.”

According to the bank, balancing the market in the face of stronger supply growth and slowing demand will result in more closures among high-cost producers, which will last beyond 2016. That burden will fall mainly on less competitive seaborne miners as output cuts in China won't be sufficient.

Goldman predicts that about 29 million tonne of seaborne capacity this year and 101 million tonne in 2016 will shutter. The marginal cost of seaborne production is set to drop 17% to USD 65 by next year. Mines with operating costs above this level would be forced to close.

Source - Bloomberg

voda 27 januari 2015 16:45

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ArcelorMittal to shut down East Chicago plant

The Times of Northwest Indiana reported that the steel industry in East Chicago is taking another hit as ArcelorMittal plans to shut down a 114 year old facility in the city, which would impact more than 300 workers.

The company said that the "great majority" of those workers could move to other facilities.

ArcelorMittal said that the plant has lost money each year since 2011. It produces steel bars used in the automotive industry.

The company says it plans to idle the facility in March, then shut it down permanently over the next three months.

It's the latest hit to the steel industry in East Chicago. US Steel says imports taking up market share and falling oil prices have led to its cuts. The company does say it hopes to restart operations and bring back employees when market conditions improve.

Source - The Times of Northwest Indiana

voda 27 januari 2015 16:46

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Severstal reports Q4 2014 and FY 2014 operational results

PAO Severstal announced its operational results for Q4 2014 and FY 2014.

Q4 2014 GROUP HIGHLIGHTS

1. In terms of steel production volumes, Q4 2014 was broadly in line with Q3 2014 despite seasonality: crude steel production increased 1% QoQ to 2.89 million tonnes, while hot metal production was up 2% QoQ to 2.32 million tonnes. That said, growing efficiency of our converters comes from a wider use of higher Fe content pellets, which allows us to partially
replace expensive scrap.

2. Consolidated sales of steel products slightly decreased 1% QoQ due to marginal change to the product mix and short-term maintenance at one of the rolling mills.

3. Share of high value added products in the sales portfolio remained around historical record levels of 52% (Q3 14: 53%) reflecting our strategic focus on downstream development and despite the increase in the output of semi finished products post the completion of repairs at one of the converters at the end of Q3 2014.

4. Steel assets continued to run at near to full capacity in Q4, with the Balakovo mini-mill ramping-up further.

5. Coking coal concentrate sales volumes at Vorkutaugol increased 25% QOQ to almost 1.47 million tonnes

6. Iron ore pellets sales remained broadly flat QoQ at 2.75 million tonnes (Q3 2014: 2.74 million tonnes).

7. Whilst average selling prices for all products declined in USD terms, they are up QoQ in RUB. Moreover, despite seasonally low market, domestic RUB nominated prices continue to catch up with the export USD-nominated parity since the beginning of 2015 as well.

Source - Strategic Research Institute

voda 27 januari 2015 16:47

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US DOC imposes preliminary duties on steel shelving imports from China

US Department of Commerce found on January 26 that the China made steel shelves are produced using unfair government subsidies and would face countervailing duties in the United States

In a preliminary decision, Commerce set anti subsidy duties of up to 55.75 percent on imports of pre packaged, boltless shelving, used in homes and businesses. Commerce calculated a preliminary subsidy rate of 14.53 percent for Nanjing Topsun Racking Manufacturing Co Lt and a preliminary subsidy rate of 12.21 percent for Ningbo ETDZ Huixing Trade Co Ltd. All other producers/exporters in China have been assigned a preliminary subsidy rate of 13.37 percent. In addition, fourteen companies which did not respond to the quantity and value questionnaire received a preliminary subsidy rate of 55.75 percent, based on adverse facts available.

A final decision is due on the subsidies by June 8.

The petition was lodged by Chicago based Edsal Manufacturing Co, which also complained that the products were being sold below fair value.

In 2013, imports of boltless steel shelving from China were valued at an estimated $86 million.

Source - Strategic Research Institute

voda 27 januari 2015 16:49

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US Steel to cut production in Alabama and Texas tube mills

United States Steel Corporation announced that it will temporarily adjust operations at Lone Star Tubular Operations at Lone Star in Texas and Fairfield Tubular Operations at Fairfield in Alabama. Fairfield Works, the primary flat roll supplier of rounds to Fairfield Tubular Operations, will also adjust operations.

US Steel said “The adjustment in operations is a result of softening market conditions that reflect the cyclical nature of the energy market. Global influences in the market, like unfair trade and fluctuating oil prices, continue to have an impact on the business.”

The release added “The company routinely adjusts production at its operating facilities to reflect market fluctuations. The adjustment in operations is a temporary reduction in operating levels and is not a full idling of plant operations. The company has worked with its customers to anticipate this adjustment and has produced sufficient inventory to meet customer demand during this period.”

It also said “As a precaution, 1,918 represented employees across the three locations have been advised of the upcoming adjustment and are being issued notices under the Worker Adjustment and Retraining Notification (WARN) Act.”

Source - Strategic Research Institute

voda 27 januari 2015 16:50

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Chinese iron ore imports from Australia rises 31.6pct in 2014

It is reported that China’s iron ore imports from Australia rose 31.6% to 548.4 million tonne last year, as a soaring production by big miners drove down prices and eliminated some smaller suppliers.

According to Reuters calculation based on data from the General Administration of Customs, shipment from Australia accounted for 58.8% of the total imports, compared with 50.9% in 2013.

China imported a record of 932.5 million tonne, up 13.8% on the year, as lower-cost shipments from global miners flooded the world’s top consumer and grabbed greater market share by forcing some higher-cost mines to shut down.

Source - www.customstoday.com

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