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voda 3 februari 2015 18:51

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Fixed asset investment in China Steel sector down 5.42pct on year in 2014

Fixed asset investment in China’s steel sector fell 5.42% on year to CNY 525.012 billion last year, which was a sharp contrast to a 0.91% growth seen in 2013.

In a breakdown, the fixed asset investment in iron making industry plunged 31.76% YoY that in steelmaking industry posted YoY decline of 10.39% that in steel processing industry was 4.98% lower than year ago levels; that in ferrous metals mining and dressing industry, however, saw a moderate gain of 1.45% from a year ago.

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

voda 3 februari 2015 18:52

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Kumba Iron Ore update production and sales for quarter ended Dec 2014

Kumba Iron Ore Limited announced its production and sales report for the quarter ended 31 December 2014. Throughout this report, production and sales volumes referred to are 100% of Sishen Iron Ore Company Proprietary Limited and attributable to shareholders of Kumba as well as the non controlling interests in SIOC.

Overview:
1. Total production increased by 10% compared to Q4 2013 and decreased by 4% compared to the previous quarter to 12.4 Mt in line with the production plan.

2. Strong performance at Kolomela mine continued with 2.7 MT produced for the quarter, in line with Q4 2013 and down by 19% compared to the previous quarter’s record performance in line with the production plan.

3. Total export sales volumes increased by 23% to 11.7 MT compared to Q4 2013 and by 29% compared to the previous quarter.

Sishen mine produced 9.3 MT, an increase of 11% compared to Q4 2013 and in line with the previous quarter. Waste removal increased by 20% to 50 million tonnes. Total waste mined for 2014 was 187 million tonnes, up 12% compared to the prior year. While this is below the previously announced 2014 target of 220 million tonnes, the redesign of the western pushbacks of the pit, in conjunction with increased vertical rate of advance and current waste removal run rates means sufficient ore has been exposed to support the 2015 production target of 36 million tonnes.

Kolomela mine continued to perform strongly, producing 2.7 MT for the quarter, in line with Q4 2013 and down 19% on the record production of the previous quarter.

Production at Thabazimbi mine more than doubled compared to Q4 2013 and increased by 25% compared to the previous quarter, to 0.4 MT. Total export sales volumes of 11.7 Mt increased by 23% compared to Q4 2013 and by 29% compared to the previous quarter, partly as a result of shipments through Saldanha’s Multi-Purpose Terminal.

Domestic sales volumes of 0.9 Mt decreased by 31% compared to Q4 2013 and by 20% compared to the previous quarter. Total finished product stockpile levels were 6.5 MT as at 31 December 2014 compared to 2.9 MT as at 31 December 2013 and 6.5 Mt as at 30 September 2014.

Source - Strategic Research Institute

voda 3 februari 2015 18:53

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Metalloinvest update on Steel Segment

In Q4 2014, pellet production at OEMK amounted to 0.9 million tonnes, a decline of 7.7% QoQ, mainly due to scheduled major maintenance works at the Pellet Plant. In 2014, pellet production amounted to 3.7 million tonnes, down by 0.6% YoY due to a scheduled increase in the duration of major maintenance works.

OEMK increased DRI production by 5.7% QoQ to 0.7 million tonnes in Q4 2014, mainly due to the completion of major maintenance works at DRI Plants. In 2014, DRI production grew by 4.1% YoY to 2.9 million tonnes, mainly as a result of higher productivity at DRI Unit-3 after the finalisation of major maintenance works and modernisation in 2013.

In Q4 2014, crude steel production at OEMK increased by 4.6% QoQ to 0.9 million tonnes. In 2014, OEMK raised steel production by 4.9% to 3.4 million tonnes. Record high production volumes in Q4 2014 and in 2014 as a whole are mainly attributable to increased productivity, decreased idle time and reduced duration of major maintenance works.

In Q4 2014, Ural Steel increased hot metal production by 6.1% QoQ to 0.6 million tonnes. Annual output grew by 4.8% YoY, reaching 2.3 million tonnes, mainly due to an increase in blast furnace shop productivity as a result of intensification of its production process.

Ural Steel boosted crude steel production by 15.5% QoQ to 0.3 million tonnes in Q4 2014. This was mostly driven by the completion of major maintenance works and optimisation of the casting process at CCM-2. In 2014, crude steel production amounted to 1.1 million tonnes, a decrease of 22.5% Yoy mainly due to the planned closure of open hearth furnace and rolling shops.

Source - Strategic Research Institute

voda 3 februari 2015 18:54

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Imported steel reinforcing bars does not pose threat - Miti

The Sun Daily reported that Malaysia has decided to terminate its investigation on imported steel concrete reinforcing bars (rebar) into the country after determining that the imports did not threaten the domestic industry.

The Ministry of International Trade and Industry said that the decision was made following the completion of an investigation into a claim that the imports of rebar from China and South Korea had posed serious injury to the domestic industry.

The investigation was initiated on September 2nd 2014 after the Investigating Authority received a petition from Ann Joo Steel Bhd on the matter. However, based on paragraph 23(2)(b) of the Countervailing and Anti-Dumping Duties Act 1993, the government has decided to terminate this investigation.

The ministry said that the government has determined that the termination of the investigation with regard to the imports of rebar in straight length form, specifically excluding the reinforcing bar in plain rounds form, which is a non deformed or smooth reinforcing bar in straight length form, equal to or less than 6 meters for non-construction industry usage classified under Harmonized System Code.

Source - The Sun Daily

voda 3 februari 2015 18:55

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Fortescue Metals update quarterly report for ended Dec 2014

Fortescue’s strong operational performance continued in the December 2014 quarter with C1 costs decreasing by 11% to USD 28.48 per wet metric tonne. During the quarter shipments remained steady at 41.1 million tonnes an annualised rate of 164 MT per annum.

Sustainable cost reductions result in C1 guidance for the H2 of FY15 being revised down to USD 25 per WMT to 26 per WMT reflecting the improvement in operating performance, foreign exchange rate and fuel price. This operating performance continues to generate positive cash margins supporting a strong and secure balance sheet.

Highlights;
1. Completion of USD 9.2 billion expansion of port, rail and mining operations to achieve production capacity of 155 million tonne per annum.

2. The 40 million tonne per annum Kings Valley project was opened in March 2014 following commissioning of the ore processing facility (OPF) which was constructed in record time, taking only 179 days from assembly of first steel to completion.

3. Achieved targeted 155 million tonne per annum annualised rate during March 2014.

4. Record shipments of 31.5 MT achieved in the March 2014 quarter, lifting financial year to date shipments to 85.4 MT, a 53% increase over the prior comparable period.

5. C1 costs of USD 34.88 WMT in line with guidance of USD 34 per WMT for FY14 reflecting low cost Solomon tonnes and operational efficiencies.

6. Successful execution of debt reduction programs have resulted in debt repayments of USD 3.1 billion to date and a commitment to reduce gearing to an initial target of 40%.

7. Cash on hand was USD 1.9 billion at the end of March 2014 reflecting the continued strength of operational cash flows, disciplined capital management and lower finance costs following debt repayments.

8. Achieved realised CFR price of USD 107 per dry metric tonne based on an average 62% Platts CFR index price of USD 120 per DMT.

Source - Strategic Research Institute

voda 3 februari 2015 18:55

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Panzhihua Steel develops super thin weathering steel

Panzhihua Steel recently developed super thin cold rolling weathering steel, with all the performance indicators meeting customers’ requirement.

Panzhihua Steel is one of the major developers of China’s first generation weathering steel used in railway vehicles. In 2014, it put 2030 cold rolling and continuous annealing production line into operation and made a successful trial on super thin weathering steel in response to rising demand for the product at home and abroad.

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

voda 3 februari 2015 18:56

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Antam sales plunge on lower prices as ore exports ban

The Jakarta Post reported that state run diversified miner Aneka Tambang (Antam) wrapped up 2014 with sliding sales due to the government’s ore-exports ban and weak commodity prices, despite significant growth in the company’s ferronickel business.

Antam’s unaudited sales plunged 16% in 2014 to IDR 9.46 trillion (USD 741.67 million) compared to the IDR 11.29 trillion generated in 2013.

The declining sales are in line with the plunging prices of gold and nickel as our main products, as well as the government’s policy to restrict raw mineral ore exports.

Spot gold fell 1.4% last year after a 28% drop in 2013 as a surge in equities and an improving US economy prompted some investors to shift away from the metal.

Antam saw its gold sales rise by just 5% by volume and 6% by value to 9.88 tonnes and IDI 4.93 trillion, respectively.

Meanwhile, the government’s ore exports ban, effective early last year as a follow up to the 2009 Mining Law, triggered a significant drop in nickel sales, one of the company’s largest sources of revenue.

Antam’s nickel sales plummeted 98% to IDR 89 billion last year from IDR 4.08 trillion in the previous year, while production slumped by around 90% to 1.14 million wet metric tons.

The export restriction is mirrored in the company’s 2014 net sales, with the contribution of gold and ferronickel to total exports up significantly as a result of declining nickel sales. Gold accounted for 52% of the company’s top line, with ferronickel following at 42%.

The figure stands in sharp contrast to 2013, when gold contributed some 42 percent to the company’s total sales, followed by nickel ore at 36 percent and ferronickel at 18 percent.

Following the raw ore-exports ban, the company’s annual ferronickel sales volumes increased by about 37% to 19,748 nickel tons in ferronickel (TNi), while its ferronickel income grew by around 93% from IDR 2.7 trillion to IDR 4 trillion this year.

Meanwhile, in the coal sector, major coal producer Adaro Energy ended 2014 with production rising by around 8% to 56.21 million tons. Adaro expects that this year’s level will be similar to last year’s level or up by 3% to 58 million tonnes.

Source The Jakarta Post

voda 3 februari 2015 18:57

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IDC boss defends ZAR 3 billion spent on steel plant

ONE of the Industrial Development Corporation’s most contentious investments is the ZAR 3 billion it has poured so far into creating a new steel plant alongside China’s Hebei Steel company. This mega project is still at the feasibility stage.

But critics have pointed out that it’s hard to see why South Africa needs another steel plant when ArcelorMittal is already producing more than the country can use.

If anything, the new steel plant seems to satisfy only the agenda of the Chinese government, which has been putting Hebei under pressure to move production offshore.

And the South African government, it seems, is prepared to bend over backwards to keep its communist friends in Beijing happy.

Mr Geoffrey Qhena, the CEO of the IDC said that “There was no pressure on the IDC to partner with Hebei. We started the project, it was not Hebei that came to us. Is there a sound business case for this steel plant? If we had to say we’re not growing as a country or as a continent then there is no business case.”

Mr Qhena said that “But we are growing. When you look at infrastructure projects on the continent there is a clear business case. There are very few steel suppliers on the continent. But there’s a worldwide glut of steel? When we made this decision, it was three years ago. Now there is a glut but who says it’s going to be long term? It’s not.”

Source - www.bdlive.co.za

voda 3 februari 2015 18:58

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Egypt steel companies anxious about market fluctuations - Experts

The continuous price rise in the US dollar’s value against the Egyptian pound alongside a drop in metal prices has left steel companies facing a dilemma in setting prices.

Mr Mohamed Hanafy head of the Metallurgical Industries Chamber at the Federation of Egyptian Industries said that “Both the increase in dollar value and decrease in metals’ prices are big influencers to the market.”

Mr Hanafy highlighted that companies are re-examining their prices after the recent fluctuations the market has witnessed.

On 1 February, the Central Bank of Egypt’s official value of the dollar reached EGP 7.51, compared to the EGP 7.59 recorded on Thursday. The dollar’s value at the National Bank of Egypt and Banque Misr stood at EGP 7.61.

Mr Mohamed El-Sewedy head of the Federation of Egyptian Industries argued that the increase in the dollar’s value will benefit the economy on the long term, adding that it might harm the budget.

Mr El Sewedy expected the value of USD 1 to equate to EGP 8 before the March Economic Summit. I believe that steel prices will either stabilise or slightly drop. During the past week, prices of steel were some EGP 5,000 per tonne for regular consumer and EGP 4,750 per tonne facilities.

Source - Daily News Egypt

voda 3 februari 2015 18:59

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Metalloinvest announce iron ore supply contract with ArcelorMittal

Metalloinvest has announced the signing of an iron ore supply contract with ArcelorMIttal, the world’s leading steel and mining company, until April 2016. The agreement provides for total supplies of more than two million tonnes of iron ore concentrate which will be utilized at the group’s European operations.

The product pricing will take into account current market prices, as well as global market price trends for iron ore.

Mr Andrey Varichev, CEO of Management Company Metalloinvest, commented “Metalloinvest’s products enjoy stable demand in Russia and abroad due to their premium quality and the Company’s reputation as a reliable supplier. The use of modern technologies, constant efforts to improve production efficiency and the development of long-term partnership agreements with our clients allows the Company to maintain its competitiveness.”

Source - Strategic Research Institute

voda 3 februari 2015 21:01

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Sumitomo sees first nickel deficit in 5 years

Sumitomo Metal Mining Company of Japan expects global output of the metal to fall short of demand in 2015 for the first time in five years as supply from China drops.

Mr Hiroshi Sueta, general manager at the Tokyo based company’s nickel sales and raw materials department said that “Demand will exceed production by 12,000 tonnes compared with a 36,000 tonnes surplus last year. China’s production of nickel pig iron, a cheaper alternative to the refined metal, may drop 15% from a year earlier to 365,000 tonnes.”

Mr Sueta said that “Ore stockpiled in China will be probably exhausted by around the middle of this year. They must review their NPI production for the latter half of this year.”

The forecast deficit represents 0.6% of global nickel production this year, and will help London Metal Exchange prices stabilize above the current level. Output is forecast to expand 1.5% to 1.99 million tonnes.

Nickel advanced 9% last year, the most among the six main metals on the LME, as Indonesia, the world’s biggest producer from mines, barred unprocessed ore exports in January. The metal for delivery in three months on the LME rose 1.8% to USD 15,165 per tonne on January 30.

Nippon Steel & Sumitomo Metal Corporation the world’s second biggest steelmaker, cut its profit forecast by 28% on Jan. 29 as plunging crude prices hit an operation in Brazil that produces pipes for oil producers.

Mr Sueta said that Sumitomo Metal Mining will announce in April its production plan for the next fiscal year, based on ore supply and prices. The company plans to purchase about 60% of its ore from two producers in New Caledonia through supply contracts and the remainder from a mine in the Philippines.

Source - Bloomberg

voda 4 februari 2015 16:54

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Steel Talks - "Steel industry needs to re-invent itself as backbone of India's economy"

In an exclusive interview to Saket Kumar Jha Senior Analyst Steel Guru Dr Anil Dhawan, market executive director of Visa Steel, touched upon the vital issues of the growth in steel sector catering to the demand from projected economic growth in India.

Q - World Economic Report update released by the International Monetary Fund outlined that India is expected to grow at 6.3 % this year and 6.5% in 2016 surpassing China's projected growth How do you feel the Indian steel industry is geared up to take up the challenge of increased steel demand?

A - The present regime is focusing on growth driven demand in the economy The focus on infrastructure, construction, and housing are keys to generation of steel demand. Economic growth has to be supported by growth in steel demand and vice-versa. They have to move in tandem Indian steel industry is geared up to take up challenges of demand growth however there are inherent issues which need to be addressed

Q - What are major impediments in the growth of steel production to meet the increased demand projections?

A - Raw material linkage for availability of iron ore is the main issue plaguing the production growth in steel industry particularly in the private sector Most the mills in the private sector production increase has been stemmed owing to iron ore shortage JSW, Essar, Visa Steel and others are facing difficulty in stepping up production owing to lack of iron ore linkage. The production growth can be sustained only with removal of these blockages However with the new government showing positive drive we are hopeful that these issues will be addressed very soon

Q - Is it viable for Indian mills to import iron ore keeping in view that parity advantage is still in favor of domestic iron ore suppliers?

A - The question of viability does not arise when mills ore on the verge of closure and bigger ones are taking severe hit on their bottom lines. Steel manufacturers have invested huge capital in setting up plants and they cannot idle their Blast Furnaces due raw material shortage It is not bare economics mills have to run even if at a loss. Profits of steel majors have dropped JSW Q3 profit has dropped by 30%. Mills are being forced to import and run. Hence the government needs to act swiftly to alleviate the situation. Why see the death and then act? Government should treat steel industry as the backbone of Indian economy and this has to continue for 10-15 years.

Q - In view of the growth in steel consumption do you feel that the Indian mills are cost effective to meet the demand since crashing global steel prices has led to surge in import in India to the tune of 58% (April-Dec 2014). Will India be primarily importing rather than meeting its own demand?

A - Per captia steel consumption has grown by meager 1.4% last year which means bulk of the growth has been driven by imports. Material is being dumped into India by China and Russia at very low price.

India is a low cost producer but one cannot help if the material is being dumped It is unhealthy imports.

Government needs to take immediate policy measures by hiking import duty at least by 10% and peak duty to 25%.

After the hike in import duty industry will revert bad to the good days of 2008, 2009 when India was the on high steel demand trajectory despite recession across the globe It has to be a level playing field and Indian steel mills will return to profitability.

Q - Per captia steel consumption in India is only 57.5 kg compared to global average of 225 kg. The scope for increment is in rural sector. How do you feel the Indian mills are geared up to meet the demand in rural sector and the areas need to addressed to tap the demand?

A - The realization has already sunk in the government as well as the steel industry that focus has to shift from urban to rural for steel demand In urban areas the per captia steel consumption is 70 kg whereas in the rural areas it is as low as 10 kg. There is immense potential for growth in demand in the rural sector

The concept of Smart cities is beginning in the right direction with the shift from urban to rural areas in terms of development of infrastructure projects, houses, roads, etc.

Steel consumption needs to be linked with growth in Small Scale and cottage industry eg low cost houses, bicycle units, umbrella units.

Focus has shifted to opportunity driven investment rather than the other way round.

Source - Strategic Research Institute

voda 4 februari 2015 16:56

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China's steel sector PMI falls to 11 month low in January

In January this year, the purchasing managers index (PMI) for the Chinese steel sector was at 43.0 percent, the lowest level in the past 11 months, down by 1.1 percentage points as compared to December 2014 and still remaining below the 50 percent threshold, as announced by the China Steel Logistics Committee (CSLC), which is part of the China Federation of Logistics and Purchasing (CFLP).

In addition, in January the production index for the steel sector indicated a 2.1 percentage point month-on-month decrease to 41.5 percent.

Meanwhile, in January the raw material inventory index for the sector increased to 51.3 percent with a 6.7 percentage point month-on-month increase, while the sub-index for new orders saw a decrease of 6.0 percentage points month on month to 34.2 percent.

In the given month, the finished steel inventory index decreased to 55.5 percent, down 0.7 percentage points month on month, while the index for new export orders decreased to 35.6 percent, down 6.0 percentage points month on month, reflecting the difficulties that Chinese steelmakers and steel traders faced in attracting orders from overseas markets, especially after the cancellation of the export tax rebate from January 1 this year.

In January, the purchase price index in the Chinese steel sector stood at 23.5 percent, seeing a decline of 1.8 percentage points month on month, falling to the lowest level since September 2012.

Source - Strategic Research Institute

voda 4 februari 2015 16:58

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EVRAZ signed two contracts to supply rails to Brazil

EVRAZ signed two contracts to supply rails to Brazil. For the first time the company will ship to Latin America rails produced at its West Siberian Steel Plant.

EVRAZ ZSMK will ship to TIISA Construction Company four thousand tonnes of 60E1-compliant rails. Head-hardened, with improved wear and contact fatigue resistance, these rails will be laid into a 30 kilometers' track to connect the largest Latin American pulp mill to the network of Brazil's key railway operator, ALL (Latin American Logistics).

The other contract, for three hundred tonnes of head-hardened 60E2 rails, was signed with BR RAILPARTS. This lot will be utilised to fit out the turnout switches in a new railway constructed by the Brazilian Government.

EVRAZ scheduled first rail shipments to its Brazilian customers for February, 2015. In the end of January, the representatives of Latin American companies visited EVRAZ ZSMK to audit production and verify product quality.

Mr Joubert Lansoni da Silva, advisor to ALL said that "EVRAZ ZSMK Rail Mill follows the best international practices. We inspected the finished rails and verified compliance with the declared specifications. We intend to continue our cooperation with EVRAZ. Railway construction is growing rapidly in Latin America but there is no local manufacturer in the region. EVRAZ is a great choice for us: the company is able to offer the needed volumes and products at a reasonable price.”

Mr Ilya Shirokobrod, EVRAZ Vice President, Sales said that "It is our strategy to extend the geography of EVRAZ railway products. Entering the Brazilian market is an unquestioned success and we intend to build on that to gain access to other markets in Latin America. The agreement we signed with a top Brazilian trading company, Cisa Trading, was a major step forward to reinforce EVRAZ's standing in the region. Cisa Trading will support our sales in Latin America and provide logistics and technical support to customers."

Source – Strategic Research Institute

voda 4 februari 2015 16:59

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Update on weekly raw steel production in USA

In the week ending January 31st 2015, domestic raw steel production was 1,782,000 net tonnes while the capability utilization rate was 75.4%. Production was 1,824,000 net tonnes in the week ending January 31st 2014, while the capability utilization then was 75.8%.

The current week production represents a 2.3% decrease from the same period in the previous year. Production for the week ending January 31st 2015 is down 2.4% from the previous week ending January 24th 2015 when production was 1,825,000 net tonnes and the rate of capability utilization was 75.9%.

Adjusted year to date production through January 31st 2015 was 8,108,000 net tonnes, at a capability utilization rate of 77.4%. That is up 0.4% from the 8,079,000 net tonnes during the same period last year, when the capability utilization rate was 75.8%.

Broken down by districts, here's production for the week ending January 31st 2015 in thousands of net tons: North East: 217; Great Lakes: 670; Midwest: 226; Southern: 582 and Western: 87 for a total of 1,782.

Source – Strategic Research Institute

voda 4 februari 2015 17:00

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Kobe Steel update consolidated financial results for first 9 months of FY2014

Japan’s economy in the first nine months of fiscal 2014 (April 1 to December 31, 2014) was affected by the last minute surge in demand prior to the rise in the consumption tax on April 1, 2014.

However, on the back of various economic measures by the government, corporate earnings improved, capital expenditures went up, and public investments continued at high levels. These factors enabled the economy on the whole to continue on a recovery track. In overseas markets, the US economy gradually continued to improve, but Europe’s economy remained weak, and the economies of China and Southeast Asia continued to decelerate.

In this economic environment, the Kobe Steel Group saw a decrease in its sales volume of steel products, in terms of tons sold, compared with the same period of the previous year, due to a decrease in demand from the automotive sector brought about by a reaction to the last minute surge in demand prior to the rise in the consumption tax on April 1st 2014.

In addition to sluggish demand in emerging countries, another reason for the decrease in the sales volume of steel products was the impact of production trouble at Kakogawa Works.

The sales volume of aluminum rolled products increased over the same period of the previous year, owing mainly to efforts to expand export sales of aluminum can stock for beverage containers and other products. The sales volume of copper rolled products increased compared with the same period of the previous year, owing to strong demand for copper sheet and strip used in automotive terminals and strong overseas demand for copper tube.

Unit sales of hydraulic excavators decreased compared with the same period of the previous year. Although unit sales increased in Europe and North America owing to steady sales expansion, unit sales in China were similar to the same period of the previous year and decreased in Japan and Southeast Asia, compared with the same period of the previous year.

As a result, consolidated sales in the nine months to December 31st 2014 increased 48.4 billion yen, compared with the same period of the previous year, to 1,373.7 billion yen. Operating income increased JPY 2.5 billion compared with the same period of the previous year, to JPY 88.0 billion.

Ordinary income (also known as pretax recurring profit or simply pretax profit) increased JPY 10.3 billion compared with the same period of the previous year, to JPY 77.7 billion. Net income was similar to the same period of the previous year at JPY 63.5 billion due to the posting of gain on the sale of investment securities in the same period of the previous year.

Source – Strategic Research Institute

voda 4 februari 2015 17:00

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Lower iron ore prices boosting profits of Chinese steel mills

SCMP reported that the profit outlook for the China’s steel sector is showing signs of improvement as capacity expansion slows and inventories and raw material costs fall

The China Iron and Steel Association, which represents the nation's largest steel mills, said that its members' pre tax profits rose 516% in the first 11 months of last year to CNY 244 billion

The combined net profit of Hebei Iron and Steel, Baoshan Iron & Steel and Angang Steel, three of the nation's largest steelmakers, is forecast to have climbed 31% last year to CNY 88 billion and might rise a further 23% this year to CNY 109 billion

Baoshan alone accounted for 36% of the total profits made by medium sized to large steel mills, despite having only 5% of the industry's revenue

The improvement in steel producers' performance after a couple of years of weak profit and losses was primarily driven by lower raw material prices

Source – SCMP

voda 4 februari 2015 17:01

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US ITC ruling on cut to length carbon steel plate from China, Russia and Ukraine

The US ITC unanimously determined to conduct a full five year (sunset) review concerning the antidumping duty order on cut to length carbon steel plate from China and the suspended investigations on cut to length carbon steel plate from Russia and Ukraine.

This is the third sunset review of the China AD order and suspended investigations.

Kelley Drye & Warren (Paul Rosenthal, Kathleen Cannon, Alan Luberda and Grace Kim) are representing domestic producer ArcelorMittal USA, LLC.

As a result of this vote, the Commission will conduct a full review to determine whether revocation of this order and the suspended investigations would be likely to lead to the continuation or recurrence of material injury within a reasonably foreseeable time.

The ITC’s full review will include a public hearing and issuance of questionnaires.

Source – Lexology

voda 4 februari 2015 17:02

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Ukraine's Interpipe to cut all pipe supplies to Russia in 2015

Reuters reported that Interpipe, one of Ukraine's largest steel pipe makers, will not supply any products to Russia in 2015 due to a slump in the Russian rouble and prohibitive import duties.

A pro Russian separatist uprising in east Ukraine has soured relations between Moscow and Kiev and Russian steelmakers have aggressively lobbied for measures to defend domestic producers from Ukrainian imports.

Mr Denis Morozov Finance Director of Interpipe said that "We don't have any supplies to Russia in our business plan for 2015. Rouble devaluation and anti dumping duties have made supplies to this market unprofitable."

Western sanctions over Russia's action in Ukraine and a sliding oil price pushed the Russian rouble down 40% in 2014, making foreign made products less competitive on the Russian market.

Mr Morozov said that the latest available data shows that Russia in 2013 accounted for 10 percent of sales for Interpipe, a top 10 global producer of seamless pipe.

The company plans to focus on Europe, America, the Middle East and Africa, expecting the combined share of these markets to exceed 60% of its business by the end of the year.

Source – Reuters

voda 4 februari 2015 17:03

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BC Iron update quarterly activities report for period ended Dec 2014

BC Iron Limited presents shareholders with its quarterly activities report for the period ended 31 December 2014.

The Nullagine Joint Venture continued to ramp-up production following the operational slow down in the September quarter, and successfully achieved a 6 Mtpa run rate during November and December 2014. During the quarter, 1.38 M wet metric tonnes of Bonnie Fines was shipped, with BC Iron’s share at 1.20M WMT (or 87% of the NJV total). The average realised CFR price for BC Iron’s share of Bonnie Fines was USD 60 per dmt (after prior period adjustments).

BC Iron retained a strong cost focus during the quarter and identified sustainable C1 cash cost savings of AUD 2 to AUD 3 per WMT. As a result, guidance for the remainder of FY15 (December 2014 to June 2015) was revised down to AUD 47 to USD 51 per WMT (FOB) for C1 cash costs and AUD 54 to AUD 61 per WMT (FOB) for all in cash costs.

In line with this guidance, C1 cash costs of AUD 49 per WMT (FOB) and all-in cash costs of AUD 57 per WMT (FOB) were achieved for the final two months of the quarter (post ramp up to 6Mtpa). BC Iron continues to work on additional cost saving initiatives, and is also benefiting from declining oil prices reducing diesel fuel costs and sea freight.

The acquisition of Iron Ore Holdings Limited was completed during the quarter. BC Iron has successfully integrated IOH and commenced work on its assets. At Iron Valley, the agreement with Mineral Resources Limited was varied to facilitate MIN evaluating and implementing initiatives aimed at improving the long term viability of the project. The variation also ensures BC Iron continues to generate earnings through this period, notwithstanding the soft iron ore market.

Mr Morgan Ball MD of BC Iron said that “It was pleasing to see the NJV return to the 6Mtpa run-rate during November, and achieve sales of 1.38 MT for the quarter at reduced costs. We will continue to focus on operational performance, productivity and costs and with approximately AUD 70 million in net cash we are well placed to manage the business through the iron ore cycle.”

Source – Strategic Research Institute

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