Eurobench.com

voda 9 juli 2015 16:45

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Plans to transform Sagan in east Iran as South Pars of steel

Iran Daily reported that Iranian government is advancing a massive steelmaking project being promoted as the country’s “South Pars” of the steel industry. Sangan, the biggest industrial project in Iran’s east, will produce 17.5 million metric tons of iron ore concentrates and 15 million tonnes of pellets a year. An initial investment of USD 2 billion is planned in Sangan which is estimated to hold 1.2 billion tonnes of iron ore.

Sangan, near the border with Afghanistan in Iran’s Khorasan Razavi province, is an underdeveloped backcountry. It is already seeing development rolling on its way, as new roads are being paved, a rail track is laid and water brought to its doorsteps.

Deputy Minister of Industry, Mine and Trade Mr Mehdi Karbasian says further discoveries are expected to increase its reserves by 50-100% given many promising signs which we have seen. He said “For both concentration and pelletizing, nine production units have been designed which will lead to a transformational change in the regional economy and bring about development and employment to the local residents. Project will create a robust downstream chain in Sangan where the soil will find value-added and turn into the dollar.”

For now, five domestic consortiums and another consortium comprised of two Chinese and four Iranian firms have undertaken to provide investment.

Source : Iran Daily

voda 9 juli 2015 16:46

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Mexico auto sector frets over duties on steel imports

South China Morning Post reported that Mexico’s auto sector said on Monday it is worried about recent lobbying by local steel producers to restrict steel imports from China and other countries. Mexican Auto Industry Association (AMIA) President Eduardo Solis told a news conference the auto industry was enormously concerned about the issue

In June, Mexico imposed tariffs on cold-rolled steel from China, and hot-rolled steel from China, Germany, and France after an anti-dumping investigation. Mr Solis said that the auto sector has not been affected by the new duties, but he remains attentive to any proposals that could impact the industry’s competitiveness.

He said “Steel imports are a fundamental component of vehicles and auto parts.”

Mexico’s steel chamber, Canacero, said in a statement that it was not looking to affect any other industrial sector. "(Canacero) demands that dumping be stopped decisively, due to the speed with which it has grown in recent months," the statement said.

Source : South China Morning Post

voda 9 juli 2015 16:47

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Ukrainian pig iron exports in H1 dips by 41% YoY

According to the data released by State Fiscal Service of Ukraine, in the January-June period of this year, Ukraine exported 796,582 tonnes of pig iron, down 41.3 percent compared to the corresponding period in 2014, worth a total of USD 217.953 million, down 56.2 percent year on year,

In terms of value, the exports mostly went to Italy (29.43 percent), Turkey (23.93 percent) and the US (14.09 percent).

In the January-June period of this year, Ukraine imported 2,699 tonnes of pig iron, down 22.4 percent year on year, worth a total of USD 924,000, down 38.6 percent year on year.

The main supplier of pig iron imports in the given period was Russia, which supplied 92.76 percent of the total imports in terms of value.

Source : SteelOrbis

voda 9 juli 2015 16:48

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Ilva to re open third blast furnace after environmental work

Reuters reported that Italy's Ilva steelworks will re open the third of its five furnaces next month after a year's inactivity due to environmental problems. The re-opening will mean three of the five furnaces will be functional at Ilva's Taranto plant in southern Italy which has been at the centre of environmental concerns for more than two years and is losing tens of million euros every month.

A trade union source told Reuters that the largest of the furnaces at Taranto remains closed while restructuring takes place,

Ilva was put under special administration in 2013 after magistrates seized EUR 8.1 billion from its owners amid allegations that toxic emissions were causing abnormally high rates of cancer. The government took full control of the plant in January to save 16,000 jobs, and aims to sell it within two or three years.

Source : Reuters

Bijlage:

voda 9 juli 2015 16:49

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Indian domestic steel prices bottomed - Mr Acharya

Business Standard reported thjat at a time when global steel prices are trading at multi year lows and Indian steel companies fear an increase in cheaper import, JSW sees that domestic steel prices have bottomed out

Mr Jayant Acharya director commercial & marketing of JSW Steel said “China's surplus production has led to a crash in prices. Due to this, the country is now selling its excess to other countries. In such a scenario, we are seeing global prices correcting and this will also put pressure on Indian prices, which have already corrected. Domestically, I think steel prices have bottomed out and will remain range-bound. For this month, JSW Steel has rolled over prices.”

Source : Business Standard

voda 9 juli 2015 16:50

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Chinese HR steel is now cheaper than cabbage

The Age reported that steel is now cheaper than cabbage in China, as weak demand and over production continues to undermine the end market. Despite a water content of more than 90 per cent, respected commodity price index publisher Platts revealed that cabbages were pricier by the tonne than the hot rolled coil steel

In a note on steel prices this week, Platts noted that when measured by the ton, the wholesale price of white round cabbage in Shanghai was about 6 per cent more expensive than a tonne of hot rolled coil.

The comparison was even starker at retail level, with Platts noting that the average retail price of cabbage across 36 Chinese cities was 61 per cent more expensive that wholesale cabbages, making it more than 70 per cent more expensive than steel.

The comparison to cabbage is ironic, given many pundits have predicted that an agriculture boom will gradually take the place of the fading resources boom.

Source : The Age

voda 9 juli 2015 17:00

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Australian junior iron ore miners facing uncertainty as price tumbles

ABC.net reported that the latest tumble in the price of iron ore is once again putting junior miners in Australia at risk, with many dipping back into the red. The market volatility is again putting junior miners at risk, with most of them having a break-even cost of around USD 50 a tonne.

Mr Peter Strachan from StockAnalysis said the trend is being largely driven by weak investor sentiment and massive falls on China's share market. He said "The iron ore price has fallen because of lack of confidence in the economic activity in China that is our major market for iron ore and iron ore prices have really been leveraged on what is happening in China. At the moment the Chinese are saying their economy is growing at 6-6.5 per cent per annum but most people think it is probably growing at more like 2, or not at all. So I think that is factoring into the medium term outlook."

BC Iron's Tony Kiernan said times are tough. He said "Anything with a four in front of the iron ore price becomes pretty challenging... it does make us pretty nervous but we have to work to where the price is. If it was to remain this way for the next couple of months, it would be pretty challenging to say the least. We have been able to forward sell about 50 per cent of our product for the next couple of months above our break-even price... we do endeavour to protect ourselves that way.”

Source : ABC.net

voda 9 juli 2015 17:01

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Atlas Iron reassures investors amid iron ore price fall

AAP reported that struggling iron ore miner Atlas Iron says it has protected its finances against an iron ore price that has plunged below USD 50 a tonne. MD David Flanagan in a letter to shareholders last week sought to reassure investors about the company’s profitability by outlining its hedging strategies to combat an iron ore price below its operating costs.

Atlas says it has already cut its breakeven price from USD 60 since April, but there are doubts about whether costs in the sector can be further cut or how sustainable the lower costs are generally.

Mr Flanagan said “Atlas had locked in 70 per cent of its planned output in the September quarter and 10 per cent in the December quarter to some sort of price protection above that USD 50 breakeven level. That includes put options on sales at USD 53 to USD 54 a tonne, fixed price contracts and sales locking in a floor and ceiling price.”

However the company warned that it was not protected beyond the end of December and the ability to lock in prices and what they would be was unknown.

It stopped production at its three mines in April when prices dived to a decade low USD 46 and it was losing money, but struck a deal with its suppliers to cut costs and stay afloat and is mining again.

Source : AAP

voda 10 juli 2015 15:59

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India overtakes US as world's third largest steel producer

India has overtaken the US to become the world's third largest steel producer

Union Steel & Mines Minister Narendra Singh Tomar said “So far India was the 4th largest steel producer in the world only after China, Japan and the US. However, during the first five months of this calendar year, India has achieved the 3rd position in the global steel production.”

Addressing a meeting of the Parliamentary Consultative Committee, attached to his Ministries, in Bengaluru, Karnataka, the Minister said Indian steel industry is growing at a reasonably good pace and last year the growth in crude steel production in India was more than 8%.

He said "However, per capita steel consumption is quite low, 60 kg as against the world average of 216 kg. The low consumption no doubt indicates huge growth potential for Indian steel industry. India has fixed a target of 300 MT production capacity by 2025 and the steel ministry is working out action plan and strategies to achieve this target.”

Source : DNA India

voda 10 juli 2015 16:03

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ILVA subcontractor burned by blast of hot steam

ANSA reported that a worker from a subcontractor for ILVA steelworks on Thursday suffered first and second degree burns to the face when he was hit by a jet of steam while trying to fix a radiator on a vehicle. He was immediately hospitalized.

This was the second workplace accident at ILVA blast furnaces in two months. Steelworker Alessandro Morricella, 35, died in June after being hit with a jet of molten metal while measuring temperatures at one of the furnaces.

City prosecutors are investigating four people in the incident, and have given ILVA 60 days to adopt measures to prevent staff from being exposed to molten metal.

Source : ANSA

voda 10 juli 2015 16:04

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Vallourec Star to lay off up to 80 workers at Youngstown steel mill

Crain's Cleveland Business reported that the troubles continue for Youngstown’s 3-year old, USD 1 billion steel mill, as French company Vallourec Star announced another round of layoffs due to low demand for its pipe from the oil and gas industry.

The company announced Thursday, July 9, that it “is taking further steps to streamline operations” at the plant, which “will result in a workforce reduction of approximately 60 (to) 80 jobs, effective early August 2015.” The plant employs a little more than 500 people.

It said “Vallourec Star understands the cyclical nature of the oil and gas industry, and remains confident in the business long-term. We are taking steps now to position ourselves to remain competitive over the long run. It hopes to rehire its workers when business returns.”

The company said it is also continuing to invest in the plant, a bet that the industry and the jobs will in fact return. It’s moving forward with a number of improvements, including the replacement of some equipment that is more than 30 years old and is left over from previous operations in Youngstown.

It’s not the first time the plant has cut back on workers hours or jobs since low oil and gas prices brought a slowdown in drilling. In February, the plant shut down for three weeks, again citing low demand from the energy sector, sending nearly all of its workers home while the plant was idle.

Source : Crain's Cleveland Business'

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voda 10 juli 2015 16:05

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India to invite global steel giants to join SPVs for steel plants in 4 states

Indian Express reported that the Indian government is likely to invite foreign steel makers to join the special purpose vehicles being floated by state run steel firms for setting up greenfield steel projects in Chhattisgarh, Jharkhand and Karnataka. The move comes amid a growing realisation within the steel ministry that roping in foreign steelmakers is crucial in executing the ‘Make in India’ programme and fructify the official target of producing 300 million tonne of steel by 2025.

A senior steel ministry official told The Indian Express on Thursday “We already have these foreign companies trying to join hands with our PSUs for different projects. Arcelor Mittal has joined hands with SAIL to set up a plant for producing auto grade steel in India.”

Seeking to fast track implementation of proposed projects by foreign firms like ArcelorMittal and Posco, which together have promised to invest nearly INR 1,00,000 crore, the steel ministry is of the view that reasons for which these projects have remained stuck can be resolved by their participation in the SPV route.

In the SPV route, PSUs under the steel ministry like Steel Authority of India Limited (SAIL) and iron ore producer NMDC Limited are preparing to join hands with the mining corporations of three states to set up greenfield projects and explore mineral resources with a total envisaged investment of over Rs 50,000 crore. Through the SPVs these corporations would be given 49 per cent stake, the central PSUs would hold the remaining 51 per cent and bring in latest technology and trained manpower to execute the projects.

Source : Indian Express

voda 10 juli 2015 16:06

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Tata Steel Q1 hot metal output up 2.4%

TATA Steel has reported a 2.4 per cent increase in its hot metal production at 2.59 million tonnes in the April-June quarter of the current fiscal compared with the same period a year ago.

Tata Steel registered hot metal and crude steel production of 2.59 59 million tonnes (up 2.4% YoY) and 2.35 59 million tonnes (up 0.5% YoY), respectively, for Q1 FY16

Saleable steel production of the company came in at 2.23 59 million tonnes and sales rose 2 per centto 2.14 59 million tonnes from a year ago

The company said its pellet plant achieved its best-ever Q1 output at 1.43 59 million tonnes

Source : PTI

voda 10 juli 2015 16:07

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Mexico unveils new measures to protect struggling steel industry

Reuters reported that Mexico has unveiled news measures to protect its struggling steel industry on Wednesday as slack global demand, oversupply from China and cheap imports from Russia have hammered steelmakers in Latin America's second largest economy.

An Economy Ministry statement said the measures include adding 86 steel products to the "sensitive merchandise" list, flagging them for extra scrutiny, as well as beefing up customs controls to prevent avoidance of quotas.

The Ministry said it had 31 anti dumping quotas in places, and nearly half are imposed on Chinese products.

The measures come a month after Mexico imposed provisional import duties on hot-rolled steel from Germany, China and France amid an anti dumping investigation. Later in June, the government announced import duties on cold-rolled steel sheet from China.

Source : Thomson Reuters

voda 10 juli 2015 16:08

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TATA Steel and JSW Steel most heavily indebted firms across globe - Report

Business Standard reported that a stretched balance sheet in a persistently hostile business environment has made JSW Steel and Tata Steel the most heavily indebted companies in the segment across the globe. A UBS Securities India report said “The increase in net debt levels of large companies have generally been driven by capacity expansion programs over the past five years, most of which will be commissioned in the next 12 months.”

As on end-March, Tata Steel’s consolidated net debt was INR 69,000 crore and that of JSW Steel was INR 36,000 crore.

In the case of JSW, despite consistently rising revenue and operating profit, the company has not been able to significantly cut debt while Tata Steel has taken timely non cash impairment charges, sold non-core assets and even refinanced its loans but has not been able to bring its balance sheet in a healthy position. In fact, after its recent earnings performance, brokerages decided deleveraging would remain slow as realisations are expected to remain weak due to lower steel prices.

But most analysts said the two companies have kept the capacity to sail through the current tough business environment and that the problem in the sector is more for smaller entities such as Bhushan Steel and Essar Steel, unable to service their debt.

Source : Business Standard

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voda 10 juli 2015 16:09

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Chinese steelmills loose USD 2.7 billion in Jan-May - CISA

A top official of the China Iron & Steel Association said on Thursday that large Chinese steelmakers' losses in core business more than doubled during the first five months from a year earlier as tumbling steel prices plunged producers into red. CISA members, comprising of 101 big mills, posted a loss of CNY 16.48 billion (USD 2.65 billion) in steelmaking business for January-May, which was CNY 10.36 billion more from the same period of last year

Mr Zhang Guangning CISA's chairman said in a speech that was published on the CISA website that "It's obvious that China's apparent crude steel consumption has reached the peak, and the large growth of demand has become a history.”

He added "Some enterprises are short of capital and having difficulty in maintaining operations. A few would find it hard to survive and are facing the exit.”

Chinese steel prices are at their lowest in more than 20 years as the stuttering economy is hitting demand for a range of commodities including iron ore, steel and copper, threatening the survival of small steel mills.

The apparent consumption of crude steel in the world's top producer dropped 5.1 percent for the first five months from a year before, higher than 3.3 percent in 2014, while total output fell only 1.6 percent on year, the first decline in nearly 20 years.

Source : Reuters

voda 10 juli 2015 16:20

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ED raids at 15 locations in 3 states in iron ore mining scam

Asian Age reported that Enforcement Directorate officials on Thursday conducted simultaneous searches at 15 locations in Orissa, West Bengal and Tamil Nadu in connection with the ongoing investigation of an illegal iron ore mining case.

In Orissa, the search operations were conducted at 10 locations, including Keonjhar, state capital Bhubaneswar and Rourkela. Among the places in Orissa being raided by the Central agency are Serajuddin & Co, Triveni Earthmovers and a transport company in which Champua MLA Sanatan Mahakud is a partner. Mr Mahakud’s residence in Shahid Nagar area here was also raided, the sources said.

Reports said search operations were conducted in Salem and Coimbatore in Tamil Nadu, besides some locations in Kolkata.

Sources said the raids were conducted on an FIR registered by the ED under the Prevention of Money-Laundering Act (PMLA) on the basis of the report of the committee headed by retired Supreme Court judge MB Shah and the criminal complaints filed by the Orissa vigilance department in 2012. The Orissa vigilance department had registered a case against these individuals and their firms in 2012 and filed a chargesheet against them the next year in the multi-thousand-core mining scam.

Source : Asian Age

voda 10 juli 2015 16:21

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Atlas Iron founder David Flanagan says iron ore price volatility is new normal

The founder of Atlas Iron is tipping the iron ore price will average $US50 a tonne to USD 60 over the year. He says the current low price is merely a dip. He told Fairfax Media in Melbourne "The new normal is volatility. We could see iron ore trade in a range back up to USD 70, and how low could it go? – it might go to USD 40."

He said “There are no guarantees the money will come through, but we are optimistic and are going to work as hard as we can."

Mr Flanagan will hold 130 meetings over 21 days as part of Atlas Iron's capital raising. He has until Monday next week to close the retail raising and an extra two days for the institutional offer.

Most in the industry don't share his optimism. Rio Tinto's iron ore head, Andrew Harding, said the price falls should come as no surprise to anyone in the commodities business. He said "The iron ore price is moving around its long-term average after coming off an unprecedented high that was never sustainable. We are seeing a pattern play out now that is entirely consistent with the history of all internationally traded commodities."

Source : Sydney Morning Herald

voda 10 juli 2015 16:22

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Iron ore rout wipes nearly $300 million off Fortescue bonds

Reuters reported that falling iron ore prices are dragging Fortescue Metals Group bonds lower, cutting the value of the Australian miner's recently issued senior secured note by nearly $300 million.

Fortescue improved its outlook in April with a crucial, albeit expensive, $2.3 billion refinancing that rolled over loans maturing in 2017 and 2018. Since then, Forescue's stock has fallen as much as 22 percent.

The company's 9.75 percent senior secured seven-year non-call three-year bond, which benefits from added security, including mining tenements, was priced at 97.608 to yield 10.25 percent, according to data provided by IFR, a Thomson Reuters publication.

Investors who booked the new bonds were delighted after the notes rocketed more than four points on the break, to over 102 on the bid side.

There is less glee now, with the bonds which technically mature on March 1 2022 but are redeemable four years earlier, quoted around 95 for a 10.85 percent bid side yield.

Source : Reuters

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voda 10 juli 2015 16:25

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Kumba Iron Ore plans 190 layoffs at Sishen and Kolomela mines - Solidarity union

Trade union Solidarity said on Thursday that South Africa’s Kumba Iron Ore plans to cut around 190 jobs at its Sishen and Kolomela mines,

Solidarity said in a statement that “Kumba Iron Ore announced that it would soon start with a large scale restructuring process at its Sishen and Kolomela mines. Around 190 employees are affected by the process.”

Kumba’s share price fell to a 6-1/2 year low this week, tracking record low iron ore prices in China on weak demand and concerns about a global supply glut in the key steel-making ingredient.

Kumba is a unit of global mining giant Anglo American , which is also trying to divest from its loss-making platinum assets in South Africa in the face of depressed prices

Source : moneyweb.co.za

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