Eurobench.com

voda 27 augustus 2015 17:08

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BHPB gives bleak outlook on Chinese weakness

Global minig giant BHP Billiton while releasing its results for H1 has given the following outlook

The global economy grew at a modest rate in the 2015 financial year with a mild improvement in developed economies offsetting a moderation in emerging markets. In the short to medium term, we expect moderate growth of the global economy. In the longer term, urbanisation and industrialisation will remain the primary drivers of commodity demand. The transition to consumption-led growth in emerging economies should provide particular support for industrial metals, energy and fertilisers.

Source : Strategic Research Institute

voda 27 augustus 2015 17:10

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BC Iron pledges to cut costs further as loss widens

AAP reported that BC Iron has axed its dividend and pledged to cut its production costs further after the slide in iron ore prices saw it slump to a $158 million loss which followed a $71.8 million profit a year ago. The result was weighed down by more than $120 million in writedowns, though it still made a $43.1 million loss on an underlying basis.

The junior miner cut its C1 cash costs from $69 to $47 per wet metric tonne during the second half of the year but not quickly enough to offset the fall in prices. On Wednesday the company said it would look to bring that down to between $42 and $45 per tonne in 2015/16.

BC Iron has also scrapped its final dividend payment in response to the full year loss. In 2013/14 the company paid out 32 cents per share in dividends.

Managing director Morgan Bell said the year had been challenging for the company, but it was focused on lowering costs at its Nullagine mine and other assets. He said "We are committed to continuing to drive costs down at Nullagine and building a long term future around our newly acquired assets. We also recognise the need to be pragmatic and make decisions that reflect the iron ore environment we operate in.

Source : AAP

Bijlage:

voda 28 augustus 2015 15:27

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Steel scrap generation to surge in China

The Australian reported that over the past decade, China has accumulated more steel than any other economy in the world. And because steel can be endlessly recycled, the country’s steelmakers are likely to turn increasingly to scrap instead of the iron ore mined by the likes of BHP Billiton, Rio Tinto and Anglo American.

China accumulated so much steel so rapidly that the total amount of steel in the economy and available for recycling now stands far beyond the level that would be typical for an economy its size, at around five tonnes per capita, according to analysis by Morningstar.

China’s scrap production currently amounts to around 10 per cent of its total steel output, compared with two-thirds for the US. Analysts expect its scrap production to start taking off toward the start of next decade.

And in the next decade, as the country’s consumers and businesses start recycling their first generation of containers, cars and appliances, the steel glut will be compounded.

Source : The Australian

voda 28 augustus 2015 15:29

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Steel firms slip into red in China as glut persists

China Daily reported Hongxing Co Ltd, a company whose main shareholder is Jiuquan Iron & Steel (Group) Co Ltd, was the worst-performing listed steel company as of Aug 19 with losses of 1.55 billion yuan ($242 million) in the first six months.

Hongxing said the losses were mainly due to production overcapacity, a slowing economy and the significant fall in steel prices.

Beijing Shougang Co Ltd, another major producer, has forecast losses of about 200 million yuan to 300 million yuan for the first half of the year.

According to data provided by the National Development and Reform Commission, large and medium-sized steel companies earned revenue of about 1.5 trillion yuan in the first six months of the year, down 17.9 percent from the same period a year earlier. However, the steel-making business of these firms ran up losses of about 21.7 billion yuan during the period, up 16.8 billion yuan from the same period in 2014.

About 43 steel companies registered losses during the period, while only three reported growth in profits. Fushun Special Steel Shares Co Ltd saw its net profit surge to 131 million yuan, an 803 percent year-on-year growth.

Daye Special Steel Co Ltd reported net profit of 139 million yuan by the end of June this year, up 5.42 percent from the same period in 2014. According to the company, the domestic steel market is still bogged down by production overcapacity and the lack of new growth drivers. Daye attributed its profit growth to measures taken to reduce output costs.

Source : China Daily

voda 28 augustus 2015 15:36

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POSCO freezes employee salaries

POSCO, the world's fourth-largest steelmaker, has decided to freeze the salaries of its workers this year and use the money to purchase gift certificates to help boost the profits of small merchants at traditional markets. The company also said it will set up a task force to overhaul its performance-based compensation system and hire 6,400 entry-level workers as planned, despite its ongoing downsizing drive.

It will extend its peak wage system, which cuts an employee's salary at a certain age in return for job security, as the legally binding retirement age rises to 60 in 2016 from the current 58.

It said "Both labor and management decided not to raise wages this year as part of efforts to overcome the ongoing difficulties, and share growth with business partners and local communities. We expect to save about 13 billion won from the wage freeze. We will use the money to purchase traditional market gift certificates, worth 13 billion won, and give them to our employees and those of our business partners.”

To help alleviate the country's deepening youth unemployment, the steelmaker plans to recruit 6,400 young jobseekers this year as planned. POSCO said "Although we have been disposing of some of our affiliates and downsizing operations across the board, we decided to hire as many university graduates as we can," the spokesman said. "Also, we will recruit 300 interns from university students every year for the next five years, in cooperation with our business partners, and hire those who perform well after they graduate."

With the retirement age going up to 60 next year, POSCO will extend its peak wage system to join in the government campaign, which seeks to provide older workers job security and create more positions for young jobseekers.

With the mandatory retirement increasing by two years, both labor and management at POSCO agreed to revise the system accordingly.

POSCO employees now enter the peak wage program, which was introduced in 2011, when they are 56. Their wages decline by 10 percentage points annually for two years until they retire at 58.

In 2016, POSCO employees aged 58-60 will continue to remain on the payroll under the peak wage system. But in return, workers will receive 70 percent of salaries given to them when they were 56.

Source : Korea Times

voda 28 augustus 2015 15:37

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South African steel users reject import tariff plan

BD Live reported that South African government’s bid to impose a 10% steel import tariff to stem the bleeding in the steel-making sector and potentially save thousands of jobs could take months to materialise as the final decision rests with the Treasury. Meanwhile, downstream operators on Tuesday bemoaned the devastating effect a tariff could have on their businesses, highlighting the fact that cheap steel imports are a boon for this segment of the market.

Neasa CE Gerhard Papenfus said import tariffs would only protect the main steel producers and deny downstream manufacturers the benefit of the cheaper steel". He said "We need to establish what it is that needs to be done to give SA a competitive advantage. Our mineral advantage is completely underutilised. Structural deficiencies on our labour dispensation need to be addressed that will require strong political leadership."

The Steel and Engineering Industries Federation of Southern Africa said on Monday that the state had agreed to a 10% import tariff. This followed lobbying from the body, organised labour and SA’s biggest steel producers.

The International Trade Administration Commission (Itac), on whose recommendation an import tariff would either be imposed or denied, said it had completed the leg work to get the process moving forward. Itac chief commissioner Siyabulela Tsengiwe said the process began with the import and export authority and ended with the finance minister.

Source : BD Live

voda 28 augustus 2015 15:38

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Malaysia starts AD probe on CR steel from China, S Korea and Vietnam

Bernama reported that Malaysia will initiate a preliminary investigation on the imports of cold rolled steel coils from China, South Korea and Vietnam.The preliminary determination will be made within 120 days from the date of initiation.

The Ministry of International Trade and Industry said in a statement “If the final determination is affirmative, we will impose an anti-dumping duty at the rate that is necessary to prevent further injury.”

MITI said it had received a petition from a domestic producer for the imposition of anti-dumping duty on imports of cold-rolled steel coils. The petitioner alleged that imports of steel coils originating in, or exported from the three countries were being dumped into Malaysia at a price much lower than the price in the domestic market, causing material injury to the domestic industry in Malaysia.

In connection with this investigation, MITI said it would provide a set of questionnaires to the interested parties namely, importers, foreign producers, exporters and associations.

Source : Bernama

Bijlage:

voda 28 augustus 2015 15:39

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USW expects contract talks with US Steel over weekend

Business Journal reported that in an update to union members, the USW said it expects talks to continue over the weekend. USW International Vice President Mr Tom Conway, who is leading negotiations with US Steel, in a statement said “We’re ready and willing to keep talking and keep working for as long as it takes to reach a fair agreement.”

The USW is planning a series of solidarity events Sept. 1 as more than 30,000 steelworkers across the country are in the process of bargaining new labor agreements. In Pittsburgh, the USW is planning a rally at its headquarters followed by a march to U.S. Steel and Allegheny Technologies Inc.'s respective headquarters.

US Steel's current contract with the union expires September 1.

US Steel has proposed increases in active and retiree health care costs as well as changes to contract language covering hours, overtime and contracting work out, among other concessions, according to the union. The company does not comment on ongoing labor negotiations.

Source : Get Image

voda 28 augustus 2015 15:41

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Essar Steel Algoma announces Q1 results

Soo Today said that Essar Steel Algoma Inc reported CAD 5.6 million EBITDA for the first quarter of fiscal 2016 ending June 30, 2015, verses CAD 12.4 million in the same period year prior.

The Company maintained strong production throughout the quarter and is currently operating at 90-percent capacity utilization. This translated into higher shipments, though not enough to counter the sustained low price environment, which resulted in a CAD 28.9 million operating loss for the quarter.

Shipments for the quarter ending March 31, 2015 were up 19-percent at 632,000 tons as compared to the same three month period ended June 30, 2014.

Essar Steel Algoma President and CEO Kalyan Ghosh commented on the market, “This past year dumped imports have wreaked havoc on North American markets, displacing domestic market share and placing downward pressure on price. Despite recovering demand, we are just now witnessing some price recovery and with the prudent application of trade remedies we anticipate the return of a level playing field.”

He went on to say, “On a more positive note, I am pleased to advise we have commenced work on our comprehensive Modernization and Expansion Program which will enable us to adopt best-in-class technologies that will improve our productivity, further enhance our competitive cost structure, and increase our offering of advanced steel grades.

Source : Soo Today

voda 28 augustus 2015 15:42

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US ITC closes trade case against steel imports from Oman

Gulf News reported that the US International Trade Commission has decided to close the case against Oman’s exports of steel pipes without imposing any fees. The decision came after a US court granted US national companies sixty days to appeal the final verdict issued last February in favour of Oman’s exports. No companies appealed.

A US Commerce Department investigation into the case concluded there was no damage to any of the prosecuting companies due to Omani exports of steel pipes to the US.

Omani exports will now continue to compete in the US market without the imposition of any protectionist measures relating to the fight against harmful practices in international trade, which is reinforced by the presence of a free trade agreement between the two countries.

Source : Gulf News

voda 28 augustus 2015 15:43

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Has China finally started curtailing steel production?

The slowdown in Chinese steel demand has been the major concern for global steel markets. The China Iron & Steel Association expects Chinese steel demand to fall 6% YoY in 2015. However, there hasn’t been a commensurate cut in Chinese steel production in the first seven months of this year.

In July, Chinese steel production fell 4.6% YoY. This is the biggest percentage decline in Chinese steel production in about the last five years.

Overproduction in China has created a glut of steel in international markets. We’ll talk about the recent trend in Chinese steel exports in the coming parts of this series.

On August 21, Markit released China’s flash manufacturing PMI (purchasing managers’ index) for August. According to the survey, China’s manufacturing PMI fell to a 77-month low of 47.1 in August. Please note that this is the preliminary reading for August. The final PMI will be released on September 1. For investors, flash PMI figures are important, as they provide early insights into China’s manufacturing sector.

Prior to this, China’s manufacturing PMI fell to a two-year low in July. The data acted as a blow for market sentiments. What’s worse, the July final PMI figure was even less than the preliminary reading.

Source : Market Realist

Bijlage:

voda 28 augustus 2015 15:48

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Zamin Ferrous fined for iron ore spill in a river in Santana

Anglo-Swiss mining company Zanin Resources was fined by a Brazilian environmental authority at BRL 6 million for spilling iron ore in a river in the city of Santana, in the northern state of Amapa.

The company was fined by Imap, a local environmental authority in the state of Amapa, for the spill of the commodity, which is reportedly to have been stocked in an irregular area.

According to Imap, the spilled material had altered the quality of the superficial waters of a portion of the Amazon River in the city of Santana.

According to an official from Imap, Zamin was illegally carrying the iron ore in an area that didn’t have proper storage. Zamin didn’t have the authorization from Imap to load and store the iron ore in a local port that is yet to be completed.

Zamin was not immediately available on Tuesday to comment the spill. Earlier last week, the company said it was analyzing the fine before taking any decision.

Source : SteelOrbis

Bijlage:

voda 30 augustus 2015 14:28

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GMB to meet UK Prime Minister on Tata Steel mothballing of Llanwern Steel Mills

GMB, the union for steel workers, commented on the announcement that Tata Steel is to make 250 redundancies in their strip steel business. It said that local communities will be destroyed with mass unemployment and the balance of payment deficit will increase further if we don't get government support and action says GMB.

Mr Dave Hulse, GMB National Officer, said "This is more bad news for the steel industry. This comes on the back of the recent announcement that 720 jobs will go in the Speciality Business. The 250 jobs to go will be drawn from agency workers who are currently employed at Tata Steel sites. There are genuine and well founded concerns over the future of the steel industry in the UK. GMB will propose that the Trades Unions Steel Committee write to Prime Minister David Cameron requesting a meeting to discuss these concerns over the long term future. We will see local communities destroyed with mass unemployment while the balance of payment deficit will increase further if we don't act now and get government support and action.”

This includes closing and mothballing of the Llanwern Hot Mill and Cold Mill and one Pickle Line. Tata Steel will retain the Llanwern Hot Coil Finishing and the Zodiac Line - which is the automotive line.

Last month Tata Steel proposed 685 job cuts for two plants in Rotherham and Stocksbridge in South Yorkshire and 35 job cuts at Wednesbury in West Midlands. Those job losses are proposed for end March 2016. See notes to editors for copy of GMB press release dated 16th July 2015.

Source : politicshome.com

voda 30 augustus 2015 14:30

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BaoSteel H1 results support its A3 rating - Moody's

Moody's Investors Service says that Baoshan Iron & Steel Co Ltd's 1H 2015 results support the company's A3 issuer rating and stable outlook. Mr Franco Leung, a Moody's Vice President and Senior Analyst said "BISC improved its profitability and maintained an adequate level of debt leverage despite lower sales volumes against the backdrop of a weak operating environment.”

Source : Strategic Research Institute

voda 30 augustus 2015 14:30

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India steel minister concerned about dumping steel under FTAs

Reuters reported that the steel and mines minister was quoted as saying by the Confederation of Indian Industry that India is concerned about the problems faced by the local rubber and steel industries due to dumping by countries that it has free trade agreements with.

Mr Narendra Singh Tomar told a conference “We are in consultation with the ministries of finance and commerce and the prime minister to decide and reconsider on these FTAs and further increase in anti dumping duties very soon to safeguard the suffering rubber and steel industry.”

Amid a global glut, steel imports into India jumped 72 percent in the last fiscal year to March to 9.3 million tonnes. South Korea and Japan, which pay duties of less than 1 percent due to the FTAs, together sent 3.5 million.

Source : Reuters

voda 30 augustus 2015 14:31

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China to develop Bolivian steel industry – Report

BNAmericas reported that a Chinese state company will be awarded a turnkey contract to create a steel manufacturing complex in Bolivia, underscoring the growing ties between the two countries.

Mr Alberto Padilla, president of state mining company ESM said that the Bolivian government is holding talks with two Chinese state companies that are interested in bidding for the contract to build the delayed El Mutún iron and steel project in Santa Cruz department. He told "The only way El Mutún can become a real company is by industrializing the ore by implementing the respective plants to transform it into an added-value product.”

He added “ESM is negotiating a 350,000m3/d natural gas supply contract with state oil and gas company YPFB. The Chinese company that is awarded the El Mutún contract will build the connecting gas pipeline.”

The government, which has lined up a US$400mn Chinese state bank loan for a plan to develop the steel industry, aims to cover 60% of demand, generating US$230mn in annual savings by cutting imports from Brazil and Peru, Padilla said. The El Mutún complex will produce 150,000t/y rolled steel

ESM has also requested a 2mn-boliviano (US$280,000) loan from state mining company Comibol to cover three months of backpay for its 94 workers, who blocked highways along the Brazilian border during the last week. ESM, which has stockpiled 450,000t of iron ore, will repay Comibol with the sale of 4mn bolivianos in iron ore to Argentina, Padilla said.

Former El Mutún operator Jindal Steel & Power, which pulled out of Bolivia in 2012 after acquiring rights in 2007 to develop the deposit, initiated arbitration last year for US$100mn in damages arising out of the contract termination. The El Mutún iron ore mine has 40 billion tonnes of reserves.

Source : BNAmericas

voda 30 augustus 2015 14:32

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Europe imposes final duties on flat stainless steel from China and Taiwan

Platts recently reported that the European Commission has imposed definitive anti-dumping duties ranging from 24.4% to 25.3% on imports of stainless steel cold rolled flat products from China, and duties of 6.8% on imports of similar material from Taiwan.

For China, the duty levels are broadly in line with the provisional duties imposed by the EC in late March, which were 24.3%-25.2%; in the case of Taiwan, it has been reduced from the initial 10.9%-12%.

Following the imposition of the provisional duties, however, one Taiwanese producer -- Chia Far Industrial Factory Co. Ltd. -- was found not to be dumping, and is not subject to any anti-dumping duties, the EC said.

The duties take effect Friday following Thursday's publication of the notice in the EC Official Journal, but will not be levied retroactively.

The EC launched its investigation into imports of cold rolled flat products from China and Taiwan in June 2014 in response to a complaint from EU steel producer group Eurofer. In December it made imports of the products concerned from China and Taiwan subject to registration.

Source : Platts

voda 30 augustus 2015 14:33

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India steel mills have worries other than China

Business Standard reported that according to a JP Morgan Asia Pacific Equity Research report, in 2003-04, India's steel imports were 1.5 million tonnes and exports 4.5 million tonnes. In 2014-15, India's steel imports were 9.3 million tonnes and exports 5.5 million tonnes. China's share was 3.6 million tonnes, up 232 per cent year on year. Effectively, imports are currently 15 per cent of monthly consumption.

That scenario changed for the worse when China devalued the yuan recently. It meant that China, which was anyway exporting 10 million tonnes of steel a month to countries across the world, would become more competitive.

At current import duty, India raised the import duty from 7.5 per cent to 10 per cent on flat steel and to 7.5 per cent from 5 per cent for long steel in June and another 2.5 per cent after the yuan devaluation, the landed price of Chinese hot rolled coil works out to Rs 25,000 a tonne versus the domestic hot rolled coil price of Rs 28,000 a tonne.

Plus, while imports from China are a problem, the bigger issue is with the free trade agreements with Japan and South Korea. In 2014-15, imports from Japan were 1.6 million tonnes, up 18 per cent year on year, and from South Korea 1.9 million tonnes, up 46 per cent year on year. Mr Jayanta Roy, senior vice-president, ICRA said “In the first quarter after the first import duty hike, China's share of Indian steel imports came down to 30 per cent from around 40 per cent. But there was hardly any impact on imports from Japan and South Korea.”

Also, between October and December, many domestic steel producers are understood to be going in for maintenance shutdowns, which could restrict domestic supply. Does it mean that Indian steel is insulated from the impact of the yuan devaluation? Roy said, it would depend on China, whether it would focus on pushing volumes or go for higher margins. Pushing volumes may spell trouble for the global steel industry, including India.

Source : Business Standard

voda 30 augustus 2015 14:34

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Angang Steel profit slides in H1 as steel prices decline

Bloomberg reported that Liaoning based China’s fourth largest mill by output Angang Steel Co said that its first-half earnings fell by 73 percent as the market price for steel products in China declined because of oversupply.

Net income was 155 million yuan ($24 million) in the six months ended June, dropping from 577 million yuan a year earlier, the Anshan, producer said. Sales dropped to 29 billion yuan from 38.2 billion yuan.

It said “In the first half of 2015, amid the continuous slowdown of domestic growth, there was still an aggravated mismatch between the supply and demand in the iron and steel industry with significant decrease in the market price of steel products.”

Angang’s bigger rivals Hebei Iron & Steel Co and Baoshan Iron & Steel Co saw gains in first-half profit as a decline in raw material prices countered weaker steel demand. Smaller competitor Maanshan Iron & Steel Co. reported a wider net loss in the first half and said it expects to see a loss for the first nine months of the year.

Source : Bloomberg

voda 30 augustus 2015 14:34

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CISA warns Chinese steels mills to brace for tougher conditions in H2

China Daily reported that according to Mr Wang Liqun, vice-chairman of China Iron and Steel Association, China's steel sector can expect to face increasing international trade friction as inventories and output continue to rise amid weakening demand driven by the economic slowdown. Mr Wang told an industrial conference that overcapacity will remain in the second half of the year, and companies should not expect exports to rise to counter the situation.

Mr Xu Liying, a senior researcher at Beijing-based Lange Steel Information Research Center, said steel companies should prioritize expanding into other overseas markets to reduce pressures on the country's domestic supply glut. Mr Xu confirmed that Chinese steel makers are offering better prices in many global markets and that exports to Asian countries are "increasing fast"."He said “Raising anti-dumping and anti-subsidy probes is a common method for some national industries to fight against foreign competitors.”

Earlier this week, the ASEAN Iron and Steel Council urged the Chinese government to remove export tax rebates for steel leaving the country for ASEAN-member nations, saying that Chinese-made products are some 3-5 percent cheaper than in some regional markets.

Chinese steel exports to the rest of Asia grew 32 percent year-on-year to 36.55 million metric tons during the first half, accounting for around 70 percent of the country's total exports

According to data from the Ministry of Commerce, there were 53 trade investigations launched against China from 18 countries and regions during the first half this year, a 20.4 percent rise compared with the same period last year. It also predicted the United States and Europe will launch several trade probes against the country in the second half.

Source : China Daily

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