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voda 23 februari 2016 17:06

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Mexico reviews antidumping duties on Chinese steel pipe

Mexico launched a review of antidumping duties on Chinese seamless steel pipe imports. The duties, on pipes with an external diameter of 141-406mm, were imposed in 2011 and modified to US$1,252/t two years later, according to a filing on the official federal diary website.

The sunset review, required every five years under WTO rules, was launched following an expression of interest by national producer Tubos de Acero de México (TAMSA), and will consider imports during 2015.

A review of duties on seamless steel pipe from Japan was launched in November, also following an expression of interest by TAMSA.

Dumping is a key threat to Mexico's steel sector, with China viewed as a major culprit. Definitive antidumping duties were slapped hot-rolled steel from China, Germany and France and Chinese cold-rolled steel last year. New preliminary antidumping duties were also imposed on Chinese steel wire rode and pre-stressed cable from China, Spain and Portugal, among others.

Source : BNAmericas

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voda 23 februari 2016 17:10

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Tokyo Steel cuts March prices as much as 14 pct to fight imports

Reuters reported that Tokyo Steel Manufacturing, Japan's top electric arc furnace steelmaker, said it will cut prices for March delivery, by as much as 14 percent for one product, to compete against imports amid a firm yen and on slow domestic demand. The company will cut prices by between JPY 3,000-7,000 (USD 27-62) a tonne, it said in a press briefing on Monday. That is between 4 percent and 14 percent,

Prices for the company's main product, H-shaped beams, which are used in construction, will fall by JPY 3,000 or 4 percent, to JPY 67,000 (USD 593.97) per tonne in March. Prices for steel bars, including rebar, will drop by 14 percent to JPY 42,000 a tonne.
Tokyo Steel's Managing Director Kiyoshi Imamura told reporters “The price cut is to prevent cheap imports from flowing into the local market in the face of the recent jump in the yen against the US dollar. Domestic demand has also languished as a lack of workers and processing facilities has delayed construction projects.”

This is Toyko Steel's first price cut in five months and is the latest in a series of weak signals for Japan's economy that have raised doubts about government efforts to reignite growth and end decades of deflation.

Tokyo Steel's pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which export to Japan.

Source : Reuters

voda 23 februari 2016 17:12

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Ameri-Source International pleades guilty to smuggling Chinese graphite electrodes into US

The Associated Press reported that a Pittsburgh-area company that supplies the steel industry has pleaded guilty to smuggling Chinese graphite electrodes into the country. An attorney for Ameri-Source International entered the plea before a federal judge on Monday.

The judge fined the company $250,000. That's on top of more than USD 2.1 million in restitution the firm as already paid to the government for importing the electrodes but lying about their size.

The federal government charges a duty of nearly 160 percent on electrodes that are less than 16 inches in diameter to stop Chinese companies from dumping cheap electrodes on the market. Federal prosecutors say the company was falsely claiming the electrodes it imported were larger to avoid paying the duty.

Source : The Associated Press

voda 23 februari 2016 17:13

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Tata Steel to restructure India business to cut costs – ET reports

Economic Times, citing several people familiar with the matter, reported that Tata Steel is looking to restructure its domestic business to reduce costs and increase productivity as poor demand and heightened competition from imports have shrunk profits

As per report “Restructuring at Tata Steel will take place across all business functions such as human resources, production, transportation, marketing and so on.”

The report added that “The company is in touch with all big consultants in India to roll out several cost-cutting and revenue enhancement projects. The Big Four have been asked to bid for multiple projects where each one will have a hand in driving the cost cutting initiative.”

The Big Four' firms are EY, KPMG, PwC and Deloitte. However, global consultancies such as BCG and McKinsey are also likely to be part of this exercise.

Source : Economic Times

voda 23 februari 2016 17:13

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JSW Steel re commissions BFs at Vijayanagar and Salem steel plants

JSW Steel t said that two of its blast furnaces which were shut down in August and November at Vijayanagar and Salem respectively for relining and modification have been re-commissioned.

The company had announced planned shut downs for these furnaces last year at a time when the domestic market was continuously being flooded with cheap imports from China, Russia and Japan.

Meanwhile, re-commissioning work of the blast furnace at Dolvi unit in Maharashtra is in an advanced stage and is expected to be operational shortly, said the company in its release today.

JSW Steel is the leading integrated steel company in the country with an installed steel-making capacity of 14.3 million tonne.

Source : Business Standard

voda 23 februari 2016 17:19

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Budget Wish List – Ficci calls for raising import duty on steel to 25%,

PTI reported that Ficci has asked the government to raise the import duty on all steel products to 25 per cent in the upcoming Budget, as demand slows down in China, the world's largest steel producer and consumer.

It said "Import duty on all steel products should be raised to 25 per cent in the Union Budget 2016-17.”

It added "As an interim measure, we suggest that the customs duty on all steel products be immediately increased to 15 per cent.”

It said the tariffs on both Long and Flat Products need to be increased to provide a level playing field to the domestic industry, which has been severely hit due to rising imports.

In Budget for 2015-16, the government had increased the tariff rate on steel products (Long & Flat Products) to 15 per cent; however the custom duties are still only 10 per cent on long products and 12.5 per cent on flat products.

Source : PTI

voda 23 februari 2016 17:21

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China’s overcapacity problems complicate EU vote on market economy status: business group

South China Morning Post reported that European Chamber of Commerce in China says expected job losses in Europe will make it more difficult for the EU to say yes to market economy status for China. A report on Monday by the European Chamber of Commerce in China said there were concerns within the bloc it was losing jobs to the Asian giant.

The report said industrial overcapacity, which caused trade tensions with some EU companies , had worsened since 2009 and this was a problem that could not be solved by the “One Belt, One Road” initiative or the Asian Infrastructure Investment Bank. It required deep changes in the government and its approach to managing the economy, it said.

Chamber president Joerg Wuttke said that “China has not managed to actually become a market economy as its leaders anticipated in 2001.”

Mr Wuttke said it was widely held inside the European Parliament that China was challenging jobs in Europe. He said concerns over job losses had fuelled protests in Brussels. A weakening yuan could give China’s exports a boost, making it more difficult for the EU to reach a decision, he added.

Overcapacity had led to growing trade tensions, for example, in the steel sector, the report said. China’s steel exports to the EU rose 41 per cent in 2015 over 2014, while domestically, the utilisation rate – which measures how much capacity is used in production – fell to 67 per cent in 2015 from 80 per cent in 2008.

The EU is about to review whether it should grant market economy status to China this year as part of Beijing’s accession agreement to the World Trade Organisation. But the bloc’s member countries are divided on the move, while the United States has opposed it, arguing the economy relies heavily on central organisation and government-set pricing. Conferring market economy status on China would mean Chinese firms could have a better defence against allegations of anti-competitive trade behaviour.

Source : South China Morning Post

voda 23 februari 2016 19:57

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Brazil expects Samarco dam spill agreement soon

Bloomberg reported that Brazilian authorities expect to sign a final agreement Thursday to cover damages for the Samarco dam spill in November, according to Luis Inacio Adams, the country’s attorney general. Mr Adams expects to finalize negotiations with Samarco Mineracao SA and its owners Vale SA and BHP Billiton Ltd., he told Bloomberg News Sunday in an interview.

Signing of a final agreement after weeks of negotiations is the first step for Samarco to be able to restart mining operations in the region, Adams said previously. Vale and BHP must serve as guarantors of the eventual agreement, he said last month.

Federal and local officials in Brazil are holding Samarco responsible for the deaths and environmental devastation caused when a dam collapse released billions of gallons of sludge into communities and waterways. The iron ore venture will cover costs of social and environmental programs, rather than paying a set amount of 20 billion reais ($4.9 billion) that was originally sought, Adams said earlier this month.

Source : Bloomberg

voda 23 februari 2016 19:58

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New Zealand Steel puts Taharoa ironsands mining operation up for sale

Scoop Media reported that New Zealand Steel's Australian owner, Bluescope, is placing its Taharoa ironsands mining operation on the market after declaring a A$47.1 million loss on an underlying earnings before interest and tax basis for the first half of the current financial year in its Kiwi operations, driven by the falling value of steel and iron ore.

NZ Steel has mined ironsands on beaches south of the Manukau Harbour since 1972 and in 2008 attempted to sell the operation rights to Hong Kong tycoon Li Ka-shing's Cheung Kong Infrastructure Holdings, only to be knocked back by the Overseas Investment Office. The sands are used at the Glenbrook steel mill, south of Auckland, and for export to Asian steel mills in dedicated ships.

The ironsands are owned by the Maori incorporation, Taharoa C block, which gave mining rights to New Zealand Steel under a 70-year lease. The Taharoa operation was valued at NZ$250 million in the failed 2008 transaction, which was refused on the grounds the ironsands were on "sensitive land" and the sale would not produce "substantial and identifiable benefit."

Bluescope wrote off the whole A$162.7 million carrying value of its Taharoa iron sands fixed assets in its first-half results - essentially declaring as worthless the capital equipment used in the operation, despite some NZ$16 million in capital expenditure upgrades being committed through to March 2016.

Further "growth capex is being reviewed", the company said in presentation slides lodged with the Australian Securities Exchange. Some A$45 million of further capex was flagged last year.

Source : Scoop Media

voda 24 februari 2016 16:39

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Nucor announces 172nd consecutive cash dividend

The board of directors of Nucor Corporation (NUE) declared the regular quarterly cash dividend of $0.375 per share on Nucor's common stock.

Source : Strategic Research Institute

voda 24 februari 2016 16:39

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Moody's downgrades thyssenkrupp AG's ratings to Ba2; stable outlook

Moody's Investors Service has downgraded Germany's largest steelmaker thyssenkrupp AG's corporate family rating (CFR) and probability of default rating (PDR) to Ba2 and Ba2-PD from Ba1 and Ba1-PD, respectively. Concurrently, the rating agency downgraded to Ba2 the rated debt (including provisional ratings) of thyssenkrupp AG and thyssenkrupp Finance Nederland B.V. The outlook on all ratings is stable.

Source : Strategic Research Institute

voda 24 februari 2016 16:40

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MMK adopts production of high-tensile MAGSTRONG steel

OJSC Magnitogorsk Iron and Steel Works is actively implementing a programme to launch production of high-tensile and wear-resistant steel grades for a wide range of uses under the MAGSTRONG brand.

Source : Strategic Research Institute

voda 24 februari 2016 16:42

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Karnataka CM to decide on ArcelorMittal requets for change to solar power plant

DHNS reported that Karnataka Chief Minister Mr Siddaramaiah will have to take a decision on steel giant ArcelorMittal’s request that it would like to set up a 600 Mega Watt solar power plant at the land provided to the company in Ballari, instead of the steel plant.

Speaking to reporters here on Monday, Industries and Commerce Department Additional?Chief Secretary K?Ratna Prabha said the company officials had spoken to the chief minister in this regard, but no formal application had been sent to the department. It was for the chief minister to take a final decision, she said.

The officer said the industries department had written to ArcelorMittal and Uttam Galva Steel on non-utilisation of land allotted to them for setting up steel plants in Ballari district.

In 2013, ArcelorMittal had been allotted 2,800 acres for setting up a steel plant in Ballari. The company had recently stated that the present environment was not conducive for setting up steel plants due to non-availability of captive iron ore mines. Company officials had recently met the chief minister, seeking permission to change the use of 2,800 acres of land in Ballari to set up the solar power plant.

Source : DHNS

voda 24 februari 2016 16:43

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SAIL BSP expansion to 7 million tonnes underway complies with Montreal protocol

The Pioneer reported thatthe mega expansion and modernisation of Steel Authority of India Limited’s Bhilai Steel Plant is underway which would raise the installed capacity for crude steel manufacturing from the present level of 4.81 million tonnes per annum to 7 MTPA. Under the ongoing Expansion/Modernization projects, BSP has taken due care to fully comply with the Montreal protocol in procurement and installation of, Air conditioning/ refrigeration units. It is also ensured that, the fire protective equipment being procured is also fully complying with the Montreal protocol.

Notably, BSP has eliminated use of CFC-11 by replacing it by Li-Br based Chiller unit, way before the target date of January 1, 2010, a company press release stated here on the eve of World Ozone Day.

Procurement of Carbon Tetra Chloride (CTC) has been stopped and use of Trichloroethylene has been started, it stated. Two projects under the aegis of United Nations Development Programme (UNDP) have been implemented in BSP for the elimination of use of CTC.

Procurement of Halon based fire extinguishers have also been replaced by FM 200 based units.

All industrial package air conditioners using CFC-12 were also replaced in a phased manner by units using CFC free refrigerant. The plant has brought down the use of ozone depleting substances to 3.05 tonnes in 2014 from about 10 tonnes a decade ago.

The ozone depleting potential, a true measure of consumption of Ozone depleting substances, has also been reduced to 0.167 tonnes by BSP in 2014, which is amongst lowest in industries.

The United Nations General Assembly has since 1994, proclaimed September 16 as the International Day for the Preservation of the Ozone Layer, in order to disseminate the importance of safeguarding the Ozone Layer. The Ozone day commemorates the Montreal Protocol, a climate agreement which came into force in 1989.

Source : The Pioneer

voda 24 februari 2016 16:44

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GMS market commentary on shipbreaking in Week 07 - CAPE CALAMITY!

With 10 capesize bulkers sold in the last two weeks alone, scrapping activity has certainly ramped up in this sector, with freight rates showing no signs of life and layup the only other alternative.

25 capes have been sold for recycling in the first 6 weeks of this year alone – indicating that we are more than likely on track to beat the total of 96 sold last year and should be seeing a (much-needed) figure in the 100s, if the current trend persists.

The massive oversupply of vessels is the main factor forcing prices ever lower and until this eases, it is extremely difficult to find open and aggressive end users who are willing to pay even yesterday’s levels.

Many of the plots in Bangladesh are filled with a majority of the capes imported this year and for the time-being, sentiments there remain dull and depressed, not helped by the consecutive weeks of falls in local steel plate prices. The gloom may only lift once plot capacities start to open up in the coming months.

This has turned the attention on to Pakistan and India in recent weeks and whilst India has taken a majority of the market tonnage of late (as witnessed by the busy port reports from the last two weeks) including several capes (surprisingly), Pakistani buyers have remained rather tentative and cautious in their movements.

With steel plate prices having crashed by about USD 20/Ton last week in India and as the Indian Rupee continues to trade over Rs. 68 against the U.S. Dollar, the strain is once again starting to tell with many end users keeping quiet, expecting lower numbers in the weeks (and possibly months) ahead.

For week 08 of 2015, GMS demo rankings for the week are as below:

Ranking Country Sentiment TANKER Prices

1 India Weak USD 225/lt ldt USD 255/lt ldt

2 Pakistan Weak USD 220/lt ldt USD 250/lt ldt

3 Bangladesh Weak USD 220/lt ldt USD 250/lt ldt

4 Turkey Weak USD 145/lt ldt USD 150/lt ldt

5 China Weak USD 110/lt ldt USD 120/lt ldt

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voda 24 februari 2016 16:45

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15 more steel products added to Steel & Steel Product Quality Control Order

Business Standard reported that in a bid to enhance quality control in the steel industry, the Centre has made ISI mark mandatory for 15 more steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips. The order will come into force from March 18, 2016. The ministry of steel has notified additional 15 steel and steel products to conform to the relevant Indian standards and for compulsory certification by Bureau of Indian Standards through steel and steel products quality control order 2015.

“Any manufacture or store for sale, sale or distribution of steel and steel products listed in the quality control order, which do not conform to the specified standards and do not bear mark of the BIS, is prohibited," said BIS spokesperson.

With this notification, there will now be 35 steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips under compulsory certification by BIS.

According to new notification, all domestic as well as foreign manufacturers of steel and steel products are being covered under the quality control order. Moreover, they will have to make an application to the BIS for obtaining the license and to maintain it thereafter for use of the mark of BIS.

Source : Business Standard

voda 24 februari 2016 16:46

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Budget Wish List – Indian Steel Industry

In view of the continued economic slowdown in the country which had an adverse impact on the steel sector as also keeping in view the investments undertaken by domestic steel producers in anticipation of an increase in consumption in the country, there is an urgent need to provide protection to the domestic industry. This becomes all the more imperative in view of oversupply in the global market which has led to increased protectionism being resorted to by almost all the countries to protect their local industry.

Increase in tariff rate of basic customs duty from 15%

Import duty on Manganese ore, Chrome ore, Molybdenum ore, Vanadium oxides, Hydroxides and other salts of Oxo metallic Acids (Vanadium Oxides Concentrates and Ammonium Meta Vanadate) to be reduced to zero from the existing 2.5%.

Reduction in Customs Duty on Coking Coal

Custom duty on metallurgical coke to be reduced from 5% to NIL

Basic Custom duty on LAM Coke be increased from 5% to 10% ad-valorem.

Customs duty on LNG to made NIL

Import duty on iron ore should be brought down to zero from the current 2.5%.

Customs Duty on steel grade limestone and dolomite be reduced to Zero from current 2.5%

Expect customs Duty on all key raw materials like Ferro Nickel, Pure Nickel, Ferro Niobium, Ferro Vanadium, Ferro Titanium and Ferro Moly (used in the production of stainless steel) be reduced to zero

. Expect import duty on electrodes and refractory material may be reduced to nil from 7.5% and 5% respectively

Expect custom duty on Stainless steel scrap be restored to the original rate of nil from 2.5%

Expect excise duty on fabricated steel structure undertaken by PEB/Pre-fabricators at their own premises be reduced from the current 12% to 8%.

Expect capital expenditure in steel business to be allowed weighted deduction of 150% of the expenditure

Source : rediff.com

voda 24 februari 2016 16:51

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Chinese degrowth drives down global crude steel production in January by 7% YoY

worldsteel announced that global crude steel production for the 66 countries reporting to the World Steel Associationwas 128 million tonnes in January 2016, a -7.1% decrease compared to January 2015 driven down by 7.8% YoY dip in China’s crude steel production to 63.2 million tonnes. Barring Turkey, Ukraine, Poland, Belgium and South Africa almost all nations have posted YoY dip in crude steel production in January 2016 reflecting thedownward trend globally

The crude steel capacity utilisation ratio of the 66 countries in January 2016 was 66.0%. This is -5.8 percentage points lower than January 2015. Compared to December 2015, it is 0.8 percentage point higher.

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voda 24 februari 2016 16:52

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voda 24 februari 2016 19:35

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Had iemand eerder dit al gezien?

U.S. Steel, ArcelorMittal downgraded at Cowen, as dark days remain for steel

Feb 23 2016, 14:25 ET | By: Carl Surran, SA News Editor

U.S. Steel (X -5%) and ArcelorMittal (MT -5.3%) are downgraded to Market Perform from Outperform at Cowen, which says these integrated producers likely will be more challenged given their inferior cost structure compared to producers such as Steel Dynamics (STLD -4.5%).

The firm believes that while steel prices have stabilized in the low $400/st area, the downturn is likely to continue, with little likelihood of a significant rebound in energy steel demand in 2016, and the weakness in oil and gas products continues to have a negative impact on the U.S. industrial economy.

Cowen also sees little chance of upside in share prices from current levels following the recent increase in U.S. flat-rolled carbon steel prices.

Cowen's stock price targets for X and MT are $8 and $4, respectively.

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