Eurobench.com

voda 27 juni 2016 17:11

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Iron ore holds steady amid global volatility - Report

The Australian reported that the iron ore price has edged lower, escaping much of the volatility that shook global financial markets in the wake of British voters’ historic decision to leave the European Union.

According to The Steel Index, from $US51.70 the previous day, iron ore fell 0.6 per cent to $US51.40 a tonne in the most recent session.

The relatively muted move contrasts with sharp swings in other commodities. The day after the vote, oil prices sank around 5 per cent, while safe haven asset gold soared 4.7 per cent in its largest one-day gain since September 2013.

According to analysts at the Bank of Montreal, but the steady trade could be at risk from a rising US dollar.

The US dollar could increase if investors continue to flock to havens amid the uncertainty caused by the referendum. A strong greenback makes it more expensive for investors using non-US currencies to buy US dollar-denominated commodities, and often weighs on prices.

BMO analysts said that base and diversified metals are set to be hurt by a strong US dollar, although underlying supply and demand fundamentals have not changed.

The analysts see more immediate risks to iron ore, steel and diamonds, and fewer risks to copper, base metals and uranium.

The iron ore price has posted a string of muted moves over the last week, with BHP Billiton chief executive Andrew Mackenzie saying the commodity had settled at a more “realistic” level following some sharp swings earlier this year.

Meanwhile, Australia’s mining giants could be set to start the week on a downbeat note. In London trade, Rio Tinto fell 0.6 per cent and BHP Billiton lost 1.6 per cent. In New York on Friday, BHP’s ADR tumbled 7.4 per cent amid a broad sell-off fuelled by Brexit nerves.

Source : The Australian

voda 27 juni 2016 17:13

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Sesa Iron Ore to make mines operational in Goa

Sesa Iron Ore, a subsidiary of Vedanta Resources Inc, expects to make all its mines operational in Goa post monsoon.

Mr Kishore Kumar, Sesa Goa Iron Ore’s CEO in an interview ahead of Vedanta’s AGM on June 29, in Goa said that “Out of the 21 (mining) leases granted to us by the government, 10 are operational have been ramped up since August, 2015. Post-October, we will have to ramp up the remaining ones.”

Mr Kumar said that environment clearance limit for the company is 5.5 million tonne spread over all the leases.

He said that “It will be important for us to get our small leases also back in operation to achieve the limit. During the last financial year, our extraction was close to 3.2 million tonne.”

The mining industry in Goa had come to a standstill for more than two-and a half years following a Supreme Court order to curb illegalities.

Subsequently, the industry was in fear that it would lose trust of its buyers.

He added that the trust on the steel mills, who are buyers for Goa’s low grade iron ore is resuming partially.

Lower price
Mr Kumar said that “Goan ore, being low grade, has a lower price. Also, it has got some value in terms of phosphorous material. It does help in a way in terms of marketing this product to China and we will continue to have that edge of cheap raw material for Chinese steel mills.”

He said that “Since the price of steel and iron ore have been slipping over the last six quarters, the advantage remains that margins will remain squeezed for steel mills and they will look out for cheaper row material.”

He added that “We are in cyclical commodity business. We are going through a rough patch at the moment.

Rough patch
Mr Kumar said that not only us, but the entire world is going through a rough patch in terms of commodity prices being low.

He said that “We have to do something in terms of ramping up the volumes. That would be the logical step in getting our business model right. Demand is there in the market.”

He added that China remains a big market for iron ore from India.

He further added that “There is large demand in China for low grade ore. High grades obviously find their place in Japanese and Korean steel mills and that will continue.”

Source : PTI

Bijlage:

Dennis V. 27 juni 2016 18:37

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Also Good News For ArcelorMilttal. www.bloomberg.com/news/articles/2016-...

voda 28 juni 2016 16:41

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Miljoeneninjectie voor Tata Steel IJmuiden

Gepubliceerd op 28 jun 2016 om 08:48 | Views: 3.315

IJMUIDEN (AFN) - Het Indiase Tata Steel investeert de komenden jaren honderden miljoenen euro's in de hoogovens in IJmuiden. Dat bevestigde een woordvoerder van Tata Steel dinsdag na berichtgeving door BNR.

Volgens de zegsman zijn de investeringen nodig om de concurrentiepositie van Tata Steel in IJmuiden te verstevigen. ,,Stop je in deze sector met investeren dan ben je gezien", aldus de zegsman. Hij kon nog niet zeggen of de investeringen ook voor extra banen zorgen.

Onder meer wordt fors de portemonnee getrokken voor een nieuwe continugietmachine, die van belang is voor de productie van hoogwaardig staal. In IJmuiden staan nu twee van dat soort machines. De nieuwe machine moet in 2019-2020 in bedrijf zijn. Volgende maand wordt daarvoor de eerste paal geslagen.

Ook wordt geïnvesteerd in een nieuwe zwaardere haspel in de warmbandwalserij. Deze moet eind dit jaar al operationeel zijn.

voda 28 juni 2016 16:44

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Salzgitter stelt winstverwachting opwaarts bij

Duits staalbedrijf ziet stabilisering staalmarkt.

Het Duitse Salzgitter heeft zijn winstverwachting voor dit jaar opwaarts bijgesteld. Dit meldde het staalbedrijf dinsdag.

"Sinds begin 2016 is de Europese staalmarkt aanzienlijk gestabiliseerd, en dit heeft vooral te maken met een verrassende sterke afname van staaldumping door China en de daarbij horende stijging van de staalprijzen", zei het bedrijf.

Salzgitter verwacht nu een aangepaste winst van tussen de 30 en 60 miljoen euro, waar eerder werd uitgegaan van een vrijwel vlakke aangepaste winst van 13 miljoen euro.

De omzet komt naar verwachting uit tussen de 8,0 en 8,5 miljard euro en dat is iets lager dan de 8,6 miljard euro die een aantal maanden geleden nog werd verwacht.

Het aandeel noteerde dinsdagmiddag 3,8 procent lager op 23,46 euro.

Door: ABM Financial News.

Info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 28 juni 2016 16:49

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US prelim steel imports in May increase 12%

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 2,786,000 net tons (NT) of steel in May 2016, including 2,077,000 net tons (NT) of finished steel (up 12.2% and 1.8%, respectively, vs. April final data). Year-to-date (YTD) through five months of 2016 total and finished steel imports are 12,795,000 and 10,544,000 net tons (NT), both down 31% vs. the same period in 2015. Annualized total and finished steel imports in 2016 would be 30.7 and 25.3 million NT, down 21% and 20% respectively vs. 2015. Finished steel import market share was an estimated 23% in May and is estimated at 24% YTD.

Source : Strategic Research Institute

voda 28 juni 2016 16:50

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Man Industries commissions 5600 tonne Hydraulic JCO press

Man Industries has recently commissioned 5600 tonne Hydraulic JCO press at its Gujarat plant. It has been developed indigenously with in-house research, development and technical knowhow

Source : Strategic Research Institute

Bijlage:

voda 28 juni 2016 16:51

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AISI update on raw steel production in US in Week 25

In the week ending June 25, 2016, domestic raw steel production was 1,757,000 net tons while the capability utilization rate was 75.1 percent. Production was 1,760,000 net tons in the week ending June 25, 2015 while the capability utilization then was 74.4 percent. The current week production represents a 0.2 percent decrease from the same period in the previous year. Production for the week ending June 25, 2016 is up 0.4 percent from the previous week ending June 18, 2016 when production was 1,750,000 net tons and the rate of capability utilization was 74.8 percent.

Source : Strategic Research Institute

voda 28 juni 2016 16:54

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Baosteel and Wuhan Steel reveal mega merger plans

China's BaoSteel Group and Wuhan Iron and Steel Group, the country's No 2 and No 4 steelmakers, both state owned, announced plans to restructure their businesses without giving further details to exchange. However, according to digital news outlet The Paper, the merger proposal has been approved by the state owned Assets Supervision and Administration Commission as Chinese government seeks to slash overcapacity in the steel industry.

BaoSteel was the world’s fifth largest steel producer last year with annual output of 34.94 million tonnes, while Wisco was the eleventh with output of 25.78 million tonnes. The merger between BaoSteel and Wuhan Steel will see the integrated group becoming the largest steel corporation in China, taking up 7.5% of the steel market but will result in mega layoffs. Both firms are strong in the automobile and electrical steel segments. Wisco commands half of China’s annual one-million-tonne market for grain oriented, flat-rolled electrical steel, followed by BaoSteel’s 30 per cent share. It ranked 500 in the Fortune Global 500 last year, with BaoSteel at 218.

The two companies have been subject to wide speculation for the past year, since a BaoSteel veteran took over as Wisco chairman. Wisco’s 52-year-old chairman Ma Guoqiang was elevated from president to the top job a year ago, after joining Wisco two years ago. The BaoSteel veteran was made its president in 2009. Wisco’ former chairman Deng Qilin was put under investigations by the Communist Party’s Central Commission for Discipline Inspection two months after he stepped down.

Source : South China Morning Post

voda 28 juni 2016 16:54

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Essar Steel Hypermart to sell 1.5 million tonnes steel in 2016-17

PTI reported that Essar Steel expects retail chain Hypermart to clock a billion dollars (about INR 6,789 crore) in revenue this fiscal on the back of growing demand in the infrastructure and construction sector. The chain provides customised services to original equipment manufacturers, retailers as well as small and medium enterprises through a chain of 100 hypermarts and 200-300 franchises. The retail chain expects to sell 1.5 million tonnes of steel products in 2017-18, a growth of almost 67 per cent from 0.9 million tonne sales it had clocked in 2015-16 fiscal.

Hypermart CEO Mr Ravi Singh told PTI “We expect to clock $1 billion in revenue this fiscal as the concept of steel retail chains has picked up and we are seeing a pick up in sales for flat steel products as well as fabrications,”

He said “In the last six months, Hypermart has sold 7 lakh tonnes of various steel products. In the last two months alone we have sold 2.39 lakh tonnes. This growth is due to pick up in demand from the construction industry, which is also edging requirement for fabrications.”

He added that Hypermart expects to sell flat steel products worth about INR 6,000 crore. Besides, another INR 600-700 crore will come from the fabrication and e-hypermart segment.

He said “At present, the retail market for steel products in India is around 8 million tonnes. Essar Hypermart plans to secure 20 per cent of this market in current year by growing significantly. Performances in April and May support this trend. This will account for 25 per cent of Essar Steel’s revenue.”

Source : PTI

voda 28 juni 2016 16:55

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Laid-off workers recalled at East Chicago Tin

NWI Times reported that the East Chicago Tin Mill is back to close to full employment after laying off 369 workers last year during one of the worst import crises the US steel industry has ever faced. Mr Mark Tade, US Steel employee relations director, said most of the laid-off workers have since been recalled as market conditions have steadily improved.

In January 2015, Pittsburgh-based US Steel announced it would lay off 1,300 employees companywide after imports snatched away market share and falling oil prices gutted its once-thriving tubular steel business. US Steel decided to temporarily idle East Chicago Tin, a finishing plant that makes tin-plated metal for canned foods such as soup, chili and vegetables.

US Steel started idling the plant near East Chicago’s Marktown neighborhood, which it acquired from LTV in 2001, in mid-March of last year. Hundreds of workers were laid off at the plant, which is part of U.S. Steel’s Gary Works operations.

The steel company has about 45 percent of the domestic market for tin-plated steel, but that’s only about 2.2 percent of the overall steel market, and the business has been declining for years as consumers started to favor fresh foods without so many preservatives and food companies shifted to alternative forms of packaging, such as microwavable soup containers.

U.S. Steel never completely closed the tin mill, where operations were drastically scaled back, but it is now mostly up and running again as the steel business gets stronger. Steel prices reached a nadir of around $350 a ton last year, but have since climbed to about $650 a ton.

Source : NWI Times

voda 28 juni 2016 16:56

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European recycling rate for steel packaging reaches ‘all time-high’

Rates of recycling for steel packaging in Europe have reached “all-time high” levels, according to the Association of European Producers of Steel for Packaging (Apeal). Apeal said that Europe-wide recycling of steel stood at 76%. The record rate, taken from data for 2014, confirms steel as Europe’s most recycled packaging material for the tenth consecutive year and sees the recycling rate of steel packaging pull further away from that of other packaging materials, the trade body added.

The lowest rate of conversion among the 28 European Union (EU) countries, as well as Norway and Switzerland, was found in Croatia. Latvia and Slovenia tied for the second worst rate of recycling, with 51.8% each, while the UK recorded the lowest rate of steel recycling in Western Europe.

Hungary recorded the highest rate of steel recycling in the EU, pipping Belgium, Germany and the Netherlands to the top spot.

The methodology and data sources used were independently reviewed, audited and certified by energy and waste consultancy Eunomia.

Alexander Mohr, secretary general of Apeal, said: “Steel has a number of inherent qualities that have contributed significantly to making it Europe’s most recycled packaging material, bringing us ever closer to a circular economy.

“Steel is easily and economically recovered from any waste stream thanks to its magnetic properties. As a permanent material, steel recycles forever with no loss of quality.”

But the high rates of steel recycling was owing to more than just that, Mohr added.

“The industry’s foresight in driving improvements and continuing work to inform brand and consumer packaging choice and environmental policy has led us to this point,” Mohr continued.

“By sharing best practices across Europe we are confident that we will meet our self-imposed target of 80% recycling by 2020.”

Source : foodbev.com

voda 28 juni 2016 17:00

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South African Trade and Industry Committee concerned about DTI's Observer Status on 'Steel Committee'

The Portfolio Committee on Trade and Industry has noted with concern that the Department of Trade and Industry (DTI) has been excluded as a direct participant from the "Steel Committee" that was set up after concerns in the industry around the price of steel and its impact on the manufacturing sector.

Committee Chairperson, Ms Joanmariae Fubbs, today said the Committee is especially concerned about the long delay in establishing the "Steel Committee". The Committee further noted that the DTI has only been given an observer status on the "Steel Committee" that was appointed by the Minister of Economic Development as provided for in the International Trade Administration Act. The Committee had hoped that a representative from the DTI would be appointed to the "Steel Committee".

"We expressed our disappointment that the DTI is not represented on the Committee. It is our view that an observer status is not desirable," said Ms Fubbs.

She said the Trade and Industry Portfolio Committee raised concerns about the steel price from as early as 2014 and repeatedly in 2015 and 2016.

Ms Fubbs said: "Therefore the Committee would like to inquire about the rationale for the exclusion of the DTI. The Committee would further like to request that the Minister of Trade and Industry engage the Minister of Economic Development on the matter - and that the decision to exclude the DTI as part of the "Steel Committee" be reviewed as this has a direct impact on the work of the DTI."

Ms Fubbs indicated that the Committee has written a letter to the Minister of Trade and Industry in this regard.

Source : Parliament of South Africa

voda 28 juni 2016 17:01

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SAIL teams up with Nippon Steel & Sumikin Engineering for seminar on latest steel tech

Economic Times reported that Steel Authority of India's Durgapur Steel Plant organized a technology seminar on 'Latest Developments in Steel Making' on Monday. The seminar was organized in collaboration with Nippon Steel & Sumikin Engineering, Japan.

A large number of officials engaged in working in various aspects of steel making in the plant attended the seminar held at DSPs at its Centre for Human Resource Development (CHRD).

Speaking at the inaugural session of the seminar, A K Rath, CEO, DSP said: "Learning is a continuous process. The seminar is an excellent platform to foster learning. Learning about the latest developments in steel making from the experts enriches our knowledge and improves the working".

Two experts from Nippon Steel & Sumikin Engg., Fukuoka, Japan also made presentations on the topic and interacted with the participants.

The Japanese company is a leading provider of plant technology underpinning the steel industry with expertise in iron making, steelmaking and green equipment. Its domain also extends to pipelines, building construction & steel structures, marine engineering and construction and environmental and energy solutions.

Source : Economic Times

Bijlage:

voda 28 juni 2016 17:02

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One less buyer for US Steel Canada - Report

Hamilton Spectator reported that US Steel Canada has rejected a bid from Essar Global, the parent company of Essar Steel Algoma in Sault Saint Marie.

The story says the bid was rejected because US Steel Canada and its advisers were concerned the company lacks the financials to complete a purchase.

Essar Steel Algoma last week signed a deal with a private equity firm for a sale of its assets to KPS Capital Partners.

KPS is one of the two firms still in the running to buy Us Steel’s operations in Hamilton along with Bedrock Industries of New York.

Source : Hamilton Spectator

voda 28 juni 2016 17:03

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Steel Ministry approaches Coal Ministry for allocation of blocks to RINL

PTI reported that steel Ministry has come to the rescue of RINL by making a request to the Coal Ministry for allocation of thermal and coking coal blocks to the state-run steelmaker for its expansion and modernisation plans.

“RINL has been requesting for direct allocation of thermal and coking coal blocks for quite some time. It has been urging for blocks at Baitrani West Terminal, Talabira I & II, Choritand Tilaiya, Utkal A, Rampia, etc in Odisha for captive use,” a senior government official said.

Now, the Steel Ministry has requested the Coal Ministry to consider and expedite RINL’s case, the official added.

RINL’s Vizag Steel Plant (VSP) has doubled its capacity to 6.3 million tonnes per annum (mtpa) and is in the process of raising it to 7.3 mtpa through modernisation and upgradation of its existing units. It also has a plan to increase capacity to up to 20 mtpa.

Source : PTI

voda 28 juni 2016 17:03

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Thyssenkrupp CEO unclear how steel mergers would happen

The chief executive of German industrial group Thyssenkrupp, Heinrich Hiesinger, told journalists on the sidelines of an industry event on Monday it was unclear whether, how or with whom the European steel market would consolidate.

Expectations of mergers in Europe's beleaguered steel industry have risen since Tata Steel put its British steel operations on the block.

Hiesinger has said repeatedly that consolidation is desirable but that Thyssenkrupp is not in a position to spend cash on a merger.

Source : Reuters

voda 28 juni 2016 17:04

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Union demands steel talks amid warning Brexit turmoil could see sector collapse

The Northern Echo reported that a worker union has demanded crisis talks with the Government amid fears the volatile political landscape could undermine efforts to save steel jobs. Community says ministers must firm up their commitment to securing UK steelmaking or risk seeing the sector crumble. The warning comes as economic uncertainty and Prime Minister David Cameron’s Brexit-induced resignation threaten to derail action.

The union has called for an urgent meeting with Business Secretary, Sajid Javid, to discuss the future of steelmaking and Tata Steel’s sales process.

Mr Roy Rickhuss, Community general secretary, said both Mr Javid and Mr Cameron have promises to keep. He said: “The EU referendum result and the Government turmoil have placed new question marks over Tata Steel’s sales process and the trade unions need to understand what actions Government will take to safeguard the future of UK steelmaking. The Prime Minister and the Business Secretary have both looked steelworkers in the eyes and said they would do everything to save the industry. Senior EU leave campaigners, like Michael Gove, said leaving the EU would help save steelmaking. It is important the entire Government now gets behind steelworkers and helps secure the future of their industry. It would be a disaster if our steel industry was allowed to crumble.”

Mr Rickhuss’ warning came as claims emerged Tata Steel is looking to retain its UK operations with the help of Government financial support.

According to some reports, Tata is now looking to keep the business after Whitehall pledged multi-million pound support and help to restructure the company’s pension scheme, which stands at about £15bn and is seen as one of the major barriers to any sale.

Source : The Northern Echo

voda 28 juni 2016 17:52

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ArcelorMittal Announces Early Tender Results for its Offers to Purchase for Cash Up to $600,000,000 Aggregate Principal Amount of its Outstanding Notes Listed Below

Voor het gehele bericht, zie link naar de Arcelor site:

corporate.arcelormittal.com/news-and-...

voda 28 juni 2016 19:24

0

ArcelorMittal koopt eigen obligaties terug

Tot dusver voor circa 575 miljoen dollar aan papier aangeboden.

De obligatiehouders van ArcelorMittal hebben voor circa 575 miljoen aan obligaties aangeboden aan de staalgigant. Dit meldde het concern dinsdag nabeurs in een tussentijdse update.

Half juni meldde de staalreus voor 600 miljoen dollar aan obligaties uit de markt te willen halen.

De desbetreffende obligaties hebben een looptijd tot achtereenvolgens 1 juni 2020, 5 augustus 2020 en 1 maart 2021.

De obligatie met een looptijd tot 1 juni 2020 heeft een uitstaand bedrag van 500 miljoen dollar. De lening die aflost op 5 augustus 2020 heeft een uitstaand bedrag van 1 miljard dollar. Het uitstaand bedrag van de lening die afloopt op 1 maart 2021 bedraagt 1,5 miljard dollar.

Van de obligatie met een looptijd tot 1 juni 2020 werd ter waarde van circa 110,9 miljoen dollar aan waardepapier aangeboden. De obligatiehouders van de lening die aflost op 5 augustus 2020 boden ter waarde van ruim 144,9 miljoen dollar aan obligaties aan. Onder de lening die afloopt op 1 maart 2021 werd voor 320,5 miljoen dollar aan waardepapier aangeboden.

Het aandeel ArcelorMittal sloot dinsdag 1,0 procent lager op 3,97 euro.

Door: ABM Financial News.

Info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

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