Eurobench.com

voda 14 november 2016 20:56

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Steel capacity cut in China should be deeper in 2017 – NDRC

China has pledged at the beginning of the year to cut 100-150 million tonnes of steel capacity in 5 years from 2016.

Source : Strategic Research Institute

voda 14 november 2016 20:56

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Indian steel mills to pay USD 4.7 billion state taxes – SC decision

Reuters reported that Supreme Court on Friday rejected a petition by major firms seeking the withdrawal of a tax on the movement of goods through the states, a decision that would force them to pay an estimated USD 4.5 billion in back taxes and interest. Chief Justice TS Thakur said India's constitution gave the states the right to impose such a tax

Mr Rakesh Dwivedi, a lawyer representing the state of Uttar Pradesh, said “It is a very good judgment that will help the states to collect more revenue.”

States have said that companies would have to pay over INR 300 billion (USD 4.47 billion) in back taxes along with interest.

Some 2,000 companies including the Jindal group, Vedanta, Steel Authority of India and Tata Steel had hadf contended that entry tax on goods as they moved from one state to another was against free trade.

Source : Reuters

voda 14 november 2016 20:57

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Chinese banks facing surge in NPAs in 2017 on steel plant closures

Asian Times reported that Chinese banks may see a jump in steel sector non-performing loans next year if Beijing’s hard-nosed attitude about slashing more steel capacity next year comes to fruition without a commensurate plan on how to deal with their legacy borrowings.

Much of China’s steel production capacity which is earmarked for the chop as part of Beijing’s multi-year initiative to streamline the fragmented sector, was originally paid for with bank loans secured by using the equipment as collateral. In many cases these loans have not yet been repaid. At present there is no clear consensus from Beijing on the treatment of these equipment-backed loans. However, once the surplus-to-requirements facilities are totally decommissioned under the pressure to achieve policy objectives, in the worst scenario, the disappearance of these pledged assets means the banks will lose their collateral and see the loans sour.

A National Development and Reform Commission official told a steel industry conference on November 9 that most steel companies have opted to comply with the capacity removal goal up to a certain degree by disassembling the power sections of the steel furnaces, rather than dismantling the whole plant. This buys the steel mills some time to deal with labor issues.

But they are likely to come under greater pressure next year when they face a much more demanding capacity removal target.

This year, 73.5% of the cuts have been achieved through long-dormant plants, so next year’s reductions will have to focus on functioning capacity

China plans to cut 45 million tons of steel capacity this year and 100-150 million tons in the next three to five years.

Source : Asian Times

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voda 14 november 2016 20:58

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Demonetization to impact rural demand and secondary sector - Tata Steel MD

PTI reported that Tata Steel Ltd said that Indian government’s move to demonetize currency will impact the secondary steel sector as most of the business conducted by these mini mills and rolling factories is cash based, which in turn would help the large producers. It added that demonetizing will also temporarily impact steel demand in rural India as the business there is also mostly cash-based.

Tata Steel India and South-east Asia MD Mr TV Narendran said in an investor call last week that “We are watching secondary sector very closely because a lot of that business used to happen on cash. And maybe 60-70% of the long products business is actually driven by the secondary sector. So it could have a significant positive impact on the long products business for the integrated or bigger players.”

He said “But in any case, market was shifting towards integrated sector because between JSW Steel, Tata Steel, SAIL, RINL and JSPL and everyone else, lot more long products capacity is being added over the last few years, which is encouraging the consumer segments to shift towards formal sector. But, demonetization move should accelerate that process.”

He also said “Rural demand, which is largely cash-based, will get impacted temporarily. Our dealings with our distributors are largely on real-time gross settlement systems and the dealings of our distributors with their dealers are largely on RTGS. It’s only the final consumers who tend to pay cash. So there could be some sort of hiccups there for sometime. But, I don’t think, we see it as a big issue over a long period of time. We are interested to see what’s happening in the real estate markets and the impact it will have there. But, otherwise, the rural markets, we think, will pick up very quickly.”

Source : PTI

voda 15 november 2016 16:27

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Beursblik: ArcelorMittal koopwaardig

Citi zet koersdoel van 8,00 euro neer.

(ABM FN-Dow Jones) Citi Research heeft een koopaanbeveling op ArcelorMittal gezet met een koersdoel van 8,00 euro. Dit gebeurde nadat Ephrem Ravi is toegevoegd aan het analistenkorps van de Amerikaanse zakenbank.

Als de staalcyclus blijft verbeteren, dan is het aandeel ArcelorMittal volgens Ravi goedkoop geprijsd. Daarbij repareerde de staalreus recent de balans met behulp van een claimemissie.

Op een groen Damrak steeg het aandeel ArcelorMittal 0,4 procent naar 6,71 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 15 november 2016 17:04

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Indian steel consumption in Jan-Oct grows by 2.8% YoY
Joint Plant Committee in its Secretary's DO report for October 2016 reported that India's crude steel production in January-October 2016 surged by 8.1% YoY to 56.251 million tonnes while finished steel consumption stood at 48.093 million tonnes up by 2.8% YoY although finished steel production for sale grew by 10.4% YoY to 57.51 million tonnes.

Crude Steel
During April-October 2016-17, crude steel production was 56.215 million tonnes, a growth of 8.1% over same period of last year. SAIL, RINL, TSL, Essar, JSW & JSPL together produced 31.348 million tonnes during April-October. 2016-17, which was a growth of 14.4% compared to same period of last year. The rest i.e. 24.867 million tonnes came from the Other Producers, which was a growth of 1.2% compared to last year. Overall crude steel production in October 2016 (8.23 million tonnes) was up by 11.8% over October 2015 and by 2.3% over September 2016.

Hot Metal
During April-October 2016-17, hot metal production was 37.087 million tonnes, a growth of 8.5% over same period of last year. SAIL, RINL, TSL, Essar, JSW & JSPL together produced 30.393 million tonnes during April-October. 2016-17, which was a growth of 10.1% compared to same period of last year. The rest i.e. 6.694 million tonnes came from the Other Producers, which was a growth of 1.6% compared to last year. Overall hot metal production in October 2016 (5.435 million tonnes) was up by 13.1% over October 2015 and by 2.8% over September 2016.

Pig Iron
During April-October 2016-17, pig iron production for sale was 5.541 million tonnes, a decline of 1.5% over same period of last year. SAIL, RINL, TSL, Essar, JSW & JSPL together produced 0.568 million tonnes during April-October 2016-17, which was a decline of 21% compared to same period of last year. The rest came from the Other Producers, which was a growth of 0.4% compared to same period of last year. Overall pig iron production for sale in October 2016 (0.8 million tonnes) was up by 1% over October 2015 and by 0.6% over September 2016.

Total Finished Steel: Production for sale
Production for sale of total finished steel at 57.51 million tonnes, registered a growth of 10.4% during April- October 2016-17 over same period of last year. SAIL, RINL, TSL, Essar, JSWL & JSPL together produced 32.013 million tonnes during April-October 2016-17, which was a growth of 16.3% compared to same period of last year while production for the Other Producers was down by 1.3%. Overall finished steel production for sale in October 2016 (8.249 million tonnes) was up by 13.6% over October 2015 but was down by 2.5% over September 2016.

Exports
Export of total finished steel was up by 42.1% in April-October 2016-17 (3.566 million tonnes) over same period of last year. Exports in October 2016 (0.536 million tonnes) was up by 95% over October 2015 but was down by 18.2% over September 2016.

Imports
Import of total finished steel at 4.135 million tonnes in April-October 2016-17 declined by 40.2% over same period of last year. Imports in October 2016 (0.538 million tonnes) was down by 54.5% over October 2015 and by 12.4% over September 2016. India remained a net importer of total finished steel during April-October 2016-17.

Consumption
India’s consumption of total finished steel saw a growth of 2.8% in April-October 2016-17 (48.093 million tonnes) over same period of last year. Consumption in October 2016 (7.114 million tonnes) was down by 1.4% over October 2015 and was also down (by 0.5%) over September 2016.

Source - JPC

voda 15 november 2016 17:05

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Kenya Jubo Steel to build Sh 600 million steel plant

A Sh 6oo million steel mill will be put up in Rabai Sub county following the signing of an agreement between the county government and an investor. Governor Amason Kingi said his administration signed an investment agreement on Thursday with Jubo Steel Mills Company.

Mr Kingi said that "The plant is expected to employ close to 300 people and its first phase will begin operations in a year."

Jumbo Steel Mills operates Jumbo World Products in Mombasa and has other plants in Nairobi and Kisumu.

Source : Standard Media

voda 15 november 2016 17:05

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Iran Alloy Steel raises output by 23%

Iran Daily reported that special steel producer Iran Alloy Steel raised its production by 23% year on year in the seven months to October 22. Mr Ebrahim Ghadirian managing director told S&P Global Platts the company's output of alloy steel totaled 220,000 tonnes in the period, of which 30,000 mt was exported. Exports are expected to rise to 50,000 tonnes by March 2017.

However, the company is still operating below capacity. The plant's capacity is 600,000 tonne per year but is operating at around 340,000 tonne per year and will take two years to ramp up to nominal capacity.

He said that Iran Alloy Steel is also pursuing an expansion project to increase capacity of various alloy steels to 1.3 million tonne per year within two years.

Mr Ghadirian said that the plant, located in Yazd Province, central Iran, produces long range of products in varying grades including stainless, free-cutting, tool, bearing and spring steels. Water shortages are its main challenge.

According to Iranian customs, Iran imported 84,000 tons of alloy steel in the six months to September 21 which is nearly double year-on-year. The country's demand for alloy steels is expected to rise further on the back of oil and petrochemical projects as well as a stronger auto industry, a market source told Platts.

Iron ore exports
Meanwhile, Iranian iron ore exports increased by 54 percent year-on-year to 8.46 million tons during the six months to September 21, despite the government's policy to halt exports of raw materials, metal.com reported.

Iranian iron ore pellet imports declined sharply by 93% year on year to 65,000 tons during the six-month period and Iranian steel industry imported 98,400 tonnes of metallurgical coal in the same period down about 76% year on year.

Met coal imports are not expected to rise since the government has imposed a 15% import duty while imports are restricted to support domestic mines.

Iran's iron ore output and exports have slumped over the past two years because global prices have dropped sharply.

Source : Iran Daily

Bijlage:

voda 15 november 2016 17:07

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Installation and commissioning of HBI-3 at Lebedinsky GOK

Installation and commissioning works at the third hot briquetted iron plant at Lebedinsky GOK (part of Metalloinvest) have entered their active phase.

Source : Strategic Research Institute

Bijlage:

voda 15 november 2016 17:08

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Mobarakeh Steel boosts capacity as flat steel demand grows

Financial Tribune reported that Mobarakeh Steel Company’s new continuous casting machine was inaugurated by First Vice President Es’haq Jahangiri and the company’s managing director Bahram Sobhani, last week in Isfahan Province. The new production line adds 1.8 million tonnes to MSC’s annual steel production capacity.

Continuous casting, also called strand casting, is the process whereby molten metal is solidified into a semi-finished billet, bloom or slab for subsequent rolling in the finishing mills. It allows low-cost production of metal sections with high quality, due to the inherently low costs of continuous, standardized production of a product, as well as providing in-depth control over the process through automation.

Sobhani was quoted by Bourse Press as saying that “Mobarakeh Steel Company’s continuous casting machine No. 5 was built in 28 months with 5 trillion rials ($143.4 million at the market exchange rate) of investment. The addition of the new casting machine brings MSC’s total annual steel production capacity to 10.3 million tons by the end of the current fiscal year (March 20, 2017), taking into account the expansion plans for the steel giant’s subsidiaries, including Hormozgan Steel Company and Saba Steel Complex.”

Together with its subsidiaries, MSC is the largest flat steel producer in the Middle East and North Africa region and Iran’s largest steelmaker, accounting for 1% of Iran’s GDP. The company accounts for approximately 50% of the country’s total steel output and also holds around the same share in domestic flat steel consumption, which stood at around 7.5 million tons in the last fiscal year. The company produced around 5.5 million tons of flat products, with 70% of this volume allocated for the local market over the year.

Source : Financial Tribune

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voda 15 november 2016 17:10

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FPG steel plant spill in Vietnam caused due to wet coking system - Report

Reuters reported that according to an internal government report, more than 50 violations at a steel mill run by Taiwan's Formosa Plastics Group, including the unauthorised use of a dirtier production process, led to Vietnam's worst environmental disaster. The July report, reviewed by Reuters, is the first official document to emerge publicly since the April accident, when a toxic leak sullied over 200 km (125 miles) of coastline, killed more than 100 tonnes of fish and left thousands jobless.

The report, signed by Vietnam's environment minister and written after consultation with an unidentified panel of international experts, said Formosa did not keep to production plans agreed in original environmental assessments made for the USD 10.6 billion project.

Formosa was using 'wet' coking a system which uses water for cooling and is considered more polluting, as it generates more emissions and wastewater containing compounds including cyanide. The alternative 'dry' process, widely used in modern plants, is costlier and does not use water. That proved critical when a power cut disabled the plant's waste processing equipment, spilling contaminated water into the sea, according to the report.

Formosa officials agreed it was using the dirtier process but said it had until 2019 to switch to cleaner methods.

After months of popular outrage against both the Hanoi government and one of the communist state's largest investors, Formosa agreed in June to pay USD 500 million (398.12 million pounds) in compensation.

Begun in 2008, the plant was still ramping up at the time of the spill and working at less than 25 percent of total capacity, according to a Formosa Ha Tinh Steel official.

Formosa Ha Tinh Steel executive vice president Chang Fu-ning told Reuters that "We are following their instructions and trying our very best to do what is required.”

Chang said Formosa had rectified 45 of 53 violations cited since the July report. Seven more will be fixed by the end of the month he said, without giving details.

Mr Chang added that the plant was now scheduled to begin full commercial production in the first quarter of 2017, subject to approvals.

Source : Reuters

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voda 15 november 2016 17:11

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Steel Minister visits Steel Pavilion at IITF 2016

Minister of Steel, Chaudhary Birender Singh at the inaugural function of the Ministry of Steel Pavilion at the 36th edition of India International Trade Fair, the largest integrated trade fair on November 14, 2016 at Hall No 18, Pragati Maidan in New Delhi said “My desire is that public, private sector and ministry will have to prepare themselves to jointly face the challenges coming from abroad.”

Source : Strategic Research Institute

voda 15 november 2016 17:12

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EU steel tariffs on Chinese seamless pipes unfair – China MOFCOM

Global Times reported that China has expressed great concerns over the European Union's protectionist measures against Chinese steel pipes. The Ministry of Commerce on Saturday said China has expressed great concern and worries over the protectionist tendency the EU has showed in the steel sector.

The ministry said in a statement releasing on its official website on Saturday “The EU has ignored Chinese companies' positive cooperation and pleas, and continues to use the unfair, unreasonable 'surrogate country' [price and cost reference mechanism] to impose higher tariffs on Chinese products and seriously harm Chinese companies' interests.”

MOFCOM urged the EU to strictly follow relevant World Trade Organization rules, avoid abusing remedy measures and protect the rights of Chinese companies.

The statement came on the heels of a decision from the European Commission, the governing body of the EU on Saturday, announcing temporary anti-dumping measures against seamless steel products from China for six months.

Source : Global Times

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voda 15 november 2016 17:13

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Trump win to boost steel demand in US - Morgan Stanley

Market Watch reported that shares of US steel companies surged again Monday, after Morgan Stanley turned bullish on the sector, saying Donald Trump’s election win makes the sector investible for the first time in a decade. Analyst Evan Kurtz said he believes President-elect Trump’s promises of increased infrastructure spending and trade protection could push the US steel market into “meaningful undersupply” for the first time since the global financial crisis in 2008 to 2009.

He wrote “While specificity and details are still scarce, we believe Trump’s plans for infrastructure spending and trade protection, as two of the most digestible of his proposals, could be early in the queue. These policies should benefit the US steel industry by both adding to demand and curbing import supply.”

He wrote “We conservatively estimate Trump’s USD 550 billion stimulus plan would increase steel demand by 20% annually for five years. We calculate an incremental 22 million tons of demand in each year the program is in effect.”

He also said “For the first time in a decade, we see a credible long-term investment case for steel equities.”

Source : Market Watch

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voda 15 november 2016 17:15

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SAIL Bokaro orders a 130 tonne twin ladle furnace from SMS

Steel Authority of India Limited’s Bokaro Steel Plant has placed an order with SMS group for the supply of a 130-ton twin ladle furnace. The order comprises the engineering and the turnkey supply, including erection and commissioning.

Source : Strategic Research Institute

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voda 15 november 2016 17:16

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EU slaps anti-dumping duties on Chinese seamless pipes

EU is to impose provisional anti-dumping duties on seamless pipes and tubes of iron and steel from China.

Source : Strategic Research Institute

voda 15 november 2016 17:17

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Chinese crude steel production in 10 months shows YoY growth

According to data released by the National Bureau of Statistics, Chinese total crude steel output for October was 68.51 million tonnes, up 4.0% YoY and for January-October the reading was at 672.96 million tonnes, inching up 0.7% YoY.

Source : Strategic Research Institute

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voda 15 november 2016 17:19

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China unveils green road to bail out ailing steel sector

China’s Ministry of Industry and Information Technology said on Monday that China will achieve major progress in the steel sector's structural overhaul by 2020 and fundamentally bail out the industry. According to the ministry's 2016-20 plan on upgrading the industry, China plans to reduce crude steel output by 100 million tonnes to 150 million tonnes by 2020 and ease the uneven supply-demand situation in the sector.

The plan said “The whole sector will be modernized and its energy consumption and emissions will be within the national standards by 2020.”

The ministry stressed the central government's resolve to continue to shed unnecessary production capacity in the steel sector, and underscored that it will not allow the addition of new steel capacity. It said any investment that would increase steel capacity should stop.

Intelligent and green manufacturing in the steel sector will be encouraged, as well as mergers and acquisitions, according to the plan.

The central government reiterated that cutting overcapacity is high on its reform agenda as excess capacity in sectors such as steel and coal has weighed on the country's overall economic performance.

National Development and Reform Commission had told last week that China has come in ahead of schedule in its target of cutting 45 million tonnes of steel capacity in 2016, reaching the goal before the end of October.

Source : Global Times

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voda 15 november 2016 17:26

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Philippine Insurance Commission faces probe over steel firm complaint

Phil Star reported that Insurance Commission and its chief, Emmanuel Dooc were placed under probe by its mother agency over a publicized letter from a steel company that alleged it sat on its complaint for the past eight years.

Tasked by Finance Secretary Carlos Dominguez to look into the issue were Finance Undersecretary Bayani Agabin National Treasurer Roberto Tan and Finance Assistant Secretary Mark Dennis Joven.

The complaint, published as an open letter to President Duterte came from Steel Corp of the Philippines that claimed "inaction on the successive letters" it filed before the IC for nine insurers that failed to pay its claims.

In response, the IC said in a briefer obtained by The STAR that Steel Corp. is "barking up the wrong tree." Dooc, in a separate phone interview, however said he welcomes the probe.

The briefer said that "The letter of the SCP (Steel Corp.) is clearly an attempt to harass the Insurance Commission in view of its failure to obtain a favorable ruling..."

The case involved the petition of Steel Corp. chairman and CEO Abeto Uy to ask nine of their 10 insurers to pay the company claims for two fire incidents in 2008 and 2009.

For the first incident, Uy claimed they only received "partial payment" from insurers UCPB General Insurance Corp., Oriental Assurance Corp., PNB General Insurers Co. Inc. and Equitable Insurance Corp.

In the second, the insurers "refused to pay both material damage and business interruption losses" as a result of the fire, prompting Steel Corp to go to the IC.

Insurers in the second fire were Mapfre Insular Corp., Charter Ping An Insurance Corp. (formerly Philippine Charter Insurance Corp.), Standard Insurance Corp., Asia Insurance Philippines Corp., New India Assurance Co., Ltd. and Malayan Insurance Co., Inc.
Uy said that "What is also apparent is that the IC has been lax in the application and enforcement of its own circular as regards reinsurance reporting requirement supposed to be done by insurance companies.” He added that "Further, the commissioner did not take any action to resolve the administrative complaints filed with them several years ago.”

But the IC said it already resolved the administrative cases pending before it, adding that such cases do not cover Steel Corp. claims since that will be decided by the court.

IC said in the briefer that "The amount being claimed...is beyond the jurisdictional authority of the Insurance Commission, as the jurisdiction of the commission is limited only to claims of P5 million and below.”

Source : Phil Star

voda 15 november 2016 17:26

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Short listed bidders for Tata Steel pipe mills in Hartlepool get access

Hartlepool Mail reported that shortlisted bidders who are hoping to buy Tata Steel pipe mills in Hartlepool have been given access to management meetings. TATA Steel told how bidders also had access to due diligence, in an update which also included its results for the second quarter of the financial year.

Bosses said the sale processes of Tata Steel UK’s Speciality Steels business and its Hartlepool pipe mills were ongoing and shortlisted bidders had access to both due diligence and management meetings.

It was announced back in July that two of the pipe mills, in Brenda Road, where 500 people are employed would be put up for sale, along with the South Yorkshire-based Speciality Steels business.

The firm said that the talks are “ongoing” and so are discussions to find a way forward on pension arrangements. It said that “Tata Steel UK is deeply engaged with all relevant stakeholders in the UK including the unions, the Pension Trustees and the Pension Regulators to find a structural solution and a way forward with regards to the affordability of the legacy pension scheme liabilities. Discussions are currently ongoing.”

Source : Hartlepool Mail

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