Eurobench.com

voda 21 december 2016 17:15

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Steel scrap prices in Japan soar by 30% in past 2 months

Nikkei reported that trading prices for steel scrap, conventionally used as feedstock for electric arc furnaces, have climbed more than 30% in the past two months. The price has risen to around 26,500 yen ($226) a ton in greater Tokyo, the highest in about a year and a half. A similar upturn in the Osaka area sent scrap to 25,000 yen a ton in mid-December, up 6,000 yen from a low in late October. Some operators of electric arc furnaces must pay 1,000 yen to 2,000 yen above the going rate to ensure sufficient supplies of steel scrap for their planned production, said an official at a processing company in greater Osaka.

Blast furnace operators increasingly are tapping scrap steel as an alternative feedstock amid surging coal and iron ore prices. They consumed 900,000 tons of scrap during the converter process in October, the most in nearly two and a half years. Nippon Steel & Sumitomo Metal's Oita works in the Kyushu region cannot secure enough steel scrap locally, apparently bringing in additional scrap from the Tokyo area by sea.

Steel prices in China have rebounded amid higher costs for raw materials and growing hopes for infrastructure spending by Beijing. This has lifted the cost of semifinished steel, or billets, in Asia to around $450 a ton up 70% from spring. As a result, steelmakers in Southeast Asia are avoiding billets and instead buying Japanese scrap, which has become more affordable amid the yen's decline against the greenback.

Steel scrap's price gains raise the prospect of steelmakers passing the increases on to customers. Tokyo Steel Manufacturing announced price hikes for its steel materials Monday. But whether such moves will gain momentum is uncertain. Demand for steel sheet remains firm among automakers, but reinforcing steel, used mainly for apartment buildings, faces soft demand.

Source : Nikkei

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voda 21 december 2016 17:16

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Global crude steel production in November surges by 5% YoY

World crude steel production for the 66 countries reporting to the World Steel Association was 132.4 million tonnes in November 2016, 5.0% up on November 2015.

Source : worldsteel

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voda 21 december 2016 17:18

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Indian steel makers looks for price hikes

Economic Times reported that Indian domestic steel players could be looking at perhaps the single largest price hike in the last five years. With the gap between imported and domestic steel prices going up to 18% steel majors are now in a position to raise prices by nearly INR 6:500 per tonne.

While it would help offset a sharp spike in coal costs that has seen production costs shoot up since July this year, low demand at home and impact of demonetization could force companies to initially seek a somewhat lower price increase of INR 3000 to INR 4000 per tonne.

Mr Seshagiri Rao joint MD of JSW Steel told ET that "We are looking at a price hike since local domestic prices are at an 18 per cent discount compared to landed cost of imports. The increase will have to be in phases given the demand situation at home.” He, however, declined to comment on the possible extent of the price hike.

Benchmark global steel prices are now at USD 523 per tonne (f o b) China and ruling well above the reference price of USD 474 per tonne fixed by government. Adding local transport charges and taxes, price comes to around Rs 43,040 per tonne whereas the landed cost is INR 37,500 per tonne.

It is similar in case of products from Japan or Korea, in which case, the base price is higher at $560 per tonne. When asked about a possible price hike, Vikram Amin executive director of Essar Steel said that"Our prices will be in line with the market."

The possibility of raising prices by nearly INR 6,000 to INR 6,500 per tonne is being tempered by the fact that domestic steel demand remains weak and companies may not be able to pass on the hike entirely.

Further, demonetisation has also impacted retail demand in the steel sector. Additionally, coking coal prices are seeing a correction from USD 300 per tonne to USD 265 per tonne now.

This is generally followed by a correction in global steel prices too. Hence, steel companies said they would like to keep a watch on prices over the next fortnight before deciding on the quantum of price hike.

Source : Economic Times

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voda 21 december 2016 17:20

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Eurozone construction output rebounds in October

Eurozone construction output increased in October after a decline in the previous month, figures from Eurostat showed Monday.

Construction output rose 0.8% month over month in October, reversing a 0.8 percent drop in September, which was the first decline in six months. The September figure was revised from a 0.9% fall estimated earlier.

Production in building advanced 1.3% over the month, while civil engineering output contracted by 1.2%.

On an annual basis, construction output grew at faster pace of 2.2 percent in October, following a 1.9% gain in the preceding month, revised up from 1.8 percent. It was the the fifth month of increase in a row. In the EU28, construction output climbed 0.4% monthly and by 1.1% annually in October.

Source : RTT

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voda 22 december 2016 17:09

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PT Krakatau Steel to spend USD 200 million on 2017 Expansion

Jakarta Globe reported that state owned PT Jakarta Krakatau Steel is to spend USD 200 million in capital expenditure next year to complete several projects including a blast furnace and its second hot strip mill plants. The capital spending would be up 11 percent from USD 180 million it estimated to spend this year.

President director Sukandar said Krakatau Steel has secured banks loan for the blast furnace and hot strip mill plants but, it still needs to find a USD 40 million loan to build a push pull picking line and reversing mill and another loan to develop a coal boiler to general 160 megawatts.

Krakatau Steel plans to complete its blast furnace in March and the hotstrip mill in 2019.

The company expects the USD 632 million blast furnace to help it reduce steel production costs by USD 58 per tonne.

Source : Jakarta Globe

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voda 22 december 2016 17:10

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Move to privatise SAIL Salem Steel Plant not at all warranted - Mr Vasan

Hindu reported that a large number of Tamil Maanila Congress cadre, including women, staged a demonstration in front of the collectorate in the city on Tuesday to protest against the Centre’s move to privatise the Salem Steel Plant.

President of the party GK Vasan led the agitation which was also to condemn the current currency crisis due to the demonetisation process launched by the Centre last month and highlight the demand for the setting up of Cauvery Water Management Board.

Speaking on the occasion, Mr Vasan said that the move of the Centre to privatise Salem Steel Plant was not at all warranted and has evoked sharp criticism from all sections of society.

The SSP is giving lame excuse of the plant running on loss for its decision. The TMC will never support the move to privatise SSP he said and urged the Centre to drop its move immediately.

Source : Hindu

voda 22 december 2016 17:11

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Latin America 10 months finished steel production down by 6%

Alacero reported that during the first 10 months of 2016, the finished steel consumption decreased 9%, while regional crude steel production and finished steel fell 8% and 6% YoY respectively, vs same period of 2015, this situation is showing the economic deceleration in the world and in the region. Meanwhile, regional steel imports represents 32% of Latin-American consumption and their participations is held in the local markets. The trade balance of the region remains negative, despite that during the analyzed period the deficit in tons decreased 25% versus January-October 2015.

Production

Crude Steel. Latin America and the Caribbean produced 49.3 million tons (Mt) of crude steel in Jan-Oct, 8% below the volume recorded in 2015. Brazil remains the main producer in the region with 52% of the regional production (25.6 Mt), but shows an annual contraction of 9%.

Finished steel. In the same period, Latin America produced 42.4 Mt of finished steel, 6% less than January-October 2015. Brazil was the main producer (17.7 Mt), accounting for 42% of the Latin American output. Mexico came second with 15.7 Mt (37% share of regional output).

Finished steel consumption

During the first ten months of the year, finished steel consumption in the region reached 51.4 Mt, down 9% vs January-October 2015. Largest increases in consumption -in absolute and percentage terms- were record in Peru (200 thousand additional tons, up 9%), Mexico (additional 179 thousand tons, an increase of 1%) and Honduras (19 thousand additional tons, up 7%).

Conversely, in Brazil finished steel consumption shrank by 2.5 Mt, down 14% vs January-October 2015. While Argentina, Chile, Colombia and Ecuador recorded declines of 23%, 8%, 10% and 13%, respectively.

From Latin-American`s total steel consumption, 52% corresponds to flat products (26.9 Mt), 47% for long products (23.9 Mt) and 1% to seamless tubes (624 thousand tons).

Trade balance

Imports. During the first ten months of 2016, Latin America imported 16.6 Mt of finished steel, down 16% vs January-October 2015 (19.8 Mt). Of this total, 63% corresponds to flat products (10.5Mt), 34% for long products (5.7 Mt) and 2% to seamless tubes (393 thousand tons).

Currently, imports represent 32% of the regional finished steel consumption, which brings about disincentives to the local industry, trade frictions, and threatens jobs.

Exports. Latin American exports of finished steel reached 7.2 Mt, decreasing 1% over January-October 2015 (7.3 Mt). Of this total, 50% are flat products (3.6 Mt), 41% for long products (3.0 Mt) and 10% to seamless tubes (692 thousand tons).

Trade deficit. In January-October 2016, the region recorded a trade deficit of 9.4 Mt of finished steel. This imbalance is 25% lower than the one observed in January-October 2015 (12.6 Mt).

In the same months, Brazil was the only country to maintain a trade surplus of finished steel, 2.9 Mt. The largest deficit was recorded in Mexico (-3.8 Mt), followed by Colombia (-1.9 Mt), Peru (-1.3 Mt) and chile (-1.3 Mt).

Source : Alacero

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voda 22 december 2016 17:12

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Liberty House closer to buying Arrium Steel

Bloomberg reported that Liberty House Group is closer to taking over Australia’s steel producer Arrium Ltd as the London-based steel manufacturer and metals trader is completing the purchases of units of Tata Steel Ltd. and Rio Tinto Plc in the U.K.

Mr Sanjeev Gupta executive chairman of Liberty House in an interview in Dubai said that “We’re in the second round on Arrium, we’ve been shortlisted among four bidders.”

Mr Gupta said that “Australia should be a powerhouse of steel because it’s endowed with the best natural resources as far as steel is concerned. There is an opportunity to recycle steel in the UK because at the moment we export all our scrap. There’s also a lot of room for steel growth in the US where quite a lot of scrap is still exported. There’s room for more mini mills in the U.S.”

Source : Bloomberg

voda 22 december 2016 17:13

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Danieli & Baku Steel ink pact for steel plant construction in Azerbaijan

The volume of investments in creation of a new metallurgical complex in Azerbayjan, that includes five plants, is estimated in 1,225 billion euro,

Source : Strategic Research Institute

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voda 22 december 2016 17:15

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Metalloinvest signs contract with SMS Concast for modernisation of Ural Steel CCM

Metalloinvest has signed a contract with SMS Concast AG (Switzerland) for the modernisation of the four-strand continuous casting machine at Ural Steel (CCM #1).

Source : Strategic Research Institute

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voda 22 december 2016 17:16

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Hebei Province unvails plans for steel capacity cutting plan for 2017

Xinhua reported that Hebei, China's main province for the production of iron and steel, has increased its iron and steel capacity-cutting targets for next year. The provincial government said that the province will cut 17.14 million tonnes of iron capacity and 19.86 million tonnes for steel in 2017, more than the original targets of 16.24 million tonnes of iron, and 15.62 million tonnes of steel.

2017 is the final year for Hebei province to finish the target of 60 mln tonnes inefficient capacity. As per the task of 13th five-year plan, it should compress 16.24 mln tonnes iron-smelting capacity and 15.62 mln tonnes of crude steel production capacity, however, Hebei raise the target to 17.14 mln tonnes iron-smelting capacity and 19.86 mln tonnes of crude steel production capacity respectively in 2017.

Source : Xinhua

voda 22 december 2016 17:17

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China criticizes New Zealand anti-subsidy probe on Chinese HDG steel

Xinhua reported that New Zealand's latest investigation into Chinese galvanized steel is "discrimination" and will not help solve problems in the NZ steel industry. The remarks came after the New Zealand government began an anti-subsidy probe on Monday into galvanized sheet steel from China.

Mr Wang Hejun head with the trade remedy investigation department with the MOC said that the products involved only account for 2.5% to 4% of New Zealand's domestic market, causing no harm to the domestic industry.

Mr Wang added that it will not help to solve the problems in New Zealand's steel industry and will hamper Sino-New Zealand trade. Mr Wang said faltering global recovery and shrinking demand are cause of the difficult situation of the steel industry worldwide, and called on all countries to cooperate during tough times.

He said that protectionism is not the answer for New Zealand's steel industry and will only deal a further blow to international trade.

He said “New Zealand's imports of galvanized steel from China have remained around 4,000 tonnes, worth 3.2 million US dollars. By contrast, imports from other sources have doubled in the past two years. Investigating such small amount of Chinese products while ignoring imports from other sources is discrimination.”

China hopes New Zealand will use trade remedy measures in a prudent and restrained way and work with China to resolve trade issues through dialogue and communication.

Source : Xinhua

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voda 22 december 2016 17:18

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WTO rules largely in favour of Taiwan in steel pipe duties in Canada
Published on Thu, 22 Dec 2016

Reuters reported that a dispute panel of the World Trade Organization largely ruled in favor of Taiwan on Wednesday on its complaint over anti-dumping duties imposed by Canada on some of its steel goods. The ruling, related to certain carbon steel welded pipes and certain provisions of Canada’s underlying legislation, found that Canada had contravened WTO’s Anti-Dumping Agreement but that Taiwan had failed to establish some points.

Canada slapped duties on some imports of carbon steel welded pipes from Taiwan in 2012 and Taiwan brought the complaint to the WTO in Jan 2015. The annual value of Taiwan’s exports of carbon steel welded pipes to Canada dropped from around $19-million before the anti-dumping duties were imposed to around $5-million, Taiwan officials said at the time of the filing.

The panel found that Canada acted inconsistently with certain obligations under the WTO and recommended that Canada bring its measures into conformity.

A spokesman for Canadian Trade Minister Chrystia Freeland said Canada will review the decision before deciding whether to appeal. Both sides have 60 days to decide whether to appeal any of the panel’s findings.

Joseph Galimberti, president of the Canadian Steel Producers Association, said the group is “disappointed but not surprised” by the ruling.

Source : Reuters

voda 22 december 2016 17:19

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Brazil's charges worsen chance of ThyssenKurpp selling unit

Reuters reported that Rio de Janeiro state prosecutors filed a lawsuit against former state Governor Sergio Cabral, two of his former secretaries and ThyssenKrupp AG steelmaking unit Companhia Siderurgica do Atlantico SA for administrative impropriety over the granting of an operations license. The lawsuit worsens the prospects for selling the money-losing Brazilian plant, as Germany's ThyssenKrupp has been trying to do for four years.

Mr Cabral, currently in jail pending trial on unrelated corruption charges, and his former secretaries may be fined and barred from public office for eight years if they lose the suit, according to a statement from prosecutors.

CSA declined to comment saying it was not notified of this new lawsuit and lawyers for Cabral did not immediately comment.

The CSA plant is the largest single foreign investment ever made in Brazil, costing about USD 10 billion.

Ternium SA, which had resumed negotiations to acquire the plant in October, gave up on the deal recently considering the regulatory and tax risks involved, a source with direct knowledge of the matter told Reuters this week.

Ternium declined to comment and ThyssenKrupp did not immediately respond to requests for comment.

State prosecutors said that CSA was granted a temporary environmental license to begin operations in 2010, although the state's environmental body opposed it. At the same time, the steelmaker received tax breaks from the state.

The steelmaker may be barred from winning new public contracts in Brazil until it has paid for environmental damage if it loses the suit. CSA could also be barred for five years from receiving tax breaks in the state.

Source : Reuters

voda 22 december 2016 17:20

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Mr Nusli Wadia skips EGM of Tata Steel

UNI reported that noted industrialist and independent director of Tata Steel, Nusli Wadia, skipped extraordinary general meeting of the company, which was called to take a decision on the directorship of Mr Wadia.

In a statement to the Tata Steel shareholders, Mr Wadia termed such a meeting as 'inappropriately and shamefully stage-managed'.

He asked the shareholders to vote against the proposal and continued his scathing attack on Tata Sons and criticised the group's continued investments in steel in Europe.

He said, ''I have chosen not to attend the meeting as I understand that recent meetings held of other Tata companies have been inappropriately and shamefully stage-managed by the requisitionist controlling the entry into the hall, as also in the selection and choice of speakers as never before seen in Indian corporate history.''

Lashing out at the actions of Tata Sons, he said: ''What is at stake is not whether I am removed or not, but the fate of the very institution of independent director that has been created in law and by Sebi to safeguard the interests of all stakeholders. If independent directors can be removed at the whim and fancy of a promoter, then their role will be reduced to that of 'yes men'.''

Source : UNI

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voda 22 december 2016 17:21

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Steel makers suspected for smog in north China

China Daily reported that leading researchers on air pollution have identified the massive amounts of discharged pollutants, especially from industrial production, as the root cause of the severe winter smog in the Beijing-Tianjin-Hebei region. According to environmentalists, the situation has likely been exacerbated by the rising price of steel, which resulted in plants increasing production to net higher profits.

Dong Liansai, the environmental group's head of air pollution research,said that the trend could be seen especially in southern cities of Hebei province and northern parts of Henan province.

Dong said that the increase in emissions from the boost in production was a likely contributor to the severe smog in the Beijing-Tianjin-Hebei region.

In addition to industrial emissions, researchers and government officials agree that the heavy reliance on coal consumption in northern regions is another major reason for the frequent air pollution.

The smog that has blanketed northern and central areas since Friday has disrupted airports and expressways and led to school closures. In response, red alerts were issued by 24 cities to limit emissions from industrial production, with more than 1,200 factories in Beijing alone told to close or reduce output.

Source : China Daily

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voda 22 december 2016 17:23

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Japan wants India to repeal steel import safeguard

Nikkei reported that Japan is seeking talks with India in hopes of persuading New Delhi to repeal its steel safeguard, which was meant to protect against cheap Chinese imports but has caught Japan in its crossfire as wel

The request, made under a World Trade Organization agreement, is the first of its kind Japan has made to India.

If the negotiations go poorly, Japan will ask the WTO to settle the dispute.

Source : Nikkei

voda 23 december 2016 14:53

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GESCO acquires Pickhardt & Gerlach Group

As part of a succession planning process, GESCO AG has acquired the Pickhardt & Gerlach Group a leading strip steel processor based in Finnentrop. The company was sold by the entrepreneur family Hekhorn, who acquired PGW in 1990 and has significantly expanded its business operations since. The transaction is still awaiting approval by antitrust authorities.

PGW processes cold rolled strip steel using highly automated production systems and distributes its products in the form of nickel-, copper-, brass- or zinc-plated strip steel in various standards of quality and dimensions in accordance with customer requirements. As a leading processor of strip steel, the company has a broad and well-established customer basis in the electronics, automotive, decoration, sporting equipment and office supplies sectors. The company, founded in 1902, generates sales of roughly EUR 30 million, two-thirds of which are attributed to activities abroad.

Long-time managing partner Michael F. Hekhorn will play an advisory role for the company during a transitional period; managing director of technology Dr Paul Braun and the heads of domestic sales/export Armin Wieland and Dirk Limberg will continue to work for PGW and ensure management continuity. Mr Michael F Hekhorn said that "Sustainable business management was a top priority for my family and me in our search for a successor for our family business. The interests of our workforce were particularly important to us in this regard. We opted for GESCO because we were impressed by the entrepreneurial, long-term approach. We consider our lifetime achievement to be in very safe hands under its new ownership."

Dr Eric Bernhard, Chairman of the Executive Board of GESCO AG said that "Mr Hekhorn has moulded PGW into a flagship manufacturer in this particular sector over a number of decades. PGW is a real 'hidden champion' in the resource technology sector and couldn't be a better fit to our new portfolio strategy. We have taken on this company with a long-term mindset, in line with the GESCO philosophy, and will foster its development moving forward."

PGW's special coating solutions with their precision tolerances are the basis for the long life and high-tech appearance of the end products supplied by PGW's customers, such as electronic circuit breakers, file folders and windscreen wipers.

Source : UK Finance

voda 23 december 2016 14:54

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US Steel companies optimistic about future – Mr Mario Longi

Economic Calender reported that after years of challenges, American steel companies have finally seen their sector improve and optimism is running high for 2017.

US steel companies were battered in recent years as cheap Chinese steel imports took over an increasing share of American steel demand. When this trend was noted, US steel companies attributed it to the Chinese government, unfairly subsidizing its domestic steel companies, making it impossible for American steel companies to compete when it came to prices. Numerous trade suits were filed, and in 2016 some suits found that the accusations were true, and steep tariffs were put on some Chinese steel imports. There are still some pending investigations.

Furthermore, global steel prices climbed in 2016 as China followed through on its promise to curb its steel overcapacity by shuttering some operations, while demand picked up amid the country’s infrastructure spending programs. For 2016, US steel producers are positive about prices, fair competition and now an increase in demand thanks to president-elect Donald Trump. Trump made a campaign promise of increased infrastructure spending. There is also hope that a Trump administration will increase measures to protect the US steel market from unfair, cheap imports.

In December, in an interview with CNBC, Mr Mario Longi CEO of United States Steel’s said that the company would like to accelerate its investments and hire back laid-off employees now that Donald Trump is president-elect. He said that “We already structured to do some things, but when you see in the near future improvement to the tax laws, improvements to regulation, those two things by themselves may be a significant driver to what we’re going to do.”

Looking at the share values of American steel companies, you can see the improvement in investor sentiment. United States Steel’s shares are up 364% so far in 2016. Since the election they have climbed 90%. AK Steel Holdings shares have gained 390% this year, with about one-third of the ascent occurring since election day 2016.

Source : Economic Calender

voda 23 december 2016 14:55

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Investigation underway after worker dies at Blytheville Steel Mill

Nucor-Yamato Steel Company is investigating a workplace fatality at its Blytheville facility. Officials said that Bobby Sellars was killed Tuesday afternoon while working in the rail yard. Mr Sellars was a locomotive operator and had been a Nucor-Yamato teammate for 27 years.

The mill suspended operations immediately and will be working with Occupational Safety & Health Administration officials to investigate the cause of the incident.

Nucor's employee assistance program members are available to meet with employees.

Source : Nwahomepage

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