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Chinese steel futures leap higher

Chinese steel futures prices rebounded sharply on Monday after a sharp sell-off last week. Spot Chinese steel prices have fallen steadily since mid-December but rebar at least has cost support and traders are considering how much they will restock ahead of the Chinese New Year, Kallanish notes.

The May rebar contract on the Shanghai Futures Exchange closed up CNY 105/tonne over the day at CNY 3,048/t ($440/t), while the same contract for hot rolled coil closed up CNY 124/t at CNY 3,449/t. Rebar closed higher than CNY 3,000/t for the first time since 27 December and at the highest level since 22 December.

The increase in Chinese coking coal futures in the last few days appeared to put an end to hopes that China’s steelmaking costs would fall far ahead of the New Year holidays at the end of January. With rebar prices already at cost, or even below for many producers, there is little room for prices to fall further.

How prices develop in the coming weeks may have more to do with traders than with raw material costs. Some traders report confidence that they can afford to restock for sales late in the first quarter, while others are more cautious because prices are already much higher than a year ago. The extent to which traders do restock will be a key price driver in the coming two weeks or so.

Source : Kallanish.com
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China's banned steelmakers produce through December

Since late 2016 China has launched several elimination campaigns against mislabelled substandard steel products, especially those from induction furnaces. However, CCTV reports show Sichuan’s mislabelled steelmakers produced through December despite the local government announcing they had closed down by the end of September.

The impact on local tax income is an important incentive to allow these producers to live on despite repeated prohibitions, Kallanish notes.
Mislabelled steel is difficult to distinguish without testing but the quality can be very poor. Small induction furnace-based producers are mainly melting scrap with little quality control.

According to the CCTV field investigation, Sichuan province's Jinsheng company is a typical mislabelled steelmaker. It only stopped production over 4-11 December 2016, during an inspection. Mislabelled steelmakers often purchase scrap and sell steel products without paying VAT, which gives them around CNY 1,000/tonne profit.

The NDRC has called for mislabelled steelmakers to be eliminated since 2011 and in 2016 Sichuan has notified local authorities they must remove all the equipment of mislabelled steelmakers. A notice in September 2016 shows Jinsheng and Minguang Metal Materials had been banned by the Sichuan provincial EIC. However, in December when a reporter visited their steel plants they were still in production.

According to a report from the Sichuan Iron & Steel Association, Sichuan has overall construction steel capacity of 43.4m t/year, around 15m t/y of which is prohibited induction furnaces. Sichuan is located in an earthquake zone, and some estimations show 4mt of mislabelled steel may have been used in key projects.

A report from the local tax administration ranks Minchuan Metal material as No.1 on its high-energy consumption list, however the report says the company has great potential to pay more taxes. The local tax administration even mentions that it is providing VAT and income tax subsidies for the company, helping it survive such a long time despite repeated prohibitions.

Source : Kallanish.com
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Indian exports surge in December as imports drop

Indian finished steel consumption grew 5.2% on-year in December to 7.23 million tonnes, while imports fell -23.2% to 760,100t, according to an Indian Joint Plant Committee (JPC) report seen by Kallanish.

Indian merchant finished steel production rose 12.4% on-year in December to 8.4mt, while exports surged 92% to 748,000t. Crude steel output rose 12.5% to 8.21mt.

Indian finished steel use in April-December thus grew 3.3% on-year to 61.52mt, while imports plunged -37% to 5.5mt. Nine-month output rose 10.5% to 73.77mt and exports soared 58% to 4.98mt. Nine-month crude steel output rose 8.5% to 72.17mt.

Steel Authority of India and Tata Steel were the two largest single producers in April-December, taking 15% and 12% shares in crude steel output respectively, and 10% shares each in finished steel.

Although Indian domestic steel consumption is growing slower than many would like, the simultaneous drop in imports and rise in exports will please Indian steel suppliers. Indian steelmakers are benefiting from increased international steel prices and reduced Chinese exports, as well as anti-dumping duties and minimum import prices.

Source : Kallanish.com
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Dost Steels foresees May commercial launch

Dost Steels (DSL) expects to begin in May commercial operation of its long-delayed 350,000 tonnes/year rebar mill. This will be around 120 days after the receipt of funds from DSL’s recently-completed rights issue.

DSL completed last month the issuance of 248.27 million rights shares to raise PKR 1.12 billion ($10.7 million) for the hot commissioning of its rebar mill, initially constructed in 2008. The rights issue itself was held up by a long delay in obtaining approval from two of DSL’s seven lenders.

In the first fiscal quarter through September DSL’s net loss widened 102% on-year to PKR 5.64m due to a 219% surge in administrative expenses.

DSL will be in a good position to capture a “…fair portion” of Pakistani steel demand following its commissioning, the firm says in a report seen by Kallanish. This demand will stem from “…the country’s existing annual demand of 6.5 million tonnes plus... government’s commitments toward upcoming infrastructure projects, including but not limited to highways, dams and industrial undertakings in relation to the China Pakistan Economic Corridor.”

The firm also recently appointed Naim Anwar as chairman in place of Zahid Iftakhar, while Jamal Iftakhar was reappointed chief executive.

Source : Kallanish.com
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Kalinganagar ramp-up propels Tata Steel sales growth

Tata Steel reported a 27% on-year rise in sales in the third fiscal quarter through December (FQ3) to 2.99 million tonnes. This was also up 14% from the September quarter. The growth is largely due to the ramp of the Kalinganagar steelworks.

FQ3 sales to the automotive sector rose 20% on-year, branded products sales increased 13% and value-added products grew 37%. The Kalinganagar plant has surpassed 1.5mt of hot metal and 1mt of hot rolled coil output since its launch last May.

Tata Steel’s crude steel output surged 24% on-year in FQ3 to 3.15mt and finished products output rose 26% to 3.16mt. The pellet plant achieved its best-ever FQ3 production of 1.64mt, up 15% on-year. The hot strip and cold rolling mills also achieved their best-ever FQ3 output, at 1.07mt and 480,000t respectively, up 6% and 7% on-year.

Tata Steel inaugurated last week the second phase of its Bara cold rolling mill complex at its Jamshedpur plant (see Kallanish 9 January).

Source : Kallanish.com
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JSW Steel flats output surges in December quarter

JSW Steel reported a 52% on-year surge in flat products output in the third fiscal quarter through December to 2.83 million tonnes. Crude steel and longs production rose 43% and 18% respectively to 3.86mt and 740,000t.

In the nine months through December JSW’s crude steel output grew 25% on-year to 11.7mt, while flats and longs production each increased 22% to 8.43mt and 2.39mt respectively.

Despite sluggish domestic steel consumption growth, Indian steelmakers are benefiting from trade defence measures that are limiting imports, and increased exports due to reduced competition from China. Indian steel exports surged 92% on-year in December to 748,000t (see separate Kallanish article).

Source : Kallanish.com
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Turkish domestic scrap prices stabilize

Turkish domestic scrap prices have stabilized over the past week as scrap import activity remained stagnant, with only one booking heard, Kallanish notes.

Turkish mills' auto-bundle (DKP) scrap buying prices have stayed flat since end-December. Scrap-based long steelmakers Kroman and Diler maintain their DKP prices at TRY 795/tonne ($214/t) and TRY 840/t respectively.

Alloy steelmaker Asil Celik and long and flat steelmaker Colakoglu Metalurji's prices also stay unchanged at TRY 880/t and TRY 845/t respectively. Integrated mills Erdemir and its subsidiary Isdemir keep their buying prices at TRY 940/t and TRY 930/t since December too. Only integrated longs maker Kardemir has raised its DKP price by TRY 70/t to TRY 940/t as from 7 January.

Shipbreaking scrap prices in Turkey also remain unchanged at $255/t, delivered basis, since the end of December, after increasing earlier last month, informs the Ship Recyclers' Association of Turkey (Gemisander). 

Turkish mills stayed out of the scrap import market last week. Only one cargo was heard to have been booked late in the week from Denmark at an average price of $295/tonne cfr Turkey. Mills are expected to resume scrap import bookings any moment.

Source : Kallanish.com
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US trade cases concern Turkish steel exporters

The Turkish Steel Exporters' Association (CIB) is concerned the US will prevent further steel imports by way of trade cases in the coming years.

"Employing the trade remedy system in a way to prevent fair competition means undermining WTO rules,” CIB says in a statement sent to Kallanish. “We think this attitude by the US sets a bad example for other countries and jeopardizes global free trade. We have our concerns that such attitude by the US will become harsher in upcoming years.

The US issued 43 decisions to impose anti-dumping (AD) and countervailing duties (CVD) between 2013 and 2015. It conducted 21 AD and 20 CVD investigations in the first half of 2016, CIB says, citing data from the WTO. Since 2013 the US has initiated 11 AD and CVD probes against Turkish steel products, the association adds.

"It is totally understandable that the US lodges trade cases to protect its market and industry against dumped and subsidized imports," notes CIB. It reiterates that the Turkish steel industry is composed of private companies that are not subsidized by the government. Claims that Turkey engages in dumped sales, or "... sales at a loss, although it uses imported input in production and exports on low profit margins, are never compatible with the commercial facts."

The US launched last September a trade case against Turkish rebar, following pressure from domestic steelmakers, despite Turkish steel firms being charged a zero dumping margin for the same product in 2013, CIB says. In a 2013 US probe into OCTG from Turkey, meanwhile, the US wrongly claimed that a publicly-held private steel company from Turkey was a public body, CIB adds.

"The US not only imposes duties without a good cause, but also makes amendments in its trade case legislation in favour of domestic producers," CIB continues. US authorities have decided "... on unsatisfactory grounds" that Turkish steel companies failed to cooperate, and have started to “…arbitrarily charge high margins on our companies in the light of 'facts available'.” 

The findings of almost all trade cases against Turkey have been taken to US courts on grounds of being unlawful, the association observes.

During administrative reviews of trade cases against Turkish firms the margins charged against Turkish companies are set to zero. This "... is the most express proof that the previously mentioned trade cases are lodged under the political pressure exerted by domestic producers," to provide them with an advantage in import and competition, CIB concludes.

Source : Kallanish.com
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US plate buyers watch for new increase

US plate buyers believe an increase is brewing due to increased raw material pressure, Kallanish reports.

Plate prices are slowly inching up as a result of rising scrap prices and incrementally improving demand, says one buy-side source.

Though most of the product’s recent price gains have been organic, an official base price increase is probably just around the corner, he says.
“I believe more are coming in the next few weeks on both sheet and plate,” he says, nothing that sheet producers have already moved up $40/short ton based on January’s scrap numbers. “I believe the market is taking the increases in stride and will begin to raise their prices to cover the uptick.”

Kallanish increased its plate price Monday to $600-620/st.

Source : Kallanish.com
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FCA to invest $1 billion in US auto works

US automaker FCA US plans to invest $1 billion in its facilities in Michigan and Ohio, which will result in about 2,000 additional jobs, Kallanish reports.

The plan is geared toward production of the brand’s truck and sport-utility vehicle (SUV) lines, which have experienced a positive “…shift in market demand,” FCA says.

 “The conversion of our industrial footprint completes this stage of our transformation as we respond to the shift in consumer tastes to trucks and SUVs, and as we continue to reinforce the US as a global manufacturing hub for those vehicles at the heart of the SUV and truck market,” says ceo Sergio Marchionne. “These moves, which have been under discussion with Dennis Williams and the rest of the UAW (United Automobile Workers) leadership for some time, expand our capacity in these key segments, enabling us to meet growing demand here in the US, but more importantly to increase exports of our mid-size and larger vehicles to international markets.”

The announcement follows the move by fellow US automaker Ford to cancel a planned $1.6 billion factory in Mexico in favour of $700m in upgrades in Michigan. Ford also attributed the decision to a shift toward heavier vehicles.

Neither FCA nor Ford has cited comments made by President-elect Donald Trump during his election campaign regarding possible tariffs on foreign-built autos as cause for their respective decisions. Regardless, President-elect Trump has praised both FCA and Ford’s investments via Twitter.

Source : Kallanish.com
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voda schreef op 10 januari 2017 16:26:

FCA to invest $1 billion in US auto works

The announcement follows the move by fellow US automaker Ford to cancel a planned $1.6 billion factory in Mexico in favour of $700m in upgrades in Michigan. Ford also attributed the decision to a shift toward heavier vehicles.

AB, Voda.

Ondanks dat het nadelig is voor Mexico, men kan zeggen van Trump wat men wil, maar hij denkt eerst aan zijn eigen volk m.b.t. banen. Dat zouden meer leiders moeten doen. Dat leidt tot meer sociale rust.

Ik kan een boek schrijven over wat ik hier meemaak dankzij te weinig banen en zwaar onderbetaalde bevolking. (60% leeft op/onder de armode grens, zo´n 70 miljoen mensen, 10% extreme armode, zo´n 12 miljoen mensen)

Groeten vanuit Mexico Stad.

Ozzy

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Steel, iron ore futures rally as China steps up capacity cuts

By Manolo Serapio Jr | MANILA

Shanghai steel futures jumped 7 percent to their highest in nearly three weeks on Tuesday, supported by promises from China's top steelmaking province to further reduce production capacity.

Raw material iron ore followed steel's rally, soaring 8 percent to its strongest in more than three weeks, with coking coal climbing nearly 8 percent.

Hebei, which accounts for about a quarter of China's total steel output, plans to slash 31.86 million tonnes of steel and ironmaking capacity this year, the official Xinhua news agency reported on Sunday.
That would be more than double the 14.62 million tonnes of steel capacity that Hebei cut last year.

"While smog concerns still threaten to lower steel output, a drive to cut outdated steel capacity is also pressuring production lower," Commonwealth Bank of Australia analyst Vivek Dhar said in a note.
The most-active rebar on the Shanghai Futures Exchange closed up 7 percent at the exchange-set ceiling of 3,167 yuan ($457)a ton, its highest since Dec. 22.

A better outlook for the Chinese economy also bodes well for steel prices, said Helen Lau, analyst at Argonaut Securities.
"Overall, the stable downstream demand and reduced supply boost positive sentiment towards steel markets," said Lau.

China's economic growth last year was expected to be around 6.7 percent, said Xu Shaoshi, director of the National Development and Reform Commission. Beijing had targeted growth of 6.5-7.0 percent.

Xu also said China's steel and coal sectors will face increasing pressure this year to cut capacity as the government ramps up efforts to tackle polluting heavy industries and address a glut.

Rebar's rally lifted iron ore futures and could help stretch gains for spot iron ore prices.

Iron ore on the Dalian Commodity Exchange jumped 8 percent to end at 594 yuan a ton, also hitting the upside limit and strongest level since Dec. 16.
Iron ore for delivery to China's Qingdao port climbed 1.9 percent to $77.73 a ton on Monday, according to Metal Bulletin.

Also swept up in Tuesday's rally were coking coal, which rose 7.8 percent to 1,268 yuan a ton, and coke, which soared 9 percent to hit the day's upside limit of 1,687 yuan.

(Reporting by Manolo Serapio Jr.; Editing by Randy Fabi and Sherry Jacob-Phillips)

www.reuters.com/article/us-asia-irono...
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Beursblik: Deutsche Bank verhoogt koersdoel Aperam

Koersdoel naar 48,00 euro.

(ABM FN-Dow Jones) Deutsche Bank heeft woensdag het koersdoel voor Aperam verhoogd van 46,00 naar 48,00 euro met een ongewijzigd koopadvies.

De sterker dan verwachte economische groei in China in 2016 resulteerde volgens analist Bastian Synagowitz van Deutsche Bank in een herstel van de winstmarges van carbonstalen naar een genormaliseerd niveau.

Op de Europese markt voor roestvrij staal is de vraag meer in balans. Europese spelers kunnen daarmee meer vermogen krijgen om betere prijzen te bedingen.

Deutsche Bank heeft een voorkeur voor defensieve partijen als Aperam boven aandelen met een hoge beta tegen de achtergrond van een gemiddelde terugval in ruwe grondstoffen.

Het aandeel Aperam noteerde woensdag op een rood Damrak 1,5 procent hoger op 45,10 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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Beursblik: Deutsche Bank verhoogt koersdoel ArcelorMittal

Koersdoel naar 7,50 euro.

(ABM FN-Dow Jones) Deutsche Bank heeft woensdag het koersdoel voor ArcelorMittal verhoogd van 5,50 naar 7,50 euro met een ongewijzigd Houden advies, vanwege de sterker dan verwachte economische groei in China in 2016.

De sterker dan verwachte economische groei in China in 2016 resulteerde volgens Deutsche Bank in een herstel van de winstmarges van carbonstalen naar een genormaliseerd niveau.

"Aangezien ArcelorMittal de grootste staalproducent ter wereld is, met een dominant marktaandeel in alle belangrijke markten waarin het bedrijf actief is, zijn wij van mening dat het bedrijf het best is gepositioneerd om te profiteren van de huidige staalprijsrally", aldus de analisten van de bank.

Deutsche Bank benadrukte dat in de drie belangrijkste markten van ArcelorMittal, namelijk Brazilië, Europa en de lidstaten van de North American Free Trade Agreement, sprake is geweest van een significant prijsherstel, gedreven door ruwe grondstofprijzen.

Het aandeel ArcelorMittal noteerde woensdag op een rood Damrak 1,0 procent hoger op 7,63 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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Grondstoffen zetten Nikkei op winst

Gepubliceerd op 11 jan 2017 om 07:39 | Views: 1.463

TOKIO (AFN) - De aandelenmarkten in het Verre Oosten zijn woensdag overwegend met winst de handel uitgegaan. Vooral aandelen in de grondstoffensector profiteerden van optimisme over de vraag en de prijsontwikkeling in met name China.

In Tokio sloot de toonaangevende Nikkei-index 0,3 procent hoger op 19.364,67 punten. Sterkste stijgers onder de hoofdfondsen waren de Japanse staalconcerns JFE Holdings en Nippon Steel met koerswinsten van 5,5 en 4,6 procent. De producent van halfgeleidermateriaal Sumco kreeg er 4,4 procent bij.

In Seoul schoot de Kospi 1,5 procent omhoog, mede dankzij een koerswinst van 2,8 procent voor elektronicagigant en zwaargewicht Samsung. In Sydney dikte de All Ordinaries 0,2 procent aan. De Hang Seng in Hongkong stond tussentijds 0,8 procent in de plus.
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Egypt imported 1.7 million tonnes of steel in 2016

Amwal Al Ghad quoted Mr Gamal El-Garhy Head of Metallurgical Industries Chamber of Egypt as saying that Egypt imported around 1.7 million tonnes of steel during 2016 through a number of major markets from China and Turkey.

Mr El-Garhy noted that there is a surplus of 4 million tonnes per year in steel factories' capacities since they produce around 12 million tonnes every year while consumption rates are estimated at 7.5 to 8 million tonnes per year.

On other side, El-Garhy said that the chamber waits the Anti-Dumping, Subsidy and Safeguard Department at Trade and Industry Ministry to finish probes into its complain about dumping Egyptian market with Chinese, Ukrainian, and Turkish steel within 60 days.

Source : Amwal Al Ghad
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Thyssenkrupp labor chief demands better deal than Port Talbot

Thyssenkrupp's labor chief told Reuters that workers at German steelmaker Thyssenkrupp will refuse to pick up the tab for concessions being offered to British unions by Tata Steel to further a merger.

The German company's labor chief Wilhelm Segerath said he sees no reason why Thyssenkrupp's plants should suffer because of job and investment guarantees offered to workers at Port Talbot, Britain's biggest steel plant, in return for pension cuts.

Thyssenkrupp and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, but negotiations have been complicated by Tata's huge pension deficit in the UK. Tata has now offered to guarantee production at Port Talbot, Wales, for five years and to invest across its British business in return for being able to close the final-salary pension scheme to future accrual.

Mr Segerath said that "If they get five years, we want at least 10 years. We won't accept that our plants will now be endangered in a consolidation. Even an attempt to do so would trigger massive resistance from us."

He cited that "enormous structural problems" at Port Talbot, which lost a million pounds (USD 1.22 million) a day in the past financial year but has since turned profitable, mainly thanks to external factors including higher prices and a weaker pound.

Source : Reuters
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US steel shipments in November down 1.6% MoM – AISI

The American Iron and Steel Institute reported that for the month of November 2016, U.S. steel mills shipped 6,724,277 net tons, a 1.6 percent decrease from the 6,832,801 net tons shipped in the previous month, October 2016, and a 4.1 percent increase from the 6,457,870 net tons shipped in November 2015.

Source : Strategic Research Institute
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Usiminas to challenge Sumitomo veto of unit's capital reduction

Reuters reported that Usinas Siderúrgicas de Minas Gerais SA, the Brazilian steelmaker seeking to honor terms of a debt refinancing deal with banks, plans to legally challenge a shareholder veto forbidding it to use part of the capital of a mining subsidiary.

In a Tuesday securities filing, Usiminas said Sumitomo Corp, which owns 30 percent of the Mineração Usiminas SA subsidiary, vetoed a plan to reduce the unit's capital by 1 billion reais ($313 million). The plan was part of a 4 billion-real refinancing accord signed with lenders.

Source : Reuters
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Intention behind MIP on steel not to give permanent cover - Ms Nirmala Sitharaman

Financial Express reported that Indias’ Commerce and Industry Minister Ms Nirmala Sitharaman said that the objective of imposing minimum import price on certain steel products was not to give a permanent cover to the industry but to stop cheap inbound shipments and that there was a specific reason for imposing MIP on 173 steel items.

She said “Our intention is not to give a permanent cover but (to extend) little help because it was so that the quantum of cheap steel which was coming into the country had to be stopped and where the surge was clearly established, we took this step.”

She added that they were all for short duration.

Giving relief to domestic steel producers against cheap inbound shipments, the government in February 2016 imposed MIP on 173 steel products ranging between $341 to $752 per tonne. It was later reduced to 66 items and then to 19 at present.

Experts have said MIP is not in compliance with global norms and India’s trading partners may raise the issue in WTO. Last month, Japan dragged India to the World Trade Organisation against certain measures taken by New Delhi on imports of iron and steel products. As per the WTO’s dispute settlement process, the request for consultations is the first step in a dispute. Consultations give the parties an opportunity to discuss the matter and find a satisfactory solution without proceeding further with litigation. The meeting is likely in early February

Source : Financial Express
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