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voda 16 januari 2017 16:24

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MMTC NINL plans to achieve 5 million tonnes steel output in 2 phases

Press Trust of India reported Neelachal Ispat Nigam Ltd promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Orissa Ltd and other government agencies said it has chalked out a plan to achieve steel output of 5 MTPA in two phases at a cost of INR 25,000 crore to INR 30,000 crore.

Mr Ved Prakash CMD of NINL told PTI that "NINL has chalked out a plan to achieve steel output of five MTPA in two phases. Full capacity expansion, estimated to cost INR 25,000 crore to INR 30,000 crore, is slated to be achieved by 2025.”

MMTC has promoted NINL to set up 1.1 million tones integrated steel plant at Jajpur district of Odisha.

Source : Press Trust Of India

voda 16 januari 2017 16:24

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UK Transport department not to buy steel from British steel for HS2 railway project

Mirror Co UK reported that the Department for Transport will not promise to buy the two million tonnes of steel needed for the vast project from UK suppliers. While most of the metal is expected to come from British firms , the Government’s failure to commit triggered fears ministers could buy cheaper products from abroad.

Lib Dem transport spokeswoman Baroness Jenny Randerson warned that “The Government should be doing their upmost to ensure that HS2 are using British steel on the project. We have a strong tradition of manufacturing in this country and as a flagship project we should be provided with a guarantee that the construction will benefit not just passengers but industries such as steel too.”

MPs were told in November that currently, “95% of steel in rail is UK steel”.

Transport Secretary Chris Grayling was asked if he believed “that record will be matched by the steel used for HS2”.

He replied that “Absolutely ... I have made it very clear that the firms that hope to participate in this project should expect to leave a skills and expertise footprint behind in the United Kingdom, and that those that fail to do so should not expect to find themselves at the front of the queue when it comes to contracting.”

Following the comments, the Mirror, which is campaigning to Save Our Steel industry, repeatedly asked for guarantees from the DfT that British steel will be used.

But despite being offered the chance to give a the beleaguered sector a much-needed boost, a spokesman refused to commit.

He said that “We have got nothing further to add to the Transport Secretary’s words.”

Parliamentary answers show phase one of HS2, from London to Birmingham, will need 1.3 million tonnes of steel between 2020 and 2025.

Phase two, which extends the line from Birmingham to Manchester and Leeds, will need 730,000 tonnes of steel, “mainly during the second half of the 2020s”.

The Government has snubbed British steel for a range of bumper defence deals and faced demands to use UK steel in future public works projects.

Lib Dem leader Tim Farron leader urged Mr Grayling to guarantees British steel would be used for HS2. But the Cabinet Minister’s deputy Andrew Jones would not offer any assurances.

Source : Mirror CO UK

voda 16 januari 2017 16:25

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Essar Global responds to fraud allegations in lawsuit

Duluth News Tribune reported that Essar Steel Minnesota has filed a USD 1 billion lawsuit claiming its former parent company, Mumbai, India-based Essar Global, siphoned hundreds of millions of dollars off the Minnesota project to pay for other ventures worldwide. Essar Global officials responded that the charges are unfounded.

A company spokesman said in a written statement that "Essar Global Fund Limited is aware of the complaint filed by Essar Steel Minnesota LLC in the Delaware court as part of the Chapter 11 proceedings. Essar Global denies all of the allegations set out in the Complaint, which it will vigorously contest."

The parent company said it regrets that these allegations have been publicly disclosed through the Complaint being filed, prior to (Essar Global) having the opportunity to correct and rebut these unfounded allegations.

The lawsuit claims the parent company knew it was starving the Minnesota operation of cash.

Source : Duluth News Tribune

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voda 16 januari 2017 16:26

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Rising trade barriers to cut Chinese steel exports in 2017 - Analysts

Xinhua reported that rising trade protectionism may limit China's steel exports this year. Pressured by trade remedy measures, Custeel analyst Hu Yanping said steel exports may slip further this year to 96 million tonnes with global demand remaining weak.

In 2016, there were 48 trade cases filed by 20 countries and regions against China's steel products, marking a 29.7 percent rise from the previous year, according to the research center.

Trade cases filed against China's steel products have limited the country's exports and will remain an obstacle this year, said Wang Guoqing, an analyst with Lange Steel Information Research Center.

China's steel exports fall in 2016 for the first time in seven years, dragged by improved demand at home, rising trade protectionism and the government's resolve to tackle overcapacity in the sector. Steel exports shrank 3.5 percent to 108.43 million tonnes from a record 112.4 million tonnes in 2015.

Source : Xinhua

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voda 16 januari 2017 16:27

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Coal consumers express concern on coking coal price hike by CIL BCCL & CCL

IANS reported that coal consumers said that hike in coking coal prices by Coal India's subsidiaries BCCL & CCL could lead to an increase of power generating cost by Rs 0.40 per unit and would hurt Indian steel industry.

Coal Consumers' Association of India's Secretary General Subhasri Chaudhuri said "Hike in BCCL price is directly linked to power utilities as well as steel industries. The overall impact on power cost may be in the tune of 40 paisa per unit.”

She said "In the history of CIL, for the first time, a particular quality has been linked to import parity price and it has been increased by 99 per cent at one go from INR 5,780 to INR 11,500.”

She said "It had never been the choice of power utilities to source coal with caking properties. Instead, they had to pay washery recovery charges throughout for high ash NLW (non-linked washery) coal without getting advantage of beneficiation. Now adding to the woe, they would pay much higher than thermal coal prices if sourced from BCCL.”

Bharat Coking Coal Limited increased its coking coal prices by about 20% from Friday while Central Coalfields Ltd raised its prices from Saturday midnight.

Source : IANS

voda 16 januari 2017 16:27

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Iran may impose new duty on steel imports – Report

Financial Tribune reported that, according to the ICANA news agency, which is affiliated to the parliament, the Iranian Parliament has projected a new duty on steel imports, likely to be effective from September this year. The duty will cover billet, beam, strips, tubes, pipes, stainless steel and scrap. The duty is 100,000 Iranian rials per tonne (about USD 25) of imported material and will be imposed on all steel products during Iran’s sixth five-year development plan, running from 2017 to 2023.

The duty will be imposed in addition to all import taxes already in place and the funds raised from it will be used for the development of the country’s national railroad system.

The new duty would mark the third increase in import costs since January 2016.

At present, import duties are at 15% for semi-finished products; 20-26% for flat products (excluding stainless steel) and 26% for most long products, including I-beams and H-beams. The import duty on scrap is 4%.

Source : Financial Tribune

voda 16 januari 2017 16:28

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Nippon Steel asks rivals to supplement production after fire

Japan Times reported that Nippon Steel & Sumitomo Metal Corp has asked rival makers to help produce steel products as its plant in western Japan remains offline after a fire there last week.

A company official said that in addition to drawing on its existing stock and alternative production at three of its other plants in the country, Nippon Steel has tapped JFE Steel Corp and Kobe Steel Ltd. to help manufacture steel plates, which are used for ships and industrial machinery.

The official said that the fire broke out at the steel plate-making section of its plant in the city of Oita on Jan. 5. The blaze was extinguished the following day but it damaged controlling devices and wiring. The company has set no timetable for the resumption of production.

The plant was responsible for nearly half of the about 5 million tonnes of steel plates the company produced in the fiscal year that ended in March 2016.

Source : Japan Times

voda 16 januari 2017 16:28

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India firming up arguments to placate Japan on safeguard duties on steel

Business Line reported that India is firming up its arguments to convince Japan that its concern on safeguard or penal duties imposed by New Delhi on certain steel imports was misplaced, as they were in line with World Trade Organisation rules and there was no need for a full-fledged dispute on the matter.

A government official told BusinessLine that “The Director-General (Safeguards) is going through the points raised by Japan against the calculation of our safeguard duties so that it could build up its arguments to defend the duties. The Ministries of Steel and Commerce are also working on the matter.”

The official added that “We are not too worried about the complaint against MIP as the number of items on which it has been introduced has already been brought down to 19 and may go down further next month. Our whole focus is on defending our safeguard duties.”

The official said that “DG (Safeguards) will need to go through its ruling and establish yet again to Japan that its judgment was based on prescription laid down by the WTO and there had indeed been a surge in imports of the identified steel items over the past months that had hit sales, production and profits of domestic companies.”

Last month, Japan requested dispute consultations with India at the WTO on certain measures on imports of iron and steel products. A date for consultations between Japan and India has not yet been firmed up where the two sides will discuss the issues of contention face-to-face.

The Japanese government has estimated that the tariffs could cost Japanese steel companies about USD 220 million through March 2018, as per reports in the Japanese media.

Source : Business Line

voda 16 januari 2017 16:30

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Nucor-FJE Steel to start construction of new steel units in mexico

Mexico News Daily reported that Nucor-FJE Steel will begin construction next month of its $270-million plant in Silao, Guanajuato, whose capacity will be 400,000 tonnes of steel strips per year.

It will employ 300 people and begin operating in 2019.

Source : Mexico News Daily

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voda 16 januari 2017 16:31

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National Steel & Agro Industries announces Q3 results

The Q3 results for National Steel & Agro Industries Ltd show that the operating income for the company has increased to INR 964.72 crore from INR 843.37 crore thus reflecting YoY gain of 14%.

Source : Strategic Research Institute

voda 16 januari 2017 16:31

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Algeria to attain self sufficiency in rebar production by 2018

APS quoted Minister of Industry and Mines Mr Abdeslam Bouchouareb as saying that Algeria will attain self-sufficiency in the steel industry by 2018, particularly in rebar

Visiting the site of the Bellara steel complex, the minister said that after reaching self-sufficiency in cement, Algeria will achieve, in the second half of 2018, self-sufficiency in the steel industry with the commissioning of Jijel steel complex."

In this regard, he announced that this complex will be partly commissioned as from next May after the inauguration of the first rolling mill.

Source: APS

voda 16 januari 2017 16:32

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Iranian flat steel importers lying low in the past week

Financial Tribune reported that buying activity in the Iranian flat steel import market has remained sluggish over the past week, as customers wait for the government to implement new import duty regulations. Weak demand has made Iranian stockists decrease prices for the material already available in ports, which resulted in even less interest in imports.

Offers of 2 -mm hot rolled coil from Russia’s MMK to Iran varied within the range of USD 510 to USD 540 per tonne CFR Anzali, depending on the month of shipment, sources said. Material for shipment in March was reportedly available at USD 510-520 per tonne CFR, while February-shipment coils were at the upper end of the range.

Kazakhstan’s ArcelorMittal Temirtau was said to be sold out until March and was not offering anything at the moment. Kazakhstan-origin material from traders was reported to be available at USD 550 per tonne CFR.

Market participants also reported indications of Chinese HRC offer prices within the range of USD 530 to USD 550 per tonne CFR southern ports.

But Iranian customers showed no interest in booking any material, citing high prices and expectations of import duty reductions in the near future.

Source : Financial Tribune

voda 16 januari 2017 16:33

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One killed and 15 injured in Turkey steel plant

DAILY SABAH reported that at least one worker has been killed, 15 have been injured after an explosion at a steel plant in Dilovas? industrial zone in Kocaeli province.

As per report the workers were rushed to the hospital following the blast, which took place after a boiler containing scrap iron exploded.

Gebze District Governor Mehmet Arslan confirmed that a worker lost his life and the wounded workers were in good condition. He noted that authorities will investigate if there has been any neglect at the workplace.

Source : DAILY SABAH

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voda 16 januari 2017 16:37

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Chinese steel rebounds as restocking resumes

Chinese steel prices recovered last week, especially longs, as greater confidence in the market began slowly to translate into a willingness for traders to restock. Futures and spot prices paused their rally on Friday however as speculators waited for the next market signal, Kallanish notes.

In Shanghai, 20mm HRB400 rebar was trading at CNY 3,110-3,160/tonne ($450-457/t), up CNY 70/t over the week. By comparison 5.5x1,500mm Q235B hot rolled coil gained just CNY 10/t to CNY3,790-3,840/t.

On the Shanghai Futures Exchange, the May rebar contract closed down 18/t at CNY 3,194/t ($462/t), breaking almost a week-long rally. The same contract for HRC closed down 38/t at CNY 3,566/t.

The difference between futures and spot prices for rebar and HRC matches sentiment on the spot market. Flats demand is reportedly weak and several traders left work early on Friday as there were few deals to be made. Rebar traders however said they were reluctant to push sales as they expect prices to improve. Some traders which had been reluctant to restock now say they may start restocking next week.

Source: Kallanish.com

voda 16 januari 2017 16:39

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European scrap prices push on up

European scrap prices are increasing gradually this month as contracts are being negotiated. While merchants in France, Germany and Italy are asking between €35-40/tonne ($37.2-42.5/t) month-on-month hikes however, mills are willing to pay between €20/t and €25/t depending on scrap grade. For imported scrap from Germany and France, Italian mills are trying to negotiate a lesser increase than the average of €35/t requested by merchants, market sources tell Kallanish.

Market activity resumed on Monday last week after the Christmas break and sources say that scrap grade E8, new arisings has already reached €260-265/t delivered in a week. “The problem now especially in France and Italy is that producers have not yet achieved in January contracts any substantial price hikes for finished long products. There are attempts at increases and a few orders at higher prices, but price hikes for rebar, merchant bar and beams remain uncertain,” a scrap trader comments.

The result of last week’s negotiations was that scrap prices in Europe did uptick and are in the process of climbing but this is still gradual and not yet by €35-40/t. Next week will bring a clearer view of January domestic European prices and export from Germany and France to Italy and Spain and from Germany to Turkey. Italian imports of E8 from Germany and France this month however are seen increasing to an average of €260/t delivered, sources say.

Source: Kallanish.com

voda 16 januari 2017 16:42

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European CRC/HDG price rises stabilise but more imminent

European prices for hot and cold rolled coils and hot dipped galvanized are seen progressing over the first quarter. “With the anti-dumping duties, a stronger dollar and high raw material prices, both Southern and Northern European quotations will keep rising but in a more moderate and gradual fashion compared to the latest price increases,” a European producer tells Kallanish.

After December’s sharp rises, the market is now stabilising and although some upticks have been registered in early January transactions, European CRC and HDG quotations remain at December levels. In Southern Europe the average obtained in transaction is €620/t ($660/t) base ex-works. Some producers are now pushing to obtain a €20/t increase to €640-650/t base ex-works for both CRC and HDG. Other producers are in the process of consolidating the higher prices requested in December.

Since December, a good level of demand from the automotive industry has been detected for both CRC and HDG. Safeguard duties and investigations implemented last year by the European Union are being particularly fruitful for European producers, a source at a service centre says.

As previously reported, last year the EU imposed anti-dumping duties’ with retroactive duties on Chinese and Russian CRC. A decision on possible provisional measures for HDG imports from China has a deadline set for September (see Kallanish 7 August 2016).

Source: Kallanish.com

voda 16 januari 2017 16:44

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Chinese steel exports slide in December and 2016

China exported 108.43 million tonnes of steel in 2016, down -3.5% year-on-year, according to official Chinese customs figures released Friday. High prices again pushed December’s volumes down from November, Kallanish notes.
December saw China export 7.8mt of steel, down from 8.12mt in November and 10.66mt in December 2015. The recovery in steel prices in the second half of the year has been key in pushing down volumes, and average daily export volumes have been lower than the 2016 average every month since July.

Exporters report deals have improved at the start of the year, with Korea still one of the stronger markets. Nevertheless, over 2017 export volumes are likely to fall slightly again. The steadily increasing impact of trade barriers, especially in Europe and some Asian markets, and a better domestic supply demand-balance mean volumes could fall to close to the 100mt mark.

In December, China imported 1.19mt of steel, up from 1.11mt in November and 1.18mt in December 2015. That brought imports over the year to 13.21mt, up 3.4% y-o-y.

Source: Kallanish.com

voda 16 januari 2017 16:45

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Iron ore gains as imports break record

Seaborne iron ore prices saw another slight uptick on Friday as tender prices continued to increase slowly. China’s iron ore import volumes meanwhile hit a new high in 2016 as they displace domestic supply.
The Kallanish index for 62% Fe Australian fines gained another $0.17/t to $79.70/dry metric ton cfr Qingdao. 190,000 tonnes of PB fines sold in a tender at $79.59/t with a laycan in 31 Janaury-9 February. This was up from $79.51/t the previous day with an earlier laycan.

China’s iron ore imports were actually down slightly year-on-year in December, partly because higher prices have allowed some domestic supply to resume and partly because of high existing port stocks and unloading delays (see separate article). December’s figure was 88.95 million tonnes, down from 96.3mt a year earlier.

Over the full year however, iron ore imports hit a new record high of 1,024.12 million tonnes, up 7.5% y-o-y and crossing the billion tonne mark for the first time. That amounts to around 32.4 tonnes every second, as several reports have pointed out.

As Chinese steel production is likely to already be at peak levels, China’s imports can only increase by displacing domestic mining volumes. Another large increase in volumes is therefore unlikely, and even a small increase would require a fall in prices.

Source: Kallanish.com

voda 16 januari 2017 16:46

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Turkey's flats import prices from CIS stabilise

CIS mills have made new offers to Turkey at largely stable price levels last week, but weakened activity in the Turkish market is expected to push the prices down, market participants tell Kallanish.

Ukrainian producers offer HRC at $515-520/t and CRC at $585-595/t, cfr Turkey. And Russians ask $515-520/t for HRC and $580-585/t for CRC, cfr Turkey, end-March loading. CIS producers' new offer prices for HRC are the same as end-December price levels, while the price range for CRC is slightly lower, Kallanish notes.

"There is some demand for CRC, but for HRC there are no inquiries," a trader source observes. A service centre executive says there is no interest towards imported coils at all in the market.

"A price level of $520/t cfr Turkey is too high. When you add duties to this, HRC from CIS will be much more expensive than domestic material," a third source comments.
It is difficult to say what the level of bid prices would be due to the fluctuations in currency exchange rate, some sources note.
According to the sources, the current situation in the Turkish market will put downwards pressure on coil prices from the CIS.

Ex-works deal prices in the Turkish market slipped by $10-15/t last week to $525-535/t for HRC and $620-630/t for CRC. Activity in the market has stagnated due to increasing economic and political uncertainty (see Kallanish 13 January).

Source: Kallanish.com

voda 16 januari 2017 16:48

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Chinese steel gains continue as mills prices flatten

Major Chinese rebar producers are holding their short term ex-works prices steady. Shagang has even cut some prices, to ensure orders keep rolling in through to the Chinese New Year, Kallanish notes.

Shagang has decreased its mid-January long products ex-work prices while other mills have held theirs stable from early January. Seven construction steelmakers also increased their mid-January ex-work prices by CNY 30-80/t but these were mainly in western China. High raw materials and manufacturing costs have kept prices strong but mills are also aware that demand is unlikely to be strong throughout the year and are keen to keep sales volumes steady.

One analyst believes Shagang’s price cuts for some products are designed to ensure buying continues despite weaker than expected restocking by traders. Although traders are confident that there will be continuing orders after Chinese New Year, they are aware that prices are already high and will decline later in the year and so restocking still carries its risks.

The rebar price gap between Hegang and Shagang, which was only CNY 150/t in early December has soared to CNY 480/t. Although Shagang and Zenith (Zhongtian) typically sell at a premium to Hegang, the weak northern Chinese market and difficulties in transporting rebar from the north to Shanghai currently have opened up this spread far wider.

Zie PDF.

Source : Kallanish.com

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