Eurobench.com

voda 17 mei 2017 22:32

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JSW Steel plans to ink long-term iron ore linkage in Odisha

Business Standard reported that JSW Steel is keen to have a long term iron ore linkage arrangement with Odisha government owned Odisha Mining Corporation, in order to secure supplies for its planned 10 million tonne mega steel plant. The company has committed an investment of INR 50,000 crore on the steel mill and an additional INR 3,500 crore on associated infrastructure such as coal and iron ore berths and a slurry pipeline.

A senior government official with the industries department said that "JSW Steel wants to secure long-term iron ore supplies for its proposed steel project in Odisha. For feeding the steel plant, it needs 16 million tonnes of iron ore annually. The company has discussed this with the state government, though there is no definitive proposal yet.”

OMC currently provides iron ore to several steel units running in Odisha without captive mines. The ore is offered through electronic auctions that are normally conducted every other month. A steel industry or any other end-use plant can source iron ore either through pre-emption or long-term linkage. Under pre-emption, the Odisha government has a policy to reserve at least 50 per cent of the iron ore produced by merchant miners for state-based end-use plants.

For JSW Steel, the other workable route is getting an iron ore block through competitive bidding. JSW Steel has bid for Kalamang iron ore block opened up for auctions in Odisha. The Kalamang block reserved for an integrated steel plant has also got competing offers from Tata Steel Ltd, Tata Sponge Iron Ltd, Bhushan Steel Ltd, Vedanta Ltd, Rashmi Metaliks Ltd, Thakur Prasad Sao and Sons Ltd, JSPL, Shyam Metaliks & Energy Ltd, RINL and Shri Jagannath Steels & Power Ltd.

Source : Business Standard

voda 17 mei 2017 22:33

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PPGI hub Boxing in China suspends production during Belt and Road Forum

All PPGI mills in Boxing county of Shandong Province, a center for China’s PPGI production, are ordered to suspend production upon receiving an government notice, a move seen as part of local government’s effort to make the sky blue during the Belt and Road Forum in Beijing, according to Mysteel report.

An environmental check was carried out on Friday (May 12) morning. Those mills who have not halted production as required, once ferreted out, will face the most severe punishment.

As per Mysteel investigation, the majority of the producers concerned had already shut down their production facilities, and those few have not, are going to suspend production by Saturday as the latest.

The exact date to resume production requires further notice, which will be no earlier than May 18. The 187 production lines with a designed capacity of 26.47 million tonnes and capacity utilisation rate at between 50%-60%, if completely halted, are likely to reduce PPGI output by up to 220,000 tonnes within 5 days.

Source : MySteel

voda 17 mei 2017 22:34

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Esfahan Steel Company struggling to avert insolvency - Report

Financial Tribune reported that Esfahan Steel Company, with outstanding debts of about USD 175 million as of November and accumulating further losses worth USD 26.31 million every day, is seeking to lighten its debt burden by reaching a setoff agreement with the government.

According to Bourse Press, the agreement entails setting off state-run Social Security Organization’s USD 200 million debt to ESCO. An official said “The agreement with the government is in final stages and awaits the Cabinet’s approval. If agreed upon, it will be a significant step forward in alleviating the company’s financial woes.”

The company spent most of 2016 mollifying creditors, ranging from coal miners to the government. The situation deteriorated this year, despite ESCO’s efforts to sell various blocks of the company’s shares in the over-the-counter Iranian exchange Iran Fara Bourse.

Isfahan-based producer is Iran’s oldest steelmaker and one of the country’s largest producers of structural steel. It was jointly established in 1965 by Iran and the Soviet Union’s Tyazhpromexport Company. Its steel production facilities became operational in 1972.

Source : Financial Tribune

voda 17 mei 2017 22:34

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VIS to invest VND 1.6 trillion in three projects

Bizhub reported that Viet Nam and Italy Steel Joint Stock Company (VIS) plans to invest VND1.658 trillion (USD 72.7 million) in three projects to expand its production capacity. VIS aims to increase the capacity of its steel and pig iron mills and build new ones through these investments. While 30 per cent of the investment will come from VIS’ capital, 70 per cent will be raised through banking loans.

In the second quarter, VIS plans to invest VND800 billion to build a steel mill with an annual capacity of 500,000 tonnes in Hai Phong City’s Dong Nam Cau Kien Industrial Zone, located in Thuy Nguyen District.

In the fourth quarter, the company will invest VND650 billion to build a steel mill with an annual capacity of 500,000 tonnes in Hung Yen Province’s Pho Noi A Industrial Zone, in Yen My District.

At the same time, it will invest VND208 billion to increase the capacity of its steel mill in Dông Nam Cau Kien Industrial Zone to 600,000 tonnes per year.

Source : Bizhub

voda 17 mei 2017 22:35

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Vietnam steel industry sees slowdown

VNA reported that Vietnam domestic steel industry has seen a slowdown in recently months with weak steel sales and price drops. According to the Vietnam Steel Association, some factories have faced difficulties and are likely to suffer losses. Mr Nguyen Van Sua vice president of VSA said that VSA members produced over 730,000 tonnes of steel in April, an increase of 3.6% from the same period last year, but a decrease of 14.26% from the previous month. He said that more than 635,000 tonnes of steel were sold last month, down 14% year on year and 20% from March.

Mr Sua added that the domestic price of steel in April was 400 to 700 VND per kilogramme lower than that of March, fetching at 10,600 to 10,800 VND per kilogramme (VAT excluded) and is likely to fall even more.

The price of scrap steel went down by 20 to 25 USD per tonne to 255 to 265 USD per tonne while that of steel billets has declined by 20 – 25 USD per tonne since April 24 to about 390 to 400 USD per tonne.

Local producers continued to offer discounts and price guarantees to customers and suffer fierce competition from exported steels, further worsening the situation.

The association advised the domestic steel producers to help stablise the market by revoking price guarantees and reducing discounts. It also encouraged information exchange and cooperation between the producers to ensure a healthy business environment.

Source : VNA

voda 17 mei 2017 22:36

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World’s biggest fabric filter for sinter production starts operation at thyssenkrupp

The waste air from sinter belt 3 in Duisburg-Schwelgern flows through more than 44,000 extremely fine filter bags, each almost three meters long.

Source : Strategic Research Institute

Bijlage:

voda 17 mei 2017 22:38

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Iran’s mining projects on hold as investors fear new sanctions

Daily Star reported that Iran has put on hold “almost all” of its mining agreements with foreign investors as companies from Europe to Asia fear additional sanctions on the country’s economy, according to the deputy minister of Iran’s Industries, Mines and Trade Ministry. Mr Mehdi Karbasian said in an interview in Tehran said that less than USD 100 million of projects is moving forward, out of the $50 billion in potential investment the government is seeking from overseas mining companies by 2022.

He said that “Fearing they might get placed on a blacklist in the wake of the return of sanctions, the companies with whom we have made these deals have suspended almost all of the agreements and maintained a wait-and-see attitude.”

The USGS said in the report that US President Donald Trump imposed new curbs on Iran’s economy after the country conducted missile tests earlier in the year, and US senators have introduced a bill to further tighten restrictions. Iran has more than 5,000 active mines, mostly privately owned, according to a 2013 report by the US Geological Survey. Mining and manufacturing, led by steel and cement, account for 13% of gross domestic product, against 16% for crude oil and natural gas.

Karbasian said in August 2015 that in 2015, as international powers prepared to ease sanctions the following January, Iran was attracting interest from mining companies from Italy and France to Brazil and Australia. Plans were to double steel production by 2025, with German, French and Dutch delegations visiting Iran to discuss investments in steel and mining.

According to Karbasian, who is also managing director of the state-run Iranian Mines & Mining Industries Development and Renovation Organization, stalled projects include expansions of Hormozgan Steel and Isfahan Steel, which each had 400 million euros (USD 439 million) of deals with foreign partners.

Source : Daily Star

voda 17 mei 2017 22:39

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Kazakhstan Iron ore production in Jan to Apr up by 16.9%
Published on Wed, 17 May 2017

Kaztag reported that Kazakhstan iron ore production amounted to 12.76 million tonnes in January to April 2017, 16.9% up year on year.

The statistics committee of the Ministry of National Economy of Kazakhstan said that, copper ore production amounted to 31. 147 million tonnes (+41.7%), gold containing ore- 5.652 million tonnes (-2.2%), chrome concentrate - 1.411 million tonnes (+13%).

Source : Kaz Tag

voda 18 mei 2017 17:00

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Indian steel minister sees bright future for Indian steel sector

Times of India reported that India’s Steel minister Chaudhary Birender Singh is upbeat about the prospects for the sector. In an interview to TOI, Singh said that several global majors have shown interest to invest in the steel sector.

Excerpts:

Q - What is the road ahead for the new steel policy?

A - The thrust is on two areas. One, our consumption should increase and when consumption rises then production also will go up. In this year's budget there is a provision for Rs 4 lakh crore for infrastructure and we believe that even if 10% of that is steel component such as Railways, national highways, shipping, ports, urban housing, affordable housing and priority for these projects is India-made steel, then the consumption will go up. We plan to increase steel consumption two-and-half times by 2030.

Q - What are the plans for SAIL's revival?

A - SAIL will have to undergo total transformation. They will have to diversify from crude steel. They will have to raise the efficiency level and compete with the private sector.

Q - Will there be downsizing in SAIL?

A - I am not for manpower restructuring. If they have double the staff available in the private sector then they should at least raise the efficiency level. Pruning is not the solution. SAIL should go for diversification. Demand for alloys will rise. It should be a multifaceted corporation and not just be satisfied by producing crude steel.

Q - Are you looking at JVs?

A - Yes. Our joint venture with ArcelorMittal is in the final stages and I hope it will click. This will help improve the situation in SAIL significantly.

Q - Any move to attract FDI?

A - We will welcome foreign investment in transfer of technology. Posco is talking to us. Japan and South Korea's ambassadors met me recently. They are keen to have some kind of partnership. India will emerge as a huge hub for the automobile sector. We would manufacture 28% of total cars made in the world.

Q - Which Japanese companies are interested to invest in the steel sector?

A - Nippon Steel, SAIL has had discussions. If they (Nippon Steel) want to set up their own plants they can do it, they can bring in FDI. We are open to that also.

Q - What is the progress on disinvestment of SAIL subsidiaries?

A - The progress is slow. We have to appoint transaction advisers. The response has been low. We may have to advertise again.

Q - How do you see steel demand in the months ahead?

A - The way we have structured our steel policy is that it would start yielding results if we are able to export 15-20% of our total production. This may not be visible now but should be possible in one or two years. We have laid the foundation. We are not only looking at the demand from within the country. I see demand rising between 5% and 8% and demand will also increase in neighbouring countries. The demand within the country will increase for the next 50 years and the next destination would be the neighbouring countries like Cambodia, Vietnam and then the African continent.

Q - Do you need a separate ministry only for steel?

A - The government's guidance is a necessary component for an industry. If this ministry is not there then how would you think of imposing MIP (minimum import price), anti-dumping duty and articulating views of the sector with the commerce ministry.

Source : Times of India

voda 18 mei 2017 17:03

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Tata Steel UK unions welcome pension arrangements

Business Line reported that Tata Steel unions in the UK have welcomed the latest developments relating to Tata Steel’s pension arrangements in the UK, including the agreement on the main commercial terms of a “Regulated Apportionment Agreement,” under which Tata Steel will contribute GBP 550 million and a 33 per cent equity stake in its UK operations and sponsor a new closed pension scheme.

Unions in a joint statement said that “This announcement is a stepping stone in the process to secure British Steel Pension Scheme members’ benefits in a new modified scheme. The new scheme must be delivered and we will be seeking further assurances to ensure that this regulated apportionment arrangement announcement leads to the choice that our members expect.”

The pensions regulator said that while good progress had been made, there were still important details to be finalised. It said “Pension restructuring which involve an RAA are rare, and we will only approve an RAA when stringent tests are met, so they are not abused by employers seeking to inappropriately offload their pension liabilities.”

Source : Business Line

voda 18 mei 2017 17:07

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JFE aims to widen coking coal sources after Australian cyclone

Reuters reported that JFE Holdings Inc aims to buy more coking coal outside of Australia to offset price risks for the steel ingredient that were made evident by a big cyclone in March. JFE President Mr Eiji Hayashida told a news conference “The biggest reason for volatility of coking coal prices is geographic risk, with a major part of global production coming from the east coast of Australia. We want to diversify our procurement sources to areas including Mozambique, Russia and Canada.”

Mr Hayashida said miners in Australia needed to be better prepared for the cyclones that frequently hit the area. He said “We strongly hope that miners will make more efforts, such as reinforcing infrastructure, to mitigate impacts from natural disasters.”

The price of coking coal has been volatile for more than a year, nearly quadrupling between March and late November 2016, and then halving over the next four months to end-March 2017. March brought a new twist, though, when Cyclone Debbie hit eastern Australia, cutting rail lines in the world's biggest coking coal export region and sending prices gyrating up and down once again in April.

Source : Reuters

voda 18 mei 2017 17:07

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G20 must tackle distortions on global steel markets - German minister

Reuters quoted German Economy Minister Brigitte Zypries as saying that the world’s 20 biggest economies must jointly tackle the causes of imbalances on global steel markets, adding she had addressed the issue also in talks with Chinese counterparts.

Ms Zypries said that “We must work together on the causes of market distortions and we can only do so at the G20 level. That is why it is important to us that we tackle the issue together during our German G20 Presidency.”

Ms Zypries said she had addressed the issue of overcapacity in China and the imbalance it creates on global steel markets in talks with Chinese counterparts during her trip to Beijing. She said that “China’s capacity surplus is estimated to be around 350 million tonnes. My line is clear: As an export-oriented economy, Germany needs fair access to international markets and fair conditions.”

Source : Euro News.com

voda 18 mei 2017 17:10

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TATA Steel UK results

The Northern Echo reported that a move to cast off North-East operations has helped Tata Steel UK’s finance sheet hit a near ten year high. TATA Steel has revealed earnings before interest, tax, depreciation and amortisation stood at GBP 230 million in the fourth quarter to March 31. The business last year sold its loss-making Long Products division, spearheaded by the Teesside Beam Mill, near Redcar, and bosses say the company has since made “positive strides”

According to its latest results, released measures to improve its British operations, which have felt the effects of cheaper Chinese imports, weaker market prices and expensive business rates and energy costs, pushed quarterly EBITDA up by GBP 267 million year-on-year.

That boost, which reflected the highest quarterly figure since 2008, meant full-year European EBITDA stood at GBP 536 million, compared to a loss of GBP 52 million in the year previously.

Mr Hans Fischer managing director and chief executive of Tata Steel in Europe, said that “Our full-year EBITDA result benefited from more favourable market and currency tailwinds, helped also by the changes we’ve made in the UK.”

Earlier this year, The Northern Echo confirmed Tata was still in talks to secure hundreds of steel jobs at its Hartlepool pipe mills, which process steel for the offshore energy sector. Industry sources said that if a bid is successful at Hartlepool, around 250 jobs could be safeguarded, with a similar number staying at Tata’s 20-inch mill, which is understood not to be for sale.

Source : The Northern Echo

voda 18 mei 2017 17:10

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Usiminas blast furnace restart a good sign of Brazilian steel sector recovery

Bnamericas reported that Usiminas' decision to restart blast furnace No. 1 at its Ipatinga mill is a good sign that the situation is improving for the Brazilian steel sector. That is according to Mr Pedro Galdi, founder and chief analyst at research firm Upside Investor who told BNamericas that the move is directly related to expectations of a resumption of economic growth. Mr Galdi said that "Every time a steel mill turns off its blast furnace, a warning signal is given that the scenario has become dangerous and a drop in demand is emerging,"

Usiminas turned off the furnace in June 2015 as a cost-cutting measure intended to adapt output to demand. Usiminas said in a statement that about 80mn reais (USD 26 million) will be needed to restart the furnace by April 2018.

He said that "But we always mention that this type of measure is drastic, because putting a furnace back into operations is a costly, time consuming process."

Mr Galdi said that "As I said, investments required for this process are not low. But I see more consistent demand for Usiminas' products starting in the first half of 2018.”

The move will reduce Usiminas' need to purchase steel plates from third parties.

Usiminas' crude steel production in Q1 fell 7.18% year-on-year to 737,000t. Steel sales volume increased to 930,000t from 903,000t, the company said in its latest earnings release.

Source : BNamericas

Bijlage:

voda 18 mei 2017 17:14

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PSM given 45 days by Sindhi HC to pay retirees gratuity

The News reported that Sindh High Court ordered the Pakistan Steel Mills on Monday to scrutinise the service records of more than 850 of its retired employees and pay them gratuity within 45 days. The directive came on a petition of Syed Umar Baqi and 850 others, who moved the SHC against not being paid their gratuity, leave encashment and provident funds since May 2013.

Their counsel Haseeb Jamali told the court that the PSM had leased Port Qasim’s land to the Punjab government against PKR 1.48 billion, but the retired employees were yet to be paid their pension benefits and other dues.

PSM Chief Financial Officer Mohammad Arif Sheikh said the petitioners were eligible for retirement benefits and other dues, but the company had no funds in its gratuity and provident fund account.

Mr Sheikh admitted that gratuity and provident fund had not been paid to the PSM’s retired employees since May 1, 2013 because of a financial crunch. He said the company had deposited a cheque of PKR 175.185 million to the SHC’s Nazir in compliance of the court’s order.

He added that the PSM was in touch with the Ministry of Industries & Production to resolve the issue of the retired employees. He said that “As soon as the government provides us with the required funds, we shall ensure disbursement accordingly.”

Mr Sheikh said the Public Accounts Committee had already asked the government to make necessary arrangements to release PKR 3.429 billion to pay gratuity to the PSM’s retired employees. He assured the SHC that the company wished to pay the dues of the retired employees as and when the funds were transferred by the government.

The court’s division bench headed by Justice Mohammad Iqbal Kalhoro said that since the PSM had admitted that the claim of the petitioners was justified, there was no opposition or resistance.

In the light of the PSM’s admission, the bench ordered the respondents to ensure that the company’s retired employees received their dues after scrutiny of their service records within 45 days. The SHC also directed them to submit a compliance report through the court’s member inspection team.

Source : The News

voda 18 mei 2017 17:15

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Turkish scrap imports update for Q1

According to the Turkey Statistical Institute data showed in March of this year, Turkish scrap imports decreased by 6.2%, up to 1.74 million tonne compared with the same period of last year, increased by 75.4% compared with previous month.

Source : Strategic Research Institute

Bijlage:

voda 18 mei 2017 17:16

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Prices of H-beams in Asia remain unchanged

Tex Report reported that prices of steel H-beams in the Asian region have almost remained unchanged in the past month. They remain at USD 560 to USD 570 CFR. Emirates Steel of the UAE is likely to be going to proceed with negotiations at lower prices by USD 50 than above prices, which seem to attract no buyers,

In East Asian region, Korea's Hyundai Steel and some Japanese mills are conducting the periodic maintenance of facilities, and therefore, supply quantity is supposed to be reduced. However, prices do not move. It is because there are no buyers and no sellers. There is information that some Taiwanese mill has lowered its prices by $10 or so but there is nothing affected by it.

Usually, prices of H-beams easily move in tandem with those of steel scrap. At present, prices of steel scrap are falling in the East Asian region. However, there is no sign for prices of H-beams to move. H-beams are almost no in demand, and it is in a situation to be unable to imagine when prices will start to move.

Source : Tex Report

Bijlage:

voda 18 mei 2017 17:17

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Dillinger supplies steel for arched bridges on the new tram line from Strasbourg to Kehl

After long years of planning, official inaugural celebration for the extension of Tram Line D from Strasbourg in France to Kehl in Germany took place in April end. Special steel from Dillinger played an essential role in transcending the boundaries.

Source : Strategic Research Institute

Bijlage:

voda 18 mei 2017 17:21

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Government support lowers profitability risks for Indian steel makers - Fitch

Fitch Ratings said that support measures, such as the imposition of definitive anti-dumping duties on several flat-steel products and preferential procurement of domestic steel by government, will improve the outlook for demand and profitability for Indian steel producers, says Fitch Ratings.

Source : Strategic Research Institute

voda 18 mei 2017 17:21

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Rio Tinto can maintain cash returns even if iron ore prices sink – Mr Jean Sebastien
Rio Tinto said that it could match last year's USD 2.7 billion cash return to shareholders in 2017 even if iron ore prices plummet to near record lows of USD 42 a tonne. Rio, which counts on iron ore to generate more than two-thirds of its revenue, has recorded an average price so far this year of USD 74 a tonne, which is 38% higher than 2016's annual average price.

Rio Tinto Chief Executive Jean Sebastien Jacques said in a speech to be delivered later on Tuesday to a mining conference in Barcelona that "In 2016, we returned USD 2.7 billion dollars - or 28% of our cash - to our shareholders.”

Mr Jacques said last year's cash return was achieved at an average iron ore price of USD 53.60, adding that "The average year to date has been USD 74 so a price of USD 42 for the rest of the year will give us a similar outcome."

Iron ore last traded below USD 42 a tonne in January 2016. The price hit a record low USD 38.30 a tonne the previous month. The price last quoted on Monday was USD 60.80 a tonne.

Iron ore prices are set to remain on a downslope for at least the next half decade, averaging lower each year through to 2021 as Chinese demand cools faster than expected, though it is unlikely to revisit the lows of late 2015 and early 2016, according to BMI Research.

BMI forecasts iron ore will average USD 65 a tonne this year, USD 50 in 2018, and decline to USD 48 by 2019.

Source : Reuters

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