Eurobench.com

voda 19 juni 2017 16:48

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CITIC mocks Professor Palmer in ore royalties trial

The West reported that lawyers for China’s biggest conglomerate have mocked Clive Palmer at a civil trial in Perth for referring to himself as a professor, using a pseudonym and boasting about litigation being a hobby. It also emerged on the second day of the WA Supreme Court case between his private company Mineralogy and CITIC on Thursday that Mr Palmer would not give evidence, despite telling reporters less than 24 hours earlier he would testify.

The trial centres on a disputed 2006 agreement for the Sino Iron project in the Pilbara which CITIC built and operates, drawing ore from Mineralogy-owned land.

The contract included CITIC agreeing to pay Mineralogy two different types of royalties but the parties cannot agree on how to calculate the far greater second royalty, which the Chinese corporate giant has refused to pay.

CITIC argues the iron ore industry’s abandonment of its annual benchmark pricing system in 2010 meant the contract was uncertain.

But Mineralogy is seeking damages, saying the agreement did not contain reference to the benchmark price and instead used more general, flexible language.

CITIC’s lawyer Mr Charles Scerri showed the court documents from previous joint venture negotiations between the parties, which failed to result in a deal, in a bid to show the intent of the final agreement was to use the benchmark price to determine the royalty amount if prices for BHP and Vale iron ore products ceased to be a reasonable proxy. He argued that Justice Kenneth Martin needed to look at the earlier deal attempts, which would give context to the ultimate agreement, but the judge replied “the commercial world would be in chaos” if earlier negotiations were considered part of a deal.

Both parties had had an opportunity to put those aside and draw up a fresh, high-level contract, he said, adding “we’re dealing with heavyweights here”.

The documents provided a glimpse of hostile exchanges before the ill-fated Pilbara joint venture even got off the ground, with an email from Terry Smith an alias used by Mr Palmer describing a CITIC lawyer’s letter as “a sick joke“ as it suggested jointly developing the multibillion-dollar project.

The court heard Mr Palmer had previously contemplated an 80:20 partnership, but ended up deciding he wanted the royalties without the risk, while CITIC didn’t want him as a minority shareholder in a company they acquired from him.

Mr Scerri said that Mr Palmer’s Who’s Who entry listed litigation as a hobby, which explained why CITIC “got cold feet about getting into bed” with him.

The entry currently lists his recreation as reading, golf and football.

Mr Scerri also told the court Mr Palmer, who has an honorary doctorate, had “never” been entitled to call himself professor and had “stormed out” of at least one meeting.

The trial continues.

Source : The West

Bijlage:

voda 19 juni 2017 16:52

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Ukrainian steelmakers ask government to prolong export duties on metal scrap

112 International reported that Directors General of the three the largest metal enterprises of Ukraine appealed to Mr Petro Poroshenko President of Ukraine and Mr Volodymyr Groysman Prime Minister of Ukraine to prevent the increase of the scrap deficit on the inner market of Ukraine. The steelworkers ask to support the extension of the export duties on the metal scrap in the amount of 30 euro for two years (as the Decree of Ukraine #6383 from April 4, 2017provides).

According to the edition, the management of the Ilyich Iron and Steel Works, Zaporizhstal and Azovstal Iron and Steel Works is afraid that after the end of the Decree of Ukraine of Amendments in Ukrainian Decrees concerning the increase of the black metal scrap deficit on the inner market, the situation with the supply to the steelworkers of the strategical raw materials will deteriorate in Autumn 2017. The Ukrainian metallurgical complexes would be forced to restrain the production of the end product. It poses a threat to the financial and economic indexes and the future of the workers of the enterprises and related industry.

Mr Yuriy Zinchenko Director General of the Ilyich Iron and Steel Works reported that “The making of the quality metal products is impossible without enough amount of the scrap. We know as nobody else knows that is very difficult to maintain the work of the metallurgic enterprise in the terms of the metallurgic material lack. The decision to export the great amounts of the metal scrap from Ukraine was made in 2015-2016.”

According to the mass media, the stable activity of the Azovstal Iron and Steel Works is under the threat because of the Ministry of Economic Development and Trade of Ukraine shortfall policy on the formation of the balance of the creation and storage of the scrap for the last two years. Enver Tskitishvili, the Director General of the enterprise reminded, that the strategically important orders were failed and the collective was downsized on the basis of the scrap deficit that became the perspective of the further progression of the events at the enterprise.

According to the letter, the situation with the scrap got better only due to the increasing of the export duties on the metal scrap.

Mr Rostyslav Shurma Director General of the Zaporizhstal noted in his letter to the Ukrainian governance that “Despite the positive shifts on this issue, the exhaustion of the metal fund of Ukraine in the time of the hollowing-out of the raw material from the inner market in favor of the external market and the loss of the part of the Ukrainian territory remain the negative influence on the situation.”

As at first four months of 2017, the deficit of the scrap in Ukraine consists more than 200 thousand of tonnes.

According to the steelmakers, the expansion of the export duties on metal scrap for two years will allow to maintain the existing level of production and even to increase it, maintain the thousands of the work positions and the proper contributions of the metallurgic sphere to the state budget of Ukraine. The Ilyich Iron and Steel Works, Zaporizhstal and Azovstal Iron and Steel Works remain to be the main of the taxpayers to the state budget of Ukraine despite the adversity on the inner market and increasing of the rivalry on the inner markets.

Source : 112 International

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voda 19 juni 2017 16:53

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Nucor Announces Guidance For Its Second Quarter Earnings

www.prnewswire.com/news-releases/nuco...

voda 19 juni 2017 16:54

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Indian steel consumption up in April and May

Business Standard reported that steel consumption has picked up marginally in the first two months of the financial year. According to the Joint Plant Committee data, the consumption of finished steel has increased by 4.2% on a year on year basis to 13.8 million tonnes during the period April to May. As far as non alloy steel is concerned, it's higher by 5.4% at 12.7 million tonnes.

India’s consumption of finished steel in April-March 2016-17 grew three per cent to 83.93 million tonnes over last year. However, growth in non-alloy steel was higher at around 4%.

Mr Sushim Banerjee, director general, Institute for Steel Development and Growth said there was some pick-up in construction and auto sales were growing steadily. He, however, said last year the base was very low.

Steel producers pointed out that the improvement in demand did not translate into higher prices. In April prices were reduced and in May steel prices were rolled over.

According to CARE Ratings, however, the demand was expected to revive in this financial year. CARE Ratings said in a report that "The steel production that remained positive for the first two months of the current financial year is expected to continue. This will be backed by various initiatives undertaken by the government. The recent approval by the Union Cabinet for National Steel Policy is an indication of the government's support towards the industry.”

CARE Ratings expects steel production to grow by 8 to 10% during 2017-18.

Crude steel output in the first two months grew by 4.5% to 16.4 million tonnes. CARE Ratings report said that “An expected improvement in the pace of construction and infrastructure in the country will also support production.”

Last financial year, steel producers depended primarily on exports as the Indian market was muted. The export of finished steel was up by 102.1% to 8.244 million tonnes over the same period last year. That trend continued in the first two months of the year as well. The export of finished steel was up by 102% in April to May 2017.

Source : Business Standard

voda 19 juni 2017 16:55

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Mr Singh asks SAIL to boost steel usage

The Hindu reported that Indian Union Steel Minister Chaudhary Birender Singh called for innovative marketing efforts to boost steel consumption in India. Asking industry leader Steel Authority of India Ltd to take the lead in promoting steel usage, Mr Singh said it would be a challenge to increase demand for the metal.

Mr Singh while addressing SAIL officials its Central Marketing Office said that “While the Steel Ministry is doing its bit to promote steel usage and spread awareness about its benefits over other materials, domestic steel makers also need to walk the extra mile for producing world class steel.”

He said that India would more than double steel production capacity to 300 million tonnes by 2030-31 but the challenge remains in increasing the demand from the current per capita consumption of 65 kg.

Source : The Hindu

voda 19 juni 2017 16:56

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Update on NMDC Nagarnar steel plant

Daily Pioneer reported that NMDC Ltd is setting up the upcoming 3.0 million tonne per annum Integrated Steel Plant at Nagarnar near Jagdalpur in Bastar as a ‘Zero Liquid Discharge Plant’ in Chhattisgarh. Notably, the Cabinet Committee on Economic Affairs has also accorded ‘in principle’ permission to NMDC Ltd for considering ‘strategic disinvestment’ of its 3 million tonne per annum steel plant coming up at Nagarnar in Bastar region of Chhattisgarh.

It may also be recalled that NMDC has proposed to use its mine lease area at Deposit number 4 located at Bailadila range of hills at Bhansi near Bacheli in South Bastar’s Dantewada district in Chhattisgarh for meeting the raw material requirement ‘exclusively’ for its upcoming 3 million tonne per annum Integrated Steel Plant at Nagarnar, officials informed.

The remaining iron ore quantity after meeting the requirement of integrated steel plant at Nagarnar from Deposit 4 will be sold to domestic customers in Chhattisgarh, they informed.

The Deposit 4 iron ore mine will be developed as a ‘standalone project’ with an estimated investment of INR 1899.74 crores.

Notably, NMDC proposes for mining the Deposit number 4 iron ore mine with a production capacity of 7.0 million tonne per annum in the mine lease area of 646.596 hectares.

Notably, NMDC's iron ore requirement for the steel plant would be 5 MTPA.

The exploration work was done at Bailadila Deposit No. 4 by NMDC in the year back in 1972-74. The ore reserves were proved by detailed exploration activities.

The Deposit 4 has a production capacity of 7.0 million tonne per annum and spread in a mining lease area of 646.596 hectares.

In addition to the mining lease area, 95.13 hectares forest land is identified for development of infrastructure such as downhill conveyor, screening plant, loading plant and approach road etc.

Further, 50 hectares of non-forest land is also required for installation of railway stock yard, administrative building, loading plant (part), tailing dam, STP and township etc.

The existing iron ore production from other Bailadila mines is catering to requirements of large steel plants and also to local sponge iron / pellet plants in Chhattisgarh.

Source : Daily Pioneer

voda 19 juni 2017 17:02

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Hopes on Andhra Pradesh steel plant brighten

DECCAN CHRONICLE reported that hopes were rekindled for the steel industry in Kadapa district after Union minister Mr Birendra Singh responded positively to establishing the unit in the district. Task force teams have completed a detailed survey over the feasibility of setting up the steel plant in the district as part of the post-bifurcation programs.

It may be noted that SAIL authorities during their survey found little chances for setting up the unit in Kadapa district in December 2014 after grading the deposits as poor.

All political parties and the Steel Plant Sadhana Samiti mounted pressure on the state and Central governments, demanding that they adhered to the promise in the 13th schedule of the AP Reorganisation Act.

Then, the Centre formed a task force with SAIL, RINL, NMDC and Mecon Ltd to study the feasibility in October last.

The task force completed the study and prepared a detailed report on various issues including availability of facilities, land, transport and ore. Mecon Ltd was entrusted with submitting another report in March and conducting a geological survey over available iron ore deposits in all parts of the state in March. The organisation recently submitted the report to the government.

With repeated representations and raising of issue in the Lok Sabha by Kadapa MP Avinash Reddy, the Union minister finally gave a positive decision. The Mp Said that “The minister has assured that the steel plant works would start soon in Kadapa district.”

Source : DECCAN CHRONICLE

voda 19 juni 2017 17:04

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Russian ambassador reiterates interest in Ajoakuta Steel

This Day Live reported that Russia has disclosed that its interest in helping Nigeria develop her steel industry in Ajoakuta has not waned, and is willing to be involved immediately the opportunity beckons. The Russian Ambassador to Nigeria, Mr Nikolay Udovichenko, disclosed this to journalists during the commemoration of the Russian National Day in Abuja

He noted that Russia, having supported other nations in developing their steel industry, is ready to assist Nigeria as part of effort to further deepen relations between Russia and Nigeria. He said that “There have been some discussions on this issue and I hope that they will bring us to success because the Russian company which is working on similar projects in other countries are ready to take part in the resuscitation of Ajaokuta steel plant.”

The envoy said the commemoration of the Russian National Day was important for his country’s cooperation with Nigeria.

While noting that relations between the two countries have been cordial and needed to be deepened further, Mr Udovichenko remarked that the recent visit of the Minister of Foreign Affairs, Geoffrey Onyeama, to Moscow last May opened up a vista of opportunities for both countries, adding that Onyeama’s meeting with his Russian counterpart, Sergey Lavrov, further improved military and economic ties between both countries.

He said other important sectors both countries needed to strengthen ties on include energy, oil and gas, nuclear power, agriculture and education, disclosing that Russia has given over a hundred scholarship to Nigerians this year.

On the area of peace and security, the envoy re called that Russia in last February provided two helicopters to support the military, and is ready to make such gesture a regular practice in supporting peace and security efforts in Nigeria.

On the issue of world peace, Mr Udovichenko maintained that his country is ready to mend frosty relations with United States for permanent world peace, acknowledging that relations between US and Russia is not only critical to both countries but also to rid the world of conflicts.

He expressed hope that the forthcoming meeting between the Presidents of US and Russia, Donald Trump and Vladimir Putin, respectively would improve the relations between the two countries.

The ambassador said that “We try to improve the relations. I hope that the forthcoming meeting between the two presidents will bring a visible achievement to that because what it was before was not very good, not very acceptable not only for our countries but for the security of the world. We are ready to improve the relationship and improve the bilateral and multilateral dialogue on different security issues, notably on terrorism, which is a challenge to the whole world.”

Source : This Day Live

voda 19 juni 2017 17:14

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Teck Resources forecasts drop price for steelmaking coal for Q2 2017

Reuters reported that Teck Resources Ltd forecast a drop in its average realized price from sale of steelmaking coal for the Q2, sending its shares down nearly 4 percent in late afternoon trading. The Canadian miner expects average realized price to be between USD 160 and USD 165 per tonne, much lower than the USD 190 benchmark price set by the company for the second quarter and USD 213 per tonne realized in the previous quarter.

The company said in a statement that "After steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard coking coal spot sales during the four week period from mid-April."

The company also expects the sales volumes to be in the range of 6.8 million to 7 million tonnes in the second quarter compared with the previous forecast of 6.8 million tonnes.

Source : Reuters

voda 19 juni 2017 20:48

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'Tata overweegt beursgang Jaguar Land Rover'

Gepubliceerd op 19 jun 2017 om 20:30 | Views: 0

MUMBAI (AFN) - Tata Group brengt mogelijk auto-onderdeel Jaguar Land Rover (JLR) naar de beurs. Het Indiase conglomeraat zou daarbij op beursnoteringen in Londen en New York mikken, zo meldden ingewijden aan persbureau Bloomberg.

De leiding van Tata zou al langer met het idee spelen om het onderdeel op eigen benen te zetten. Het geld dat het met een beursgang ophaalt zou kunnen worden gebruikt voor de ontwikkeling van nieuwe modellen en technologieën.

Tata kocht JLR in 2008 voor een bedrag van 2,4 miljard dollar van het Amerikaanse Ford Motor. Sinds de Indiërs aan de knoppen zit bij de maker van luxe auto's, is de omzet stevig gegroeid. Deze viel in 2015 zeven keer hoger uit in vergelijking met 2008.

Eerder maakte Tata bekend tot en met maart volgend jaar ruim 5 miljard dollar in JLR te investeren. Een deel van het geld wordt in een nieuwe fabriek in Slowakije gestoken.

voda 20 juni 2017 16:45

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TUV NORD certifies JSPL Raigarh rails for sale in European rail market

Jindal Steel and Power Limited announced that it has cleared the hurdle to supply rails to European countries. JSPL has received certification from TUV NORD that its rails produced in Chhattisgarh’s Raigarh facility match the standards of rails used in Europe. The development would help JSPL bag orders for supplying rails to European countries and strengthen its export portfolio. It would also open doors for JSPL to supply head hardened rails to various metro projects, Dedicated Freight Corridor Corporation and proposed bullet train project in India

TUV Nord team inspected the Raigarh plant and certified two grades of rail based on European rail standards by issuing Certificate Number: TNL-2016-22-02, valid till 01-06-2019 that “In accordance with the EN 13674-1: 2011 Railway applications - Track - Rail - Part 1 : Vignole railway rails 46 kg and above the production of the following rails ie EN 13674-1: 2011 / Grade R260 Rail Type 60E1 (UIC 60) & EN 13674-1: 2011 / Grade R350HT Rail Type 60E1 (UIC 60) of the manufacturer JINDAL STEEL & POWER LIMITED
RAIGARH Kharsia Road Raigarh-496001 Chhattisgarh India has been assessed by TUV NORD LUXEMBOURG Sd rl 124 bid de la Petrusse 2330 Luxembourg in respect of compliance with the applicable requirements of the above mentioned standard.”

Source : Strategic Research Institute

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voda 20 juni 2017 16:46

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GAIL cancels pipe tender to buy Indian steel pipes - Report

Business Standard reported that GAIL (India) Ltd has cancelled the tender for procurement of steel for its Jagdishpur-Haldia pipeline to give preference to local manufacturers. The 700 km pipeline for the Bokaro-Dhamra section had a steel component of 170,000 tonnes and the value of the project was INR 1,200 crore. North China Petroleum Steel Pipe Co was the L1 bidder for more than 85 per cent of the steel supply for the project.

A GAIL spokesperson confirmed the tender had been cancelled because of the notification on use of locally made steel. He said "The policy for providing preference to domestically manufactured iron and steel products in government procurement stipulates that the policy shall come into effect from the date of its notification (May 8) in all tenders where price bids have not been opened. In line with the policy guidelines, VAPPL (Vijaipur-Auraiya-Phulpur pipeline) tenders for line pipeline valuing approximately Rs 900 crore have been re-invited including the provisions of this policy.”

He further said in all future tenders of steel line pipes, the provisions of domestically manufactured iron and steel product policy would be incorporated.

Last week, another GAIL tender for the Vijaipur-Auraiya pipeline project was re-floated for the same reason. Technical bids for the project had been opened but not the price bids. This 358 km pipeline has a steel component of 131,000 tonnes.

Upcoming GAIL tenders are for the 542 km Bokaro-Angul section of the Jagdishpur-Haldia pipeline with a steel component of 142,000 tonnes and the 70 km Dhobi-Durgapur section with a steel component of 19,000 tonne. Including the project that has been cancelled, their combined value is around Rs 3,300 crore.

Source : Business Standard

voda 20 juni 2017 16:47

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NATO allies press Trump to stop steel crackdown

The Washington Post reported that America’s European allies are campaigning to stop President Mr Donald Trump from using national security grounds to slap restrictions on foreign steel imports. According to a report in the Financial Times, German and Dutch military officials have been pressing Defense Secretary James Mattis to make the case that steel imports from NATO members like Germany and Belgium don’t pose a threat to American national security. Reports indicate that Mattis has warned the White House against any rash action on steel.

US Commerce Secretary Mr Wilbur Ross said Monday the administration is ready to take “bold action” to limit imports of steel, even though the Commerce Department’s investigation into the supposed national-security risks from relying on imported steel is still ongoing. Though the administration has touted the action, which could include tariffs or quotas or both, as a move to check China’s abusive trade practices, NATO allies are concerned that they’ll feel the pinch a lot more than Beijing.

Berlin is reportedly particularly concerned about a steel dispute could further widen the rift between Europe and the United States, already yawning after Washington’s withdrawal from the Paris accord and the US Senate’s efforts to tighten sanctions against European firms that do certain kinds of business with Russia.

Source : The Washington Post

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voda 20 juni 2017 16:50

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Indian minister lays stress on R&D in steel sector to cut imports

There is a need to intensify research and development in order to produce value-added and special steel by FY2020 and cut reliance on imports to meet domestic demand, steel minister Chaudhary Birender Singh said. He said "We have to intensify our research and development efforts for production of value added and special steels including auto grade steel, CRGO, CRNO, etc. by 2019-20.”

This would make India self-reliant in sectors like automobile and defence for which the country depends on imports to meet demand, the minister said.

The minister was addressing the second meeting of recently-constituted National Steel Consumers Council in Bhubaneswar.

Source : DNA India

voda 20 juni 2017 16:51

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JSW Steel (USA) selects Danieli for the plate mill modernization

JSW Steel (USA) Baytown, Texas, has announced that it has received preliminary Board approval, contingent upon securing governmental financial support, to proceed with a full-scale modernization project expected to take approximately 20 months to complete. The new state-of-the-art discrete plate mill will significantly increase product offerings while improving customer service with exceptional quality.

Mr John Hritz, President and CEO of JSW Steel (USA), said "While perfecting the unique plate and contiguous pipe mill facility in Baytown over the last two years, our engineering teams have been concurrently working to design the 'Plate Mill of the Future.”

Mr Parth Jindal, Director JSW (USA), said "With this modernization, JSW (USA) will become a low cost producer of exceptional, high quality plate and will be able to significantly increase market share in the ever-strong US market. With the thrust on manufacturing back, JSW feels there is no better time to invest in the US market. The JSW Group's consideration to invest in JSW Steel (USA)'s expansion represents a vote of confidence in the future of US manufacturing."

JSW (USA) has awarded this distinctive project to Danieli, a world leader in steelmaking technology. The decision to select Danieli as the supplier was based on the company's long track record of excellence in large scale capital projects in the steel industry globally. "Danieli is the perfect partner for the modernization because they have been in business for more than 100 years and understand the level of quality and precision that the project will require."

As part of JSW (USA)'s vision for the future, the plate mill modernization is the first phase of a much larger project under consideration by the Board. The second phase includes the construction of a new state-of-the-art melting and casting facility in the US utilizing new technologically superior and eco?friendly processes. A location has not yet been determined for the melting and casting facility. If fully implemented, the new melting and casting facility is expected to create 500 new high wage American jobs over the course of three years. It would also increase JSW (USA)'s ability to supply defense, as well as energy pipeline and domestic infrastructure projects, a goal of the Trump administration for both national security and economic reasons.

JSW Steel (USA) is a wholly-owned subsidiary of JSW Group. The Company operates a uniquely integrated plate/pipe mill complex with a strategic location for North American export markets. The Baytown, TX plate mill capacity is 1.2 mtpy and pipe mill capacity is 0.5 mtpy.

Source : Strategic Research Institute

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voda 20 juni 2017 16:53

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JSPL secures coal linkage for a 5-year term in captive power auctions
"The coal linkages, secured for a 5-year duration, willprovide steady supply of fuel to captive power plants run bythe company for its steel-making operations," the company saidin a filing to the BSE today.

New Delhi: Jindal Steel and Power Ltd (JSPL) today said it has secured coal linkage in the recently-concluded auctions for the captive power sub-sector.
"The coal linkages, secured for a 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel-making operations," the company said in a filing to the BSE today.
The captive power plants (CPPs) of the company are located at Raigarh and Dongamahuah (Raigarh district) in Chhattisgarh.
The linkages ensure a steady supply of thermal coal to feed the captive power plant at calorific cost and would further enhance operational efficiency, the company said.
Since 2016, JSPL has secured coal linkages of close to2.3 mtpa in various sub-sectors for a 5-year timeframe.

energy.economictimes.indiatimes.com/n...

voda 20 juni 2017 16:54

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Tokyo Steel to keep product prices unchanged for fifth month

Reuters reported that Japan's top electric-arc furnace steelmaker Tokyo Steel Manufacturing Co Ltd said that it will hold its product prices steady for a fifth straight month in July to reflect flat spot prices in the local market. Tokyo Steel's MD Mr Kiyoshi Imamura told a news conference “We are sticking to the current prices as the domestic market remains at a standstill.”

However, pointing to metropolitan redevelopment projects, increased capital spending by companies and shop and hotel projects ahead of the 2020 Tokyo Olympics, he said "But we expect the market will gradually strengthen as we are headed for a slow output period in summer and we see an increase in construction demand.”

The price of Tokyo Steel's main product, H-shaped beams used in construction, will remain at JPY 78,000 a tonne, while prices for steel bars, including rebar, will be JPY 56,000 a tonne.

The company's pricing strategy is closely watched by Asian rivals

Source : Reuters

voda 20 juni 2017 17:00

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Mount Gibson terminates offtake agreement with Iron Hill customer

Mount Gibson Iron Limited advised that it has formally terminated an offtake agreement entered into with Xinyu Iron and Steel Group Limited on 25 November 2016 relating to production from the Company’s Iron Hill mine in Western Australia. The termination follows Xinyu’s failure to comply with a fundamental term under the offtake agreement.

Consistent with Mount Gibson’s rights, the Company is now free to place all production previously committed to Xinyu under this agreement with alternative customers. Mount Gibson has reserved its rights to pursue Xinyu for any resulting losses.

Mount Gibson has already successfully sold Iron Hill material into the spot market, and fully expects to continue to place all production from Iron Hill with customers as it becomes available.

As previously announced1, Xinyu committed to purchase approximately one quarter of the first year’s planned production from Iron Hill under its offtake agreement with Mount Gibson.

Source : Strategic Research Institute

voda 20 juni 2017 17:07

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AISI update on Raw Steel Production in US in Week 24

In the week ending on June 17, 2017, domestic raw steel production was 1,739,000 net tons while the capability utilization rate was 74.6 percent. Production was 1,755,000 net tons in the week ending June 17, 2016 while the capability utilization then was 75.1 percent. The current week production represents a 0.9 percent decrease from the same period in the previous year. Production for the week ending June 17, 2017 is up 1.2 percent from the previous week ending June 10, 2017 when production was 1,718,000 net tons and the rate of capability utilization was 73.7 percent.

Source : Strategic Research Institute

voda 20 juni 2017 17:07

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Modest Interest in Iran's Imported Flat Steel

Financial Tribune reported that buying activity in the Iranian flat steel import market remained limited over the past week due to the traditional Ramadan slowdown. As such, prices have not seen any significant change. Russia-origin 2mm thick hot rolled coil was available at around EUR 390 (USD 437) per tonne FOB Astrakhan. The cost of freight to Iran's n northern port of Anzali is about USD 15 to USD 16 per tonne.

One trader was said to be in negotiations with Russia’s Magnitogorsk Iron & Steel Works, otherwise known as MMK, however, results of the meetings have not been reported.

Market observers said that acceptable rates would be between EUR 380 to EUR 385 (USD 426 to USD 431) per tonne FOB Astrakhan.

Meanwhile, offers of Kazakhstan-origin material were heard at USD 420 per tonne FOB Aktau.

With cost of freight to Anzali being USD 8 to USD 9 per tonne, this would be equivalent to USD 428 to USD 429 per tonne CFR.

Sources also said that a cargo of "substandard" HRC had been booked at about USD 410 per tonne CFR over the past week, although it was not immediately clear what "substandard" meant in this context.

Metal Bulletin’s weekly assessment for imported 2mm HRC in Iran remained largely unchanged over the week at USD 430 to USD 445 per tonne CFR Iranian ports on June 14.

Offers of cold rolled coil from MMK remained at EUR 445 (USD 499) per tonne FOB Astrakhan.

Sources said that CRC from Kazakhstan’s ArcelorMittal Temirtau was available at USD 500 per tonne FOB Aktau.

Source : Financial Tribune

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