Spot prices of seaborne HRC in Asia rose again on Thursday – the 4th increase in a row – on more deals and a surge in offers. Platts assessed HRC 3.0mm thick at US$ 305-312/T FOB China, up by US$ 1/T on the day. Shagang Group in eastern China offered US$ 330/T CFR South Korea for HRC for May shipment. As per analysts, Chinese mills would further increase offers. (Source - SBB, London)
Spot rebar prices in northern China continued trending upward for a third straight day. Dealers are now relatively optimistic about the market given the support of growing seasonal demand. In Beijing’s retail market on March 3, Platts assessed 18-25mm diameter rebar at US$ 313-315/T ex-stock including 17% VAT. This was up by US$ 5/T from Wednesday and lifted prices to their highest point since the end of August. Traders attributed the increase to more buying interest as construction activity has picked up with spring approaching. (Source - SBB, London)
Serbia has invited bids for its loss-making Zelezara Smederevo steel mill, marking the latest stage in attempts to find a solution to the plant which has been swallowing US$ 120 million a year in subsidies since it was nationalised in 2012. The economy ministry has set the starting price for the plant at US$ 50 million and March 30 as the deadline for binding bids. Offers will be made public on April 1. (Source - Press Reports)
AK Steel Holding Corp., USA will increase base prices for its carbon flat-rolled steel products by a minimum US$ 30/T. The move, effective immediately with new orders, comes amid claims from the steelmaker that its business is being hurt by unfairly priced imports from Brazil, China and India, among other countries. (Source - Press Reports)
The owners of an iron ore mine in Brazil where a burst dam spewed a toxic flood, flattening a village and killing 19 people, settled with the Government for US$ 6.2 billion. Representatives of Samarco -- co-owned by Brazil's Vale iron ore giant and the Anglo-Australian BHP Billiton, the world's biggest mining company — signed the accord in the capital Brasilia. (Source – Steelonthenet)
The U.S. Commerce Department had launched an anti-dumping and countervailing duty investigation into imports of stainless steel sheet and strip from China. The probe was in response to a petition from AK Steel Corp, Allegheny Ludlum, North American Stainless, and Outokumpu Stainless USA. U.S. International Trade Commission was scheduled to make its preliminary determination of injury to U.S. producers on or before March 28. (Source - Press Reports)
Spot rebar prices in northern China continued trending upward for a third straight day. Dealers are now relatively optimistic about the market given the support of growing seasonal demand. In Beijing’s retail market on March 3, Platts assessed 18-25mm diameter rebar at US$ 313-315/T ex-stock including 17% VAT. This was up by US$ 5/T from Wednesday and lifted prices to their highest point since the end of August. Traders attributed the increase to more buying interest as construction activity has picked up with spring approaching. (Source - SBB, London)
Serbia has invited bids for its loss-making Zelezara Smederevo steel mill, marking the latest stage in attempts to find a solution to the plant which has been swallowing US$ 120 million a year in subsidies since it was nationalised in 2012. The economy ministry has set the starting price for the plant at US$ 50 million and March 30 as the deadline for binding bids. Offers will be made public on April 1. (Source - Press Reports)
AK Steel Holding Corp., USA will increase base prices for its carbon flat-rolled steel products by a minimum US$ 30/T. The move, effective immediately with new orders, comes amid claims from the steelmaker that its business is being hurt by unfairly priced imports from Brazil, China and India, among other countries. (Source - Press Reports)
The owners of an iron ore mine in Brazil where a burst dam spewed a toxic flood, flattening a village and killing 19 people, settled with the Government for US$ 6.2 billion. Representatives of Samarco -- co-owned by Brazil's Vale iron ore giant and the Anglo-Australian BHP Billiton, the world's biggest mining company — signed the accord in the capital Brasilia. (Source – Steelonthenet)
The U.S. Commerce Department had launched an anti-dumping and countervailing duty investigation into imports of stainless steel sheet and strip from China. The probe was in response to a petition from AK Steel Corp, Allegheny Ludlum, North American Stainless, and Outokumpu Stainless USA. U.S. International Trade Commission was scheduled to make its preliminary determination of injury to U.S. producers on or before March 28. (Source - Press Reports)
ArcelorMittal is planning for rights issue on March 14th for $3billion in order to reduce its overwhelming debts of $15.7 billion. One right per existing ArcelorMittal share held will be allocated.
ReplyDeleteTata Steel gets green nod for Rs.1877 crore expansion plan at Jamshedpur Steel Works. The environment clearance (EC) is subject to strict compliance to specific and general conditions.
ReplyDeleteA US Probe finds Tata Steel UK, JSW Steel of dumping cold rolled steel flat products into their country.
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