Spot prices of internationally-traded hot rolled coils in Asia rose sharply Monday and most Chinese mills had stopped making offers in international market in response to the sharp increase in their domestic market. Platts assessed HRC 3.0mm thick export prices from China at US$ 327.5-332.5/T FOB, up by a US$ 17.5/T from last Friday. Most Chinese mills are planning even higher offers. In Shanghai dealers’ market Monday, Platts assessed 5.5mm HRC at US$ 390-394/T ex-stock with 17% VAT, up by a huge US$ 52/T from last Friday. (Source - SBB, London)
Spot prices of regionally-traded rebar in Asia rose sharply on Monday due to soaring Chinese domestic market where prices climbed for a sixth consecutive business day. Platts assessed 16-20mm diameter rebar export prices at US$ 300-310/T FOB China, up by US$ 35.5/T since last week. Chinese mills are suspending offers and expecting an increase as high as US$50-70/T in the export prices. (Source - SBB, London)
Tata Steel is putting up its structural steel sections prices by GBP 20/T effective April 3 as the company seeks to benefit from the global price recovery. The weakness of the Pound has made importing far more difficult. Tata Steel, the sole domestic producer of heavy sections in the UK, previously announced a GBP 20/T increase in offer prices at the start of the year on the back of an uptick in demand and a GBP 30/T increase announced by ArcelorMittal. (Source - SBB, London)
The price of iron ore jumped almost 20% on Monday to US$ 63.74/T, the biggest one-day gain on record. The start of the iron ore price run was driven by seasonal restocking factors, but by now the steel price has taken over as the main driver, explains Credit Suisse. When steel prices rise, so does iron ore. The price of steel in China has rebounded by 20% from its lowest in December. (Source - Metal Junction)
Chinese steel prices are surging back from lows but it has little to do with construction demand. Traders are buying steel. As per analysts, spike in steel prices is due to speculative demand. Cut in China's reserve requirement ratio - a benchmark figure that decides how much money banks can lend, is leading to steel traders taking on debt to restock the steel. Steel traders' inventories had spiked quickly in February and have reached 12.6 MT now as steel mills resumed production on profitability improvement. (Source - Press Reports)
Spot prices of regionally-traded rebar in Asia rose sharply on Monday due to soaring Chinese domestic market where prices climbed for a sixth consecutive business day. Platts assessed 16-20mm diameter rebar export prices at US$ 300-310/T FOB China, up by US$ 35.5/T since last week. Chinese mills are suspending offers and expecting an increase as high as US$50-70/T in the export prices. (Source - SBB, London)
Tata Steel is putting up its structural steel sections prices by GBP 20/T effective April 3 as the company seeks to benefit from the global price recovery. The weakness of the Pound has made importing far more difficult. Tata Steel, the sole domestic producer of heavy sections in the UK, previously announced a GBP 20/T increase in offer prices at the start of the year on the back of an uptick in demand and a GBP 30/T increase announced by ArcelorMittal. (Source - SBB, London)
The price of iron ore jumped almost 20% on Monday to US$ 63.74/T, the biggest one-day gain on record. The start of the iron ore price run was driven by seasonal restocking factors, but by now the steel price has taken over as the main driver, explains Credit Suisse. When steel prices rise, so does iron ore. The price of steel in China has rebounded by 20% from its lowest in December. (Source - Metal Junction)
Chinese steel prices are surging back from lows but it has little to do with construction demand. Traders are buying steel. As per analysts, spike in steel prices is due to speculative demand. Cut in China's reserve requirement ratio - a benchmark figure that decides how much money banks can lend, is leading to steel traders taking on debt to restock the steel. Steel traders' inventories had spiked quickly in February and have reached 12.6 MT now as steel mills resumed production on profitability improvement. (Source - Press Reports)
Various measures like import duty, safeguard duty, minimum import price and quality control order on steel imported, have curtailed steel imports by almost one-fourth in April-February period this fiscal.
ReplyDeleteOn the ongoing first phase of mine auctions, minister of steel Tomar said that six out of forty three blocks offered for auctioning, have been auctioned.
ReplyDeleteMines ministry has proposed easy lease transfer of mines in cases of mergers and acquisitions which was not there earlier. This step will safeguard jobs. The cabinet is likely to approve and parliament will later amend Mines Act accordingly.
ReplyDeleteThe minister also said that the increase in custom duty on zinc alloy made in budget 2016-17 will control surge in imports. The removal of export duty on iron ore will help domestic iron ore to be exported. And the custom duty of 2.5 % on aluminium will help domestic aluminium industry.
ReplyDeleteRINL CMD R Madhusudan recently opened its Branch Sales Office at Vijayawada.
ReplyDeleteThe SCOPE awards for excellence and outstanding contribution to public sector management has announced the names of awardees.
ReplyDeleteCategory I - ONGC
Category II - SJVN Ltd. and THDC India Ltd.
Category III - IREDA Ltd. and NTPC-SAIL Power Company
Category I Leadership - Nishi Vasudeva, CMD, HPCL
S Vardarajan, CMD, BPCL
Category II Leadership - R K Gupta, CMD, WAPCOS Ltd.
Special Institutional (Turnaround) Category - BEML Ltd.
Outstanding Woman Manager - Vartika Shukla, ED (R & D), EIL