Essar Steel, which was to sell assets worth Rs. 11,200 crore by March-end to retire its debt, will miss the deadline following a RBI directive to ban sale and leaseback of assets. The company is, therefore, evaluating alternatives to achieve the reduction of liability. In February, the Essar group had sold real estate in the Bandra Kurla Complex for Rs 2,400 crore to RMZ and leased it back. (Source - Press Reports)
Saudi Basic Industries has raised domestic prices for some categories of steel in response to a rebound in international market prices. The average price for 8mm and 10mm steel rods has been raised by US$ 26.70/T to US$ 520/T. Prices had been in a downtrend for more than a year. (Source – Steelonthenet)
NINL is preparing to raise prices of pig iron in the wake of a record spike in global ore prices by 17%. It is the largest producer and exporter of the item in the country with capacity of 0.855 MTpa. The price hike could be Rs. 300-500/T over the current price of Rs 17,300/T. (Source – Steelonthenet)
A short-term rebound in demand and market speculation have led to a price surge in the domestic Chinese steel market, but the gains will be transitory because overall demand and overcapacity issues persist- as per analysts. The price for steel billets in Tangshan, a major city for steel production, in North China's Hebei Province, increased by more than 20% or US$ 55.3/T in the past five days. The temporary rise in demand partly reflected persistent declines in steel inventories in recent months, which prompted traders to replenish supplies to prepare for the peak construction season of summer and spring. (Source – Steelonthenet)
ArcelorMittal has announced a further Euro 30/T increase for flat products in Europe as the market leader looks to build on the improving sentiment of recent months. The latest move by the world’s largest steel producer follows the Euro 25/T increase announced in January. Platts North European HRC prices have risen to Euro 330-340/T ex-works Ruhr. Jump in the iron ore market has been considered as a trigger for the rise in steel prices. (Source - SBB, London)
Hyundai Steel is raising export prices of its senior-sized H-beams by a large US$ 40- 50/T for April shipment. The increase takes the South Korean mill’s price to Southeast Asia and the Middle East to US$ 470/T CFR and to US$ 530/T for the Americas. (Source - SBB, London)
JSPL will try to sell stakes in certain units of its steel business, set up joint ventures with companies in Asia and Europe and seek a buyer for its power assets in India, in an effort to reduce debt. The plans were detailed after Crisil Ltd. downgraded the rating on certain debt instruments of JSPL to default, citing delays in payment of interest on the company’s term loans. JSPL had a consolidated debt of over Rs.42,534.04 crore, as of 30 September 2015. (Source - Press Reports)
Saudi Basic Industries has raised domestic prices for some categories of steel in response to a rebound in international market prices. The average price for 8mm and 10mm steel rods has been raised by US$ 26.70/T to US$ 520/T. Prices had been in a downtrend for more than a year. (Source – Steelonthenet)
NINL is preparing to raise prices of pig iron in the wake of a record spike in global ore prices by 17%. It is the largest producer and exporter of the item in the country with capacity of 0.855 MTpa. The price hike could be Rs. 300-500/T over the current price of Rs 17,300/T. (Source – Steelonthenet)
A short-term rebound in demand and market speculation have led to a price surge in the domestic Chinese steel market, but the gains will be transitory because overall demand and overcapacity issues persist- as per analysts. The price for steel billets in Tangshan, a major city for steel production, in North China's Hebei Province, increased by more than 20% or US$ 55.3/T in the past five days. The temporary rise in demand partly reflected persistent declines in steel inventories in recent months, which prompted traders to replenish supplies to prepare for the peak construction season of summer and spring. (Source – Steelonthenet)
ArcelorMittal has announced a further Euro 30/T increase for flat products in Europe as the market leader looks to build on the improving sentiment of recent months. The latest move by the world’s largest steel producer follows the Euro 25/T increase announced in January. Platts North European HRC prices have risen to Euro 330-340/T ex-works Ruhr. Jump in the iron ore market has been considered as a trigger for the rise in steel prices. (Source - SBB, London)
Hyundai Steel is raising export prices of its senior-sized H-beams by a large US$ 40- 50/T for April shipment. The increase takes the South Korean mill’s price to Southeast Asia and the Middle East to US$ 470/T CFR and to US$ 530/T for the Americas. (Source - SBB, London)
JSPL will try to sell stakes in certain units of its steel business, set up joint ventures with companies in Asia and Europe and seek a buyer for its power assets in India, in an effort to reduce debt. The plans were detailed after Crisil Ltd. downgraded the rating on certain debt instruments of JSPL to default, citing delays in payment of interest on the company’s term loans. JSPL had a consolidated debt of over Rs.42,534.04 crore, as of 30 September 2015. (Source - Press Reports)
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