NMDC, has raised iron ore prices by Rs. 70-150/T for this month, effective last Friday. NMDC's price after the increase would be about Rs. 2,250/T, including taxes. Imported ore would be Rs. 5,650/T. However, other iron ore producers have dubbed the price rise as insignificant.(Source – Steelonthenet)
ArcelorMittal’s shareholders have approved a capital increase of 3 billion dollars. This operation should be regarded as a way to recover from a US$ 15.7 billion record debt load in 2015. The shareholders also approved the resolution to reduce the share capital of the company without distribution to shareholders, in order to reduce the par value of the shares in the company to an amount of 10 euro cents per share (approved with 98.97% of the vote). (Source – Steelonthenet)
Baoshan Iron & Steel will raise prices for most flat products for April. The price rises were within market expectations and other major mills are expected to raise April ex-works prices too. Baosteel will raise its HRC ex-works prices by US$ 31/T for April, taking its ex-works price of 5.5mm HRC to US$ 545/T excluding 17% VAT. In tandem, it will raise prices of commercial grade CRC and HDG by US$ 31/T. According to Platts’ assessment, the prices of 5.5mm HRC in the Shanghai retail market was US$ 350/T Friday. Although this represented a fall of US$ 34/T from March 8, it was still US$ 36/T higher from end-February. (Source - SBB, London)
Jiangsu Shagang Group, China’s largest privately-owned steelmaker, Friday announced a substantial US$ 54/T increase to its domestic ex-works rebar prices for the March 11-20 period. As a result, Shagang’s list price for 16-25mm rebar climbed to US$ 366/T, including 17% VAT. The company is also raising its wire rod price by US$ 46/T to US$ 379/T including VAT. (Source - SBB, London)
Turkish cold rolled and coated coil prices followed the significant upward momentum seen in HRC prices throughout last week, rising around US$ 100/T in a week. The huge rise was supported by sharp increases in scrap and billet, as well as skyrocketing Chinese offers at the beginning of the week. Offers to the domestic market reached US$ 420-440/T ex-works Friday. Turkish mills’ CRC offers to the domestic market rose by US$ 20/T further on Friday to the range of US$ 510-530/T.(Source - SBB, London)
Wuhan Iron and Steel, one of China’s biggest steel producers, would cut up to 50,000 jobs. This marks more than 60% reduction of its total workforce of 80,000 employees. The company was facing lower demand because of which it had reduced its production capacity by 25% to 30%. (Source – Steelonthenet)
ArcelorMittal’s shareholders have approved a capital increase of 3 billion dollars. This operation should be regarded as a way to recover from a US$ 15.7 billion record debt load in 2015. The shareholders also approved the resolution to reduce the share capital of the company without distribution to shareholders, in order to reduce the par value of the shares in the company to an amount of 10 euro cents per share (approved with 98.97% of the vote). (Source – Steelonthenet)
Baoshan Iron & Steel will raise prices for most flat products for April. The price rises were within market expectations and other major mills are expected to raise April ex-works prices too. Baosteel will raise its HRC ex-works prices by US$ 31/T for April, taking its ex-works price of 5.5mm HRC to US$ 545/T excluding 17% VAT. In tandem, it will raise prices of commercial grade CRC and HDG by US$ 31/T. According to Platts’ assessment, the prices of 5.5mm HRC in the Shanghai retail market was US$ 350/T Friday. Although this represented a fall of US$ 34/T from March 8, it was still US$ 36/T higher from end-February. (Source - SBB, London)
Jiangsu Shagang Group, China’s largest privately-owned steelmaker, Friday announced a substantial US$ 54/T increase to its domestic ex-works rebar prices for the March 11-20 period. As a result, Shagang’s list price for 16-25mm rebar climbed to US$ 366/T, including 17% VAT. The company is also raising its wire rod price by US$ 46/T to US$ 379/T including VAT. (Source - SBB, London)
Turkish cold rolled and coated coil prices followed the significant upward momentum seen in HRC prices throughout last week, rising around US$ 100/T in a week. The huge rise was supported by sharp increases in scrap and billet, as well as skyrocketing Chinese offers at the beginning of the week. Offers to the domestic market reached US$ 420-440/T ex-works Friday. Turkish mills’ CRC offers to the domestic market rose by US$ 20/T further on Friday to the range of US$ 510-530/T.(Source - SBB, London)
Wuhan Iron and Steel, one of China’s biggest steel producers, would cut up to 50,000 jobs. This marks more than 60% reduction of its total workforce of 80,000 employees. The company was facing lower demand because of which it had reduced its production capacity by 25% to 30%. (Source – Steelonthenet)
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