Spot prices of Chinese HRC climbed Thursday on rising export and domestic prices. Platts assessed HRC 3.0mm thick at US$ 342-345/T that day. Producers like Rizhao Iron & Steel in eastern China, Yanshan Iron & Steel and Baotou Iron & Steel in northern China have all stopped quoting, citing jumping Chinese domestic prices. Overseas buyers are starting to purchase in view of rising Chinese domestic prices, as per analysts. (Source - SBB, London)
Nucor and NLMK, USA announced US$ 30/s.T. sheet price increases for North American customers Thursday, effective immediately. The moves are the first by domestic US mills since Tuesday's imposition of preliminary dumping duties on certain exports of HRC to the US. Nucor's increase covers HRC, cold-rolled coil and galvanized sheet and is the second sheet move announced by the steelmaker in the last two weeks, both US$ 30/s.T. across-the-board price hikes. (Source - SBB, London)
India’s Finance Ministry has recommended maintaining 20% import duties on some steel products until March 2018, in a move to support the local steel industry and protect mills from cheaper imports. The Government had imposed a provisional safeguard import duty for 200 days on some steel products in September 2015 and last month set a floor price on imports to deter countries such as China from undercutting local mills, the first such move in more than 15 years. (Source - Metal Junction)
India imposed quality standards on steel products sold in the country on Thursday, but delayed bringing auto-gradesteel imported by car makers under the ambit of the new order by six months. Indian car makers import about 1 million tonnes of high-tensile steel annually, mainly from Japan and South Korea, and had sought an extension to avoid disruption in production. Quality standards for all steel products, except auto-grade steel, will come into effect on March 18. (Source - Metal Junction)
Iron ore prices have started rising again. The spot price for 62% fines went up by 4.7% to US$ 56.09/T on Thursday, extending the gains for 2016 to 28.7%. Suggesting that the bullish momentum of the past two days may continue on Friday, Chinese iron ore futures exploded higher in overnight trade, suggesting that another significant gain in the spot price may occur. (Source - Metal Junction)
Mining and trading giant Glencore is looking to spin off its Australian coal train unit, which transports 40 million tons of coal annually, in an effort to reduce its debt. The Swiss-based entity expects to fetch as much as US$ 1.1 billion from the potential sale. (Source – Steelguru)
Nucor and NLMK, USA announced US$ 30/s.T. sheet price increases for North American customers Thursday, effective immediately. The moves are the first by domestic US mills since Tuesday's imposition of preliminary dumping duties on certain exports of HRC to the US. Nucor's increase covers HRC, cold-rolled coil and galvanized sheet and is the second sheet move announced by the steelmaker in the last two weeks, both US$ 30/s.T. across-the-board price hikes. (Source - SBB, London)
India’s Finance Ministry has recommended maintaining 20% import duties on some steel products until March 2018, in a move to support the local steel industry and protect mills from cheaper imports. The Government had imposed a provisional safeguard import duty for 200 days on some steel products in September 2015 and last month set a floor price on imports to deter countries such as China from undercutting local mills, the first such move in more than 15 years. (Source - Metal Junction)
India imposed quality standards on steel products sold in the country on Thursday, but delayed bringing auto-gradesteel imported by car makers under the ambit of the new order by six months. Indian car makers import about 1 million tonnes of high-tensile steel annually, mainly from Japan and South Korea, and had sought an extension to avoid disruption in production. Quality standards for all steel products, except auto-grade steel, will come into effect on March 18. (Source - Metal Junction)
Iron ore prices have started rising again. The spot price for 62% fines went up by 4.7% to US$ 56.09/T on Thursday, extending the gains for 2016 to 28.7%. Suggesting that the bullish momentum of the past two days may continue on Friday, Chinese iron ore futures exploded higher in overnight trade, suggesting that another significant gain in the spot price may occur. (Source - Metal Junction)
Mining and trading giant Glencore is looking to spin off its Australian coal train unit, which transports 40 million tons of coal annually, in an effort to reduce its debt. The Swiss-based entity expects to fetch as much as US$ 1.1 billion from the potential sale. (Source – Steelguru)
NMDC has raised the prices of iron ore lumps and fines by Rs.150 per ton. Other varieties are up by Rs.70-Rs.140 a ton. NMDC should have raised prices by Rs.500-Rs.700 a ton. Now, NMDC's price after increase would be Rs.2250 a ton; while imported ore would be Rs.5650 a ton.
ReplyDeleteNMDC is planning to give second interim dividend. They had already given the first interim dividend of Rs.9.5 per share in February. Analysts have negative view on the company.
ReplyDeleteIron ore and Steel futures in China and Singapore climb up due to construction activity picking up and the weather getting warmer.
ReplyDeleteTata Steel MD, T V Narendran said that the focus of the union budget on rural sector and seventh pay commission recommendations will certainly fuel domestic steel demand. Also, domestic steel prices are well below MIP of imported steel, he said. He also said that only after the stabilization of the first phase, will Tata Steel at Kalinganagar go ahead with the next phase of modernization. He will look at cash flows and demand for steel before getting into the next phase.
ReplyDeleteIndia imposes quality standards for steel products sold in the country. However, imported auto-grade steel is exempted from this.
ReplyDeleteBhushan Steel is setting up Rs.3000 crore worth 7 MT pellet plant in Dhenkanal, Odisha. It has got environmental clearance. The project will have to develop green belt for 33% of the project area. Bhushan Steel will have to spend 2.5% of the total cost of the project for enterprise social commitment. They also have to provide LED lights in offices and residential areas in the project area.
ReplyDeleteRINL successfully commenced the hot trials of Converter-I, which is a part of modernization and revamping of SMS-I of Vizag Steel Plant.
ReplyDeleteLenders to Bhushan Steel are satisfied with the company's efforts and the cash flow it generates. They have approved Bhushan Steel's long term viability and agreed to structure the debt in acccordance with RBI guidelines.
ReplyDelete