Steel Dynamics Inc., USA is increasing rebar prices by US$ 20/s.T. effective immediately. The increase is in addition to a previously announced SDI increase of US$ 25/s.T., which took effect April 1. SDI's announcement follows moves this week by Gerdau Long Steel North America and Commercial Metals Co. to raise rebar prices. Effective Monday, CMC raised rebar prices US$ 25/s.T. for all new orders. This follows an April 1 increase of US$ 20/s.T. (Source - SBB, London)
CIS coils producers keep pushing for higher prices in the export markets claiming their allocation is tighter due to better domestic demand. The latest offers from Russia, for May production, were pegged at US$ 400/T for HRC and US$ 460/T for cold rolled coils. For the EU countries the HRC and CRC quotes stood respectively at Euro 370/T and Euro 395/T, all FOB Black Sea. Platts assessed its daily HRC price at US$ 380-385/T FOB Black Sea, up by US$ 2.5/T on a day. (Source - SBB, London)
Spot prices of regionally-traded wire rod in Asia Wednesday built upon the gains made since March 31. They were buoyed by rising ex-mill prices amid the recent surge in China’s domestic market. Platts Wednesday assessed 6.5mm mesh-quality rod at US$ 362-366/T FOB, up by US $14/T from a week earlier and marking the highest point since January 28 last year. Prices have now risen for four consecutive weeks. (Source - SBB, London)
US Steel is eliminating 25% of its North American nonunion workforce. The company has not disclosed a time line for when the layoffs are expected or a specific number of jobs that will be eliminated. As of December 31, 2015, USS had approximately 21,000 employees in North America. In March, USS announced the temporary idling of its tube operations in Alabama and Texas, resulting in the elimination about 800 employees. (Source - Press Reports)
South Australian-based steelmaker and iron ore miner Arrium has been placed in voluntary administration by its Directors. Arrium has a debt of around US$ 4.3 bn. Up to 8,500 Australian jobs are at risk. Administrators from Grant Thornton will assume control of Arrium's day-to-day operations immediately, while working with lenders, staff, suppliers and government to review its business model. This is one of the largest administrations in recent history in Australia. Analysts say Arrium borrowed too much to fund mistimed acquisitions at the top of the iron ore market. (Source - Press Reports)
Essar Steel Minnesota, USA has failed to make a US$ 10 million payment to Minnesota Govt., it had promised. The Governor and steel company made a deal last December for Essar to repay the US$ 66 mn. loan that Minnesota had given it to build a taconite plant that still hasn’t been completed. Part of that deal meant Essar would give the state US$ 10 million on March 31 but Essar Steel failed to make any payment. (Source - Press Reports)
CIS coils producers keep pushing for higher prices in the export markets claiming their allocation is tighter due to better domestic demand. The latest offers from Russia, for May production, were pegged at US$ 400/T for HRC and US$ 460/T for cold rolled coils. For the EU countries the HRC and CRC quotes stood respectively at Euro 370/T and Euro 395/T, all FOB Black Sea. Platts assessed its daily HRC price at US$ 380-385/T FOB Black Sea, up by US$ 2.5/T on a day. (Source - SBB, London)
Spot prices of regionally-traded wire rod in Asia Wednesday built upon the gains made since March 31. They were buoyed by rising ex-mill prices amid the recent surge in China’s domestic market. Platts Wednesday assessed 6.5mm mesh-quality rod at US$ 362-366/T FOB, up by US $14/T from a week earlier and marking the highest point since January 28 last year. Prices have now risen for four consecutive weeks. (Source - SBB, London)
US Steel is eliminating 25% of its North American nonunion workforce. The company has not disclosed a time line for when the layoffs are expected or a specific number of jobs that will be eliminated. As of December 31, 2015, USS had approximately 21,000 employees in North America. In March, USS announced the temporary idling of its tube operations in Alabama and Texas, resulting in the elimination about 800 employees. (Source - Press Reports)
South Australian-based steelmaker and iron ore miner Arrium has been placed in voluntary administration by its Directors. Arrium has a debt of around US$ 4.3 bn. Up to 8,500 Australian jobs are at risk. Administrators from Grant Thornton will assume control of Arrium's day-to-day operations immediately, while working with lenders, staff, suppliers and government to review its business model. This is one of the largest administrations in recent history in Australia. Analysts say Arrium borrowed too much to fund mistimed acquisitions at the top of the iron ore market. (Source - Press Reports)
Essar Steel Minnesota, USA has failed to make a US$ 10 million payment to Minnesota Govt., it had promised. The Governor and steel company made a deal last December for Essar to repay the US$ 66 mn. loan that Minnesota had given it to build a taconite plant that still hasn’t been completed. Part of that deal meant Essar would give the state US$ 10 million on March 31 but Essar Steel failed to make any payment. (Source - Press Reports)
Arun Kumar Rath is the new CEO of Durgapur Steel Plant.
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