The European Commission will bring forward its exceptional review of steel
imports safeguards as EU steel producers struggle amid declining order books
and a surplus of low-priced steel on world markets. The commission would be
investigating whether the current safeguard measures on steel imports would
need to be modified due to the effects of the coronavirus on the European
market. Although a reduction in import quotas is a probable outcome of the
decision, the cuts are not likely to amount to the 75% reduction requested by
Eurofer. (Source – Steelonthenet)
Asia-Pacific metallurgical coal prices sank across all grades as more supply of spot cargoes were diverted from global steel mills into China. Platts assessed the Premium Low-Vol HCC down by US$ 12.50/T to US$ 109/T FOB Australia Thursday. Demand destruction continued to result in more cargoes being resold from the traditional FOB markets into China. (Source – Platts)
US flat-rolled steelmakers ArcelorMittal, US Steel and Nucor have increased sheet steel prices after widespread steelmaking closures related to Covid-19. US Steel raised hot-rolled coil (HRC) prices by US$ 60/s.T. to a target of US$ 500/s.T. while cold-rolled and coated products increased by US$ 60/s.T. to US$ 700/s.T. EAF based producer Nucor increased flat-rolled pricing by US$ 50/s.T. (Source – Argus)
Tata Steel India produced 18.21 MT of crude steel during the financial year ended March 31, 2020. The company achieved a 8% growth in production in FY20. This growth was led by a ramp up of Tata Steel BSL and acquisition of Usha Martin steel business by Tata Steel Long Products in April’ 2019. SAIL emerged in the second spot with a production of 16.15 MT while JSW Steel slipped to third slot with an annual production of 16.06 MT in FY20. (Source - Press Reports)
Ministry of Mines has proposed to reduce the life of captive mines by five years. The Ministry has also suggested that no mine should be auctioned as captive in future, doing away with the distinction between captive and merchant altogether. Another suggestion with far-reaching consequences is that leases that are un-operationalised for more than three years be taken back from Public Sector Undertakings and auctioned off. (Source - Press Reports)
Industry body Ficci has suggested various measures like infrastructure status to the steel industry, zero duty on critical raw materials and another three-month moratorium to revive the sector, which has been impacted by the lockdown. Granting infrastructure status to the steel industry will give access to finance at competitive rates from various markets and sources. Besides, the entire supply chain of the sector should be incorporated into essential services and be allowed to operate with precautionary measures as per the guidelines of the Government. (Source - Press Reports)
Asia-Pacific metallurgical coal prices sank across all grades as more supply of spot cargoes were diverted from global steel mills into China. Platts assessed the Premium Low-Vol HCC down by US$ 12.50/T to US$ 109/T FOB Australia Thursday. Demand destruction continued to result in more cargoes being resold from the traditional FOB markets into China. (Source – Platts)
US flat-rolled steelmakers ArcelorMittal, US Steel and Nucor have increased sheet steel prices after widespread steelmaking closures related to Covid-19. US Steel raised hot-rolled coil (HRC) prices by US$ 60/s.T. to a target of US$ 500/s.T. while cold-rolled and coated products increased by US$ 60/s.T. to US$ 700/s.T. EAF based producer Nucor increased flat-rolled pricing by US$ 50/s.T. (Source – Argus)
Tata Steel India produced 18.21 MT of crude steel during the financial year ended March 31, 2020. The company achieved a 8% growth in production in FY20. This growth was led by a ramp up of Tata Steel BSL and acquisition of Usha Martin steel business by Tata Steel Long Products in April’ 2019. SAIL emerged in the second spot with a production of 16.15 MT while JSW Steel slipped to third slot with an annual production of 16.06 MT in FY20. (Source - Press Reports)
Ministry of Mines has proposed to reduce the life of captive mines by five years. The Ministry has also suggested that no mine should be auctioned as captive in future, doing away with the distinction between captive and merchant altogether. Another suggestion with far-reaching consequences is that leases that are un-operationalised for more than three years be taken back from Public Sector Undertakings and auctioned off. (Source - Press Reports)
Industry body Ficci has suggested various measures like infrastructure status to the steel industry, zero duty on critical raw materials and another three-month moratorium to revive the sector, which has been impacted by the lockdown. Granting infrastructure status to the steel industry will give access to finance at competitive rates from various markets and sources. Besides, the entire supply chain of the sector should be incorporated into essential services and be allowed to operate with precautionary measures as per the guidelines of the Government. (Source - Press Reports)
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