Tata Steel, owner of the Port Talbot steelworks in South Wales, has approached
Ministers to ask for a funding package worth GBP 500 million. The request is said to
be under discussion with the British Govt. It is largely understood to comprise a
commercial loan that would be repayable when demand for steel recovers. (Source –
Steelguru)
Hyundai Steel has announced its financial results for the first quarter. It has posted a net loss of US$ 103.5 mn. for the first quarter, compared to a net profit of US$ 102.6 mn. in the CPLY. Loss was due to sluggish operations in China. Meanwhile, the company's sales revenues fell by 8% year on year to US$ 4.2 bn. in the period in question. In the first quarter this year, the company’s finished steel production amounted to 5.09 MT decreasing by 4.5% year on year. (Source – Steelguru)
The Asian HRC market continued its downward trend on Friday after staying stable a day earlier, due to competitive Russian material along-side Indian mills’ aggressive export bookings in South-east Asia and China. Platts assessed HRC at US$ 397/T FOB China Friday, down US$ 3/T on the day. On a CFR Southeast Asia basis, the same grade was assessed at US$ 391/T, down by US$ 5/T on the day. (Source – Platts)
US hot-rolled coil prices dropped to a four-year low Friday as falling prices did not improve demand conditions. The daily Platts US HRC index dropped by US$ 5.25/st to US$ 468.75/st, down by US$ 122.25 since March 17. Weak business activity and market uncertainties dominated HRC pricing. Uncertainty about the restarting schedule of the domestic automotive plants still was pressuring the sentiment. (Source – Platts)
Metallurgical coal prices continued to lose support as supply of spot cargoes increased given the demand destruction seen from the global steel mills. Platts assessed the Premium Low-Vol HCC down by US$ 13.50/T week on week to US$ 118.50/T FOB Australia Friday and delivered prices to China fell US$ 15.75/T to US$ 126.25/T CFR China. (Source – Platts)
China has bought at least 4.6 MT of semi-finished steel imports to arrive over the next two months at a pace eight times the 2019 monthly average. China's rapid recovery from the Covid-19 outbreak has stabilised its ferrous demand and prices, while other countries have slashed output. The resulting price premium in China has led to an influx of finished and semi-finished steel imports. Russia and India were the biggest source of billet with total deals of 540,000 T and 480,000 T respectively. (Source - Argus)
Hyundai Steel has announced its financial results for the first quarter. It has posted a net loss of US$ 103.5 mn. for the first quarter, compared to a net profit of US$ 102.6 mn. in the CPLY. Loss was due to sluggish operations in China. Meanwhile, the company's sales revenues fell by 8% year on year to US$ 4.2 bn. in the period in question. In the first quarter this year, the company’s finished steel production amounted to 5.09 MT decreasing by 4.5% year on year. (Source – Steelguru)
The Asian HRC market continued its downward trend on Friday after staying stable a day earlier, due to competitive Russian material along-side Indian mills’ aggressive export bookings in South-east Asia and China. Platts assessed HRC at US$ 397/T FOB China Friday, down US$ 3/T on the day. On a CFR Southeast Asia basis, the same grade was assessed at US$ 391/T, down by US$ 5/T on the day. (Source – Platts)
US hot-rolled coil prices dropped to a four-year low Friday as falling prices did not improve demand conditions. The daily Platts US HRC index dropped by US$ 5.25/st to US$ 468.75/st, down by US$ 122.25 since March 17. Weak business activity and market uncertainties dominated HRC pricing. Uncertainty about the restarting schedule of the domestic automotive plants still was pressuring the sentiment. (Source – Platts)
Metallurgical coal prices continued to lose support as supply of spot cargoes increased given the demand destruction seen from the global steel mills. Platts assessed the Premium Low-Vol HCC down by US$ 13.50/T week on week to US$ 118.50/T FOB Australia Friday and delivered prices to China fell US$ 15.75/T to US$ 126.25/T CFR China. (Source – Platts)
China has bought at least 4.6 MT of semi-finished steel imports to arrive over the next two months at a pace eight times the 2019 monthly average. China's rapid recovery from the Covid-19 outbreak has stabilised its ferrous demand and prices, while other countries have slashed output. The resulting price premium in China has led to an influx of finished and semi-finished steel imports. Russia and India were the biggest source of billet with total deals of 540,000 T and 480,000 T respectively. (Source - Argus)
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