To curb cheap steel imports from China, Japan and Korea, the Indian Government is likely to restrict inward shipments to one port, apart from introducing a floor price for imports. Since the idea is to make imports costlier, Mundra in Gujarat might be the preferred choice for steel imports, since it is geographically furthest from the Asian peers with surplus steel. Confining imports to one port would also help the Government check the quality of the imported products from a single location, and also put a vigil on the invoiced price. (Source – Metal Junction)
Anglo American has announced drastic measures to cope with an ongoing rout in commodities prices, including massive lay offs, asset sales and an expected suspension of dividend payments. The company, which mines iron ore, copper, coal, manganese and nickel, would cut around 85,000 employees, or 63% of its workforce. The figure is far greater than the 53,000 positions the miner said it would cut in July. It would reduce its current assets from around 55 mines and smelters to the “low 20s” by the end of the restructuring. (Source – Mining)
A consortium of lenders, led by State Bank of India (SBI), has approved part conversion of Electrosteel Steels' debt amounting to Rs 2,507 crore into equity shares under the strategic debt restructuring (SDR) scheme. According to the company's FY15 annual report, the company's total debt was in excess of Rs. 10,000 crore as of March 31, 2015. The company reported a net loss of Rs. 624 crore for FY15. Net loss for the H1FY16 stood at Rs. 389 crore. (Source - Press Reports)
Iron ore price's slide to US$ 30s threatens the world's biggest miners as prices approach break-even costs. The most expensive operations at the four largest suppliers are on the verge of making losses at rates below US$ 40/T. It is estimated that breakeven prices are at US$ 28 to 39/T, taking into account freight and other costs. Ore with 62% content delivered to Qingdao came down by 1.1% to US$ 38.65/dmt, a record low in daily prices compiled by Metal Bulletin dating back to May 2009. (Source – Steelonthenet)
NLMK USA has announced a US$ 40/st price increase for non-contractual sheet orders effective immediately on account of improved market conditions. NLMK's announcement is the first publicly announced price increase since US Steel attempted to raise sheet prices US$ 40/st in early July. Prior to that, Nucor, AK Steel and NLMK moved to raise sheet prices US$ 20/st in mid-June. (Source - SBB, London)
Northern China’s Tangshan Ganglu Iron & Steel stopped one of its two hot strip mills on Wednesday due to the weak market. The company has also banked three blast furnaces within the past two weeks in order to reduce its losses. The 1,250mm HSM, with 2.5 MTpa capacity, will remain idled until the market improves. (Source - SBB, London)
Anglo American has announced drastic measures to cope with an ongoing rout in commodities prices, including massive lay offs, asset sales and an expected suspension of dividend payments. The company, which mines iron ore, copper, coal, manganese and nickel, would cut around 85,000 employees, or 63% of its workforce. The figure is far greater than the 53,000 positions the miner said it would cut in July. It would reduce its current assets from around 55 mines and smelters to the “low 20s” by the end of the restructuring. (Source – Mining)
A consortium of lenders, led by State Bank of India (SBI), has approved part conversion of Electrosteel Steels' debt amounting to Rs 2,507 crore into equity shares under the strategic debt restructuring (SDR) scheme. According to the company's FY15 annual report, the company's total debt was in excess of Rs. 10,000 crore as of March 31, 2015. The company reported a net loss of Rs. 624 crore for FY15. Net loss for the H1FY16 stood at Rs. 389 crore. (Source - Press Reports)
Iron ore price's slide to US$ 30s threatens the world's biggest miners as prices approach break-even costs. The most expensive operations at the four largest suppliers are on the verge of making losses at rates below US$ 40/T. It is estimated that breakeven prices are at US$ 28 to 39/T, taking into account freight and other costs. Ore with 62% content delivered to Qingdao came down by 1.1% to US$ 38.65/dmt, a record low in daily prices compiled by Metal Bulletin dating back to May 2009. (Source – Steelonthenet)
NLMK USA has announced a US$ 40/st price increase for non-contractual sheet orders effective immediately on account of improved market conditions. NLMK's announcement is the first publicly announced price increase since US Steel attempted to raise sheet prices US$ 40/st in early July. Prior to that, Nucor, AK Steel and NLMK moved to raise sheet prices US$ 20/st in mid-June. (Source - SBB, London)
Northern China’s Tangshan Ganglu Iron & Steel stopped one of its two hot strip mills on Wednesday due to the weak market. The company has also banked three blast furnaces within the past two weeks in order to reduce its losses. The 1,250mm HSM, with 2.5 MTpa capacity, will remain idled until the market improves. (Source - SBB, London)
No comments:
Post a Comment