Spot prices of seaborne HRC in Asia came down to new record lows Thursday as Chinese mills were forced to sell at lower prices on poor buying orders. Platts assessed HRC 3.0mm thick at US$ 255-259/T FOB China Thursday. It was a new record low in nearly ten years. As per analysts, transaction prices have never before slipped below US$ 255/T FOB China. (Source - SBB, London)
AK Steel USA would raise carbon sheet spot prices, the second producer to officially announce this week. New minimum base prices for AK Steel were set at US$ 420/s.T. for hot-rolled coil, US$ 540/s.T. for cold-rolled coil and US$ 550/s.T. for HDG. The move followed NLMK’s announcement that it would be raising sheet prices by US$ 40/s.T., but no minimum base prices were indicated. (Source - SBB, London)
Germany-based steel distribution group Klöckner & Co has written down the goodwill value of its North American businesses by about Euro 270 million. Write-down came as the market environment for steel and metal products in the US has become worse. By the end of 2015, remaining goodwill in the group balance sheet is expected to be around Euro 30 million. (Source – Steelonthenet)
Allegheny Technologies Inc. USA will idle its stainless flat-rolled mill in Midland, Pennsylvania, and its grain-oriented electrical sheet (GOES) mill in Bagdad, Pennsylvania, to align its operations with challenging market conditions. ATI is in the midst of a labor dispute. About 2,200 members of the United Steelworkers union have been locked out of 12 ATI facilities since August. (Source - SBB,London)
Liberty Steel is set to buy the advanced engineering business of Caparo Industries, UK from administration, saving more than 600 jobs. The company last month purchased Caparo’s tubes arm and reopened a hot rolling mill in Newport, south Wales, in October. The Midlands-based advanced engineering arm makes components for the automotive and aerospace industries. (Source - Press Reports)
JSW Steel Ltd crude steel production has plunged by 23.66% to 8.45 lakh Tonnes in November 2015, as against 11.07 lakh Tonnes crude steel produced in the corresponding period last year. Crude steel production is lower due to planned shutdown of blast furnace at Dolvi, Salem and one of the blast furnace at Vijaynagar for capacity enhancement. Meanwhile, the company’s production of flat rolled products fell by 37.54% to 5.19 lakh Tonnes while production of long rolled products was 2.25 lakh Tonnes, higher by 20.96%. (Source - Press Reports)
AK Steel USA would raise carbon sheet spot prices, the second producer to officially announce this week. New minimum base prices for AK Steel were set at US$ 420/s.T. for hot-rolled coil, US$ 540/s.T. for cold-rolled coil and US$ 550/s.T. for HDG. The move followed NLMK’s announcement that it would be raising sheet prices by US$ 40/s.T., but no minimum base prices were indicated. (Source - SBB, London)
Germany-based steel distribution group Klöckner & Co has written down the goodwill value of its North American businesses by about Euro 270 million. Write-down came as the market environment for steel and metal products in the US has become worse. By the end of 2015, remaining goodwill in the group balance sheet is expected to be around Euro 30 million. (Source – Steelonthenet)
Allegheny Technologies Inc. USA will idle its stainless flat-rolled mill in Midland, Pennsylvania, and its grain-oriented electrical sheet (GOES) mill in Bagdad, Pennsylvania, to align its operations with challenging market conditions. ATI is in the midst of a labor dispute. About 2,200 members of the United Steelworkers union have been locked out of 12 ATI facilities since August. (Source - SBB,London)
Liberty Steel is set to buy the advanced engineering business of Caparo Industries, UK from administration, saving more than 600 jobs. The company last month purchased Caparo’s tubes arm and reopened a hot rolling mill in Newport, south Wales, in October. The Midlands-based advanced engineering arm makes components for the automotive and aerospace industries. (Source - Press Reports)
JSW Steel Ltd crude steel production has plunged by 23.66% to 8.45 lakh Tonnes in November 2015, as against 11.07 lakh Tonnes crude steel produced in the corresponding period last year. Crude steel production is lower due to planned shutdown of blast furnace at Dolvi, Salem and one of the blast furnace at Vijaynagar for capacity enhancement. Meanwhile, the company’s production of flat rolled products fell by 37.54% to 5.19 lakh Tonnes while production of long rolled products was 2.25 lakh Tonnes, higher by 20.96%. (Source - Press Reports)
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