Steelmakers in China cut down production last month as prices collapsed and the onset of winter in the largest producer curbed demand already hurt by a cooling economy. Crude steel output fell by 1.6% in November’15 to 63.32 MT. So far this year, production has dropped by 2.2% to 738.38 MT. Exports climbed by 22% to 102 MT in the first 11 months. (Source – Steelonthenet)
Champion Iron Mine, Canada will buy a Quebec iron ore mine in Canada for C$10.5 million ($7.65 million), just a fraction of the C$4.9 billion that Cliffs Natural Resources paid in 2011, when metal prices surged on booming Chinese demand. The Bloom Lake mine and related rail assets, along with Quinto Mining Corp mineral claims, are being sold under Cliffs' restructuring of Canadian operations, which gave it creditor protection. The acquisition, subject to court approval, is expected to close in the first quarter of 2016. (Source – Steelonthenet)
Nucor, USA has announced a US$ 30/st price hike effective immediately on carbon and alloy plate and heat-treated plate, marking the first attempt by a US producer to raise prices since May. Plate pricing has fallen by around US$ 150/s.T. since May when plate price increases ranging from US$20-25/s.T. announced by ArcelorMittal, Evraz, Nucor and SSAB failed. (Source - SBB, London)
Eastern China’s Baoshan Iron & Steel will roll over almost all its flat product prices for January. Wuhan Iron & Steel (Wugang) in central China will keep its January HRC and CRC ex-works prices unchanged while cutting down its plate prices by US$ 16/T and raising its hot-dip galvanized coil prices by US$ 8/T. The rollover will keep the ex-works prices for 5.5mm HRC at Baosteel and Wugang at US$ 494/T and US$ 395/T respectively. (Source - SBB, London)
India has extended for five years anti-dumping duties on imports of stainless steel cold rolled products from six countries and the EU after an expiry review found that dumping would be likely to inflict material injury on domestic producers if duties currently in force were lifted. India’s Central Board of Excise & Customs set the AD duties in the range of 4.58-57.39% according to country and company. China got the largest duty, but the EU was also heavily surcharged with a 52.56% duty for most companies.(Source - SBB, London)
China's purchasing managers index for the steel industry fell to 37 in November from 42 a month earlier, according to a Bloomberg. A number under 50 signals a contraction. Meanwhile more steel is being held at ports, with holdings up 2.1% to 89.5 MT according to Shanghai Steelhome Information Technology Co. This is also likely to impact the prices of iron ore. (Source – Mining)
Champion Iron Mine, Canada will buy a Quebec iron ore mine in Canada for C$10.5 million ($7.65 million), just a fraction of the C$4.9 billion that Cliffs Natural Resources paid in 2011, when metal prices surged on booming Chinese demand. The Bloom Lake mine and related rail assets, along with Quinto Mining Corp mineral claims, are being sold under Cliffs' restructuring of Canadian operations, which gave it creditor protection. The acquisition, subject to court approval, is expected to close in the first quarter of 2016. (Source – Steelonthenet)
Nucor, USA has announced a US$ 30/st price hike effective immediately on carbon and alloy plate and heat-treated plate, marking the first attempt by a US producer to raise prices since May. Plate pricing has fallen by around US$ 150/s.T. since May when plate price increases ranging from US$20-25/s.T. announced by ArcelorMittal, Evraz, Nucor and SSAB failed. (Source - SBB, London)
Eastern China’s Baoshan Iron & Steel will roll over almost all its flat product prices for January. Wuhan Iron & Steel (Wugang) in central China will keep its January HRC and CRC ex-works prices unchanged while cutting down its plate prices by US$ 16/T and raising its hot-dip galvanized coil prices by US$ 8/T. The rollover will keep the ex-works prices for 5.5mm HRC at Baosteel and Wugang at US$ 494/T and US$ 395/T respectively. (Source - SBB, London)
India has extended for five years anti-dumping duties on imports of stainless steel cold rolled products from six countries and the EU after an expiry review found that dumping would be likely to inflict material injury on domestic producers if duties currently in force were lifted. India’s Central Board of Excise & Customs set the AD duties in the range of 4.58-57.39% according to country and company. China got the largest duty, but the EU was also heavily surcharged with a 52.56% duty for most companies.(Source - SBB, London)
China's purchasing managers index for the steel industry fell to 37 in November from 42 a month earlier, according to a Bloomberg. A number under 50 signals a contraction. Meanwhile more steel is being held at ports, with holdings up 2.1% to 89.5 MT according to Shanghai Steelhome Information Technology Co. This is also likely to impact the prices of iron ore. (Source – Mining)
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