Goldman Sachs has offered a bleak outlook for the iron ore industry by stating that the steelmaking commodity’s price would remain below US$ 40/T for the next three years. If Goldman Sachs’ prophecy proves true, it will spell the end of Western Australia’s iron ore industry apart from BHP and Rio Tinto and seriously affect Fortescue Metals Group and Roy Hill. Goldman said it expected the pace of mine closures to accelerate next year as the health of China’s steel industry deteriorated. (Source – Steelonthenet)
Spot prices of internationally traded HRC in Asia increased for the first time in over four months on Chinese mills raising offers. The steady climb in domestic prices this week pushed up the Chinese mills’ offers. Platts assessed HRC 3.0mm thick at US$ 252-260/T FOB China Thursday, implying a midpoint of US$ 256/T up by US$ 0.5/T on the day and marking the first rise in the assessment since August 7. Large mills like Anshan Iron & Steel and Benxi Iron & Steel (Bengang) in northeastern China increased their offers for HRC to US$ 265/mt FOB China, US$ 5/T higher from their previous offer. (Source - SBB, London)
ArcelorMittal, the second largest player in the UK sections market after Tata Steel, has announced a GBP 30/T increase to its offers of sections with immediate effect as European mills continue to try to reverse the trend of falling prices. ArcelorMittal forecasts that real demand in Europe remains stable and forecasts that the main consuming sectors for 2016 are positive. (Source - SBB, London)
Washington’s decision Wednesday to impose 227.29% preliminary countervailing duties on US imports of Chinese CRC means that the once major destination for Chinese CRC and sheet is officially closed. China's CRC/sheet exports to the US in October reached only 9,983 T, while the figure in January was as high as 81,789 T when the US took 13% of China's total CRC/sheet exports. (Source - SBB, London)
Britain’s troubled steel industry has been given a boost after the European Commission approved state aid that will reduce the sector’s crippling energy costs. UK had been given the green light from Brussels to give the rebate to so-called “Energy Intensive Industries” (EIIs), such as steel making. The state aid is expected to cover between 60 – 70% of the industry's green taxes, cutting the sector’s overall power bill by about GBP 3.9 mn. a month. (Source - Metal Junction)
Spot prices of internationally traded HRC in Asia increased for the first time in over four months on Chinese mills raising offers. The steady climb in domestic prices this week pushed up the Chinese mills’ offers. Platts assessed HRC 3.0mm thick at US$ 252-260/T FOB China Thursday, implying a midpoint of US$ 256/T up by US$ 0.5/T on the day and marking the first rise in the assessment since August 7. Large mills like Anshan Iron & Steel and Benxi Iron & Steel (Bengang) in northeastern China increased their offers for HRC to US$ 265/mt FOB China, US$ 5/T higher from their previous offer. (Source - SBB, London)
ArcelorMittal, the second largest player in the UK sections market after Tata Steel, has announced a GBP 30/T increase to its offers of sections with immediate effect as European mills continue to try to reverse the trend of falling prices. ArcelorMittal forecasts that real demand in Europe remains stable and forecasts that the main consuming sectors for 2016 are positive. (Source - SBB, London)
Washington’s decision Wednesday to impose 227.29% preliminary countervailing duties on US imports of Chinese CRC means that the once major destination for Chinese CRC and sheet is officially closed. China's CRC/sheet exports to the US in October reached only 9,983 T, while the figure in January was as high as 81,789 T when the US took 13% of China's total CRC/sheet exports. (Source - SBB, London)
Britain’s troubled steel industry has been given a boost after the European Commission approved state aid that will reduce the sector’s crippling energy costs. UK had been given the green light from Brussels to give the rebate to so-called “Energy Intensive Industries” (EIIs), such as steel making. The state aid is expected to cover between 60 – 70% of the industry's green taxes, cutting the sector’s overall power bill by about GBP 3.9 mn. a month. (Source - Metal Junction)
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