The Federal Government of Canada has imposed preliminary duties of between 71 and 396% on carbon and alloy steel line pipe imported from China. The steel is used in the oil and gas industry. The decision was applauded by Evraz North America, which operates four production facilities in Western Canada. The federal agency found earlier this year that pipe imported from China had risen to 56% of the market between June, 2014, and June, 2015, from 47% in 2012. (Source - Press Reports)
Brazil's Federal Government and two states are suing Samarco, an iron ore miner jointly owned by BHP Billiton and Vale, for US$ 5.3 billion over a catastrophic tailings dam burst that devastated the country's second largest river system, the Rio Doce. Vale and BHP are also establishing a fund of undisclosed size to help restore the environment. Brazil's environmental watchdog earlier levied a US$ 65 million fine on Samarco. (Source – Steelonthenet)
Chinese steel exports dipped 20% month-on-month to 9MT in October compared with 11.25Mt in September. During the first 10 months of 2015, China exported 92.13MT, up 24.7% when compared with the same period last year. Steel’s export value in renminbi declined by 6.6% year-on-year between January and October 2015. During October, China imported 75.52 MT of iron ore and between January and October the figure was 774.51MT, down 0.5%. (Source – Steeltimesinternational)
According to Metal Bulletin, the spot price for iron ore benchmark 62% fines fell by 1.53 cents to US$ 42.97/T. The most-active iron ore futures in Singapore sank below US$40 a tonne today for the first time ever. A flood of cheap new supply from the top producers has put pressure on prices since late 2013 leading to a drop of 47% in the price during 2014. Declines so far this year come to more than 40% and today's price compare to US$ 190/T hit February 2011. (Source - Mining)
A court in the US has asked a JSW Steel’s subsidiary to pay a US$ 156 million (Rs 1,040 crore) fine, as it confirmed an earlier ruling by a jury in an antitrust case filed by a local Steel distributor. MM Steel had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies. Jury held that there was substantial evidence to conclude that JSW joined the conspiracy between the distributors. (Source - Press Reports)
Brazil's Federal Government and two states are suing Samarco, an iron ore miner jointly owned by BHP Billiton and Vale, for US$ 5.3 billion over a catastrophic tailings dam burst that devastated the country's second largest river system, the Rio Doce. Vale and BHP are also establishing a fund of undisclosed size to help restore the environment. Brazil's environmental watchdog earlier levied a US$ 65 million fine on Samarco. (Source – Steelonthenet)
Chinese steel exports dipped 20% month-on-month to 9MT in October compared with 11.25Mt in September. During the first 10 months of 2015, China exported 92.13MT, up 24.7% when compared with the same period last year. Steel’s export value in renminbi declined by 6.6% year-on-year between January and October 2015. During October, China imported 75.52 MT of iron ore and between January and October the figure was 774.51MT, down 0.5%. (Source – Steeltimesinternational)
According to Metal Bulletin, the spot price for iron ore benchmark 62% fines fell by 1.53 cents to US$ 42.97/T. The most-active iron ore futures in Singapore sank below US$40 a tonne today for the first time ever. A flood of cheap new supply from the top producers has put pressure on prices since late 2013 leading to a drop of 47% in the price during 2014. Declines so far this year come to more than 40% and today's price compare to US$ 190/T hit February 2011. (Source - Mining)
A court in the US has asked a JSW Steel’s subsidiary to pay a US$ 156 million (Rs 1,040 crore) fine, as it confirmed an earlier ruling by a jury in an antitrust case filed by a local Steel distributor. MM Steel had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies. Jury held that there was substantial evidence to conclude that JSW joined the conspiracy between the distributors. (Source - Press Reports)
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