A judge in Brazil's state of Minas Gerais has frozen the Brazilian assets of mining giants BHP Billiton and Vale SA after determining their joint venture Samarco was unable to pay for damage caused by the bursting of a dam at its mine last month. The judge ruled that Vale and BHP could be held responsible for the disaster at the iron ore mine in the state of Minas Gerais, for which the Government is demanding 3 billion pounds. (Source – Steelonthenet)
Spot prices of regionally traded HRC in Asia increased for a second straight day last Friday, as nearly all Chinese mills increased offers to reflect strong Chinese domestic prices. Platts assessed HRC 3.0mm thick at US$ 255-260/T FOB China Friday, with the midpoint upby US$ 1.50/T on day, marking only the second price rise in over four months. After Anshan Iron & Steel and Benxi Iron & Steel pushed up offers late last week, Hebei-based steelmaker Cangzhou Zhongtie increased its offer for SS400 HRC to US$ 265/T FOB China. (Source - SBB, London)
Following a steady decline through most of the year, US domestic sheet prices are seeing year-end increases after recently announced mill price hikes. Platts increased its daily HRC assessment to US$ 370-$390/s.T. from US$ 360- 370/s.T., while cold-rolled coil prices were showing more strength on the back of the announced US$ 40/s.T. increases and moved to US$ 520-530/s.T. from US$ 490-500/s.T. (Source - SBB, London)
As many as 23 steel projects across the country, including those of Tata Steel, JSW Steel, Essar Steel and Posco's JV in Maharashtra, are stuck due to grant of environment clearance. Tata Steel's expansion of crude steel production from 9.7 to 11 MTPA in East Singhbhum district in Jharkhand is stuck for grant of environment clearance. Likewise, JSW Steel's proposed 10 MTPA integrated steel and 900 MW power plant in Jharkhand is also stuck due to delay in grant of environment clearance. (Source - Press Reports)
With all major steel companies in the red and banks accumulating nonperforming assets (NPAs) in the sector, a push to impose a minimum price for imports is being spearheaded by banks through the ministry of finance. The Government is set to issue a minimum import price (MIP) notification later this week. According to a CARE Ratings report, 145 steel and iron companies accumulated debt worth Rs 2.98 lakh crore and an unfavourable debt to equity ratio of 1.27. A final notification would come from the directorate general of foreign trade, once approval is given by Commerce Minister. (Source - Press Reports)
Spot prices of regionally traded HRC in Asia increased for a second straight day last Friday, as nearly all Chinese mills increased offers to reflect strong Chinese domestic prices. Platts assessed HRC 3.0mm thick at US$ 255-260/T FOB China Friday, with the midpoint upby US$ 1.50/T on day, marking only the second price rise in over four months. After Anshan Iron & Steel and Benxi Iron & Steel pushed up offers late last week, Hebei-based steelmaker Cangzhou Zhongtie increased its offer for SS400 HRC to US$ 265/T FOB China. (Source - SBB, London)
Following a steady decline through most of the year, US domestic sheet prices are seeing year-end increases after recently announced mill price hikes. Platts increased its daily HRC assessment to US$ 370-$390/s.T. from US$ 360- 370/s.T., while cold-rolled coil prices were showing more strength on the back of the announced US$ 40/s.T. increases and moved to US$ 520-530/s.T. from US$ 490-500/s.T. (Source - SBB, London)
As many as 23 steel projects across the country, including those of Tata Steel, JSW Steel, Essar Steel and Posco's JV in Maharashtra, are stuck due to grant of environment clearance. Tata Steel's expansion of crude steel production from 9.7 to 11 MTPA in East Singhbhum district in Jharkhand is stuck for grant of environment clearance. Likewise, JSW Steel's proposed 10 MTPA integrated steel and 900 MW power plant in Jharkhand is also stuck due to delay in grant of environment clearance. (Source - Press Reports)
With all major steel companies in the red and banks accumulating nonperforming assets (NPAs) in the sector, a push to impose a minimum price for imports is being spearheaded by banks through the ministry of finance. The Government is set to issue a minimum import price (MIP) notification later this week. According to a CARE Ratings report, 145 steel and iron companies accumulated debt worth Rs 2.98 lakh crore and an unfavourable debt to equity ratio of 1.27. A final notification would come from the directorate general of foreign trade, once approval is given by Commerce Minister. (Source - Press Reports)
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