Activity levels across China’s steel industry collapsed in November with the Government’s steel industry PMI gauge plummeting to 5.2 points to 37.0. A reading below 50 suggests activity levels are contracting. All components came in well below the 50 level that separates expansion from contraction. New domestic orders collapsed to just 29.7, new export orders rose 1.9 points to 41.2, still deep in contractionary territory, while inventories of finished goods and raw materials were at 49.2 and 33.4 respectively. (Source – Steelonthenet)
Nucor, USA has cut down merchant bar prices by US$ 70/s.T. effective with shipments Tuesday and Commercial Metals Co. and Steel Dynamics Inc. matched the price decrease. With this sizeable published price cut, Nucor would in turn discontinue all allowances previously offered by Nucor. CMC and SDI also said they would eliminate discount and rebate programs immediately. The Platts price assessment of a 2x2x1/4-inch angle fell to US$ 573/st ex-works, the published price for the product, down from US$ 603-633/st. (Source - SBB, London)
Eastern China’s Shagang Iron & Steel is cutting its December ex-works price for HRC by US$ 6/T in response to the recent price decline in the spot market. The steel prices could drop further given the declines being witnessed in iron ore prices. The price cut will take Shagang’s ex-works price for 5.5mm HRC to US$ 294/T including 17% VAT, and took effect from December 1. (Source - SBB, London)
Hot-rolled coil prices declined last week in all the markets monitored by The Steel Index. The biggest fall came in the US, where the weekly average of TSI’s daily reference prices dropped by US$16/st to US$ 367/s.T. FOB Midwest mill for a four-week fall of 8%. In northern Europe, HRC prices fell by Euro 8/T on the week to Euro 319/T ex-mill. TSI’s reference prices weakened in Asia. HRC and CRC both dipped by US$ 1/T on the week, while plate fell by US$ 3 to US$ 274/T CFR ASEAN port. (Source - SBB, London)
Tata Steel’s Singapore arm has executed pacts worth US$1.5 billion for refinancing its debt. "T S Global Holdings Pte Ltd.” (TSGH), a subsidiary of Tata Steel Ltd incorporated in Singapore, has executed agreements for loan facilities of US$ 1.5 billion comprising a five-year loan of US$ 750 million and a six year loan of US$ 750 million. The proceeds will be used to repay existing term loan facilities in TSGH. The new loan facilities provide significantly greater flexibility in their terms and conditions and provide savings in cost, besides extension of tenor. (Source - Press Reports)
Nucor, USA has cut down merchant bar prices by US$ 70/s.T. effective with shipments Tuesday and Commercial Metals Co. and Steel Dynamics Inc. matched the price decrease. With this sizeable published price cut, Nucor would in turn discontinue all allowances previously offered by Nucor. CMC and SDI also said they would eliminate discount and rebate programs immediately. The Platts price assessment of a 2x2x1/4-inch angle fell to US$ 573/st ex-works, the published price for the product, down from US$ 603-633/st. (Source - SBB, London)
Eastern China’s Shagang Iron & Steel is cutting its December ex-works price for HRC by US$ 6/T in response to the recent price decline in the spot market. The steel prices could drop further given the declines being witnessed in iron ore prices. The price cut will take Shagang’s ex-works price for 5.5mm HRC to US$ 294/T including 17% VAT, and took effect from December 1. (Source - SBB, London)
Hot-rolled coil prices declined last week in all the markets monitored by The Steel Index. The biggest fall came in the US, where the weekly average of TSI’s daily reference prices dropped by US$16/st to US$ 367/s.T. FOB Midwest mill for a four-week fall of 8%. In northern Europe, HRC prices fell by Euro 8/T on the week to Euro 319/T ex-mill. TSI’s reference prices weakened in Asia. HRC and CRC both dipped by US$ 1/T on the week, while plate fell by US$ 3 to US$ 274/T CFR ASEAN port. (Source - SBB, London)
Tata Steel’s Singapore arm has executed pacts worth US$1.5 billion for refinancing its debt. "T S Global Holdings Pte Ltd.” (TSGH), a subsidiary of Tata Steel Ltd incorporated in Singapore, has executed agreements for loan facilities of US$ 1.5 billion comprising a five-year loan of US$ 750 million and a six year loan of US$ 750 million. The proceeds will be used to repay existing term loan facilities in TSGH. The new loan facilities provide significantly greater flexibility in their terms and conditions and provide savings in cost, besides extension of tenor. (Source - Press Reports)
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