ArcelorMittal’s share prices slumped to a 12-year low after Citigroup said earnings for the world’s biggest steel producer will fall even lower next year. ArcelorMittal is fighting to sustain profits on two fronts. China’s slowest economic growth in more than two decades has fueled record steel exports from the nation, undercutting prices across the world, including in the company’s two biggest markets of Europe and the US. At the same time, prices for iron ore that it mines have slumped amid a glut of the steel-making material. (Source – Steelonthenet)
India’s plate imports have gone up by 10.6% year-on-year during April-October to 2.8 MT. Within this total, China remained India’s top plate supplier, though volumes rose by just 0.4% year-on-year to 181,110 T during the period. The second-largest supplier, Indonesia, has seen its plate exports to India surge after PT Krakatau Posco began supplying to India in March 2014. Indonesia exported a total of 136,400 T plates to India during April-October, more than ten times the 13,490 T shipped during the same period last year. India’s third-largest plate supplier, South Korea, nearly doubled deliveries on-year to 107,290 T during April-October. (Source - SBB, London)
More steel mills in the Chinese province of Shanxi have halted production due to shrinking demand and a shortage of cash, a move that could further dampen the prices of iron ore. Among the main 23 steel mills in the northern province, 10 including Linfen Iron & Steel, a unit of state-owned Taiyuan Iron & Steel Group, have shut down all blast furnaces, with a total annual capacity of 19.7 MT, with the rest running at very low utilisation rates. China has a steel capacity of 1.25 bn. T. (Source - Metal Junction)
China’s biggest 101 steel companies lost a combined US$ 11bn. in the first 10 months of 2015, or more than double the profits garnered last year. China has closed down 50 MT of steel manufacturing capacity this year, just 4% of its total 1.14 bn.T. of capacity, according to HSBC. The bank calculates China would need to cut an additional 120 MT to 160 MT of capacity next year for the industry-wide utilisation rate to reach a “relatively healthy” level of 80%. Of the 101 largest steel companies, 48 suffered net losses in the first 10 months of the year. (Source - Press Reports)
Tata Steel is set to push ahead with hundreds of job losses in Rotherham after rejecting alternative plans by independent experts. Tata plans to remove 720 jobs in the bar business, including 550 in South Yorkshire, with 490 of those in Rotherham. Since July, thousands of jobs have been lost in the steel industry in UK - including at Tata in Scunthorpe where a GBP 9 mn. package of support from the Government and Tata was put in place to support steelworkers and the local economy. (Source - Press Reports)
India’s plate imports have gone up by 10.6% year-on-year during April-October to 2.8 MT. Within this total, China remained India’s top plate supplier, though volumes rose by just 0.4% year-on-year to 181,110 T during the period. The second-largest supplier, Indonesia, has seen its plate exports to India surge after PT Krakatau Posco began supplying to India in March 2014. Indonesia exported a total of 136,400 T plates to India during April-October, more than ten times the 13,490 T shipped during the same period last year. India’s third-largest plate supplier, South Korea, nearly doubled deliveries on-year to 107,290 T during April-October. (Source - SBB, London)
More steel mills in the Chinese province of Shanxi have halted production due to shrinking demand and a shortage of cash, a move that could further dampen the prices of iron ore. Among the main 23 steel mills in the northern province, 10 including Linfen Iron & Steel, a unit of state-owned Taiyuan Iron & Steel Group, have shut down all blast furnaces, with a total annual capacity of 19.7 MT, with the rest running at very low utilisation rates. China has a steel capacity of 1.25 bn. T. (Source - Metal Junction)
China’s biggest 101 steel companies lost a combined US$ 11bn. in the first 10 months of 2015, or more than double the profits garnered last year. China has closed down 50 MT of steel manufacturing capacity this year, just 4% of its total 1.14 bn.T. of capacity, according to HSBC. The bank calculates China would need to cut an additional 120 MT to 160 MT of capacity next year for the industry-wide utilisation rate to reach a “relatively healthy” level of 80%. Of the 101 largest steel companies, 48 suffered net losses in the first 10 months of the year. (Source - Press Reports)
Tata Steel is set to push ahead with hundreds of job losses in Rotherham after rejecting alternative plans by independent experts. Tata plans to remove 720 jobs in the bar business, including 550 in South Yorkshire, with 490 of those in Rotherham. Since July, thousands of jobs have been lost in the steel industry in UK - including at Tata in Scunthorpe where a GBP 9 mn. package of support from the Government and Tata was put in place to support steelworkers and the local economy. (Source - Press Reports)
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