Gas pipes worth 1.8 billion euros (US$ 1.95 billion) are lying on the shores of the Black Sea after Russia's decision to suspend work on the Turkish Stream pipeline. The decision leaves Russian energy giant Gazprom with miles of pipes only useable in the Black Sea. It ordered pipes for the 2,400-kilometre South Stream pipeline. Gazprom will now be forced to put the pipes in storage until tensions between Moscow and Turkey subside. (Source – Steelonthenet)
The success of Chinese steel mills in raising exports as slower economic growth curbs domestic demand has been a surprise, according to BHP Billiton Ltd. Mills in China, which account for half of global production, shipped about 25% more steel this year through October compared to 2014. Chinese exports may reach 110 MT this year, which is more than Europe’s top four producers combined, according to Bloomberg Intelligence. China’s steel exports are unlikely to increase further as per Japan Iron and Steel Federation. (Source - Press Reports)
Karnataka will, for the first time in the country, e-auction ‘C’ category iron ore mining leases, following the direction of the Supreme Court. The State Government has announced February 9 as the date for starting the process. According to sources, 11 mines together possess around 127 MT of iron ore reserves. Kudremukh Iron Ore Company Ltd., a PSU, and JSW Steel, which do not have captive mines, are learnt to have expressed their interest in participating in bidding. Other giant in the steel sector, ArcelorMittal, which is in the process of setting up a steel plant in Ballari, will also be a bidder. (Source – Steelonthenet)
Tuwairqi Steel Mills Ltd (TSML), the sole producer of direct reduced iron in Pakistan, has appointed a consultant to evaluate its plant as it plans to seek a buyer. The plant has been idle for about two years after it failed to obtain natural gas supplies at a discounted rate from the Pakistani government. The plant is a joint venture between South Korea’s Posco and Saudi Arabia’s Al Tuwairqi Group. (Source – SBB, London)
US imported 15% less steel in November than October. Based on import licenses, November had the lowest monthly level of imports in at least 15 months. Import licenses for November totaled 2.3 MT, down from a preliminary October count of actual imports of 2.71 MT. (Source – SBB, London)
The success of Chinese steel mills in raising exports as slower economic growth curbs domestic demand has been a surprise, according to BHP Billiton Ltd. Mills in China, which account for half of global production, shipped about 25% more steel this year through October compared to 2014. Chinese exports may reach 110 MT this year, which is more than Europe’s top four producers combined, according to Bloomberg Intelligence. China’s steel exports are unlikely to increase further as per Japan Iron and Steel Federation. (Source - Press Reports)
Karnataka will, for the first time in the country, e-auction ‘C’ category iron ore mining leases, following the direction of the Supreme Court. The State Government has announced February 9 as the date for starting the process. According to sources, 11 mines together possess around 127 MT of iron ore reserves. Kudremukh Iron Ore Company Ltd., a PSU, and JSW Steel, which do not have captive mines, are learnt to have expressed their interest in participating in bidding. Other giant in the steel sector, ArcelorMittal, which is in the process of setting up a steel plant in Ballari, will also be a bidder. (Source – Steelonthenet)
Tuwairqi Steel Mills Ltd (TSML), the sole producer of direct reduced iron in Pakistan, has appointed a consultant to evaluate its plant as it plans to seek a buyer. The plant has been idle for about two years after it failed to obtain natural gas supplies at a discounted rate from the Pakistani government. The plant is a joint venture between South Korea’s Posco and Saudi Arabia’s Al Tuwairqi Group. (Source – SBB, London)
US imported 15% less steel in November than October. Based on import licenses, November had the lowest monthly level of imports in at least 15 months. Import licenses for November totaled 2.3 MT, down from a preliminary October count of actual imports of 2.71 MT. (Source – SBB, London)
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