Tata Steel is believed to nearing a deal to sell-off one of its UK steel plants, in a move expected to secure thousands of jobs. Several funds that specialise in trying to rescue troubled companies are battling it out to buy Tata's long products arm of its Scunthorpe steel works in Lincolnshire. The Tata Group could agree a deal as early as next week after receiving formal bids from three parties. (Source - Press Reports)
Consumption of steel in China will slide by 3% to 648 MT in 2016 from 668 MT this year, according to the China’s central planning institute. The Metallurgical Industry Planning and Research Institute (MPI) in its annual report has forecast production would fall by 3.1% to 781 MT next year. That will lead to a drop in iron ore consumption of 4.2% to 1.07 bn.T – as per the report. (Source - Press Reports)
Slovakian flat steel producer US Steel Kosice, a unit of United States Steel Corp, has idled one of its three operating blast furnaces for December in order to balance output to lower demand. Blast furnace No.1 will remain idle for the whole of December while the other two, including the larger No.2 will continue working. US Steel has a crude steel capacity of 4.15 MTpa. (Source – SBB, London)
A number of steel producers located across Germany are increasing their offering levels for strip products in the northwest European market as they seek to reverse the recent downtrend in prices. One mill has confirmed a Euro 30/T increase for coils. The hike was broadly anticipated in response to the weakness of the market, firming import prices and Marcegaglia’s Euro 20/T increase a fortnight ago. (Source – SBB, London)
Takeover deal of the country’s troubled Ziscosteel by Essar Africa Holdings (a subsidiary of Mauritius-based company Essar Energy) has collapsed and that the remaining 3,000 workers at the plant have been given three months’ notice of their contracts ending. In March 2011, Essar acquired a majority stake in idle steelworks Ziscosteel in a US$750m deal that saw it re-branded as NewZim Steel. (Source - SBB, London)
Iron ore prices dropped below US$ 40/T levels. The benchmark iron ore prices for immediate delivery to Chinese Tianjin port traded at US$ 39.40/T, falling almost 2.3% from the previous close. The prices are currently at 10-year lows. The prices have declined by nearly 44% since the start of the year. (Source - Shanghai Metal Market)
Consumption of steel in China will slide by 3% to 648 MT in 2016 from 668 MT this year, according to the China’s central planning institute. The Metallurgical Industry Planning and Research Institute (MPI) in its annual report has forecast production would fall by 3.1% to 781 MT next year. That will lead to a drop in iron ore consumption of 4.2% to 1.07 bn.T – as per the report. (Source - Press Reports)
Slovakian flat steel producer US Steel Kosice, a unit of United States Steel Corp, has idled one of its three operating blast furnaces for December in order to balance output to lower demand. Blast furnace No.1 will remain idle for the whole of December while the other two, including the larger No.2 will continue working. US Steel has a crude steel capacity of 4.15 MTpa. (Source – SBB, London)
A number of steel producers located across Germany are increasing their offering levels for strip products in the northwest European market as they seek to reverse the recent downtrend in prices. One mill has confirmed a Euro 30/T increase for coils. The hike was broadly anticipated in response to the weakness of the market, firming import prices and Marcegaglia’s Euro 20/T increase a fortnight ago. (Source – SBB, London)
Takeover deal of the country’s troubled Ziscosteel by Essar Africa Holdings (a subsidiary of Mauritius-based company Essar Energy) has collapsed and that the remaining 3,000 workers at the plant have been given three months’ notice of their contracts ending. In March 2011, Essar acquired a majority stake in idle steelworks Ziscosteel in a US$750m deal that saw it re-branded as NewZim Steel. (Source - SBB, London)
Iron ore prices dropped below US$ 40/T levels. The benchmark iron ore prices for immediate delivery to Chinese Tianjin port traded at US$ 39.40/T, falling almost 2.3% from the previous close. The prices are currently at 10-year lows. The prices have declined by nearly 44% since the start of the year. (Source - Shanghai Metal Market)
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