The gap between world steel capacity and actual production has widened significantly and looks set to grow further – as per OECD Steel Committee. A presentation by the OECD secretariat showed that excess capacity has averaged more than 500 MT/year since 2008, up from an annual average of 238 MT between 1980 and 2007. The industry’s capacity-utilisation rate has remained below 80% since 2009. World total capacity has more than doubled since 2000, rising from 1,046 MTpa to 2,321 MTpa in 2014. China has been largely responsible, as its share of global capacity rose from 14% in 2000 to 49% in 2014. (Source - SBB, London)
Indian Govt. is likely to notify a minimum import price (MIP) for steel products later this week. The Commerce Department is likely to issue a notification for imposition of MIP, which would set the floor price, below which imports into the country would not be allowed. The Govt. is likely to put in place a mechanism whereby if the FOB price at the point of origin according to major steel indices is lower than the invoiced one, the listed price would be considered for enforcing MIP. (Source - Press Reports)
India’s steel imports fell in November for the first time in eight months, due to Government move in August to impose a 20% safeguard duty on some steel products to protect local producers from cheap overseas supplies. Inbound shipment last month fell by 6.9% to 0.76 MT from 0.82 MT a year earlier. For the April-November period, steel imports remained high with a 34.4% rise from a year ago. (Source - Press Reports)
Some 600 workers of Point Lisas steel manufacturing company of ArcelorMittal in Trinidad have been laid off, a month after the company stopped steel production citing global and local economic condition. On November 4, ArcelorMittal Point announced that because of over-supply of steel in the international market and the drying up of orders for its Direct Reduced Iron and steel products produced at the Pt. Lisas plant, it had to shut down operations temporarily. (Source – Steelonthenet)
China exported 9.61 MT of steel in November, representing a decline of 1.1% from November last year. The November dip was the first in China’s steel exports on a yearly basis since December 2013. The monthly total took China’s exports during the January-November period to 101.74 MT, a 21.7% increase from the same period last year. (Source – SBB, London)
Indian Govt. is likely to notify a minimum import price (MIP) for steel products later this week. The Commerce Department is likely to issue a notification for imposition of MIP, which would set the floor price, below which imports into the country would not be allowed. The Govt. is likely to put in place a mechanism whereby if the FOB price at the point of origin according to major steel indices is lower than the invoiced one, the listed price would be considered for enforcing MIP. (Source - Press Reports)
India’s steel imports fell in November for the first time in eight months, due to Government move in August to impose a 20% safeguard duty on some steel products to protect local producers from cheap overseas supplies. Inbound shipment last month fell by 6.9% to 0.76 MT from 0.82 MT a year earlier. For the April-November period, steel imports remained high with a 34.4% rise from a year ago. (Source - Press Reports)
Some 600 workers of Point Lisas steel manufacturing company of ArcelorMittal in Trinidad have been laid off, a month after the company stopped steel production citing global and local economic condition. On November 4, ArcelorMittal Point announced that because of over-supply of steel in the international market and the drying up of orders for its Direct Reduced Iron and steel products produced at the Pt. Lisas plant, it had to shut down operations temporarily. (Source – Steelonthenet)
China exported 9.61 MT of steel in November, representing a decline of 1.1% from November last year. The November dip was the first in China’s steel exports on a yearly basis since December 2013. The monthly total took China’s exports during the January-November period to 101.74 MT, a 21.7% increase from the same period last year. (Source – SBB, London)
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