Spot prices of hot rolled coil in Shanghai's dealer market slid for the fourth consecutive day Tuesday. Transactions were extremely slow as buyers preferred to wait, expecting further declines in HRC prices. Platts assessed 5.5mm HRC in Shanghai at US$ 294-298/T ex-stock with 17% VAT Tuesday, down by US$ 6/T on the day. (Source - SBB, London)
Nippon Steel & Sumitomo Metal Corp (NSSMC) will close its No.3 blast furnace in Kimitsu, near Tokyo, on March 12 to reduce its steel output levels. The company decided in March 2013 to close down the Kimitsu No.3 stack, which has an inner volume of 4,822 cubic meters and will concentrate production at Nos.2 and 4, which are 4,500 and 5,555 cu meter units respectively. (Source – SBB, London)
At least three US sheet producers announced US$ 20- 30/s.T. price increases Tuesday. Nucor would raise base prices by a minimum of US$ 20/s.T. for hotrolled coil, US$ 30/s.T. for cold-rolled coil and US$ 30/s.T. for galvanized sheet. The price increases were effective with all new orders. Buyers have been anticipating a second round of price increases since multiple steelmakers announced US$ 40/s.T. price increases in early December. (Source - SBB, London)
After a decline in November, India's steel imports again surged by 23% in December 2015 neutralising the measures taken by the Government to check cheap imports. Steel imports rose by 23% to 0.94 MT in December 2015 compared to November. However, December imports were down by 1.4% compared to that in same month of 2014. Imports of total finished steel stood at 8.4 MT in the April-December period of 2015-16 fiscal, a growth of 29.2% compared to same period of last year. (Source - Metal Junction)
China’s iron ore imports surged higher significantly during the month of November last year. The imports totaled 82.13 MT, 21.9% higher when compared with the same month a year before. The value of imports amounted to US$ 4,706.9 million during Nov ’15 which has dropped sharply by over 12% when compared with the previous year. (Source - Shanghai Metal Market)
US Steel Canada has been given court approval for a second attempt to try and sell off the Hamilton and Nanticoke operations. The ruling allows the company to solicit interest from potential bidders with the goal of selecting winning offers by the end of October. The court has also extended the creditor protection order to April 29th. (Source - Press Reports)
Nippon Steel & Sumitomo Metal Corp (NSSMC) will close its No.3 blast furnace in Kimitsu, near Tokyo, on March 12 to reduce its steel output levels. The company decided in March 2013 to close down the Kimitsu No.3 stack, which has an inner volume of 4,822 cubic meters and will concentrate production at Nos.2 and 4, which are 4,500 and 5,555 cu meter units respectively. (Source – SBB, London)
At least three US sheet producers announced US$ 20- 30/s.T. price increases Tuesday. Nucor would raise base prices by a minimum of US$ 20/s.T. for hotrolled coil, US$ 30/s.T. for cold-rolled coil and US$ 30/s.T. for galvanized sheet. The price increases were effective with all new orders. Buyers have been anticipating a second round of price increases since multiple steelmakers announced US$ 40/s.T. price increases in early December. (Source - SBB, London)
After a decline in November, India's steel imports again surged by 23% in December 2015 neutralising the measures taken by the Government to check cheap imports. Steel imports rose by 23% to 0.94 MT in December 2015 compared to November. However, December imports were down by 1.4% compared to that in same month of 2014. Imports of total finished steel stood at 8.4 MT in the April-December period of 2015-16 fiscal, a growth of 29.2% compared to same period of last year. (Source - Metal Junction)
China’s iron ore imports surged higher significantly during the month of November last year. The imports totaled 82.13 MT, 21.9% higher when compared with the same month a year before. The value of imports amounted to US$ 4,706.9 million during Nov ’15 which has dropped sharply by over 12% when compared with the previous year. (Source - Shanghai Metal Market)
US Steel Canada has been given court approval for a second attempt to try and sell off the Hamilton and Nanticoke operations. The ruling allows the company to solicit interest from potential bidders with the goal of selecting winning offers by the end of October. The court has also extended the creditor protection order to April 29th. (Source - Press Reports)
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