AngloAmerica which suffered US$5.6 bn. full year loss in 2015, plans to completely exit the coal sector by selling its remaining operations in Australia, South Africa and Colombia. It would exit over time, from its iron ore business, including its Kumba unit in South Africa and its Minas-Rio project in Brazil. However, Anglo might retain the Brazilian operation for at least three years. Nickel units, and a minority stake in the Samancor Manganese business controlled by South32, would also go. Instead, the diversified miner will focus on its copper, diamonds and platinum businesses. Anglo plans to sell or shut down about 65% of its current activities and drastically reduce staffing and costs. (Source – Mining)
India's largest steel-makers' association has urged the government to extend a relief package to the iron and steel sector, as most companies are likely to default on their loans. The Indian Steel Association (ISA) said a large number of loans to companies were under stress and could turn into non-performing assets. The association urged the Indian government to dole out a special steel package offering flexibility on payment of their debt. (Source - Press Reports)
Bhushan Steel Ltd.’s Board has approved the demerger of its plants in Uttar Pradesh, Maharashtra and Odisha via slump sale. The Board also approved, in principle, demerger of its 3.1 MT capacity integrated steel plant in Odisha into two parts. As of September 2015, the company had a standalone debt of Rs.40,842 crore. Creditors had asked Bhushan Steel to sell its integrated steel plant in Dhenkanal, Odisha, to raise cash and repay some loans. (Source - Press Reports)
Some Chinese rebar exporters raised their offer prices by US$ 5/T Wednesday, but many others were still waiting on the sidelines and were yet to decide their new prices. The price increase was mainly driven by stronger market sentiment towards Chinese domestic prices for construction steel amid the seasonal recovery in demand and low market stocks. Platts assessed 16-20mm diameter rebar up by US$ 3/T on the day to US$ 254-257/T FOB China. (Source - SBB, London)
Central China's Wuhan Iron & Steel will raise March ex-works prices of its HRC by US$ 8/T, cold rolled coil by US$ 10/T and HDG by US$ 45/T. However, northern Chinese producer Shougang will roll over its flat steel prices for March. As a result, Wugang's March ex-works price for 5.5mm HRC climbs to US$ 355/T without 17% VAT, while Shougang's price for same grade coil is unchanged at US$ 393/T non-VAT for March. (Source - SBB, London)
India's largest steel-makers' association has urged the government to extend a relief package to the iron and steel sector, as most companies are likely to default on their loans. The Indian Steel Association (ISA) said a large number of loans to companies were under stress and could turn into non-performing assets. The association urged the Indian government to dole out a special steel package offering flexibility on payment of their debt. (Source - Press Reports)
Bhushan Steel Ltd.’s Board has approved the demerger of its plants in Uttar Pradesh, Maharashtra and Odisha via slump sale. The Board also approved, in principle, demerger of its 3.1 MT capacity integrated steel plant in Odisha into two parts. As of September 2015, the company had a standalone debt of Rs.40,842 crore. Creditors had asked Bhushan Steel to sell its integrated steel plant in Dhenkanal, Odisha, to raise cash and repay some loans. (Source - Press Reports)
Some Chinese rebar exporters raised their offer prices by US$ 5/T Wednesday, but many others were still waiting on the sidelines and were yet to decide their new prices. The price increase was mainly driven by stronger market sentiment towards Chinese domestic prices for construction steel amid the seasonal recovery in demand and low market stocks. Platts assessed 16-20mm diameter rebar up by US$ 3/T on the day to US$ 254-257/T FOB China. (Source - SBB, London)
Central China's Wuhan Iron & Steel will raise March ex-works prices of its HRC by US$ 8/T, cold rolled coil by US$ 10/T and HDG by US$ 45/T. However, northern Chinese producer Shougang will roll over its flat steel prices for March. As a result, Wugang's March ex-works price for 5.5mm HRC climbs to US$ 355/T without 17% VAT, while Shougang's price for same grade coil is unchanged at US$ 393/T non-VAT for March. (Source - SBB, London)
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