Spot prices of internationally-traded hot rolled coil in Asia increased for the first time in weeks on Wednesday. HRC prices had increased at the time of the Lunar New Year holidays and only now were the rises being passed on to the spot market. Platts assessed HRC 3.0mm thick at US$ 275-280/T FOB China Wednesday, up by US$ 5.5/T on the day. Some Chinese companies, like Maanshan Iron & Steel and Rizhao Iron & Steel – both in eastern China – have raised offers to US$ 285-290/T FOB. (Source - SBB, London)
Lenders to JSPL are likely to refinance project loans to the steel maker’s loss-making subsidiaries Wollongong Coal mine (Australia) and Angul steel plant. Refinancing would be done in line with the 5/25 scheme outlined by Reserve Bank of India, which essentially eases the repayment schedule for the borrower. How much debt will be refinanced is not clear but JSPL’s gross debt stood at Rs. 45,500 crore at the end of March 2015, up by 25% over March 2014. (Source - Press Reports)
UNCTAD, UN's trade agency has stated that market will witness increased supplies of the ore for a "few more years". As per the agency, continuing increase in supply combined with a slump in demand made 2015 a challenging year for the iron ore market. This will prevent prices from rising above a certain level. Slowing growth in global steel production meant that market for iron ore entered a new phase with slower growth, lower prices and squeezed margins for mining companies. (Source - Press Reports)
A number of European strip mills have confirmed a push of Euro 25-30/T across the board as steelmakers look to force the market to rebound in the second quarter of the year. North European mills are looking to build on the recent spate of trade cases with increased offer levels of Euro 25-30/T in line with ArcelorMittal’s measures earlier in the year. The Platts assessments for domestic ex-works Ruhr HRC and CRC are Euro 320-325/T and Euro 405-415/T. As per analysts, higher offer prices from importers as proof that the market is ready to bounce back. (Source - SBB, London)
Hopes for Europe’s troubled steel sector have risen in the past week following steps taken by the European Commission to prevent the “dumping” of cheap steel import. Last week the Commission announced the introduction of provisional duties on Chinese (13.8-16%) and Russian (19.8-26.2%) CRC. Russia and China together account for 55% of Europe’s CRC market. The Commission also opened new antidumping investigations into three categories of steel products (hot rolled flat steel, heavy plates, and seamless pipes) from China, bringing the total number of antidumping measures relating to the steel industry in Europe to 37, and the number of open investigations to nine. (Source - Metal Junction)
Lenders to JSPL are likely to refinance project loans to the steel maker’s loss-making subsidiaries Wollongong Coal mine (Australia) and Angul steel plant. Refinancing would be done in line with the 5/25 scheme outlined by Reserve Bank of India, which essentially eases the repayment schedule for the borrower. How much debt will be refinanced is not clear but JSPL’s gross debt stood at Rs. 45,500 crore at the end of March 2015, up by 25% over March 2014. (Source - Press Reports)
UNCTAD, UN's trade agency has stated that market will witness increased supplies of the ore for a "few more years". As per the agency, continuing increase in supply combined with a slump in demand made 2015 a challenging year for the iron ore market. This will prevent prices from rising above a certain level. Slowing growth in global steel production meant that market for iron ore entered a new phase with slower growth, lower prices and squeezed margins for mining companies. (Source - Press Reports)
A number of European strip mills have confirmed a push of Euro 25-30/T across the board as steelmakers look to force the market to rebound in the second quarter of the year. North European mills are looking to build on the recent spate of trade cases with increased offer levels of Euro 25-30/T in line with ArcelorMittal’s measures earlier in the year. The Platts assessments for domestic ex-works Ruhr HRC and CRC are Euro 320-325/T and Euro 405-415/T. As per analysts, higher offer prices from importers as proof that the market is ready to bounce back. (Source - SBB, London)
Hopes for Europe’s troubled steel sector have risen in the past week following steps taken by the European Commission to prevent the “dumping” of cheap steel import. Last week the Commission announced the introduction of provisional duties on Chinese (13.8-16%) and Russian (19.8-26.2%) CRC. Russia and China together account for 55% of Europe’s CRC market. The Commission also opened new antidumping investigations into three categories of steel products (hot rolled flat steel, heavy plates, and seamless pipes) from China, bringing the total number of antidumping measures relating to the steel industry in Europe to 37, and the number of open investigations to nine. (Source - Metal Junction)
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