Iron ore prices have surged above US$ 50/T. The iron ore price spiked by 6.6% to a level of US$ 50.30/T on Monday, taking its winning streak to three consecutive days. The commodity’s rise buoyed the two Australian mining giants shares during London trade. Although iron ore remains in an extended bear market, it has bounced sharply from a trough below US$ 40/T reached late last year. (Source - Metal Junction)
ArcelorMittal expects iron and steel prices to remain under pressure through out this calendar year. The firm stated that steel and iron ore prices have been under pressure in recent periods and particularly in 2015, with both reaching historical lows in 2015. Management currently considers it likely that while stabilisation is possible, steel prices will remain on the low side at least through 2016, given expectations regarding economic conditions and demand. (Source - Press Reports)
In a bid to enhance quality control in the steel industry, the Centre has made ISI mark mandatory for 15 more steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips. The order will come into force from March 18, 2016. With this notification, there will now be 35 steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips under compulsory certification by BIS. (Source - Press Reports)
World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 128 MT in January 2016, a -7.1% decrease compared to January 2015. China’s crude steel production for January 2016 was 63.2 MT, a decrease of -7.8% compared to January 2015. Elsewhere in Asia, Japan produced 8.8 MT of crude steel in January 2016, a decrease of -2.8% compared to January 2015. India’s crude steel production was 7.4 MT, a decrease of -1.2% compared to January 2015. South Korea produced 5.7 MT of crude steel in January 2016, down by -4.5% on January 2015. The crude steel capacity utilisation ratio of the 66 countries in January 2016 was 66.0%. (Source – Steelonthenet)
Spot prices of seaborne HRC in Asia began rising again on Tuesday, reflecting strong Chinese domestic prices. Most Chinese mills have stopped quoting for export because they're enjoying good business in their home market. Platts assessed HRC 3.0mm thick at US$ 283-288/T FOB China, that was up by US$ 3/T on the day. Anshan Iron & Steel is still offering at US$ 295/T FOB China for HRC while Benxi Iron & Steel (Bengang) offers are at US$ 290/T FOB China. (Source - SBB, London)
ArcelorMittal expects iron and steel prices to remain under pressure through out this calendar year. The firm stated that steel and iron ore prices have been under pressure in recent periods and particularly in 2015, with both reaching historical lows in 2015. Management currently considers it likely that while stabilisation is possible, steel prices will remain on the low side at least through 2016, given expectations regarding economic conditions and demand. (Source - Press Reports)
In a bid to enhance quality control in the steel industry, the Centre has made ISI mark mandatory for 15 more steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips. The order will come into force from March 18, 2016. With this notification, there will now be 35 steel and steel products, including mild steel wire rods, cold reduced low carbon and hot rolled carbon sheets and strips under compulsory certification by BIS. (Source - Press Reports)
World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 128 MT in January 2016, a -7.1% decrease compared to January 2015. China’s crude steel production for January 2016 was 63.2 MT, a decrease of -7.8% compared to January 2015. Elsewhere in Asia, Japan produced 8.8 MT of crude steel in January 2016, a decrease of -2.8% compared to January 2015. India’s crude steel production was 7.4 MT, a decrease of -1.2% compared to January 2015. South Korea produced 5.7 MT of crude steel in January 2016, down by -4.5% on January 2015. The crude steel capacity utilisation ratio of the 66 countries in January 2016 was 66.0%. (Source – Steelonthenet)
Spot prices of seaborne HRC in Asia began rising again on Tuesday, reflecting strong Chinese domestic prices. Most Chinese mills have stopped quoting for export because they're enjoying good business in their home market. Platts assessed HRC 3.0mm thick at US$ 283-288/T FOB China, that was up by US$ 3/T on the day. Anshan Iron & Steel is still offering at US$ 295/T FOB China for HRC while Benxi Iron & Steel (Bengang) offers are at US$ 290/T FOB China. (Source - SBB, London)
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