Indian steelmakers this week raised domestic prices for hot rolled coil by Rupees 500-1,000/T. This is their third increase since stipulation of a minimum price of US$445/T CFR Mumbai for HRC imports earlier this month. Platts assessed domestic HRC 3mm thick higher at Rupees 25,000-26,000/T (US$ 365-379/T) exworks, up from Rupees 24,500-25,000/T last week. The MIP notification has resulted in a complete halt in import bookings, and Indian steelmakers no longer have to compete with low import prices. (Source - SBB, London)
ArcelorMittal has idled the No. 1 aluminizing line at its Indiana Harbor sheet works works in East Chicago, Indiana. No layoffs are expected as a result of the adjustment as ArcelorMittal will leverage natural attrition. The rationalization of finishing assets at the facility has been anticipated for a while by market sources. (Source - SBB, London)
Fortescue Metals Group, 4th largest iron ore producer, announced that net profit had fallen by just 4% to US$ 319 million, despite a 33% drop in revenue on the back of weaker iron ore prices. The result compared to a profit of US$ 331 mn. the same period a year earlier. Fortescue’s mining costs have dropped from US$ 48/T in 2012 to US$ 16.34/T in the last half due to cost-cutting, increased output and an overhaul of mining and processing methods at its Pilbara operations. (Source - Metal Junction)
Brazil’s mining giant Vale reported Thursday its deepest quarterly net loss ever, becoming at the same time the first of the three largest iron ore producers to put some of its core assets up for sale. The Rio de Janeiro-based company posted a fourth-quarter net loss of US$ 8.57 billion, its fifth drop in the past six quarters, driven by a dramatic and sustained rout of its main profit driver, iron ore. Vale also blamed its poor results on impairment charges and a 47% depreciation of the Brazilian Real against the dollar last year, situation that increased the value of the company’s dollar-denominated debt. (Source – Mining)
China Steel Corp., Taiwan’s largest steelmaker, raised its prices by an average of 3.1% per tonne for next month and May deliveries due to improving supply conditions. It marks the second consecutive price hike by CSC after increasing orders showed signs of recovery from the industry’s worst slump since 2008. Last month, CSC increased its prices by 2.3% for next month’s deliveries. The company posted a combined pre-tax income of NT$2.78 billion (US$83 million) over the past four months. The company hiked the price of steel plates by US$ 23.2/T and raised the price of benchmark HRC by US$ 16.2/T. (Source - Press Reports)
ArcelorMittal has idled the No. 1 aluminizing line at its Indiana Harbor sheet works works in East Chicago, Indiana. No layoffs are expected as a result of the adjustment as ArcelorMittal will leverage natural attrition. The rationalization of finishing assets at the facility has been anticipated for a while by market sources. (Source - SBB, London)
Fortescue Metals Group, 4th largest iron ore producer, announced that net profit had fallen by just 4% to US$ 319 million, despite a 33% drop in revenue on the back of weaker iron ore prices. The result compared to a profit of US$ 331 mn. the same period a year earlier. Fortescue’s mining costs have dropped from US$ 48/T in 2012 to US$ 16.34/T in the last half due to cost-cutting, increased output and an overhaul of mining and processing methods at its Pilbara operations. (Source - Metal Junction)
Brazil’s mining giant Vale reported Thursday its deepest quarterly net loss ever, becoming at the same time the first of the three largest iron ore producers to put some of its core assets up for sale. The Rio de Janeiro-based company posted a fourth-quarter net loss of US$ 8.57 billion, its fifth drop in the past six quarters, driven by a dramatic and sustained rout of its main profit driver, iron ore. Vale also blamed its poor results on impairment charges and a 47% depreciation of the Brazilian Real against the dollar last year, situation that increased the value of the company’s dollar-denominated debt. (Source – Mining)
China Steel Corp., Taiwan’s largest steelmaker, raised its prices by an average of 3.1% per tonne for next month and May deliveries due to improving supply conditions. It marks the second consecutive price hike by CSC after increasing orders showed signs of recovery from the industry’s worst slump since 2008. Last month, CSC increased its prices by 2.3% for next month’s deliveries. The company posted a combined pre-tax income of NT$2.78 billion (US$83 million) over the past four months. The company hiked the price of steel plates by US$ 23.2/T and raised the price of benchmark HRC by US$ 16.2/T. (Source - Press Reports)
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