Hebei Iron and Steel, China is lifting its February rebar contract prices by US$ 9- 11/T. The increase took Hegang’s settlement price for 16-22 mm diameter rebar to US$ 286/T, including 17% VAT. In Beijing’s retail market on February 26, Platts assessed 18-25mm diameter rebar at US$ 307-309/T, up by US$ 2/T from the previous day. This took the total increase since February 15 week to US$ 22/T. (Source - SBB, London)
The pronounced rise in China’s domestic steel market since early this year has led many Chinese steelmakers – chiefly small, privately-owned producers – to quietly step up production. Some mills are even contemplating restarting blast resumption in output would dent steel prices. As of February 26, around 20 blast furnaces nationwide, mainly those belonging to private mills producing long products, had restarted operation since January 1. (Source - SBB, London)
Steelmaking capacity is continuing to grow globally, even as crude steel production has apparently entered a declining trend. The Organisation for Economic Co-operation and Development (OECD), expects world crude steelmaking capacity to increase to 2.418 billion tons in 2017, higher than the 2.361 billion T it had forecast for that date a year ago, and up from 2.371 MT in 2015. This is more than twice as high as the 1.046 billion T capacity level seen in 2000. Most of the planned capacity increase by 2017 will be in BF/BOF route. The gap between world capacity and production has increased in recent years and has averaged more than 500 MT per year since 2008 – as per OECD. (Source – SBB, London)
POSCO has signed an initial agreement to help build a US$ 1.6 billion steel mill in Iran, looking to tap rising demand in the Middle Eastern country. The lifting of economic sanctions is expected to revive the biggest steel market in the Middle East. POSCO and its affiliates plan to take 8% of the project to build the 1.6 MTpa steel plant with Iran's Pars Kohan Diarparsian Steel (PKP) in the port city of Chabahar. (Source - Press Reports)
China expects to lay off 1.8 million workers in the coal and steel industries, or about 15% of the workforce, as part of efforts to reduce industrial overcapacity. About 1.3 million workers in the coal sector could lose their jobs, plus 500,000 from the steel sector. China’s coal and steel sectors employ about 12 million workers. The Central Government will allocate 100 bn. Yuan (US$ 15 bn.) over two years to relocate workers laid off as a result of China’s efforts to curb overcapacity. (Source – Steelonthenet)
The pronounced rise in China’s domestic steel market since early this year has led many Chinese steelmakers – chiefly small, privately-owned producers – to quietly step up production. Some mills are even contemplating restarting blast resumption in output would dent steel prices. As of February 26, around 20 blast furnaces nationwide, mainly those belonging to private mills producing long products, had restarted operation since January 1. (Source - SBB, London)
Steelmaking capacity is continuing to grow globally, even as crude steel production has apparently entered a declining trend. The Organisation for Economic Co-operation and Development (OECD), expects world crude steelmaking capacity to increase to 2.418 billion tons in 2017, higher than the 2.361 billion T it had forecast for that date a year ago, and up from 2.371 MT in 2015. This is more than twice as high as the 1.046 billion T capacity level seen in 2000. Most of the planned capacity increase by 2017 will be in BF/BOF route. The gap between world capacity and production has increased in recent years and has averaged more than 500 MT per year since 2008 – as per OECD. (Source – SBB, London)
POSCO has signed an initial agreement to help build a US$ 1.6 billion steel mill in Iran, looking to tap rising demand in the Middle Eastern country. The lifting of economic sanctions is expected to revive the biggest steel market in the Middle East. POSCO and its affiliates plan to take 8% of the project to build the 1.6 MTpa steel plant with Iran's Pars Kohan Diarparsian Steel (PKP) in the port city of Chabahar. (Source - Press Reports)
China expects to lay off 1.8 million workers in the coal and steel industries, or about 15% of the workforce, as part of efforts to reduce industrial overcapacity. About 1.3 million workers in the coal sector could lose their jobs, plus 500,000 from the steel sector. China’s coal and steel sectors employ about 12 million workers. The Central Government will allocate 100 bn. Yuan (US$ 15 bn.) over two years to relocate workers laid off as a result of China’s efforts to curb overcapacity. (Source – Steelonthenet)
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