Jiangsu Shagang Group, China’s largest privately-owned steelmaker, will raise its domestic ex-works rebar prices by US$ 5/T for the March 1-10 period. This followed Shagang’s previous increase of US$ 8/T for February 21-29 sales. As a result, its 16-25mm diameter rebar price is now US$ 310/T and including 17% VAT. (Source - SBB, London)
Nucor, USA would be increasing its plate prices by US$ 30/s.T, becoming the third US producer to officially announce price hikes this week. The increase was effective immediately and covered all new orders for carbon, alloy and heattreated plate. The increases mark the third round of plate price hikes since December 2015 as US producers look to regain lost ground from 2015 price declines. (Source - SBB, London)
China's major steel mills added to their debt pile in 2015 while consumption of steel products fell for the first time in two decades. The debt ratio of major steel mills rose by 1.6% to 70.1% from a year ago, taking the big mills' debt to US$ 499 billion. At the same time, steel product consumption in China fell by 5.4% to 664 MT in 2015 from a year ago, the first drop since 1996. (Source - Press Reports)
Rio Tinto has concluded the sale of its 40% stake in the Bengalla coal joint venture (JV) in Australia to New Hope in a transaction valued at US$ 616.7 mn. Bengalla coal mine is located in the Hunter Valley of New South Wales, Australia, and produced 8.6 MT in 2014. Rio Tinto has now announced or completed US$4.7 billion of divestments since January 2013. (Source - Press Reports)
Anglocal will shutdown its operations in Botswana following a strategic decision by parent company. The company would cease works at its 700 MT Mmamabula coal fields and close offices in Botswana. Anglocal acquired two coal blocks in 2013 through auction for development of mine of thermal coal. The two blocks sit adjacent to 2.4 bn.T. Mmamabula east coal fields which are owned by Jindal group.(Source – Press Reports)
Indian steelmakers this week raised domestic prices for HRC by Rupees 500/T. Domestic prices have risen by a total of Rupees 2,000/T since New Delhi enforced a minimum price of US$ 445/T CFR Mumbai for HRC imports, effective February 5. Platts assessed domestic structural HRC 3mm thick higher by Rupees 500/T at Rupees 25,500-26,500/T ex-works this week. (Source – SBB, London)
Nucor, USA would be increasing its plate prices by US$ 30/s.T, becoming the third US producer to officially announce price hikes this week. The increase was effective immediately and covered all new orders for carbon, alloy and heattreated plate. The increases mark the third round of plate price hikes since December 2015 as US producers look to regain lost ground from 2015 price declines. (Source - SBB, London)
China's major steel mills added to their debt pile in 2015 while consumption of steel products fell for the first time in two decades. The debt ratio of major steel mills rose by 1.6% to 70.1% from a year ago, taking the big mills' debt to US$ 499 billion. At the same time, steel product consumption in China fell by 5.4% to 664 MT in 2015 from a year ago, the first drop since 1996. (Source - Press Reports)
Rio Tinto has concluded the sale of its 40% stake in the Bengalla coal joint venture (JV) in Australia to New Hope in a transaction valued at US$ 616.7 mn. Bengalla coal mine is located in the Hunter Valley of New South Wales, Australia, and produced 8.6 MT in 2014. Rio Tinto has now announced or completed US$4.7 billion of divestments since January 2013. (Source - Press Reports)
Anglocal will shutdown its operations in Botswana following a strategic decision by parent company. The company would cease works at its 700 MT Mmamabula coal fields and close offices in Botswana. Anglocal acquired two coal blocks in 2013 through auction for development of mine of thermal coal. The two blocks sit adjacent to 2.4 bn.T. Mmamabula east coal fields which are owned by Jindal group.(Source – Press Reports)
Indian steelmakers this week raised domestic prices for HRC by Rupees 500/T. Domestic prices have risen by a total of Rupees 2,000/T since New Delhi enforced a minimum price of US$ 445/T CFR Mumbai for HRC imports, effective February 5. Platts assessed domestic structural HRC 3mm thick higher by Rupees 500/T at Rupees 25,500-26,500/T ex-works this week. (Source – SBB, London)
In March last year, Parliament passed the Mines and Minerals (Development and Regulation) Amendment Act 2015, which paved the way for states to auction iron ore and non-coal mineral mines. Odisha has seen the auction of first iron ore mine with Government expected to earn a revenue of Rs.11,328 crores. The mines was bought by Essar Steel.
ReplyDeleteThe jury meeting of SCOPE Awards for Excellence and Outstanding Contribution to the Public Sector Management was held recently.
ReplyDeleteThe steel ministry is set to ask the finance ministry to reduce the export duty for higher grade iron ore too.
ReplyDeleteJindal Steel and Power is in advanced talks with Adani Group to sell its power group Jindal Power.
ReplyDeleteSEBI has cleared the name of Jindal Stainless in a matter related to alleged non-compliance with the regulator's online complaint redressal system, SCORES.
ReplyDeleteIndian steel arriving in US is to be taxed by as much as 266% on the price.
ReplyDelete