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voda 5 juli 2016 16:51

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Bhushan Steel to shut Odisha unit for 20 days to add 1 million tonne HSM capacity

Bhushan Steel will shut its diversified unit at Dhenkanal in Odisha for 20 days as the steelmaker plans to expand its hot-strip product capacity to 5 million tonnes a year, from 4 million tonne currently, the company said in a statement to the exchanges on Monday.

The steelmaker’s Odisha unit produces various products such as sponge iron, billets & hot-rolled coils and plates.

Source : The Hindu Business Line

voda 5 juli 2016 16:52

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Tata Steel put UK assets sale on hold while they assess impact of Brexit – Report

The Daily Mail reported that the owners of the beleaguered Port Talbot steel plant have put its sale on hold while they assess the impact of Britain’s European Union referendum. It was in talks over a deal on the Welsh plant before last week’s Brexit vote turned politics on its head. Bosses have now decided to put their plans on ‘pause’, sources told the Sunday Times.

Pressure for a quick sale has also eased following a jump in steel prices, which cut down on losses at the site.

Tata is now awaiting more information about a trade deal with the EU, and discussions are continuing over its £14bn of pension liabilities.

Potential buyers include commodities firm Liberty House and management buyout company Excalibur. However, it was already being speculated before the Brexit vote that Tata might hold onto the facility after all.

Source : Daily Mail

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voda 5 juli 2016 16:54

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Essar Steel India records 48% QoQ growth in flat steel production in Q1

Essar Steel India Limited has recorded a significant 48% quarter-on-quarter growth in flat steel production in the first quarter of the current fiscal. The total production stood at 1.22 million tonnes, compared to 0.824 million tonnes in the corresponding period last year. Pellet production also grew by 58% to 2.02 million tonnes compared to 1.28 million tonnes in the same quarter last year.

Source : Strategic Research Institute

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[verwijderd] 5 juli 2016 16:55

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quote:
voda schreef op 5 juli 2016 16:54:
Essar Steel India records 48% QoQ growth in flat steel production in Q1

Essar Steel India Limited has recorded a significant 48% quarter-on-quarter growth in flat steel production in the first quarter of the current fiscal. The total production stood at 1.22 million tonnes, compared to 0.824 million tonnes in the corresponding period last year. Pellet production also grew by 58% to 2.02 million tonnes compared to 1.28 million tonnes in the same quarter last year.

Source : Strategic Research Institute

Mooizo ;) +1

voda 5 juli 2016 16:56

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China’s Ministry of Commerce calls for WTO protocols as Indian files Ad caeonPPGI imports

Xinhua reported that China’s Ministry of Commerce has once again expressed concerns over Indian trade remedy measures against Chinese steel products. According to a statement on the ministry’s website “The Indian government has launched an anti-dumping investigation into color-coated steel sheets imported from China. It is the fifth such probe against China by India this year, the highest record among World Trade Organization members.”

It said “Countries have realized that the global steel industry is experiencing difficulties due to sluggish economic growth and weak demand, but abuse of trade remedy measures would not help resolve industrial overcapacity but hamper normal trade.”

The statement said “China and India have broad room for cooperation in the industry, the ministry said, adding that it is hoped that the two countries can seek common development through trade, investment and technological cooperation and properly handle trade frictions.”

The ministry said it hoped the Indian government could conduct a fair and transparent investigation in line with WTO rules, and refrain from trade remedy measures.

Source : Xinhua

voda 5 juli 2016 16:56

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India may alter steel MIP list – Steel Secretary

Reuters reported that India’s steel secretary Ms Aruna Sundararajan said that Indian government may alter the list of steel items that attract a minimum import price if the country decides to continue with the protectionist measure beyond August

India is currently carrying out an anti-dumping probe against imports of certain steel products from some countries. She said “Those items would be removed from the list on which anti-dumping duty is imposed while new products will be added.”

India imposed the minimum import price on 173 steel products 5th February for 6 months, which means that the government is likely to take a call before August 4th

Source : Reuters

voda 5 juli 2016 16:57

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ArcelorMittal Kryvyi Rih opens new steel products warehouse in central Ukraine

ArcelorMittal Kryvyi Rih has opened a new steel products warehouse in Dnipro city, central Ukraine. The new storage facility is the company’s eighth in the country, and it plans to ship more than 3,000 tonnes of steel products from Dnipro each month.

The opening of the warehouse in Dnipro – Ukraine’s fourth largest city – is part of an ongoing project that began in 2013 to create a national in-house distribution network.

The new, 7000m² warehouse can hold up to 10,000 tonnes of steel products and is located next to a railway line; road freight services are also available.

Anastasiya Tatarulieva, acting chief marketing officer of ArcelorMittal Kryvyi Rih said:

“In 2013 we started to develop our warehouse distribution network and now have eight warehouses which ensure the availability of our steel plant’s products in all the major regions of Ukraine. Dnipro is at the centre of the steel trade in Ukraine thanks to its location and transport infrastructure, which made having a warehouse base there a strategic priority for ArcelorMittal Kryvyi Rih”.

The warehouse in Dnipro will also serve as a logistics center for central, northern and eastern Ukraine.

Since 2013, ArcelorMittal Kryvyi Rih has opened seven warehouses for its steel products, in each region of Ukraine: Odessa, Kiev, Kryvyi Rih, Ternopil, Kharkiv and Lviv.

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voda 5 juli 2016 16:59

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Rio Tinto shelves USD 20millon Guinea iron ore project

The company's new Chief Executive Mr Jean-Sebastien Jacques said in an interview with The Times newspaper that Rio Tinto has shelved its $20 billion Simandou iron ore project in Guinea because of a sustained slump in prices.

Simandou would have provided Rio Tinto access to one of the world’s largest untapped high-grade iron ore resources, and was expected to sustain a mine life in excess of 40 years.

The world's second biggest miner by market capitalization had been seeking financing for Simandou, even after a $1.1 billion writedown on the project in February. Last month the Anglo-Australian company submitted a feasibility study to the Guinean government.

But global oversupply of iron ore made the project inviable at this time, Jacques told The Times.

However, Simandou would have comprised an iron ore mine in central Guinea, a 650-kilometer (404-mile) railway and a deepwater port on the West African country's Atlantic Coast.

Rio said that the project would generate about $7.5 billion in revenues and add $5.6 billion to Guinea's GDP, making Guinea the fastest growing economy in the world.

Source : Maritime Executive

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Marinus-86 5 juli 2016 17:05

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Dus 4,284

Marinus-86 5 juli 2016 17:08

0

quote:
popie schreef op 5 juli 2016 17:05:
Dus 4,284

4,270

voda 5 juli 2016 17:12

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Popie, je zit op de verkeerde draad hoor! Delete even e.a.?

Dank je wel.

voda 5 juli 2016 17:12

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Goldman Sachs says China iron imports to shrink as old economy fades

Goldman Sachs Group Inc. forecasting that steel consumption in China will shrink again from next year after a brief respite in 2016, and the nation’s iron ore imports will eventually start to decline too as policy makers shift the economy away from investment.

According the bank, steel demand will contract 2 percent in 2017 and a further 2 percent in 2018 following a 1 percent expansion this year, Goldman said in a report received on Friday that summarized results of new modeling. China’s steel consumption may end up dropping as much as 20 percent.

Asia’s top economy accounts for about half of the world’s steel production, and the prospect of weakening demand for the alloy, as well as lower imports of iron ore, represents a challenge for miners including Rio Tinto Group, BHP Billiton Ltd. and Vale SA. While the biggest low-cost producers have managed in recent years to expand seaborne sales into China as local mine output was displaced, Goldman’s outlook raises the prospect of a shrinking market.

Analysts Hui Shan, Amber Cai and Christian Lelong wrote in the report that “Demand for imported iron ore has benefited from the closure of domestic mines and the strength of Chinese steel exports earlier this year. But neither of those trends is sustainable and falling steel consumption will eventually lead to a decline in iron ore imports.”

Ore Price
Ore with 62 percent content delivered to Qingdao was at $54.33 a dry ton on Friday, according to Metal Bulletin Ltd. Prices have gained 25 percent in 2016 after dropping for three years. Goldman Sachs left its long-run forecast unchanged at $35 a ton.

China imported a record 953 million tons of iron ore in 2015, up from 933 million tons in 2014 and 619 million tons in 2010, according to customs figures. In a separate June 15 note, Goldman forecast China would import 971 million tons this year, then see shipments little changed at 975 million tons in 2017, before dropping through 2020, when they would total 904 million tons.

Australia’s government has signaled it expects China’s iron ore imports will plateau from next year as steel output declines, while the country’s top miners have said they see steel production still rising. Overseas iron ore purchases may climb to 1.03 billion tons in 2017 and hold at about that level over the next five years, according to the Department of Industry, Innovation & Science.

Rio’s View
Rio, Australia’s largest exporter, has said it expects China to be churning out about 1 billion tons of steel by 2030, while BHP, the second-biggest, projects that output will peak at between 935 million and 985 million tons in the mid-2020s. Last year, China produced 804 million tons of steel, official data show. It takes about 1.6 tons of iron ore make 1 ton of steel.

Steel consumption in China is declining for the first time in a generation as growth slows and policy makers seek to steer the economy toward consumption. Faced with declining local sales, Chinese mills have shipped record volumes overseas, helping to prop up purchases of seaborne ore. This year’s uptick in steel demand came after China added stimulus.

The bank said that “The ongoing growth deceleration and rebalancing away from the old economy implies a secular downward trend in steel demand. At the same time, economic activity and steel consumption respond to periodical policy shifts that generate credit impulses and mini-cycles.”

Source : Bloomberg

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voda 5 juli 2016 17:54

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IRC seeks more penalties from Chinese contractor for project delays in Russia

South China Morning Post reported that commodities producer IRC is planning to impose further penalties on China National Electric Engineering (CNEEC), the Chinese contractor which is developing its iron ore mine in Russia’s Far East Siberia, after inordinate project delays hurt its business prospects.

IRC said that the project, which was essentially targeted at the northeast China market has missed its original commissioning date by over two years amid the severe slump in ore prices. The move comes close on the heels of the firm, which raised US$240 million via a Hong Kong initial public offering six years ago, almost entering into a binding sales contract with a potential customer, after “intentionally” refraining from doing so earlier to “get the best price”, said chief financial officer Mr Danila Kotlyarov.

Mr Kotlyarov told the South China Morning Post in an interview that “Our production volume is not big, so we are not under pressure to commit to long-term sales contracts there is plenty of demand in northeast China.”

The company aims to supply steel mills that currently buy ore from other Russian and Chinese producers or importers via Tianjin and Qingdao ports, he added. IRC had in the second quarter of this year mothballed its loss-making Kuranakh mine that produced 1.1 million tonnes of processed ore last year.

Despite halving production costs – excluding fixed costs like asset depreciation – to US$54.9 a tonne last year from US$107.1 in 2014, thanks to the rouble’s depreciation against the US dollar, the mine has been loss-making as average ore prices fell by 44 per cent to US$51 last year.

After sinking as low as around US$42 early this year, prices recovered to US$70 in late April as steel prices were pushed up by speculators on expectations of a seasonal rise in construction activities in China.

But the rally was short-lived, with prices falling back to around US$48 in early June before climbing to around US$ 55 late last week.

Mr Chris Chen, a metals and mining analyst at HSBC said that “Prices were on an upswing from the beginning of the year to April on hopes of an improving Chinese economy, however ... a meaningful recovery is yet to come,” adding that port inventories were at its highest since late 2014.

After ore prices started rising again in the past few weeks, ANZ analysts said in a report that the momentum was driven by a recovery in steel prices. However, they believe the rally “is reaching its limit” since physical buyers were “few and far between” and prices will likely be limited to a tight range.

Since April, IRC has been focusing on the final-stage pre-comissioning trial runs at its new Kimkanskoye & Sutarskoye (K&S) mine with targeted annual output of 3.2 million tonnes.

IRC late last month said commissioning of the plant has been delayed from the second quarter to the third due to “normal teething issues related to the process of commissioning” which CNEEC and IRC are working together to resolve.

In September 2014, IRC said it had agreed for compensation from CNEEC after the latter missed the June 30 K&S commissioning deadline that year, in the form of a US$19.5 million discount on the amount billable by CNEEC. An additional undisclosed penalty is chargeable on delays beyond the revised December 31, 2014 deadline.

Mr Kotlyarov said penalties for the further delays are under discussion.

The delay also forced IRC to raise some US$50 million via an open rights share offer to all its shareholders, and negotiate successfully certain waivers from project finance creditor Industrial and Commercial Bank of China, which effectively gave IRC a six-month cash drain deferral in its repayment obligations on a US$276 million loan.

Mining sector defaults likely next year unless radical action taken, ratings agencies warn

He said that “While we have space to expand the project’s output capacity, the investment required is significant. I don’t think in the current environment there would be any interest [from anyone] to invest in additional iron ore capacity.”

He added that iron ore fetched over US$140 a tonne in 2010 but now is hovering at just above US$50, amid oversupply as rising low-cost exports from Australia and Brazil to China gradually replaced high-cost Chinese supply.

Meanwhile, IRC’s production costs have fallen from US$50 a tonne to around US$35 thanks to cost cutting and the rouble’s depreciation against the US dollar. It also slashed its administration and management costs from US$26.2 million in 2012 to US$10 million last year, after losing a few key senior staff. Compensation paid to its directors fell to US$2.4 million last year from US$7.75 million in 2012.

Source : South China Morning Post

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voda 5 juli 2016 17:56

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New Rio Tinto boss Mr Jacques signals end of iron ore wars

Financial Review reported that Rio Tinto's new chief executive, Jean-Sébastien Jacques, has signalled the era of accelerated iron ore production is over with the world's second-largest exporter less concerned about chasing market share at a time when Chinese attempts to remove overcapacity from domestic steelmaking could take longer than expected.

Mr Jacques, who formally replaced previous Rio boss Sam Walsh on Saturday, also played down the prospect of the London-based miner using its relative position of strength in the resources sector to embark on an acquisition spree, arguing prices paid for quality mining projects in 2016 were high despite the worst commodities downturn in decades.

The 44-year-old Frenchman takes over the role at an uncertain time for iron ore - a commodity that accounted for 87 per cent of Rio's underlying earnings in 2015. Prices have gyrated in the past two years as miners controversially increased production while Chinese demand for the key-steelmaking ingredient cooled.

Mr Jacques said that the financial turmoil following Britain's historic decision to leave the European Union did not support the case he should "diversify away from iron ore" through copper acquisitions because prices of key Rio commodities, with the exception of gold, all moved "the same way at the same time, more or less".

He said that "The fundamentals of the industry are good. However, the market conditions are challenging because there is overcapacity, there is oversupply. We expect market conditions to remain challenging with a high level of uncertainty even before Brexit."

Challenging market conditions appear to have contributed to a shift in strategy under Mr Jaques, who argues Rio should create "value" by focussing on productivity and operational improvements at its Pilbara operations rather than rapidly ramping up production at the expense of profit margins.

The world's three largest seaborne iron ore producers - Rio, BHP Billiton and Brazil's Vale — have been accused of damaging the Australian economy, flattening prices and deliberately putting higher-cost producers out of business by ramping up production and announcing plans to add more than 110 million tonnes of extra annual capacity. Rio and BHP argued production cuts would not be in their shareholders' interests as other suppliers would fill the void.

Mr Jacques indicated shareholders would be better served by increasing profits from existing production levels. In April, Rio said Pilbara production was expected to be between 330 million and 340 million tonnes in 2017 compared with previous guidance of 350 million tonnes "subject to final productivity and capital expenditure plans".

He said that "It's about value and performance. It's not about volume. It's not about market share. Value will be what we are judged on."

Rio's shift away from chasing volume reflects concerns that Chinese plans to reduce overcapacity by restructuring the domestic steel, coal and iron ore industries could be delayed. After meeting with Xiao Yaqing, chairman of China's State-owned Assets Supervision and Administration Commission, which oversees 106 Chinese government-owned companies, as well as big steel makers in China, Mr Jacques warned the process would be "very complicated".

He added that "The pace of the restructuring is uncertain and that's important for us, because we when we look at all [Rio's] commodities, they all suffer from over capacity. I believe in the fundamentals but there is clearly uncertainty about the pace of restructuring in China."

Around 40-50 per cent of Rio's revenues are derived from China, making it the company's most important customer.

The iron ore price began the year at around $US40 a tonne before climbing to $US70 in April. The price has since retreated to around $US53 a tonne and Mr Jacques said he expected the price "to remain subdued in the short term, with material volatility".

While Rio's competitors such as Anglo American, Freeport and erstwhile suitor Glencore are offloading assets or entering into joint ventures to reduce debt, Rio currently boasts one of the strongest balance sheets in the mining sector. The appointment of Mr Jaques, a relatively-young head of Rio's copper division, prompted speculation the Anglo-Australian mining house was preparing to target acquisitions.

Source : Financial Review

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voda 5 juli 2016 17:57

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Vale announces the suspension of the ratification of the Samarco agreement

Justice in Brazil suspended the decision of the Federal Court of Appeal that ratified the agreement related to the public civil claim of R$ 20.2 billion

The Superior Court of Justice in Brazil issued an interim order, which suspends the decision of the Federal Regional Court, 1st Region, on 5 May 2016, which ratified the agreement reached between Samarco and its two shareholders, Vale and BHP Billiton Brasil LTDA with the Union, the states of Espírito Santo and Minas Gerais and other public authorities (Brazilian Authorities). With this interim order, the public civil claim of R$ 20.2 billion, made by the Brazilian Authorities, is reinstated.

Vale clarifies that it will continue to fulfill the actions of the agreement, supporting the recovery of the communities and the environment affected by the Samarco’s tailing dam failure, and will take the necessary legal steps to confirm the ratification of the agreement.

Source : Strategic Research Institute

voda 6 juli 2016 16:41

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StavStal in late summer launch EAF shop

Launch of the new plant is planned to produce in the summer of 2016. According to the current Minister of Industry Vitaly Hotsenko edge, it is beneficial to the region due to the increase in tax revenues, employment growth, and as a prerequisite to reduce the cost of construction of industrial and residential.

"It's hard to manufacture, metallurgical, it enables the edge to solve some problems, including - to engage in the production of materials for the building industry and the recycling of scrap metal, which is extremely important for the Stavropol region", - Lev Kuznetsov said.

At the moment, the plant is carried out testing of substation "Furnace", informs Pobeda26. The shop will be able to produce 500 000 tonnes of steel billets per year, half of them will be processed in the first rolling mill plant, the rest will go to the implementation of a raw material for other metallurgical establishments.

In Nevinnomyssk started preparations for the launch of the 2nd elekstrostaleplavilnogo shop "StavStal" plant. In addition, the establishment of an investment project received state support in the amount of 90 million rubles. of Industry and Trade of the Russian Federation.

Source : Morning News

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voda 6 juli 2016 16:42

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AISI update on raw steel production in US in Week 26

In the week ending July 2, 2016, domestic raw steel production was 1,737,000 net tons while the capability utilization rate was 74.3 percent. Production was 1,758,000 net tons in the week ending July 2, 2015 while the capability utilization then was 74.1 percent. The current week production represents a 1.2 percent decrease from the same period in the previous year. Production for the week ending July 2, 2016 is down 1.1 percent from the previous week ending June 25, 2016 when production was 1,757,000 net tons and the rate of capability utilization was 75.1 percent.

Source : Strategic Research Institute

voda 6 juli 2016 16:43

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Latin America imported from China 2.7 million tonnes of steel during January-May 2016

Alacero announced that in Juanary-May 2016, the total exports of steel from China to the world including finished and steel derivatives products increased 7% versus Jan-May 2015, reaching 45.2 million tonnes and Latin America accounted for 6.0% of those exports from China, reducing its participation in 3.9 percentage points versus January-May 2015 (9.9%), standing at fourth place as China’s preferred destination. China´s main destinations for finished steel exports are: South Korea (5.6 million tonnes, 12.3% of the global total), Vietnam (5.2 million tonnes, 11.6% of the total) and Thailand (3.0 million tonnes, 6,6% of the total).

Source : Strategic Research Institute

voda 6 juli 2016 16:45

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MIP for steel may be extended by six months - Report

Financial Express, citing sources, reported that heeding the demand of primary steelmakers, the steel ministry has already recommended to the Prime Minister’s Office extension of the MIP by 6 months, imposed in February for six months. Steel secretary Ms Aruna Sundararajan, echoing the voice of the industry which believes that had MIP not been imposed, the steel industry’s survival would have been at stake, told FE “I think that it should be extended.”

Tata Steel managing director Md TV Narendran also said MIP should certainly continue in India, particularly since the international market for steel is passing through turmoil. He said “MIP does stop people from selling steel in India at a loss. Before MIP, most of the companies were selling steel in India at a loss, never at a competitive price. Our view is that if anybody wants to participate in India’s growth, they should come and invest in India. We have no problem in competition. India is one of the countries which gives 100% ownership and anyone can come and invest here with 100% ownership, which many countries do not allow.”

Jindal Steel & Power chairman Naveen Jindal also pitched for continuation of MIP on steel as it provided the much-needed relief to the domestic industry that was reeling under severe stress due to imports from China and other surplus nations, and other factors, including anaemic demand. He told “MIP should definitely continue. If it doesn’t, the Indian steel industry would be badly impacted.”

However, the industry has asked for some alteration in the list of the products now covered under the MIP which the steel ministry is currently considering.

Source : Financial Express

voda 6 juli 2016 16:45

0

Essar Projects wins contract for replacement of Indian Oil pipeline

Essar Projects, a leading Engineering Procurement & Construction company, announced that it has bagged the contract for replacing 141 km of pipeline of 18-inch diametre in the Koyali-Viramgam section of Indian Oil Corporation’s Koyali-Sanganer pipeline. The contract is valued at more than INR 850 million, exclusive of the cost of pipes, which are being supplied by IOCL.

Source : Strategic Research Institute

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