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voda 16 augustus 2016 16:42

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MIP is compliant with WTO rules – Mr Seshagiri Rao JSW

Mr Seshagiri Rao M V S, joint managing director & group chief financial officer, JSW Steel, told Megha Manchanda of Business Standard that the minimum import price for steel products is compliant with rules of the World Trade Organization, and why the country cannot afford to allow iron ore exports. Edited excerpts:

Q - Is the minimum import price (MIP) sustainable in the long term?

A - A lot has been written on India flouting World Trade Organization norms after imposition of MIP, which is a fear of the unknown. There are exceptions to WTO norms and those have been described in detail. If you summarise the exceptions provided, they convey that if imports are impacting the economic situation of the country then restrictions can be imposed in public interest. If imports are causing serious injury to domestic industry, barriers can be imposed. So to say MIP is not WTO compliant is not correct. What is wrong in India taking remedial action against imports from surplus countries such as China, Korea, Japan and Russia?

Source : Business Standard

voda 16 augustus 2016 16:42

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Steel Ministry wants review of policies affecting Indian producers bottom line

The Hindu reported that even as India has extended curbs on steel imports, the Steel Ministry is pushing for a rethink on domestic policies that are hurting producers. This includes the railways’ freight policy and the clean energy cess that was doubled in this year’s Budget.

The Steel Ministry wants the Indian Railways to change the tariff classification for steel goods and treat them on par with coal, which, it reckons, could cut the logistic costs of moving finished steel by around 14 per cent.

The Ministry, which had opposed the 2.5 per cent import duty on coking coal when it was first introduced in 2014, will continue to seek its abolition, since 90 per cent of India’s coking coal requirements are imported.

Moreover, it has questioned the levy of clean energy cess on coking coal since it is distinct in quality from the coal used in thermal power plants.

The report quoted a senior government official as saying that “While power costs in India are higher than China, Japan or Korea, our steel makers also suffer due to high railway freight. With rates in sea freight becoming very low, major consumers of steel near the coast, prefer to import steel as the cost of reaching finished steel by railways to those areas is higher by about INR1,000 per tonne.”

The official added “It makes sense to impose this cess on thermal coal to encourage other less-polluting fuel sources, but coking coal is not only cleaner with lower ash content, but also an essential requirement for steel production with no alternatives.”

Source : The Hindu

voda 16 augustus 2016 16:43

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Thyssenkrupp eying steel plant closures - Labour official

Reuters reported that a senior labour official said that Thyssenkrupp wants to come up with a new, aggressive cost-cutting plan for its steelmaking division by May, probably including the closure of some plants that would violate a labour agreement/

Steel Europe works council chief Guenter Back told journalists that Thyssenkrupp Steel Europe's Chief Executive Andreas Goss informed about 250 steel labour representatives of the plan at a conference on Friday,

Mr Back said any plan to close plants in Germany would breach an agreement management made with the works councils in 2014, which guaranteed no site closures or job cuts until 2020 in return for workers' concessions on hours and pay.

He said "What does this management want from its workforce at all? We will not allow ourselves to be used and abused."

Back said Goss had been instructed by Thyssenkrupp Chief Executive Heinrich Hiesinger to find a way to close "a valuation gap of 800 million to 1.6 billion euros ($900 million to $1.8 billion)" at the steel division but did not elaborate. Goss had also told the conference that the division's personnel costs were 200 million euros too high.

Back said a mass protest of about 10,000 Thyssenkrupp steel workers was planned for August 31 against cost-cutting and restructuring, although the protest would not be an official strike. Back was reluctant to say what other measures the works councils, backed by powerful trade union IG Metall, might be prepared to take.

Source : Reuters

voda 16 augustus 2016 16:43

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Steel protectionism goes global – Russian Report

Bloomberg reported that from the US to India, regulators around the world are pushing harder than ever to shield local steel industries from foreign competition. Nations imposed 85 new duties and other taxes on steel imports in the first half, according to the Russian Steel Association, which counted preliminary and permanent measures. That’s 49% more than a year earlier.

The trade frictions are the result of a saturated steel market and record exports from China, where producers are looking for new customers as the economy moves away from manufacturing. The cheap imports make it harder for US and European steelmakers to make money, leading to job losses and pressuring politicians to defend their local industry.

Kirill Chuyko, a strategist at BCS Global Markets, Moscow’s largest brokerage, said “The world is turning into a global trading war in steel because demand is weak, while the industry is in overcapacity crisis. Russia is targeted by tariffs because it’s the lowest cost producer and the weak rouble is seen as an unbeatable advantage.”

The World Trade Organisation said in July that it has seen a “significant increase” in trade-restrictive measures generally, calling it “the last thing the global economy needs,” in an online statement. Complainants have accused exporters of selling steel below cost, a practice known as dumping, to push competitors out of business and grab market share.

Source : Bloomberg

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voda 16 augustus 2016 16:44

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Taiwan ranks as largest supplier of steelfasteners to US

Focus Taiwan reported that Taiwan was the largest supplier of steel and iron fasteners to the United States in 2015, shipping US$1.6 billion worth of such fasteners to the US market last year.

Tainan-headquartered Ta Chen International Inc, Taiwan's largest fastener trader, said the US imported USD 5 billion in steel and iron fasteners in 2015, citing statistics compiled by the Kaohsiung-based non-profit Metal Industries Research and Development Center (MIRDC).

Roughly USD 1.6 billion of the imported fasteners originated in Taiwan, giving it a 32 percent share of US imports, far higher than the USD1.1 billion in fasteners the US brought in from China, Ta Chen said.

According to MIRDC data, the global fastener industry generated an annual production value of USD 73.1 billion in 2014, posting a year-on-year growth rate of 5 percent.

Source : Focus Taiwan

voda 16 augustus 2016 16:46

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Essar Steel Algoma applauds continuation of AD/CVD on HR imports from China, Brazil and Ukraine and India

Essar Steel Algoma Inc has applauded the Canadian International Trade Tribunal'sdecision to renew its dumping finding against China, Brazil and Ukraine and its subsidization finding against India in respect of hot-rolled steel sheet and strip. This decision from the CITT ensures that duties on imports from these four countries will remain in place for another five years.

Source : Strategic Research Institute

voda 16 augustus 2016 16:51

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MIP impact on steel imports into India not as expected - Government

Press Trust of India reported that Parliament was informed lastw eek that even though Minimum Import Price levied on steel products helped check imports and shore up price realisation, its impact is not as expected. Minister of State for Finance Arjun Ram Meghwal said in a written reply to Lok Sabha that “MIP has had a salutary effect on the domestic steel industry in terms of putting a check on the quantum of imports and helping the industry to improve price realisations, though not as expected.”

The minster added “Current prices are still below the reference MIP prices and the imports under the notified tariff lines, at below MIP, are yet to be arrested, either due to previously opened letter of credits or under advance authorisation scheme.”

On continuation of MIP, Mr Meghwal said: “MIP was restored to because imports were coming into the country at prices which were reportedly below variable cost of production in some countries, on account of the global steel overcapacity which was an unfair tactic being resorted to by some international steel producers, which needed to be countered.”

He added “The government has not done any impact assessment study with respect to MIP on steel products.”

Source : Press Trust of India

voda 16 augustus 2016 16:53

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New rail mill at SAIL BSP to produce world's longest rail

Business Standard reported that the new Universal Rail Mill of Steel Authority of India Limited in Bhilai Steel Plant has achieved the milestone of successfully rolling out the first rail through its Tandem Mill. The feat would pave way for the steel maker to roll out 130-meter rail from the mill

A SAIL spokesperson said technology and equipment suppliers along with BSP team were working relentlessly for last one and half month to make the Tandem Mill ready for rolling. He said “With the trial rolling of more than 100-meter-long rails from Tandem mill, BSP is only inches away from the commercial production of world class and longest rails.”

It would help the company to meet the specific demand from the Indian Railways. The BSP is the sole supplier of rails to the Indian Railways that had been demanding 260-meter rails for the past two years. According to company officials, the plant was fulfilling the demand by welding 65 meter rails that the plant was producing from the old set-up. The 130-meter rail that the plant’s new URM would roll out, would require only one weld joint to meet the demand of Indian Railways’ order.

The new URM is part of BSP’s modernization programme that would scale up capacity to 7 million tonnes per annum. The URM has a capacity of producing 1.2 million Tonnes of rails.

Source : Business Standard

voda 16 augustus 2016 16:53

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Tata Steel looking at more options to revive European business

domain-b reported that Tata Steel on Friday said it has expanded its search for alternatives to sustaining its European business, including its UK operations, so as to emerge a strategic player in the European market. Consequently, Tata Steel has widened its conversation and is talking to several players, including the German giant Thyssenkrup, group chairman Cyrus Mistry said without disclosing details on future plans.

The board of Tata Steel has decided to also look at alternative and more sustainable portfolio solutions for the European business.

Tata Steel, which has entered into discussions with strategic players in the steel industry, including Thyssenkrupp AG, has also initiated discussions with several companies to explore the feasibility of strategic collaborations through a potential joint venture.

However, the talks are currently at a preliminary stage and there can be no certainty of a transaction as the outcome depends on consultation and negotiations with various stakeholders.

Tata Steel's group chief financial officer Koushik Chatterjee told reporters on the sidelines of the 109th annual general meeting that "As far as our European operations are concerned, we are in talks with several players. Thyssenkrup is one of them. When we come to a finality in this subject we will disclose.”

Tata Steel, which put its UK assets on the block on 29 March, after reporting heavy operational losses, has so far failed to get a buyer.

Source : domain-b

voda 17 augustus 2016 16:28

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Tata Steel and IIT Madras ink MoU for advanced materials research

The Hindu reported that Tata Steel has signed a memorandum of understanding with IIT Madras to set up Tata Steel Advanced Materials Research Center, with initial focus on developing green energy and light weight technologies using carbon-based materials.

Mr Anand Sen, President (Total Quality Management and Steel Business), Tata Steel, said the company has a similar MoU with IIT Bombay but for a different focus area, he told BusinessLine after signing the MoU with IIT Madras Director Bhaskar Ramamurthi.

Tata Steel has been collaborating with IIT Madras for many years on areas such as materials characterisation, heat transfer and process research, Sen said.

The centre will draw on expertise and knowledge within Tata Group for developing applications beyond steel. It will become the nucleus of advanced material research and technology development in India

Source : The Hindu

voda 17 augustus 2016 16:30

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Quality concerns over import of Chinese steel bars into Korea

The Dong-A Ilbo revealed Monday that China’s Taigang Steel, whose Korean standard certification had been nullified, exported its steel rods to Korea by acquiring the KS certification from other Chinese company.

Taigang Steel saw its KS certification nullified in October last year as quality defects were discovered in a probe by the Korea Standards Association, but the company exported its steel rods to Korea on August 4 this year, after acquiring in June this year the steel rod business from Xinchangda Steel & Iron, which holds the KS certification. A company that had KS certification nullified is not allowed to regain the same certification for one year, but the Chinese company exploited loopholes under Korea’s current industrial standardization act, which allows the company to take over certification from other firm even during the said period.

Since there is little change to Taigang Steel’s production workers and facilities since the revocation of its KS certification, chances are high that the latest batch of Chinese steel rod import contains defective products.

There had been also a similar controversy two years ago, in which Chinese steel products including defective steel rods and H-beams were fabricated as Korean products with a Korean trademark on them, and were circulated at Korean construction sites en masse.

Source : Dong-A Ilbo

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voda 17 augustus 2016 16:31

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Iranian steelmakers MSC & KSC ramp up slab exports

Financial Tribune reported that major Iranian steel producers Khouzestan Steel ?ompany (KSC) and Mobarakeh Steel Company (MSC) have ramped up slabs shipment exports. The two companies have not only raised export volumes but also expanded their share of foreign markets.

In June and July KSC supplied 80,000 tons and 50,000 tons of slabs respectively to Brazil’s Companhia Siderurgica Nacional (CSN), which suffers from a lack of the material due to the stoppage of a blast furnace. Although Brazil on its own is the largest global semis exporter, cooperation with Iranian slabs suppliers has good chances for further progress.

Another major slab exporter MSC, its subsidiary Hormozgan Steel Complex (HOSCO) in particular, has also enhanced its position. Over the first four months of the current Iranian year (March 20-July 21), HOSCO shipped 365,000 tons of semis abroad, representing a 20-fold increase year-on-year. The producer has signed a framework agreement with Italy’s Marcegaglia, which, apart from HRC (hot rolled coil) supplies, stipulates monthly shipments of about 20,000-30,000 tons of slabs.

Source : Financial Tribune

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voda 17 augustus 2016 16:32

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Sinosteel debt to equity swap plan near completion - Caixin

Reuters reported that online financial magazine Caixin reported that Sinosteel, the troubled Chinese steelmaker which became one of the first state-owned firms to encounter bond repayment problems in 2015, is in the final stages of completing a debt-to-equity swap plan. Caixin said that the plan has been submitted to the State Council, China's cabinet, for approval and will soon begin in earnest

Sinosteel may be permitted to swap half of its debt into equity, Caixin added.

The magazine estimates Sinosteel and its subsidiaries had 100 billion yuan ($15 billion) of debt at end-2014.

In October 2015, Sinosteel asked bondholders not to exercise an early redemption option on one of its bonds maturing in 2017 as the firm would not be able to make full payment.

The firm has repeatedly extended the registration period for bondholders to apply for early redemption and offered shares in its listed subsidiary Sinosteel Engineering & Technology Co Ltd as additional collateral.

In March, Reuters reported that Chinese policymakers were planning a debt-to-equity swap plan which would convert some non-performing bank debt into equity, a plan which was later confirmed by regulators.

Debt-to-equity swaps are just one of several options proposed by policymakers to help clean up China's bad debt problem, which is increasingly worrying global investors.

Source : Reuters

voda 17 augustus 2016 16:34

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CSN nears sale of can maker to Polish firm – Report

Reuters reported that Brazilian steel giant Cia Siderúrgica Nacional SA will announce the sale of a tinplate can producing unit, as part of a broader effort to build up funds and cut debt. The report quoted a source as saying that he sale of Fortaleza, Brazil-based Metalic Nordeste SA is expected to fetch around BRL 100 million (USD 32 million) for CSN and that the buyer is a Poland-based can producer

Earlier on Tuesday, CSN Chief Financial Officer David Salama told investors on a conference call that the steelmaker would announce an asset sale within the next 10 days.

Last year, when a sharp decline in the currency and a recession stoked debt-servicing costs at CSN, Chief Executive Officer Benjamin Steinbruch promised to sell assets and refinance looming obligations to protect cash. Steinbruch also said on the call that CSN was working on the sale of a "core asset" to strengthen capital, without elaborating.

Founded in 1996, Metalic supplies steel cans for the beverage industry, mainly in Brazil's north and northeastern regions, and has a 4 percent national market share, according to the company's website.

Source : Reuters

voda 17 augustus 2016 16:49

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AISI update on raw steel production in USA in Week 32

In the week ending August 13, 2016, domestic raw steel production was 1,685,000 net tons while the capability utilization rate was 72.1 percent.

Source : Strategic Research Institute

voda 17 augustus 2016 16:49

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NDRC calls for accelerated capacity cuts to steel capacity in China

The National Development and Reform Commission said Tuesday that China should quicken its pace for reducing overcapacity in steel and coal production. The NDRC says rising prices for the commodities have been weakening the resolve of local governments to accelerate the cuts.

The NDRC says that's because the local governments are worried that capacity cuts could hurt growth.

The NDRC also says that steel capacity reductions in the first seven months of this year have so far reached only 47 percent of its 2016 target. That's why cuts in coal capacity have reached only 38 percent of the NDRC's target.

Source : CCTV

voda 17 augustus 2016 16:52

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US steel shipments in June down by 0.4% MoM - AISI

The American Iron and Steel Institute has reported that for the month of June 2016, U.S. steel mills shipped 7,628,953 net tons, a 0.4 percent decrease from the 7,661,979 net tons shipped in the previous month, May 2016, and a 1.7 percent decrease from the 7,758,087 net tons shipped in June 2015.

Source : Strategic Research Institute

voda 17 augustus 2016 16:53

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US steel industry has lost 48,000 jobs since 2000 - Report

NWI Times reported that according to the US Bureau of Labor Statistics, steel jobs in US have fallen more than 35 percent to 87,000 jobs last year, down from 135,000 jobs in 2000,. The United States lost another 4,000 steel industry jobs in 2015, as compared to the previous year.

The US steel industry has been declining since the 1970s, but federal data shows job losses have accelerated rapidly in the 21st century.

Since 2000, the US steel industry has weathered two import crises that have resulted in bankruptcies, closed mills and pink slips nationwide. The United States is however now enforcing 161 tariffs against dumped foreign steel, to try to protect the domestic industry.

Many steelworker jobs were lost during the unprecedented consolidation of the industry during the early 2000s, when more than 30 US steelmakers went bankrupt. But the biggest issue facing employment at steel mills is automation, ArcelorMittal noted in its 2015 United States Integrated Report.

Technological improvements have enabled steelmakers to crank out more metal with far fewer workers. As perreport "Steelmaking processes have transformed at a rapid pace, reflecting the industry’s improvement in operating practices and investment in state-of-the-art equipment to increase productivity. In 2015, one employee accounted for approximately 1,000 net tons of raw steel production, an increase of 20 percent.

Source : NWI Times

voda 17 augustus 2016 17:04

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Iron ore output surge in Granulated

Iranian Mines and Mining Industries Development and Renovation Organization reported on its website, Jalal Abad Iron Ore Mine produced 334,793 tons of granulated iron ore during the first four months of the current Iranian year (March 20-July 21), indicating a 134% surge compared to last year’s corresponding period.

The mine, in Zarand County in Kerman Province, has over 190 million tons of iron ore reserves. The operator, Jalalabad Iron Ore Complex, is working to launch Iran’s first iron ore beneficiation plant by the end of September.

The plant, with an annual capacity of 600,000 tons, is capable of beneficiating 30% grade iron ore to up to 67%, a level desirable for use in the steel industry. Beneficiation is a process whereby gangue minerals are removed from ore to produce a higher grade product.

Source : Financial Tribune

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voda 17 augustus 2016 17:05

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BHP Billiton announce 30th June 2016 iron ore production

Underlying EBITDA for the 2016 financial year decreased by US$3.0 billion to US$5.6 billion.
Total iron ore production for the 2016 financial year decreased by two per cent to 227 Mt.

1. Western Australia Iron Ore (WAIO) production increased by two per cent to a record 257 Mt (100 per cent basis), as the Jimblebar mining hub operated at full capacity and utilisation at the Newman ore handing plant improved.

2. Samarco production was 11 Mt (100 per cent basis). Mining and processing operations remain suspended following the dam failure. Sales from the final shipment of pellets were settled in the June 2016 quarter.

Total iron ore production for the 2017 financial year is expected to increase to between 228 and 237 Mt, excluding production from Samarco. WAIO production is forecast to increase to between 265 and 275 Mt (100 per cent basis) with volumes weighted to the last three quarters of the financial year.

The 24 month rail renewal and maintenance program, which will support the integrated supply chain’s long-term reliability, is progressing on schedule. Along with our focus on productivity and the ramp-up of additional capacity at the Jimblebar mining hub, this should deliver an increase in system capacity to 290 Mtpa in the 2019 financial year. The installation of the new primary crusher and additional conveying capacity at Jimblebar is expected to be completed in the December 2016 quarter, with all associated spend included within WAIO’s long-term average annual sustaining capital expenditure of approximately US$4 per tonne.

WAIO unit cash costs declined by 19 per cent to US$15 per tonne, underpinned by reductions in labour and contractor costs, increased equipment productivity, lower diesel prices and consumption and a stronger US dollar. In the 2017 financial year, unit costs are expected to decline a further seven per cent to US$14 per tonne(4).

Source : Strategic Research Institute

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