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voda 19 februari 2014 16:34

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Steel companies to shut down plants at Aspropyrgos

The steel industry in Greece is losing its battle for survival as the countdown has begun for the shutdown of the factories of the Manesis group’s Hellenic Halyvourgia and Halyvourgiki owned by the Constantinos Angelopoulos group at Aspropyrgos, Western Attica.

Hellenic Halyvourgia informed the plant’s 120 employees that it is preparing to lay off all the staff at the Aspropyrgos unit in the next few days. The steel company’s management explained to the workers that right now it is able to give them their severance pay, while in the next few days and weeks it may not be in the position to do so. The workers are expected to propose their own alternative solutions by Thursday.

During a meeting at the Labor Ministry, the management of rival Halyvourgiki appeared determined to halt production at its own plant at Aspropyrgos after March 31. The ministry and the workers unions asked for a 4 day extension before employees enter suspension status so that a ministerial committee can convene, possibly in the presence of the prime minister.

The company insists on the suspension of 192 employees out of the 255 staff at Aspropyrgos and asked for the recording of its decision that if no solution is found within those six weeks, then the factory will shut down.

Mr Antonis Samaras PM of Greece said that we will present specific measures to tackle the problem. The two steel factories have practically suspended operations over the last couple of years. Halyvourgia had been rotating its staff and had reduced employee numbers at the Volos plant where it currently employs 370.

Source – Ekathimerini.com

voda 19 februari 2014 16:37

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BHP Billiton updates on iron ore production

Iron ore production increased by 19% in the December 2013 half year to a record 98 million tonnes as WAIO production rose to an annualized rate of 216 million tonnes.

This record result reflected strong operating performance, the early delivery of production from Jimblebar and a series of volume enhancing productivity initiatives which included increased utilization for a number of relocatable crushers installed at our operating mines. Samarco's three pellet plants continued to operate at capacity during the period.

Underlying EBIT for the December 2013 half year increased by USD 1.7 billion to USD 6.5 billion. Volume growth associated with the ramp up of the Jimblebar mine and other recently completed major projects increased Underlying EBIT by USD 490 million. In addition, productivity led volume efficiencies increased Underlying EBIT by another USD 302 million as several debottlenecking initiatives raised the overall capacity of critical components within our supply chain. This disciplined approach contributed to a five million tonne per annum increase in our WAIO production guidance during the period.

The uplift in high margin sales volumes led to a meaningful increase in shareholder value at an incrementally higher unit cost. As a result of this decision and anincrease in strip ratio, WAIO unit cash costs, excluding freight and royalty charges of USD 625 million and USD 744 million, respectively, increased marginally from the H2 of the 2013 financial year.

A USD 177 million increase in depreciation and amortization during the period reflected the progressive ramp up of several major projects. The combination of a 10% increase in the average realised price of iron ore to USD 112 per tonne (FOB) and a weaker Australian dollar increased Underlying EBIT by USD 1.3 billion, net of price linked costs. Our realized price reflects the average index price one month prior to the month of shipment, adjusted for product characteristics such as iron and moisture content.

Our WAIO business achieved a number of major milestones during the period. The Jimblebar Mine Expansion delivered first production, six months ahead of its original schedule and the WAIO Port Blending and Rail Yard Facilities project handled first ore. The ramp up of Jimblebar phase one capacity to 35 million tonne per annum is expected to be completed by the end of the 2015 financial year.

During the period, BHP Billiton approved an investment of USD 301 million (BHP Billiton share) to replace two shiploaders at WA IO's Nelson Point operations in Port Hedland. The two new shiploaders will increase the reliability of our inner harbour port facilities and create additional port capacity that will be utilized as a series of debottlenecking initiatives increase the capacity of our WAIO supply chain.

Total iron ore production guidance for the 2014 financial year remains unchanged at 192 million tonnes. Our WAIO business continues to perform strongly, however we have maintained production guidance of 212 million tonnes (100% basis) for the 2014 financial year as the wet season in northern Australia represents a key risk.

Longer term, a low cost option to expand Jimblebar to 55 million tonne per annum and the broader debottlenecking of the supply chain are expected to underpin further capital efficient growth in capacity to approximately 260 million tonne per annum to 270 million tonne per annum.

Source – Strategic Research Institute

voda 19 februari 2014 16:37

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China iron ore inventories top 100 million tonnesa at 34 ports

Iron ore inventories reached 100.86 million tonnes at 34 ports across China by February 14 up 4.56 million tonnes from a week ago.

The iron ore inventories from Australia were 44.3 million tonnes, Brazil 21.1 million tonnes, South Africa 4.61 million tonnes and India 1.98 million tonnes.

The previous inventory of over 100 million tons was seen in 2012. Iron ore inventories have jumped nearly 60% from 64 million tonnes at May end 2013 to over 100 million tonnes.

Source – Yicai.com

voda 19 februari 2014 16:38

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Eastern Steel to produce 700000 tonnes of steel products

Bernama reported that Eastern Steel Sdn Bhd's MYR 1.8 billion steel manufacturing plant here is expected to produce 700,000 tonnes of steel products by the Q3 of this year. Construction of the plant over 500 hectares started last year and is currently 75% complete.

Mr Datuk Seri Mustapa Mohamed international trade and industry minister of Malaysia said that “Once completed, phase one of the plant would generate 1,000 job opportunities. MITI will continue to monitor the plant as it involves a high investment. We will hold continuous discussions to facilitate its operations."

He said that the plant also had collaborations with local higher learning institutions, in line with the government's aim of a high income country. The collaboration is important as 25% of the factory's work force are skilled workers.

Source - BERNAMA

voda 19 februari 2014 16:43

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World tallest steel building from Burj Khalifa in Dubai

7daysindubai reported that the tower that is set to steal the crown of the world’s tallest building from the Burj Khalifa in Dubai and its going to need 500,000 cubic meters of concrete and 80,000 tonnes of steel to build it.

The Kingdom Tower, the world’s first kilometer high skyscraper is currently under construction in Jeddah, Saudi Arabia. It will be the centrepiece of the Kingdom City development located along the Red Sea on the north side of Jeddah.

Kingdom Tower will be more than 1,000 meters high (3,280 feet), encompassing a total construction area of 530,000 square meters (5.7 million square feet). The building will have 200 floors in total, 160 of which are habitable. Its preliminary cost is set at USD 1.23 billion. When completed it will be 173 meters (568 feet) taller than the Burj Khalifa.

Fresh details of the project were announced when Advanced Construction Technology Services, a consulting organisation in the field of construction materials and geotechnical engineering, said it had been commissioned to carry out the quality control of all construction materials that will be used in tower project.

The firm said that the huge height of Kingdom Tower requires high strength, high performance concrete and ACTS said it will be using state of the art testing equipment and expert professionals to do the third party testing works on about half a million cubic meters of concrete and about 80,000 tonnes of steel to be used on the mega project.

ACTS has been involved on similarly challenging large infrastructure projects around the Gulf, and has been providing a range of quality control services including inspection and supervision, monitoring of mass concrete, testing and evaluation of various materials as well as audit for asphalt and concrete production facilities.

Source – 7daysindubai.com

voda 20 februari 2014 16:39

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Declining steel scrap levels take the wind out of domestic ingot producers

International scrap levels have taken a severe beating in the last fortnight losing nearly USD 30 per tonne. Owing to poor buying from Turkish mills and improved availability of last booking is reported from USA of HMS 1&2 scrap at USD 354 per tonne, CFR Turkey.

Indian buyers have been getting offers at USD 370 per tonne CFR but transactions are expected at USD 365 per tonne CFR. This has directly cost reduction of nearly INR 800 – 1000 per tonne for the furnace owners. Taking away a major chunk of the cost from them has put pressure to reduce ingot prices from the re-rollers and subsequently by the end user.

Pencil ingot price levels have shown mild correction by INR 100-200 per tonne in the last couple of days in scrap based units but it won’t be long before the collapse commences. Scarcity of sponge iron to some extent has applied brakes the imminent downslide but it won’t be long before the slide commences.

Finished price levels have also corrected by INR 300-500 per tonne owing to lack of project demand and market already settling down in low mode owing to parliamentary election when new project sanctions will be scuttled owing to code of conduct coming to play before the elections.

Source – Strategic Research Institute

voda 20 februari 2014 16:40

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Odisha iron ore supplies reach cap of 57 million tonne

Business Standard reported that iron ore supplies from mines surged to 57 million tonne from April 2013 to January 2014 in Odisha, the cap prescribed by the state for key mining circles Joda and Koira for the current financial year.

These were higher than the 46 million tonne a year ago.

The limit however, excludes supplies for captive consumption.

An official said that though supplies could include ore excavated a year ago, the figures indicate production from this year only, including output by steel companies.

There are 31 iron ore, 12 manganese and 20 iron ore manganese mines operating in the state on 120 leases. Many are non working pending statutory clearances from the Centre.

The output surpasses the cap every year. Last year, the production was 62 million tonne above the limit of 52 million tonne. In the current financial year, anticipating the output could breach the limit, the government recently decided to exclude captive consumption.

Source – Business Standard

voda 20 februari 2014 16:41

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Mystery behind the iron ore price and import surge in China

Baffling rally in iron ore price levels and even more amazing surge in import touching historical high of 86.8 million tonnes in January has intrigued experts all over.

Coming in the backdrop of waning steel demand and slow off take in China which is already stooped in inventory piles the paradox in inexplicable but for the fact that traders have been aggressively using iron ore stocks as collateral to eke out loan from banks and private trading houses.

Chinese steel mills and traders are buying more iron ore to use as collateral to secure loans. Beijing's tightening of lending in sectors plagued by overcapacity such as steel has made it harder to secure bank loans, spurring financing demand for iron ore.

Robust Chinese imports are supporting prices and underpinning expansion plans at top miners such as Vale, Rio Tinto and BHP Billiton.
But there is also a risk that Beijing could crack down on the practice and take out a big chunk of demand rapidly. Steel mills and traders tend to lose their financial support from banks if they stop importing.

Steel mills have turned to Chinese state-owned enterprises for funding by pledging iron ore as collateral which they are able to free after 6 months once they sell off finished produce.

It is bubble which is ready to burst in due course of time and make the steel and iron ore market even more brittle. It won’t be surprising if Beijing comes down heavily on such practices by easing the lending rates and making credit easier lest risk another reality sector like bad debts and fragile bulge.

Source – Strategic Research Institute

voda 20 februari 2014 16:44

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US raw steel production updates

In the week ending February 8th 2014, domestic raw steel production was 1,839,000 net tonnes while the capability utilization rate was 76.8%. Production was 1,875,000 net tonnes in the week ending February 8th 2013, while the capability utilization then was 78.3%.

The current week production represents a 1.9% decrease from the same period in the previous year. Production for the week ending February 8th 2014 is up 1.9% from the previous week ending February 1st 2014 when production was 1,804,000 net tonnes and the rate of capability utilization was 75.3%.

Adjusted year to date production through February 8th 2014 was 10,174,000 net tonnes at a capability utilization rate of 76.2%. That is a 0.7% decrease from the 10,247,000 net tonnes during the same period last year, when the capability utilization rate was 77.3%.

Broken down by districts, here's production for the week ending February 8th 2014 in thousands of net tons: North East: 211; Great Lakes: 655; Midwest: 244; Southern: 639 and Western: 90, for a total of 1,839.

Source – Strategic Research Institute

voda 20 februari 2014 16:45

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Anyang Steel steel output hit 8 million tonnes

It is reported that the steel output in Anyang Steel’s headquarter hit 8 million tonnes in 2013 an increasing of 2.64 million tonnes laying a foundation for the company to reduce losses.

Among them, the output of pig iron, crude steel and steel products amounted to 8.06 million tonnes, 8.09 million tonnes and 776 million tonnes up 44.1%, 48.53% and 47.46% over prior year, separately. The whole year’s sales revenue totaled CNY 40.3 billion an increasing of CNY 6 billion YoY.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 20 februari 2014 16:47

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Nucor announces 164th consecutive cash dividend

The board of directors of Nucor Corporation declared the regular quarterly cash dividend of USD 0.37 per share on Nucor's common stock. This cash dividend is payable on May 12th 2014, to stockholders of record on March 31st 2014 and is Nucor's 164th consecutive quarterly cash dividend.

Source – Strategic Research Institute

Al 41 jaar dividend uitkeren! Petje af!

voda 21 februari 2014 16:11

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Indian iron ore production dips 11pct in 2013

Business Standard reported that India’s iron ore production from January to December in 2013 registered a decline of 11% to 136 million tonne compared to 152.6 million tonne a year ago. The production in January to December 2011 was 192 million tonne.

The decline was mainly due to no mining in Goa and the delay in the resumption of mines in Karnataka. The latter produced 16 million tonne in 2013.

Andhra Pradesh production saw a 30% decline as the state had stopped production in some mines. Odisha produced the most, 62 million tonne and Jharkhand 17 million tonne. In 2013, the highest production was in May followed by December's at 12.4 million tonne.

In Karnataka, the production had started in 24 mines capacity, 10 million tonne. The NMDC is producing with two leases. However, the production is 9 million tonne a year.

Source – Business Standard

voda 21 februari 2014 16:16

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Liquid steel spill kills worker at Arkansas plant

An estimated 38 tons of liquid steel spilled and killed a worker at a steel plant in the US state of Arkansas Wednesday

The accident happened around Wednesday noon at the Arkansas Steel Associates plant in Newport in northeast Arkansas, daily newspaper Arkansas Democrat-Gazette reported.

The victim, identified as 49-year-old Michael E. Myers was killed after a ladle of liquid steel apparently spilled while being moved in the facility's melt shop.

Authorities said a cable on the crane that was moving the kettle of liquid steel broke, causing the kettle "to fall and tip" over, spilling the liquid, which caused Myers' death.

The melt shop spilled an estimated 38 tons of liquid steel, according to the report.

Arkansas Steel Associates' website says the company produces high carbon and low carbon tie plates for the railroad industry.

Source – Xinhua

voda 21 februari 2014 16:17

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US Steel drops after US rules Korea is not dumping

Bloomberg reported that US Steel Corporation, the nation’s largest producer of the metal by volume fell the most in 17 months after the Department of Commerce rejected its claim that South Korea is selling steel tubing into the US below cost.

The Commerce Department announced its preliminary ruling including the imposition of anti dumping duties on imports from eight other countries after the close yesterday. A final determination may be made in July, with the US International Trade Commission making a final decision by August 21st 2014.

Mr Timna Tanners New York based analyst at Bank of America Merrill Lynch said that “The level of proposed duties was disappointing for domestic producers, particularly as Korea, by far the largest exporter, was assigned no proposed duties.”

US Steel said that it’s disappointed with the ruling. The Commerce Department failed to deal with important issues at this stage of the investigations. The determinations do confirm the existence of large-scale dumping in the market something that has caused extensive injury to the domestic industry.

Source - Bloomberg.net

voda 21 februari 2014 16:18

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Japan scrap export prices to South Korea dip again

It’s reported that Korean Hyundai Steel bid Japanese H2 scraps and Shindachi scraps for JPY 33,000 per tonne FOB and JPY 38,000 per tonne FOB in last week.

The prices are JPY 500 per tonne to JPY 1,000 per tonne lower on the prior comparable period. The settled prices hit a new low for the past five months. Meanwhile, it’s estimated that the company’s total purchase volumes of the Japanese scraps are around 15,000 tonnes to 20,000 tonnes.

South Korean buyers have been quite cautious in purchasing because they could not see significant improvement in scrap prices.

Source - www.yieh.com

voda 21 februari 2014 16:19

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Fortescue half year net profit more than tripled to AUD 2 billion

Reuters reported that Australian miner Fortescue Metals Group's half year net profit more than tripled to AUD 1.7 billion in line with market forecasts as it raced to dig more iron ore to meet higher production targets.

The world's fourth biggest iron ore producer set a guidance target to ship 127 million tonnes in the fiscal year to June 30th 2014 up from 81 million the previous year as it enters the final stages of an AUD 11 billion expansion program.

Fortescue said that it lowered its cash cost of production over the period by more than a third to an average AUD 33 per wet tonne helped a weaker Australian dollar.

According to data compiler Steel Index, spot iron ore prices currently stand at AUD 124.40 per tonne. Iron ore continues to generate big returns and miners in Australia the world's biggest supplier are counting on greater economies of scale to maintain profits for the steel making raw material.

Following in the path of other miners such as BHP Billiton and Rio Tinto, Fortescue said that it was reducing capital spending as construction work on new projects nears an end and concerns mount over cooling industrial growth in China, the main market for Australian iron ore. Capital expenditure in fiscal 2014 is expected to shrink to AUD 2.1 billion, AUD 4.1 billion below the previous year.

Fortescue is targeting debt repayments of between AUD 4 billion and AUD 5 billion in 2014, before setting up its next stage of growth in iron ore production beyond an annualized rate of 155 million tonnes.

Mr Nev Power CEO of Fortescue said that "The ongoing strong demand for our products has allowed us to accelerate debt repayment, de risk the balance sheet and increase returns to our shareholders.”

Source - Reuters

voda 22 februari 2014 16:23

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Dip in Chinese steel production highlights sloppy global demand

WSA numbers for January brought reality to the fore. Chinese steel production for January declined by 3.2 per cent to 61.6 million tonnes in January compared to 63.62 million tonnes a year earlier.

The fall in output in the world's largest steel producing nation also caused a 1.5 per cent dip in Asian contribution to the global production which dipped by 0.4 per cent to 129.78 million tonnes.

Chinese steel production has consistently declined since August 2013 and has fallen by 4% till January bearing a direct correlation to the inventory pile up and plummeting steel consumption.

In contrast its Asian partners, Japan and Korea increased production by upto 9.4 million tonnes and 5.92 million tonnes in January clocking a growth of 6.1% and 2% respectively YoY.

Even the erstwhile backyards of EU showed healthy growth of 7.3% in break from the past.

China's flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5 A reading below 50 indicates a contraction while one above shows expansion.

Chinese industry is already beset with credit crunch an outcome of high lending rate to curtail inflation and NPA from the reality sector.

Approaching summer is expected to spur demand with construction activity picking up in North and East China. Moreover gradual depletion of inventory will certainly kindle activity.

Source – Strategic Research Institute

voda 22 februari 2014 16:24

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Japan hurt by steel import limits aimed at China

Dawn reporetd that amid a sharp increase of low priced steel product exports from China, other countries have been invoking antidumping duties or launching antidumping investigations to protect their domestic industry, moves the Japanese government and steel industry are worried may harm the free trade system. Japanese steel products are currently targets for AD in 27 categories in nine countries.

An official of the Economy, Trade and Industry Ministry’s Iron and Steel Division said that “It’s an unprecedentedly large number. In one instance, the Australian government announced on January 8 it had begun an AD investigation into alloy steel products imported from three countries, including Japan.”

Source – Dawn.com

voda 22 februari 2014 16:25

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Hebei plans to slash crude steel capacity by 15 mln tonnes

Since last year, of the 10 Chinese cities with the worst air pollution, 5 to 7 are in Hebei studies have shown. Thus Hebei Province plans to slash its annual crude steel capacity by 15 million tonnes, cement capacity by 11 million tonnes, plate glass capacity by 18 million weight cases by the end of 2014, as part of efforts to tackle air pollution.

In addition, Hebei aims to reduce 60 million tonnes of steel capacity, 61 million tonnes of cement capacity, 40 million tonnes of standard coal capacity and 36 million weight cases of plate glass capacity by 2017.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 22 februari 2014 16:26

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Chinese Iron ore import rise in January

China's January iron ore imports increased by 33.03% from a year ago to 86,83 million tonnes, causing inventory at ports to rise above 100 million tonnes, the first time in over a year.

According to the China Iron and Steel Association, steel prices in the domestic market have declined slightly due to lackluster demand, cold weather and the Spring Festival holidays.

Source - Ecns.cn

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