Eurobench.com

voda 15 september 2020 16:33

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POSCO & SeAH to Supply Stainless Steel Pipes to Kitimat LNG Project in Canada

Korean media reported that POSCO and SeAH Steel Corp will jointly supply 12,000 tonnes of stainless steel pipe for a liquefied natural gas project in Kitimat in Canada. The combined USD 100 million order will be supplied early next year. POSCO will first manufacture semi-finished stainless steel plates that will then be completed and ready to ship off by SeAH Steel. The pipe sizes range from 6.4mm to 40mm in thickness.

Kitimat is the largest LNG project in Canada valued at USD 14 billion. The first phase of the project will include setting up two LNG trains that can produce 13 million tons of LNG. The second phase, set after 2024, will add on LNG trains more or less in the same capacity. In general carbon steel is used in crude oil pipelines, but LNG requires a stainless steel pipe that can handle extremely low temperatures as it is shipped at 100 degrees below zero. Korea Gas Corporation holds a 15% stake in the Kitimat project and plans to procure 700,000 tons of LNG annually from the plant between 2024 and 25.

Source : STRATEGIC RESEARCH INSTITUTE

voda 15 oktober 2020 15:05

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EUROFER Welcomes Anti-Dumping duties on Stainless Steel Imports from Indonesia, China & Taiwan

The European Steel Association EUROFER welcomed the measure as a first step towards restoring a level playing field and securing a sustainable future for the European stainless industry, but says the Commission must apply trade enforcement rules in full, given the spirit and intention of the revised EU trade defence instruments adopted by the European Parliament and the Council in 2018. Axel Eggert, Director General of EUROFER said “Indonesia, China and Taiwan have a structural overcapacity problem. Their dumping has seriously harmed European stainless steel producers and these measures are necessary. However, by not disapplying the Lesser Duty Rule the European Commission has failed to fully apply the revised Trade Defence Instruments rules. They must do so without inhibition if they want to effectively tackle third country trade distortions and save EU industry and the jobs it supports”.

The European Commission has published definitive anti-dumping duties on imports of certain hot rolled stainless steel sheets and coils originating in Indonesia, the People’s Republic of China and Taiwan (Regulation 2020/1408). The European Commission Implementing Regulation largely confirms existing provisional measures and imposes definitive anti-dumping duty rates of 17.3% on SSHR imports from Indonesia, up to 19% on imports from China, and up to 7.5% on imports from Taiwan. The investigation leading up to these measures was initiated in August 2019 following a complaint submitted by EUROFER.

Source : STRATEGIC RESEARCH INSTITUTE

voda 27 oktober 2020 15:32

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Acerinox Reports Profit in Q3 of 2020

Since the beginning of the crisis, Acerinox has been focused on generating cash flow, increasing liquidity and reducing costs. Adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and the cost reductions undertaken. In a year marked by the pandemic, Acerinox’s turnover totalled EUR 3,451 million between January and September, just 6% lower than that of 2019. In the first three quarters, melting shop production, 1,582,499 tonnes, decreased by 9% compared to the same period of 2019.

Acerinox obtained profit after tax and minority interests of EUR 31 million between January and September 2020, despite the impact of the crisis arising from the Covid pandemic and the impairment of assets of Bahru Stainless amounting to EUR 43 million, which occurred in the second semester.

The Consolidated Group’s melting shop production in these three quarters fell by 9% compared to the same period last year, from 1.7 million tonnes in 2019 to 1.5 million tonnes this year. During the third quarter, the Group’s factories produced 21% more tonnes than in the second quarter, to 538,467. Between July and September, the Group recognised a profit of EUR 28 million.

Between January and September turnover totalled EUR 3,451 million, a decrease of just 6% compared to 2019 in a year clearly marked by the social and economic effects of the pandemic.

In the first nine months, adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and to the cost reductions undertaken.

Forecast – “Visibility is limited. However the reactivation of a number of sectors and our order backlog, lead us to expect fourth quarter EBITDA to be in line with that of the third quarter, despite many uncertainties: evolution of the pandemic, the US elections, Brexit, etc.”

Source : STRATEGIC RESEARCH INSTITUTE

voda 29 oktober 2020 06:33

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Acerinox NAS Stainless Steel Clads National Museum in Washington DC

North American Stainless, the Acerinox Group's stainless steel plant in the US, has supplied the material for the construction of more than 10,000 square metres of panels that have been used to clad the building complex of the National Museum of the United States Army in Fort Belvoir, on the outskirts of Washington DC. The museum, which will open soon to the public, stands out for its clean and futuristic design thanks in part to the stainless steel cladding made from NAS T316L sheets. The museum has been designed by the renowned architecture firm Skidmore, Owings & Merri, and will be considered one of the Army’s National Landmarks.

The stainless steel manufactured by NAS was treated with an additional satin polish to reduce reflectance. NAS supplied the material in 3 millimetre thick coil form, which, for its installation, was cut into panels of 1 metre wide and 6 metres long. The decision to manufacture the panels in Stainless Steel T316L was the result of needing to meet strict requirements related to corrosion resistance, and for its excellent thermal stability and state-of-the-art aspect.

Even though construction of the complex has only recently been completed, the project has already received recognition from the prestigious magazine ‘Metal Architecture Magazine’ for the best project in its category.

The building complex, which includes galleries, retail space, theatre, and Veterans halls, will host exhibitions highlighting the 244 years of history of the US army. In addition, the museum will offer educational experiences illustrating the various facets of today’s Army, including the defence of the nation, humanitarian missions and technological advances.

Source : STRATEGIC RESEARCH INSTITUTE

voda 29 oktober 2020 06:35

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COVID19 Outbreak at Nickel Asia Corp Props Nickel Prices

Nickel prices jumped to their highest level in nearly one year on Wednesday on supply worries after the top nickel ore producer in the Philippines suspended operations at a mine following a coronavirus outbreak.The most-traded December nickel contract on the Shanghai Futures Exchange jumped as much as 5.7% to CNY 125,670 (USD18,748) a tonne, its highest since November 11, 2019. Three-month nickel on the London Metal Exchange advanced as much as 2.5% to USD 16,310 a tonne, a level unseen since November 7.

Nickel Asia Corp reported on Wednesday that its subsidiary Hinatuan Mining Corp suspended operations at its mine site in Tagana-an town, Surigao del Norte province starting October 27 after some employees tested positive for the coronavirus. Nickel miner said the suspension would last until November 10 so it could implement coronavirus precautionary measures to minimize the transmission of the virus.

Source : STRATEGIC RESEARCH INSTITUTE

voda 3 november 2020 14:36

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Vale Update on Nickel in Q3 of 2020

Production of finished nickel was of 47.1 kt in 3Q20. Sales volumes reached 58.2 kt, an increase of 37.3%, as a result of better prices in the quarter and more stable market conditions.

Production in 3Q20 was influenced mainly by maintenance work rescheduled from 1Q20 and 2Q20 to 3Q20 in North Atlantic operations.

Source : STRATEGIC RESEARCH INSTITUTE

voda 8 december 2020 11:16

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Nickel Market Records Surplus in January to September 2020

World Bureau of Metal Statistics recently announced that the nickel market was in surplus during January to September 2020 with production exceeding apparent demand by 50 KT. In the whole of 2019, the calculated deficit was 27.6 KT. Reported stocks held in the LME at the end of September 2020 were 82.8 KT higher than at the end of the previous year. Refined production in January to September 2020 totalled 1691.7 KT and demand was 1641.5 KT.

Mine production during January to September was 1670.5 KT, 216 KT below the comparable 2019 total. Chinese smelter/refinery output fell by 125 KT compared with 2019 and apparent demand was 889.7 KT, 71 KT lower than in the previous year.

World apparent demand was 169 kt lower than the previous year. No allowance is made in the consumption calculation for unreported stock changes. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in the trade statistics.

In September 2020, nickel smelter/refinery production was 205.6 KT and demand was 206.1 KT.

Source - Strategic Research Institute

voda 18 december 2020 14:44

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Budget Wish List – Indian Stainless Steel Industry

The Indian stainless steel industry has urged the government to slash the existing import duties on key raw materials in the upcoming Union Budget 2021-22. In its recommendations to the Ministry of Finance, Indian Stainless Steel Development Association has appealed to exempt the 2.5% Basic Customs Duty levied while importing key raw materials, including ferro-nickel and stainless steel scrap, which are unavailable in the country, making their import mandatory. ISSDA has also sought abolition of the existing 7.5% import duty on graphite electrodes, a critical component in stainless-steel manufacturing, as they constitute a major share of input cost. Additionally, ISSDA has sought an increase in the import duty on stainless-steel flat products to 12.5%, to bring it at par with carbon steel products, in order to check undue imports.

ISSDA asserted that these measures, if undertaken, will not only boost domestic manufacturing but also curb undesired stainless-steel imports, thus spurring the ‘Make in India’ movement.

Source - Strategic Research Institute

voda 24 december 2020 10:47

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Ukraine Extends AD Duties on Import of Stainless Seamless Pipes

Open 4 Business reported that the Interdepartmental Commission on International Trade has completed a review of antidumping measures regarding the import of seamless stainless steel pipes to Ukraine from China, extending their effect for another five years. The measures were revised in connection with their expiration. Based on the results of the revision, the ICMT found that the level of anti-dumping measures applied was sufficient to prevent dumping of imports and causing damage to the national producer; the position of exporters and economic conditions are such that the possibility of new types of dumping that will harm domestic producers is not ruled out.

The commission decided to complete the revision and extend the anti dumping measures applied by its decision of November 27, 2014 for another five years. At the same time, extend the voluntary price commitment of Zhejiang Longda Stainless Steel Co to stop dumping imports of seamless stainless steel pipes to Ukraine from China. The final anti-dumping measures should not be applied to this manufacturer & exporter, due to the fact that the voluntary obligation to stop dumping imports to Ukraine continues. The decision of the commission made on December 14, 2020 came into force from December 19, 2020.

Source - Strategic Research Institute

voda 29 december 2020 16:20

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India May Impose AD Duty on Flat Stainless Steel Imports

India’s Directorate General of Trade Remedies has recommended imposition of anti dumping duty for 5 years on imports of Flat Rolled Products of Stainless Steel from European Union, Japan, South Korea, Malaysia, China, Indonesia and Taiwan. The duty recommended by DGTR ranges between USD 67 per tonne to USD 944 per tonne. In its final findings after concluding the probe, DGTR concluded that the product has been exported to India from these countries below its normal value, which led to dumping of the product. India’s domestic industry has suffered material injury. The DGTR conducted the probe following complaints by domestic manufacturers. The Finance Ministry takes the final call to impose the duty.

Duty Table (7019 & 7020)

South Korea - Hyundai BNG Steel Co Ltd USD 57; POSCO SPS & POSCO USD 155; DK Corporation USD 259; Others USD 370

Japan - NIPPON STEEL Stainless Steel Corporation USD 282; Nippon Steel Corporation USD 116; JFE Steel Corporation USD 67, Others USD 374

EU - Outokumpu Stainless Oy, Outokumpu Stainless AB, Outokumpu Nirosta GmbH, Outokumpu Service Center GmbH, Outokumpu SpA, Outokumpu PSC Benelux BV, Outokumpu Press Plate AB Zero; SIJ Acroni doo Slovenia USD 944; Others USD 592

Malaysia - Bahru Stainless SDN BHD USD 237; Others USD 474

China – USD 454

Taiwan – USD 336

Indonesia - PT Indonesia Guang Ching Nikel and Stainless Steel Industry, PT Indonesia Ruipu Nickel and Chrome Alloy, PT Indonesia Tsingshan Stainless Steel (Tsingshan Group) USD 167; Others USD 441

The product under consideration is “Flat Rolled Products of Stainless Steel” excluding the following

Hot rolled stainless steel of 304 grade and width up to 1650mm from China, Malaysia and Korea, wherein antidumping duty was recommended vide notification no 14/30/2013-DGAD, dated 9th March, 2015 and imposed vide customs notification no. 28/2015-Customs (ADD) dated 5th June, 2015.

Cold rolled stainless steel of 600 mm and above from China, Korea, EU, USA, Taiwan, Thailand, South Africa, except cold rolled stainless steel of more than 1250 mm having bonafide use as more than 1250 mm, wherein anti-dumping duty was recommended and imposed vide customs notification no. No. 14/2010-Customs, dated 20th February 2010. The said duties were recommended to be extended vide notification no. 5/04/2014-DGAD, dated the 12th October 2015 and were extended vide customs notification no 61/2015- Customs (ADD) dated 11th December 2015.

Blade Steel, also commercially known as razor blade grade steel used in production of razor.

Coin blank falling under 73269099 HS Code used in production of monetary coins.

Flat Rolled Products of Stainless Steel of width more than 1650 MM having bonafide use as more than 1650 MM.

Flat Rolled Products of Stainless Steel of thickness greater than 80 MM.

Flat Rolled Products of Stainless Steel of grades ‘types JFE20-5USR, JFE18-3USR NASJ35X (N08020), & NAS.800 (N08810 N088U), N10276, N06022, N06625, N08825, N06601 and N06600

Product supplied under Indian Patent No. 223848 in respect of goods comprising Low Nickel containing Chromium-Nickel Manganese-Copper Austenitic Stainless steel and representing Grades YU 1 and YU 4, produced and supplied by Yieh United Steel Corp (Yusco) of Chinese Taipei (Taiwan).

Grade S-Star, S-Star A and G Star, (b) DSN-9 and (c) K-SF24 grade exported from Daido Steel Co. Ltd.

Nickel-based alloys grades such as N10276, N06022, N06625, N08S25, N06601 and N06600

Source - Strategic Research Institute

voda 30 december 2020 15:28

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Jindal Stainless (Hisar) Ltd Merges into Jindal Stainless Ltd

The Board of Directors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited have accepted the recommendations of the respective Board Committees and approved the merger of Jindal Stainless (Hisar) Limited into Jindal Stainless Limited. As per the approved share swap ratio, 195 equity shares of Jindal Stainless Limited will be issued for every 100 equity shares of Jindal Stainless (Hisar) Limited.

Post the merger, Jindal Stainless Limited will be the single listed entity on the stock exchanges and the promoter holding will be about 57%, while the remaining 43% will be held by the public. As per the proposed structure, the mobility business of JSL Lifestyle Limited, a domestic subsidiary of Jindal Stainless (Hisar) Limited, would be merged into Jindal Stainless Limited. Non-mobility businesses would be carved out as a separate new entity, named Jindal Lifestyle Limited. Post restructuring, Jindal Stainless Steelway Limited and Jindal Lifestyle Limited will operate as Indian subsidiaries, while overseas operational subsidiaries of Jindal Stainless Limited in Spain and Indonesia will continue to operate as business units of merged Jindal Stainless Limited. With the appointed date of April 1, 2020, the merger process is expected to be completed in H2 FY22. The merger is subject to approvals from statutory authorities, shareholders, creditors, and NCLT.

Jindal Stainless (Hisar) Limited is an integrated stainless steel manufacturer with facilities starting from melting, casting, and hot rolling to cold rolling and other value additions. Jindal Stainless (Hisar) Limited has a melt capacity of 0.8 million tonnes per annum. Jindal Stainless Limited is the largest manufacturer of stainless steel in India with a capacity of 1.1 million tonnes per annum. Merger of Jindal Stainless (Hisar) Limited into Jindal Stainless Limited will create a mega stainless steel entity that will be among the top 10 stainless steel companies in the world and the largest stainless steel company in India.

Source - Strategic Research Institute

voda 19 januari 2021 10:29

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EUROFER Welcomes EU WTO Action on Indonesian Nickel Restrictions

The European Steel Association EUROFER has welcomed the EU’s decision, announced on 14 January 2021, to request the WTO establish a panel in order to seek the elimination of unlawful export restrictions imposed by Indonesia on raw materials necessary for the production of stainless steel, notably nickel ore and iron ore. EUROFER said “Taking action at the WTO is fundamental to prevent third countries, such as Indonesia, aggressive and illegal sectoral industrial policies undermining global trade and resulting in artificial cost distortions and overcapacities.”

EUROFER added “In parallel to the action initiated by the EU at WTO level, it remains essential that the Commission continues to act swiftly and vigorously by deploying the trade defence instruments available to it under EU law. TDIs can begin to tackle the unfair practices and trade distortions that gravely affect the European industry.”

Indonesia has been engaging in an aggressive expansion of its nickel processing and stainless steel sectors. This began in 2014, with Indonesia banning the exports of nickel-bearing raw materials to ensure its nascent domestic stainless production had access to below-market price inputs.

Nickel is an important component in the production of stainless steels. 55% of all stainless steels contain nickel because it improves corrosion resistance and improves the alloy’s properties. Indonesia’s hoarding of this material inflates the competitiveness of its stainless steel industry.

Source - Strategic Research Institute

voda 18 februari 2021 10:44

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Jindal Stainless to Double Odisha Plant Capacity

Business Standard reported that post the merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited, the company has chalked out a CAPEX plan to cash on the strong demand visibility in the domestic market. Jindal Stainless Managing Director Mr Abhyuday Jindal told Business Standard “We have a CAPEX plan of INR 2,000-3,000 crore for the next 2-3 year as we look to double the capacity at our Odisha plant. The entire CAPEX will be funded via internal accruals.”

Mr Jindal added “For the last few years, we focused on improving our supply chain. It was becoming difficult to play on cost in the last few years due to cheap imports hitting the market, so we had to focus on logistics, last mile delivery and other supply chain parts. But now it is the right time to look at capacity expansion since demand is up.”

Currently, Jindal Stainless' Odisha plant has a capacity of 1.1 million tonne, while its Hisar plant is a 0.8 million tonne. The company’s Odisha plant caters to volume-oriented sectors such as infrastructure, railway and auto, while its Hisar plant is mainly into niche stainless steel products.

Source - Strategic Research Institute

voda 22 februari 2021 09:42

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US DOC Finds Higher Liabilityfor Stainless SteelFlanges from India

The US Department of Commerce has issued preliminary determinations indicating a significant increase in the antidumping and countervailing duties applicable to Indian imports of stainless steel flanges, a move that will ensure fair competition for US manufacturers and their workers. Commerce is expected to publish the preliminary determinations in the Federal Register. The duties cover forged unfinished, semi-finished, and finished stainless-steel flanges from India. Should the agency finalize these determinations, as expected, there will be a retroactive assessment of duties on imports of Indian stainless steel flanges that entered the United States between January 23, 2018 and September 30, 2019. Notably, imports of stainless steel flanges during that period would be subject to a retroactive assessment of approximately 140% of the value of imported products, plus interest. This rate is driven by the Commerce Department's finding that Chandan Steel Limited failed to cooperate to the best of its ability with the review.

In October of 2018, Commerce published antidumping and countervailing duty orders regarding Indian stainless steel flanges. This preliminary determination relates to the first periodic administrative review to revise the antidumping and countervailing duty rates to reflect Indian exporters' current commercial practices. The recent announcement pertains to a review of the pricing and subsidy practices of India's largest exporters of stainless steel flanges during 2018 and 2019. Commerce concluded that all of the companies under review received subsidies and had sold stainless steel flanges at unfair prices.https://www.zetamec.com/cache/media/2017/10/blue1_49.jpg/1610b1cdf0460940cf749b9599ac3d02.jpg

Source - Strategic Research Institute

voda 22 februari 2021 09:44

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Taiwan Sees Limited Impact of Korean AD Duties on Stainless Steel

Focus Taiwan reported that Taiwan Steel & Iron Industries Association said that South Korea's plan to impose anti dumping duty of 9.2-9.51% on imports of flat rolled stainless steel products from Taiwan would have only a slight impact on Taiwanese steelmakers if finalized. TSIIA said that “Taiwanese stainless steel producers send only a small percentage of their exports to South Korea, and the duties are relatively low compared with those faced by competitors in two other countries. Taiwan exported 719,000 tonnes of flat-rolled steel in 2020, of which 6.9%, or 49,000 tonnes. Because China and Indonesia are Taiwan's main competitors in the South Korean market, and the stainless steel from those two countries would face higher anti-dumping rates, any anti-dumping measure taken should not have a major impact on Taiwanese producers.”

South Korea's Trade Commission initiated an anti-dumping duty investigation on certain flat-rolled stainless steel from China, Indonesia and Taiwan after South Korea's largest steelmaker POSCO, filed a complaint in July last year. In a preliminary ruling, South Korea's Trade Commission found that steelmakers of Taiwan, China and Indonesia had dumped their flat-rolled steel products into the South Korean market. As a result, it will launch another investigation of at least three months against suppliers from the three sources before a final decision on anti-dumping tariffs is made. In its preliminary decision, in addition to the projected tariffs against Taiwanese suppliers, South Korea said it planned to impose an anti-dumping tariff of 49.04% against Chinese steelmakers and a 29.68% tariff against Indonesian suppliers.

The products subject to the probe are flat-rolled stainless steel products 8mm thick, and the investigation covers the period from 2017 to apceroundtable.com/app/uploads/2019/1...

Source - Strategic Research Institute

voda 22 februari 2021 09:59

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ANDRITZ to Supply DRAP Line to Jindal Stainless

International technology Group ANDRITZ has received an order from Jindal Stainless to supply a new direct rolling, annealing and pickling line DRAP-L. The new line will have an annual capacity of approximately 700,000 tonnes of cold-rolled, stainless steel strip in the 200, 300 and 400 series. Start-up of the line is planned for the end of 2022. The ANDRITZ scope of supplies and services includes the terminal equipment, three inline S6-high rolling mills, the furnace and pickling section, a skin pass mill, and automation of the complete process section. The new line will increase capacity, improve quality and enhance the company’s ability to compete thanks to the innovative line configuration.

In 2008, ANDRITZ successfully delivered and erected two annealing and pickling lines for Jindal Stainless Limited, Odisha, India.

Jindal Stainless Limited, founded in 1970, is by far the largest producer of stainless steel strip in India and a leading stainless steel company worldwide.

Source - Strategic Research Institute

voda 1 maart 2021 10:42

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Indonesia to Fight EU at WTO over Nickel Export Curbs

Reuters reported that Indonesia is ready to fight the European Union's challenge of Indonesia’s ban on nickel ore exports at the World Trade Organisation, arguing the bloc's actions may hinder Indonesia's development plans. Indonesia’s Trade Minister Mr Muhammad Lutfi said "The Indonesian government is ready to fight for and make efforts to defend against the EU lawsuit. These efforts remind us of a time when the exploitation of natural resources was not for the benefit of the owners of natural resources themselves.”

EU launched its initial complaint in November, 2019, against the export restrictions on raw materials, notably nickel ore and iron ore, that are used to make stainless steel, saying the bans were illegal and unfair to EU steel producers. It escalated its challenge at the WTO last month by requesting the Geneva-based trade body form a panel to adjudicate on the case.

Once the world's biggest exporter of nickel, Indonesia banned ore exports last year to incentivise foreign investors to help develop a full nickel supply chain in the country, starting from extraction, processing into metals and chemicals used in batteries, all the way to building electric vehicles.

Source - Strategic Research Institute

voda 1 maart 2021 10:54

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ISSDA Seeks Re Imposition of Duties on Stainless Steel Imports

Indian Stainless Steel Development Association has voiced concerns about the impending adverse impact on India’s domestic industry due to the temporary revocation of trade remedial duties on importing stainless steel, as announced in this year's Union Budget. ISSDA President Mr KK Pahuja said "The government reversed six trade remedies out of which three relate to stainless steel, which is just 3 per cent of overall steel industry in India. Therefore, it has disproportionately impacted stainless steel, including its MSME sector, and considerably dipped the market sentiment. MSME sector constitutes about 35% of the domestic stainless steel industry, spread across the country, and is a major supplier for utensils and household segments. However, the installed capacity for manufacturing stainless steel in the MSME sector is 15 lakh tonnes, with less than 50% being utilised. Keeping this in mind, a potential market brimming with unregulated and cheap imports of Chinese stainless steel goods is expected to make MSME players go bankrupt or turn them into traders.”

ISSDA, along with four major associations representing MSME stainless steel producers, namely the Wazirpur Industrial Estate Welfare Society Delhi, Rajasthan Stainless Steel Re-rollers Association Jodhpur Rajasthan, Jagadhri Stainless Steel Re-roller Association Haryana and Stainless Steel Re-rollers Association Ahmedabad Gujarat has urged the government to reconsider this step as it will distort the domestic market by flooding it with subsidised stainless steel from China and Indonesia, and will put several MSME players on the verge of bankruptcy.

Presenting the Budget proposals for 2021-22 in Parliament on February 1, Finance Minister Ms Nirmala Sitharaman announced that import duties on a host of steel items were being reduced to prevent hardening of metal prices in the country. Also, the Budget temporarily revoked (commencing from February 2 till September 30, 2021) countervailing duty on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products, originating in or exported from China. Also, provisional countervailing duty has been revoked on imports of flat products of stainless steel, originating in or exported from Indonesia. The anti-dumping duty on certain grades of Cold-Rolled Flat Products of stainless steel has also been discontinued.

Source - Strategic Research Institute

voda 12 maart 2021 13:38

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Baowu TISCO Eying 18 Million Tonne Stainless Steel Output

Reuters reported that China’s second largest stainless steelmaker Shanxi based Baowu’s Taiyuan Iron & Steel (Group), known as TISCO, will seek joint projects with local and international companies to help meet its goal of tripling production to 15 million tonnes by end-2023 from 4.19 million tonnes last year, rising to 18 million tonnes by end-2025. Taiyuan Chairman Mr Gao Xiangming told Reuters “We will further communicate with domestic and international players and jointly invest in stainless steel projects under the premise of a win-win situation.”

TISCO is now part of China Baowu Steel Group after the steel giant took a 51% stake in TISCO last year as part of plans by China. The restructuring with Baowu Group has given TISCO better access to bigger markets in southern China and helped improve its competitiveness against its main rival, privately held Tsingshan Holding Group.

Tsingshan is China’s top producer of stainless steel with an annual capacity of more than 10 million tonnes. It is also the biggest nickel producer in Indonesia and is set to develop an iron ore mine in Zimbabwe.

Source - Strategic Research Institute

voda 17 maart 2021 08:18

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Global Stainless Steel Production in 2020 Decreases by 2.5% YoY

The International Stainless Steel Forum has released figures for the full year 2020 showing that stainless steel melt shop production decreased by 2.5% YoY to 50.9 million tonnes.

China – 30.139 million tonnes up 2.5% YoY

Asia (w/o China and S Korea) – 6.429 million tonnes down 18.6%

Europe – 6.323 million tonnes down 7.1%

Others (Brazil, Russia, S Africa, S Korea, Indonesia) – 5.857 million tonnes up 6.0%

USA – 2.144 million tonnes down 17.3%

The International Stainless Steel Forum is a non-profit research organization based in Brussels which represents the interests of the international stainless steel industry towards the general public, consumers, the media and regulatory authorities. The Forum was founded in 1996.

Source - Strategic Research Institute

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