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voda 26 augustus 2015 16:43

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South African president Mr Zuma calls to work together to save steel industry

Published on Wed, 26 Aug 2015 106 times viewed

ANA reported that South African President Mr Jacob Zuma on Tuesday called on government, business, and trade unions to work together to prevent job loss in the struggling iron and domestic steel industry sector.

He said "This is a time for unity in the sector so that this critical industry can be supported and emerge from the current challenges stronger and play its historic role as a critical player and employer in the economy.”

Mr Zuma said the sector was struggling because of challenges such as the current glut of steel resulting in increasing imports of steel products into South Africa and cost-pressures on the industry. He expressed concern about what these challenges would do to the economy and to the dependents of affected workers.

As such, Mr Zuma said government would consider various steps to reduce pressure such as tariff applications as well as a R150 million funding facility, addressing the surge in the export of scrap metal, a competition probe on pricing in the industry, and soliciting expert advice.

The president’s call follows a meeting on Friday between a government delegation and representatives from business and trade unions. The meeting was led by Minister of Trade and Industry Dr Rob Davies and Minister of Economic Development Ebrahim Patel and government discussed the challenges the sector was facing. A follow-up meeting had been scheduled for mid-September following the receipt of the anti-dumping application from the sector.

Source : ANA

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voda 26 augustus 2015 16:44

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Construction begins on 2nd phase of Shougang Jingtang steel complex at Caofeidian

Reuters reported that China has begun construction of a large 9.4 million tonne a year steel project in northern Hebei province, pushing on with plans to build newer, more efficient plants in coastal regions despite a supply glut and shrinking demand.

The project, the second phase of the Shougang Jingtang steel complex at Caofeidian, one of China's largest ports, is one of several integrated steel projects planned by top steel mills that were approved during the commodity boom. The plant, which will help cut shipping costs for imported iron ore and coal, will involve a total investment of CNY 43.55 billion (USD 6.79 billion)

China aims to build three to five giant steel mills and boost the crude steel output of its top 10 steelmakers to more than 60 percent of the country's total by 2025. Baoshan Iron & Steel and Wuhan Iron & Steel plan about 10 million tonnes a year of new steel capacity in coastal areas in order to take advantage of their proximity to southeastern Asian buyers and ore importers. Baosteel will launch first phase operations at the 10-million tonne per annum Zhanjiang project in Guangdong province in September, while Wuhan has already commissined part of its project at Fangchenggang port in the southwestern region of Guangxi in June.

China's total steel production capacity stood at 1.16 billion tonnes by the end of 2014, according to official industry ministry figures. Output last year reached 822 million tonnes.

Source : Reuters

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voda 26 augustus 2015 16:45

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Steel rebar futures at SHFE hit all time low

Shanghai steel futures fell to a record low on Tuesday before paring losses, hit by worries that slowing economic growth in China would continue to sap steel consumption this year.

The most-traded rebar for January delivery on the Shanghai Futures Exchange closed down 1.8 percent at 1,933 yuan ($300) a tonne after falling to as low as 1,917 yuan earlier. It was the weakest for a most-active contract since the bourse launched rebar futures in March 2009.

China's steel consumption typically picks up in September along with construction activity after the summer lull. But a slowing economy could mute any pick up. A trader said "The current steel price doesn't show any recovery in demand and I'm not sure how much improvement in seasonal demand we will see in September."

Source : Reuters

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voda 26 augustus 2015 16:49

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JFE Steel sees steel price recovery in H2 expecting production cut in China

Bloomberg reported that Japan’s second biggest steel producer JFE Holdings Inc. is sticking to its forecast that prices will recover in the second half, in the belief that Chinese mills currently flooding the world market will have to cut output to stem losses.

Mr Koji Kakig, president of JFE Steel Corp said “At issue is whether Chinese mills will continue loss making exports. When the market mechanism works, they will take various steps, like cutting output and lowering plant utilization rates. We anticipate such behavior will occur.”

He said “That means output cuts, as China’s mills adjust to withstand the prolonged slump in prices. It should aid a recovery in the second half, which in Japan ends in March, for other mills competing on Asian export markets.”

Mr Kakigi said the company plans to produce 28 million tons of crude steel for the fiscal year, almost the same as last year and unchanged from its July forecast although that was made before China began devaluing its currency in August.

Mr Kakigi said “China’s devaluation equates to about USD 15 for hot rolled steel. That’s less than 5 percent of the total cost per ton and doesn’t account for the higher price China is paying for raw material imports. We don’t expect the yuan’s devaluation will give Chinese suppliers a big advantage and that our portion of exports will decline. The bigger issue is Chinese mills’ profitability.

Mr Kakigi reiterated the company’s plan to boost annual sales by 25 percent to 40 million tons by March 2018. He said “To meet that, it needs to expand outside its home market and follow its manufacturing customers as they build businesses overseas, he said. Domestic demand growth should wane after the 2020 Tokyo Olympics and as the population shrinks. Unless the company targets growth in overseas markets, we won’t be able to secure a firm position in the global steel industry. We can’t expect growth as long as we just stay at home. It’s a choice of growth or decline.”

JFE Steel plans to complete its shedding of excess inventories by the end of September and return to its usual pace of production in the second half. Japanese Prime Minister Shinzo Abe’s steps to weaken the yen and boost infrastructure spending in Japan has given JFE and its domestic peers a competitive edge over Chinese and South Korean mills, according to Kakigi.
Boost Sales

Source : Bloomberg

voda 26 augustus 2015 16:53

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India to auction 20 major iron ore mines in 2015

Reuters reported that India will auction around 20 major iron ore mines this year in its first such sale ever as it looks to revive its corruption-tainted mining industry. India’s mining sector has been mired in controversy over illegal allocation of resources. Once the world’s third biggest iron ore exporter, the country now imports it due to a court led crackdown on illegal mining.

Mines secretary Mr Balvinder Kumar said “Most of the states are in the midst of carrying out their pre-auction activities and hopefully by the end of October and November onwards auctions will start,”

The government hopes auctions will help curb wrongdoing. While it is unlikely to lead to an immediate boost to iron ore output at a time when there is a global glut, mine sales will bring India closer to its target of tripling its steel capacity to 300 million tonnes by 2025 and relying less on ore imports.

Source : Reuters

voda 26 augustus 2015 16:53

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BaoSteel sees iron ore rally to end soon as steel prices fall in China

Reuters reported that leading Chinese steelmaker Baoshan Iron and Steel said in a briefing to shareholders on Tuesday that the recent rally in iron ore prices is expected to come to an end soon as domestic steel prices decline,

Mr Zhu Kebing board secretary of the company said "We forecast that iron ore prices will also end their recovery as steel product prices once again soften.”

The firm said on Monday that its net profit in the first half of the year rose 0.65 percent year-on-year to 3.17 billion yuan ($494.34 million).

Source : Reuters

voda 26 augustus 2015 16:57

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Goa miners to start iron ore extraction in Goa in next months - GMOEA

PTI reported that Goa's mineral resources companies like Fomento Resources, V M Salgaocar Brothers and Chowgule, etc have confirmed their intent and initiated preparatory acts to begin mining-related activities after the monsoon in September-October this year

Goa Mineral Ore Exporters Association said in a release that following Vedanta, three more mining companies have expressed their intent to resume iron ore extraction activity in the state

GMOEA release said “The state's mineral resources companies like Fomento Resources, V M Salgaocar Brothers and Chowgule, etc have confirmed their intent and initiated preparatory acts to begin mining-related activities after the monsoon in September-October this year.”

GMOEA secretary Glenn Kalavampara said “These activities, as in the past, would gain momentum post the Ganesh Chaturthi celebration.”

He added “Pursuant to the judgement of Supreme Court in April 2014 and High Court in August 2014, both the Central and state governments have acted and complied with the directions of both the courts.”

Vedanta's Sesa Goa has already announced resumption of iron ore extraction at their Codli lease, which was Asia's biggest mining site before mining was shut down in 2012.

Goa government has renewed the mining leases of 88 mines, all which are under scanner of Accountant General of Goa for failing to obtain clearance from the Indian Bureau of Mines.

Source : DNA

[verwijderd] 27 augustus 2015 08:47

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marketrealist.com/2015/08/will-chinas...

crooswijk6 27 augustus 2015 14:22

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AMSTERDAM (Dow Jones)--Analisten van JPMorgan Cazenove beginnen met het volgen van de Europese staalsector en geven ArcelorMittal (MT.AE) een neutral advies met een koersdoel van EUR7,50. Ze zijn voorzichtig optimistisch over de outlook op de middenlange termijn voor de staalprijzen en erkennen tegelijkertijd dat er onderliggend uitdagingen zullen blijven bestaan. Met betrekking tot de zeer korte termijn verwachten ze dat het derde kwartaal lastig zal zijn in verband met de lage staalprijzen. Dit kan volgens hen echter ook een aantrekkelijk koopmoment opleveren, vooruitlopend op een verwachte EBITDA verbetering vanaf het vierde kwartaal en daarna, veroorzaakt door lagere grondstofkosten, een aanhoudend herstel in de ontwikkelde markten en meer maatregelen tegen goedkope Aziatische importen. Omstreeks 10.50 uur noteert het aandeel 4,0% hoger op EUR6,94, terwijl de AEX met 2,8% stijgt. (levien.defeijter@wsj.com)
Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com
(END) Dow Jones Newswires
August 27, 2015 05:10 ET (09:10 GMT)
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AAND ARCELORMITTAL
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voda 27 augustus 2015 16:50

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US raw steel production in Week 34

Published on Thu, 27 Aug 2015 93 times viewed

In the week ending August 22, 2015, domestic raw steel production was 1,742,000 net tons while the capability utilization rate was 72.9 percent. Production was 1,930,000 net tons in the week ending August 22, 2014 while the capability utilization then was 80.2 percent. The current week production represents a 9.7 percent decrease from the same period in the previous year. Production for the week ending August 22, 2015 is down 1.5 percent from the previous week ending August 15, 2015 when production was 1,768,000 net tons and the rate of capability utilization was 73.9 percent.

Adjusted year-to-date production through August 22, 2015 was 57,513,000 net tons, at a capability utilization rate of 72.6 percent. That is down 7.8 percent from the 62,408,000 net tons during the same period last year, when the capability utilization rate was 78.0 percent.

Broken down by districts, here's production for the week ending August 22, 2015 in thousands of net tons: North East: 217; Great Lakes: 660; Midwest: 205; Southern: 573 and Western: 87 for a total of 1742.

The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50 percent of the domestic producers combined with monthly production data for the remainder. Therefore, this report should be used primarily to assess production trends. The AISI production report “AIS 7,” published monthly and available by subscription, provides a more detailed summary of steel production based on data supplied by companies representing over three quarters of U.S. production capacity.

Source : AISI

voda 27 augustus 2015 16:52

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South African steel industry not efficient – Mr Moeletsi Mbeki

Political Economist and Deputy Chairman of the South African Institute of International Affairs, Moeletsi Mbeki says he does not believe the 10% tariff increase in the steel industry will save jobs.

He said "Will the tariff increase save jobs today, will it save jobs five years from now or twenty years from now, these are the questions that need to be answered now?"

He added "I don’t think South African steel industry is efficient. We have all the raw materials in the country especially iron ore, but we are unable to compete with China, which has to import iron ore from us and from Australia and Brazil. So they have to ship the raw material from all over the world yet they still bet the South African steel producers in terms of price.”

He says this shows that the economics are not working and the steel industry in South Africa is not efficient.

Source : SABC.za

voda 27 augustus 2015 16:53

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Union has eight weeks to save Port Kembla steel works from closure

Sydney Morning Herald reported that BlueScope Steel has given its unionised workforce eight weeks to accept 500 job losses or it will shut down Australia's largest steel plant, Port Kembla, which has been operating almost 100 years.

BlueScope CEO Paul O'Malley made the ultimatum to the Australian Workers' Union and said he was prepared to shut Port Kembla, at a cost of 5000 direct and indirect jobs, unless it helped cut costs by $200 million. He said "The steelworks is on a knife edge and both options are very much on the table. The next six to eight weeks will really tell. In the next three months we will know if we have the support to move the plan forward or we will have to move to plan B."

More than 95 per cent of workers on the shop floor at Port Kembla are members of the AWU and the union will meet BlueScope on Thursday. They plan mediation next week. The AWU is negotiating with BlueScope over a new workplace agreement.

AWU branch secretary Wayne Philips said he understood the industry was suffering but he wanted BlueScope executives to share in the pain of any cuts. He said "We understand the critical nature. We've got eight to 10 weeks to really try something. If they are saying 500 jobs that's fine, as long as everyone from the CEO down is looked at. Currently all they are doing is going through with a machete on the shop floor."

Source : Sydney Mornig Herald

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voda 27 augustus 2015 16:56

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Voestalpine may delay steel JV in China - Dr Wolfgang Eder

Reuters reported that Austrian steel maker Voestalpine might not stick to its plan to start building a specialised steel plant in China this year but still wants to expand there in the long term.

CEO Dr Wolfgang Eder said that the lagging growth was a problem that may exist for a few years but that did not change the importance of China's position as a long-term strategic market. He said “Short and medium term distortions always exist. Company had felt no ill effects despite a market drop in demand for auto parts, and that its China operations, that currently employ 2,200 people in 24 locations, were running as planned. It would thus hold to its plans of constructing 10 new plants in China by 2020.”

But he added “The planned construction of a new steel plant in conjunction with Chinese company Kocel in the city of Yinchuan that was initially to begin in 2015 and be completed in 2017 would, however, be delayed. The plant was still an option but we will take our time to assess how we will proceed from here.”

Voestalpine said earlier that it planned to start building this year a premium steel and specialised steel product plant in Yinchuan with local partner Kocel Machinery, pumping EUR 140 million into the project.

Source : Reuters

mamaloe 27 augustus 2015 16:56

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Koersdoelen en adviezen, je hebt er niets aan. De ene bank zegt houden en de andere bank zegt kopen.

voda 27 augustus 2015 16:57

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Real slump bites Brazil's CSN, others despite debt hedging efforts

Reuters reported that while many of Brazil's largest companies have grown savvy about hedging their debt against big currency swings, an increasing number could feel the heat from the real's plunge to a more than 12 year low due to poor planning and rising debt. Debt refinancing and hedging costs are rapidly rising as Brazil's economy falls into recession and local banks pare back credit. The real, the world's worst-performing major currency this year, slipped below 3.65 to the dollar on Wednesday.

Companies such as steelmaker Cia Siderúrgica Nacional SA are already suffering after borrowing heavily in global markets. The 38 percent decline in the real over the past 12 months has forced them to downsize operations as debt-servicing costs soared.

Bankers say debt exposure to foreign currencies looks manageable for most companies, which are increasingly using derivatives to help shield their balance sheets from sudden interest-rate or currency fluctuations. Still, some wonder how long hedging will keep companies safe as the currency continues to slide.

Source : Reuters

voda 27 augustus 2015 16:58

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NZ Steel under review by parent BlueScope Steel

Stuff reported that New Zealand Steel has been given an ultimatum by its Australian parent company; cut costs, or we'll cut jobs. In a press conference following its annual results, chief executiveand Paul O'Malley said BlueScope Steel's New Zealand business could face up to 1000 job losses and the "mothballing" of its operation at Glenbrook, if it didn't manage to cut $50 million in costs in the face of falling steel prices.

While he said management here had a "pretty substantive plan that I think covers the full requirement," it still needed to be signed off. He said "The call to arms today in New Zealand is to understand that there is a significant challenge. The management is on it, but we can't gild the lily and say that there isn't a big issue that needs to be addressed.”

Mr O'Malley said the changes being worked on involved removing restrictions on worker flexibility, which limited when maintenance could be done or capital work undertaken.

The company would also look at alternative sources of raw material, primarily coal, that would deliver savings. It would also look to renegotiate frieght contracts as part of the plan to shave $50m from its costs.

Source : Stuff

voda 27 augustus 2015 16:59

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Steel rebar futures ta SHFE dip further despite rate cut by PBOC

Published on Thu, 27 Aug 2015 116 times viewed

Reuters reported that Chinese rebar futures dipped on Wednesday as a gloomy outlook for demand wiped out the industrial material's early gains, despite China cutting its benchmark interest rates to support a stumbling economy. Benchmark rebar for January delivery on the Shanghai Futures Exchange gave up early gains, down 0.2 percent to CNY 1,937 a tonne by close. It hit a record low of CNY 1,917 on Wednesday since the contract launched in March 2009.

Steel demand is expected to improve in September and October as construction activities pick up from a summer lull, but Mr Yu Yang, an analyst with Shenyin & Wanguo Futures in Shanghai still expects prices to stay volatile. He said "Chinese steel demand outlook remains dismal this year, while the recovery in output over past few weeks hurt spot prices.”

Though China has rolled out a slew of policy measures in the past year to lift its economy, the currency devaluation and a near-collapse in its stock market have sparked fears that the world's second-largest economy is at risk of a hard landing.

Source : Reuters

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voda 27 augustus 2015 17:00

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Tata Steel UK to cut 250 jobs at Llanwern

Mirror reported that Tata Steel UK is to cut 250 jobs and mothball a plant at one of its sites in a move described as devastating for local communities. The job losses will hit agency workers in South Wales, mainly at its site Llanwern, which will also have some of its mills mothballed.

Tata said its strip products business needed to reduce costs, so the company will concentrate production of hot rolled coil at its plant in Port Talbot. Mr Stuart Wilkie, the firm’s director of Strip Products UK, insisted Tata remained committed to its UK business but said “Surging, and often unfairly traded, imports have combined with a strong pound to create a very challenging business environment. The changes we have told employees about will reduce our costs and enable us to focus on generating more value from our products, which will improve our competitiveness. We need to concentrate more on sales of differentiated products to key sectors including automotive, engineering, construction, packaging and consumer goods.”

Unions warned that communities will be destroyed and urged the Government to intervene to help the steel industry. Mr Dave Hulse, national officer of the GMB union, said: “This is more bad news for the steel industry. This comes on the back of the recent announcement that 720 jobs will go in the Speciality Business.The 250 jobs to go will be drawn from agency workers who are currently employed at Tata Steel sites. There are genuine and well-founded concerns over the future of the steel industry in the UK. GMB will propose that the Trades Unions Steel Committee write to Prime Minister David Cameron requesting a meeting to discuss these concerns over the long-term future. We will see local communities destroyed with mass unemployment, while the balance of payment deficit will increase further if we don’t act now and get Government support and action. Energy-intensive industries need access to affordable and secure energy. Government must ensure competitive tariffs for large-scale power users so that the push for low carbon does not drive heavy industry out of the UK. Unless Government acts, what’s left of the steel industry will be at risk.”

Roy Rickhuss, general secretary of Community and chairman of the National Trade Union Steel Co-ordinating Committee, said “We fully acknowledge that Tata Steel, and indeed the entire UK steel industry, is under huge pressure to reduce costs and become sustainable. Cripplingly high energy costs combined with the strength of the pound and a flood of Chinese imports are killing the industry and we desperately need Government to stand up for steel and make a game-changing intervention. However, it is extremely regretful that most of those to be laid-off are highly motivated and committed young people, currently employed through an agency but who hoped to pursue a career within Tata Steel. It’s tragic that these young people, who have been trained up by Tata and in normal circumstances would be considered the future of the business, are being let go in the drive to cut costs and remain competitive in the global marketplace.”

As well as its Poert Talbot and Llanwern sites, Tata operates plants in Shotton in Flintshire and Trostre, Carmarthenshire, Wales, Motherwell in Scotland, while in England there are plants in Corby, Scunthorpe, Redcar, Rotherham, Hartlepool, Walsall and Wednesbury.

Source : Mirror

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voda 27 augustus 2015 17:03

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Hebei Steel reports 7% YoY surge in profits in H1 of 2015

Bloomberg reported that China’s largest mill by output Hebei Iron & Steel Co said that its first-half earnings rose by 7 percent as operating expenses declined with raw-material prices and it took steps to control costs and improve profitability. Net income increased to CNY 357 million yuan (USD 56 million) from CNY 333 million a year earlier while sales fell to CNY 42.4 billion from CNY 51 billion.

Hebei’s six-month earnings bucked a trend among peers, affected by falling steel demand as China’s economy has faltered. Net income at medium-to-large mills slumped 73 percent from a year earlier, according to a China Iron and Steel Association survey of its members.

Source : Bloomberg

voda 27 augustus 2015 17:04

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Congress of South African Trade Unions call for steel talks with China

ANA reported that the Congress of South African Trade Umions has called on government to meet with China over falling steel prices exacerbated by its cheaper steel exports.

Cosatu acting secretary Mr Bheki Ntshalintshali said “We call on government to engage the Chinese government to introduce voluntary export restraint; a measure that was introduced in the clothing and textiles industry in the early 2000s.”

He said “It is Cosatu's view though that the raising of the import tariff and introduction of voluntary export restraint, while they would ensure a temporary reprieve for the steel industry, do not constitute strong enough measures aimed at changing the structure of the economy.”

Mr Ntshalitshali said his organisation had been calling for import parity pricing to be abandoned, especially in the troubled steel industry. He said “Steel is a critical input in the infrastructure development programme. Cosatu wants a clear commitment from the steel industry that it would abandon import parity pricing and it will not revert to it when the economic conditions have improve. This should be one of the conditions for government interventions to save the steel industry.”

Mr Cosatu supported the call by the industry to government to increase import tariffs to save the industry and jobs. He said “The problems are exacerbated by cheap steel imports from China in particular. Cosatu is concerned that the slowing down of production in the mining sector, because of the low commodity prices, will further cause more harm to jobs as mines are a big consumer of steel products in the economy.”

The trade union federation also demanded that a moratorium be placed on looming retrenchments, that a commitment be made to cut executives' salaries in the industry and that ''billions in surplus funds'' in the Unemployment Insurance Fund be used to bail out companies in distress.

Source : ANA

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