Eurobench.com

voda 28 november 2017 20:06

0

Germany wants to avert trade war – Ms Zypries

Reuters reported that Germany hopes that a G20 steel summit in Berlin this week can help to avert a trade war, Economy Minister Brigitte Zypries told Reuters on Monday, warning that the EU would impose countermeasures if the United States opted for new tariffs.

In a bid to avert such unilateral trade measures, Germany, current chair of the Group of 20 leading economies, has invited all G20 member states and some other countries to Thursday’s summit, entitled Global Forum on Steel Excess Capacity. Summit host Zypries told Reuters “I hope that we’ll manage to agree on a joint final communique, which is not yet certain at the moment, because we are still negotiating.”

US President Donald Trump has threatened to impose punitive tariffs on steel imports as part of his “America First” agenda, prompting fears that such a move could trigger a trade war with China and hurt growth prospects for the world economy.

Source : Reuters

Bijlage:

voda 28 november 2017 20:07

0

Indian steel firms can meet railways needs - Government Panel

Reuters reported that a government panel, in a document seen by Reuters, said that Indian steel companies can meet the needs of the country’s railways and local rail market entrants such as Jindal Steel and Power Ltd should be given a chance,
Minutes of a committee meeting held on Nov 3, which were seen by Reuters on Monday, said “Prima facie there exists domestic rail making capacity for the tendered quantity of Ministry of Railways. Reasonable supply quantity may be assured for the new domestic entrant to demonstrate their capability and build up the performance/track record.”

Jindal Steel told the committee this month it could supply up to 600,000 tonnes of rails per year to Indian Railways, which recently floated a global tender for 717,000 tonnes of rails.

The committee on domestically manufactured iron and steel products for government projects is headed by the top bureaucrat in the steel ministry, which has said the tender went against government policy to prefer local steel in state projects.

Source : Reuters

voda 28 november 2017 20:08

0

GFG Alliance backs UK Government’s Industrial Strategy with 5 million tonne GREENSTEEL plan for ‘Clean Growth’

GFG Alliance has announced plans to create a total of five million tonnes of low-carbon steelmaking capacity over the next five years as part of a drive to develop a green and competitive future for manufacturing in the UK.

Source : Strategic Research Institute

voda 28 november 2017 20:09

0

RINL faces severe iron ore shortage as K-K line damaged

Business Line reported that Visakhapatnam steel plant Rashtriya Ispat Nigam Ltd is facing severe iron ore shortage as the rail track on the Kothavalasa-Kirandul (K-K) line has been damaged. Iron ore to the steel plant is sourced from the Bailadilla mines of NMDC through the K-K line. There was a landslide at Anatagiri in Visakhapatnam district last month due to torrential rains. The railway bridge and the track were badly damaged in the eastern ghats and currently repair works are going on. Traffic on the line was stopped and iron ore is being supplied to the plant through an alternative route via Rayagada in Odisha.

However, according to plant sources, only two or three rakes are arriving every day and stocks are getting depleted at a very fast rate. Every day the plant needs 5-10 rakes of iron ore to maintain its present production levels.

Efforts are being made to replenish the iron ore stocks from Odisha or Karnataka. It is said by the railway sources that the traffic on the K-K line may be restored only in the second or third week of December and till then the steel plant has to contend with the problem.

Source : Business Line

voda 28 november 2017 20:10

0

Amendment in IBC may trouble ArcelorMittal's bid for steel firms - Report
Published on Tue, 28 Nov 2017
19 times viewed

Business Standard reported that amendments to the Insolvency and Bankruptcy Code have not only practically debarred promoters from reacquiring their own assets but have also put the world’s largest steelmaker ArcelorMittal’s prospective bid for stressed steel assets Bhushan Steel, Bhushan Power & Steel, and Essar Steel in trouble. According to a new Section 29A of the IBC, a person shall not be eligible to submit a resolution plan if such person, or any other person acting jointly with such person, or any person who is a promoter or in the management control of such person, is an undischarged insolvent. This prohibits promoters or sister concerns of companies with non-performing assets of more than a year from bidding for these companies.

In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. According to the shareholding pattern filed with the BSE, ArcelorMittal Netherlands BV, which is classified as a promoter group company of Uttam Galva Steels, holds a 29.05% stake in it. However, ArcelorMittal doesn’t have any board or management representation in the company and is a passive shareholder, said sources.

The glitch is that last September, Uttam Galva Steels was classified as an NPA, which means that it’s been more than a year since the account became an NPA. That may raise questions on ArcelorMittal’s eligibility to submit a resolution proposal for the stressed steel assets.

Sources close to the development said Uttam Galva Steels was in the Reserve Bank of India’s second list of NPAs. A restructuring proposal was in the works, and rating agencies ICRA and Crisil had been appointed to vet the proposal. If a resolution is not worked out for Uttam Galva Steels by December 13, then it would head to the National Company Law Tribunal. However, sources indicated that if it was restructured by December 13, then there was a possibility that ArcelorMittal might be able to submit a resolution proposal for the steel assets. A company becomes a standard asset if interest due is paid, some experts said. Other experts said that since ArcelorMittal was a AAA rated company, one could interpret the code in a different manner. They said that “Just because the company is associated with an NPA, their creditworthiness does not get affected.”

Source : Business Standard

voda 28 november 2017 20:13

0

SSAB to start using liquefied natural gas in Raahe

SSAB is to start using liquified natural gas (LNG) in the Raahe steel mill, where it will replace the use of liquefied petroleum gas (LPG) in the walking beam furnace in the strip mill and be as a support and additional fuel in the boiler in Raahe Voima’s power plant.

Source : Strategic Research Institute

Bijlage:

voda 28 november 2017 20:13

0

US steel imports in Jan-Oct surge by 19% YoY – AISI

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the US imported a total of 3,119,000 net tons (NT) of steel in October 2017, including 2,493,000 net tons (NT) of finished steel (unchanged and down 0.4%, respectively, vs. September final data).

Source : Strategic Research Institute

voda 28 november 2017 20:14

0

Hundreds of Welsh steel jobs have been safeguarded as Celsa shoring up

Telegraph reported that hundreds of Welsh steel jobs have been safeguarded after the UK’s second-largest producer agreed a multi-billion debt refinancing. Spanish steel giant Celsa, which employs about 600 workers making steel at its Cardiff base and has a further 1,400 UK staff, has agreed a deal that will almost halve its debt load, easing pressure on the company’s finances.

Celsa has agreed a deal with a consortium of Spanish lenders that will cut its debt pile from EUR 2.67 billion (GBP 2.4 billion) to EUR 1.43 billion over five years. The remaining EUR 1.24 billion will be taken off the company’s balance sheet until it matures in 2023, giving Celsa the breathing space it needs to continue.

There had been speculation this summer that the debt mountain would force Celsa into a painful round of cost cuts, job losses and disposals as lenders piled on the pressure.

Celsa had avoided reductions in staff and the sale or closure of sites that many of Britain’s steel makers were forced into two years ago as the sector was plunged into crisis by a combination of a flood of mainly Chinese imports, rising raw material costs and high energy prices.

The company said the deal would “normalise its financial situation” and it led it to upgrade its forecasts for the year.

Celsa Group now expects turnover of EUR 4.5 billion this year and pre-tax earnings of EUR 450 million, increases of 30pc and 50pc respectively.

The company said in a statement that “This agreement gives full support to our strategic plan and allows us to look to the future with guarantees.”

Celsa’s UK operations make rebar steel used in construction to reinforce concrete. The company has an annual production capacity of 1.1m tons in Britain, although it is thought to be working at about 70pc of this rate at the moment.

Source : Telegraph

voda 28 november 2017 20:18

0

Chinese iron ore imports grown robustly

Clarkson Research reported that Chinese seaborne iron ore imports have grown robustly in the year to date, and are currently projected to reach 1,074 million tonne in full year 2017, accounting for more than 70% of global seaborne iron ore imports and around a third of the expected growth in total seaborne dry bulk trade this year. What factors have driven the firm expansion in China’s seaborne iron ore imports in 2017 so far?

After a period of slower growth in Chinese seaborne iron ore imports in 2015, expansion picked up in 2016 and imports have continued to grow firmly so far this year, rising 7% YoY to 804 million tonne in the first nine months of 2017. This growth has continued to be principally driven by exports from Australia and Brazil, which have accounted for more than 75% of China’s import growth in the year to date between them, a similar proportion to last year. However, a number of other suppliers have also increased exports to China, with China’s imports from India more than doubling in the year to date and imports from Iran and Sierra Leone growing by more than 35%.

The overall growth in Chinese iron ore imports has partly been supported by a c.3-4% increase in China’s steel consumption in 2017, whilst supply-side reform in China’s steel industry has also played a major role. The Chinese government, aiming to improve profitability in the steel sector and reduce air pollution, reportedly shut down more than 100mtpa of ‘illegal’ induction furnace steel capacity in H1 of 2017. As a result, and against a backdrop of improved demand, steel prices rose firmly and the country’s major steel plants have subsequently ramped up production to take advantage. Official data, which does not include ‘illegal’ capacity, shows a 6% YoY increase in China’s steel production so far this year, although underlying steel production growth is likely to have been more modest, at around 3% when the closure of ‘illegal’ capacity is taken into account. As China’s ‘illegal’ induction furnaces typically consumed relatively low grade domestic iron ore and scrap, whilst the major steel plants generally use higher grade imported iron ore, China’s reliance on imports is likely to have increased further this year, having reached a reported 87% in 2016.

However, growth in Chinese iron ore imports could slow somewhat towards the end of the year as a result of planned steel production cuts, although the extent of such an impact is uncertain. Government policies to reduce air pollution are expected to cut steel production by up to 50% during the winter months in a number of cities including Tangshan, China’s largest steel producing city. There are a range of scenarios, with the general consensus suggesting a slight decline in production in the period between November and March, although some reports suggest a YoY decline of as much as 8%.

So, while there is uncertainty over the impact of steel production cuts over the winter, China’s seaborne iron ore imports still look set to have expanded robustly in full year 2017. Overall, it seems that China’s supply-side reform in the steel industry has been a key driver of firm growth in global seaborne dry bulk trade this year.

Source : Clarkson Research

Bijlage:

voda 28 november 2017 20:23

0

Australia Clive Palmer wins USD 150 million Pilbara iron ore royalty claim

ABC Net reported that businessman Mr Clive Palmer's company Mineralogy has won a Supreme Court claim for USD 150 million in unpaid royalties against two Citic Pacific subsidiaries over a Pilbara iron ore project. But there is uncertainty over if and when that money will be paid, and the impact on the future of the Sino Iron project.

Justice Kenneth Martin ruled Mineralogy's claim over USD 149.4 million in unpaid royalties against Sino Iron and Korean Steel had been established. However, he also found the claims by Mr Palmer's company against Citic as guarantor for Sino and Korean debts remained to be determined.

Citic had paid Mr Palmer USD 415 million in 2006 as part of a takeover agreement of the project, which included Citic also paying two different forms of royalties to Mineralogy.

Citic has refused to pay the second royalty, known as Royalty B, prompting Mineralogy to make the USD 150 million claim.

Citic argued the royalty payment was linked to the-then fixed benchmark pricing system for iron ore, but that was abandoned for the current spot price system in 2010 and so it should not have to pay the royalty.

But Mineralogy countered, saying the agreement with Citic made no mention of the benchmark system and a royalty sum could still be calculated from the different spot prices over the years.

Justice Martin accepted the agreement did not refer exclusively to the benchmark system.

The judgment summary said that "He accepted that the phrase referred to prevailing published prices for the two iron ore products which are still actively traded on a daily basis in the international iron ore market.”

Justice Martin concluded a Royalty B payment rate could still be ascertained using the spot market price, and found Sino and Korean must "severally pay" Mineralogy the USD 150 million.

But he added the "final position" as to Citic as guarantor of Sino and Korean's debts is to be the subject of "further submissions by the parties concerning Mineralogy's failure to date to formally plead out the written demands it had issued to Citic ... for it to pay the (Royalty B) amounts not yet paid to Mineralogy by Sino Iron and Korean Steel".
Potential lifeline for controversial businessman

The court's decision means Mr Palmer could be owed hundreds of millions of dollars more over the future production life of the Pilbara project, in a major boost for the Queensland businessman.

Mr Palmer's business interests have taken several hits in recent years, the biggest of which was the collapse in 2016 of Queensland Nickel, which went into administration with USD 300 million in debts and left more than 800 people out of work.

Source : ABC NET

Bijlage:

izdp 28 november 2017 21:13

0

De prijzen van oer is hier vaak genoemd.
Wat ik me afvraag is de kwaliteit van oer uit hun mijnen en wat ze zelf gebruiken, elders inkopen of verkopen waar kwaliteit een rol in speelt.
Kan iemand dat mij zo oplepelen of moet google mijn vriend zijn?

voda 28 november 2017 21:20

0

This Week's Raw Steel Production

Sign up for the weekly Raw Steel Update newsletter.

In the week ending on November 25, 2017, domestic raw steel production was 1,703,000 net tons while the capability utilization rate was 73.0 percent.

Production was 1,591,000 net tons in the week ending November 25, 2016 while the capability utilization then was 67.1 percent. The current week production represents a 7.0 percent increase from the same period in the previous year.

Production for the week ending November 25, 2017 is down 2.4 percent from the previous week ending November 18, 2017 when production was 1,745,000 net tons and the rate of capability utilization was 74.9 percent.

Adjusted year-to-date production through November 25, 2017 was 81,661,000 net tons, at a capability utilization rate of 74.5 percent. That is up 4.2 percent from the 78,355,000 net tons during the same period last year, when the capability utilization rate was 70.8 percent.

Broken down by districts, here's production for the week ending November 25, 2017 in thousands of net tons: North East: 207; Great Lakes: 616; Midwest: 162; Southern: 651 and Western: 67 for a total of 1703.

The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50% 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 75% of U.S. production capacity.

Note: Capability for the Fourth Quarter 2017 is approximately 30.6 million tons compared to 30.7 million tons for the same period last year and 30.6 million tons for the Third Quarter of 2017.

www.steel.org/about-aisi/statistics.aspx

voda 28 november 2017 21:23

0

quote:
izdp schreef op 28 november 2017 21:13:
De prijzen van oer is hier vaak genoemd.
Wat ik me afvraag is de kwaliteit van oer uit hun mijnen en wat ze zelf gebruiken, elders inkopen of verkopen waar kwaliteit een rol in speelt.
Kan iemand dat mij zo oplepelen of moet google mijn vriend zijn?

Een retorische vraag hier? :-)

voda 28 november 2017 21:24

0

Masteel profit in Q3 posted over 30 fold rise

The Star reported that shares in Malaysia Steel Works Bhd 's traded at the top of the gainers’ list on Bursa Malaysia after the company posted over 30 fold rise in third quarter net profit. As per report Masteel shares traded 15.5%, or 20 sen higher at RM1.52, its all time high. It is also one of the top traded counter with 24 million shares traded.

The company’s net profit for the third quarter surged by more than 30 times to RM38.67million from RM1.24 million a year ago, thanks to higher selling prices of steel bar and increased sales volume. Revenue for the third quarter ended Sept 30, 2017 grew 45.7% to RM401.4 million from RM 275.4million a year ago.

Source : The Star

voda 28 november 2017 21:24

0

China introduced new list of controls that impose strict limits - Mr RK Goyal

Money Control reported that China has introduced a new list of controls that impose strict limits on how much money can leave the country and this is expected to impact the metals sector. Globally as well there could be less steel coming out. Does all this auger well for the Indian steel manufacturers is the big question. Mr RK Goyal MD of Kalyani Steels and Rakesh Arora, Managing Partner, Go India Advisors discuss the demand and price outlook for the steel industry in an interview with CNBC-TV18.

Mr Arora said India is a very small proportion of global steel market but globally steel market looks decently poised. The production cuts are yet to happen and the inventories are low, which will support steel market some more months going into next year.

Talking about the outlook of steel prices, he said the demand during winters is also low, so it is not that only production cuts are happening. Therefore, prices demand on how much inventory built up is there for next year, if inventory is low then there could be spike in steel prices but otherwise the prices are already high.

Mr Goyal said although the steel prices globally are high, they are largely cost driven all input costs too have spiked up. So margins of steel companies haven’t necessarily increased. China is still producing 50% of global production.

Talking about the resolution of insolvency cases and the fact that the current promoters of stressed assets cannot buy back their own companies, Mr Goyal said this could bring in consolidation in the industry and by having different management, it is likely that the stressed companies could perform better. The assets could become much more productive.

Meanwhile, Mr Arora says Indian demand and supply does not really move the need in terms of global steel prices, its China which determines the prices.

With regards to sale of stressed steel assets, he said it is not likely that Tata Steel and JSW Steel would be able buy some of the priced assets because there is enough competition for these large assets and one would see a good bidding for them. Don't expect the assets to be sold cheap.

Talking specifically about the demand scenario, Mr Goyal said demand for steel from auto industry is very robust but they are negotiating with prices. Meanwhile, from sectors like capital goods, infra, power etc there is not much demand.

Therefore, for speciality steel industry demand is not an issue, said Mr Goyal but is confident of increase in steel prices in next few days. Prices could trend around INR 6000 per tonne, which could help mitigate input cost increases, said Goyal.

When asked if he would look at buying steel stocks now, Mr Arora said going into 2018 the risk factors are loaded heavily on negative side. So although things look good for the next 2-3 months, the scenario for next year is not that bullish and given where the valuations of the steel companies are trading at, one needs to be cautious.

Source : Money Control

voda 28 november 2017 21:25

0

Iranian steel billet gains acceptance in global market

Financial Tribune reported that Iranian steel billet has been quietly gaining acceptance in the global market, because of its attractive prices compared to material from other suppliers. According to Iranian Steel Producers Association, in the first half of the current Iranian year (March 21-Sept. 22, 2017), billet shipments from the country rose 25% year on year to 1.60 million tonnes.

Metal Bulletin reported that these account for half of the country’s semi-finished steel shipments.

But Iran plans to move beyond this and export 5.30 million tonnes of semi finished products over the 12 months to the end of the Iranian year on March 20, 2018, which would represent a 42% rise compared with the previous Iranian year’s 3.74 million tonnes. Billet is expected to account for around 60-70% of the semi-finished export target.

Price Competitiveness
In early November, Iranian billet was offered to foreign customers at USD 460-465 per tonne FOB.

A 20,000 tonne cargo was reportedly sold at that time to Thailand, through a trader, at around USD 480 per tonne CFR. This was equivalent to USD 450-455 per tonne FOB, considering the costs of finance and freight of USD 25-30 per tonne.

At the same time, Russia-origin material shipped from that country’s Far East ports was traded in Southeast Asia at prices a little below USD 500 per tonne CFR.

In the Black Sea market, CIS-origin steel billet was available to customers at USD 470-475 per tonne FOB.

Iranian billet price competitiveness in the seaborne market can be attributed to a number of factors, including its natural resources and lower domestic demand for the product.

Iran has abundant iron ore and gas reserves, which leads it to favor direct reduction iron-based steelmaking.

And most Iranian steelmakers, including the country’s largest billet exporter Khouzestan Steel, use DRI, or sponge iron, as their primary raw material.

DRI is produced from the direct reduction of iron ore (in the form of lumps, pellets or fines) by reducing gas or elementary carbon produced from natural gas or coal, giving Iran-with its ample cheap natural resources-a unique cost advantage when it comes to steelmaking.

The other reason for comparatively low billet prices in Iran is reduced demand for long steel products in the domestic market, as construction activity remains under-financed despite the partial removal of sanctions in early 2016.

According to the ISPA report, in the first half of the current Iranian year, rebar utilization dropped 7% year-on-year, to 2.80 million tonnes, and beam use fell by 7% year on year, to 350,000 tonnes.

At the same time, billet and bloom output rose by 15% year-on-year, to 5.56 million tonnes.

Source : Financial Tribune

izdp 28 november 2017 21:50

0

quote:
voda schreef op 28 november 2017 21:23:
[...]
Een retorische vraag hier? :-)

Nee, ik ken de cijfers niet. Wel heb ik een idee van het proces van oer en waarom kwaliteiten belangrijk zijn gelet op de ontwikkeling.
Dus loont de verwerving van mijnen door AM destijds in het nu?

voda 29 november 2017 20:39

0

Ban on promoters from bidding will not bring down valuation - JSW Steel

Business Line reported that JSW Steel Joint Managing Director Mr Seshagiri Rao said that the valuation of stressed assets will not come down due to a ban on promoters bidding for such assets. Speaking on the sidelines of a CII conference on ‘Re-inventing Indian Manufacturing’, Mr Rao said “Some of the promoters of such stressed assets have lost the opportunity to turnaround their business. Giving them an opportunity will only make them bid aggressively to keep genuine buyers at bay.”

He also said the amendment passed in the Insolvency and Bankruptcy Code does not bar global steel companies from bidding for the stressed asset even if they have defaulted on loans in their own country.

Source : Business Line

voda 29 november 2017 20:41

0

US trade representative deputes Mr Greer to Berlin G20 steel summit

Reuters reported that US Trade Representative Robert Lighthizer will not attend a G20 steel summit in Berlin on Thursday aimed at curbing excess global steel production capacity and instead will send his chief of staff, Jamieson Greer.

Greer is a former trade lawyer with extensive experience in areas such as trade remedy litigation and World Trade Organization dispute settlement, according to a biography on the USTR website.

It was unclear how many minister-level officials would be at the event but the Trump administration has sought to deemphasize multilateral trade negotiations in favor of bilateral trade deals.

Source : Reuters

Bijlage:

voda 29 november 2017 20:42

0

SteelAsia places order with SMS group for the supply of a small section mill

The Philippine company, SteelAsia Manufacturing Corporation, has placed an order with SMS group for the supply of a new small section mill. The mill, which will be designed for an annual capacity of 500,000 tons, will be the SteelAsia’s seventh rolling mill. It will be built at the Phoenix Petroterminal Industrial Park in the Municipality of Calaca, Province of Batangas. The plant is scheduled to go into operation in 2018.

Source : Strategic Research Institute

Bijlage:

Vertraagd	13 mei 2024 17:37
Koers	23,950
Verschil	+0,070 (+0,29%)
Hoog	23,990
Laag	23,750
Volume	1.896.278
Volume gemiddeld	2.541.425
Volume gisteren	2.942.344

02 mei	Beursblik: resultaten ArcelorMittal b...	1
02 mei	AEX gaat hogere opening tegemoet, ter...	4
02 mei	Meer omzet en hoger resultaat bij Arc...
01 mei	Lagere winst ArcelorMittal verwacht
23 apr	Mondiale staalproductie daalt toch weer
16 apr	Deutsche Bank haalt ArcelorMittal van...	1
12 apr	Video: cyclische aandelen bieden kansen
09 apr	World Steel Organisation ziet vraag n...
22 mrt	Mondiale staalproductie in de lift
12 mrt	ArcelorMittal neemt groot belang in V...

Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

Meedoen aan de discussie?

Direct naar Forum

Detail

ArcelorMittal nieuws