Eurobench.com

voda 18 april 2018 14:02

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Ukrainian metal plants plan to boost steel smelting

Ukrainian metal enterprises intend to increase steel smelting by 5.9% in May 2018 in comparison with the planned indicators of April, to 1.8 million tonnes from 1.7 million tonnes. According to the information of the Ukrmetallurgprom association following the results of the balance meeting, the plan for May also provides for the preservation of the total rolled steel production at the level of 1.6 million tonnes and the preservation of pig iron smelting at the level of 1.8 million tonnes.

According to Ukrmetallurgprom, in March, the metal companies produced 1.68 million tonnes of pig iron (103% on February), 1.71 million tonnes of steel (106%) and 1.51 million tonnes of rolled steel (107%).

In January to March 2018, 15.2 million tonnes of iron ore concentrate (100% compared to the same period in 2017), 7.96 million tonnes of agglomerate (108%), 5.3 million tonnes of pellets (107%), 2.71 million tonnes coke (105%), 5.25 million tonnes of pig iron (108%, taking into account work of the enterprises located in the government uncontrolled areas in January-February 2017, or 120% without them), 5.23 million tonnes of steel (97% and 105% respectively); 4.59 million tonnes of rolled metal (98% and 108%), 269,000 tonnes of pipe products (111%).

As of April 10, 19 out of 21 blast furnaces, 7 out of 9 open-hearth furnaces, 12 out of 16 converters, 7 out of 15 electric furnaces and 14 of 14 continuous casting machines were in operation.

In March 2018, 2.75 million tonnes of iron ore were supplied to the metal companies (110% on February 2018), in the first three months – 8.025 million tonnes (123% against the same period in 2017, taking into account activity of enterprises in the government uncontrolled areas in January-February-2017, or 137% without them), of which 8 million tonnes are of Ukrainian origin (124% compared to the same period in 2017), and 25,000 tonnes of imported iron ore (37%).

Exports of iron ore in March amounted to 2.8 million tonnes (104% compared to February 2018), in the first quarter – 8.6 million tonnes (87% compared to the same period in 2017).

In March 2018, scrap collecting companies procured 284,000 tonnes of scrap (102% on February 2018).

The demand of the metal complex’s demand for imported scrap metal in the first quarter was covered by 92%.

Source : open4business.com

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voda 18 april 2018 14:03

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GMS update on Shipbreaking in Pakistan in Week 15 - UNSAVOURY SAGA!

The ongoing saga surrounding the Pakistani markets existing ban on tankers and its rumored / anticipated reopening that has been making splashes since February of this year, rumbled on for another week with no conclusion or permanent resolution in sight.

The remaining signature from the law secretary has yet to be obtained (as expected since the middle of March at least) and an end Buyer delegation is once again heading to Quetta to try and resolve the matter this week.

However, with Pakistan’s upcoming budget due on April 27th, industry players are beginning to question whether Gadani Recyclers are deliberately trying to delay the reopening date in case any negative taxes are introduced, not only as a result of the Pakistani budget but also Bangladesh’s budget, which may eventually lower prices at both locations.

It is certainly turning out to be an intriguing unfolding of events in Pakistan on various fronts, all while several tankers purchased with a Gadani reopening in mind, remain stranded.

Source : Strategic Research Institute

voda 18 april 2018 14:05

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Hoa Sen Group to bring : hot dip galvanised steel pipes to Vi?t Nam market

Viet Nam News reported that steel maker Hoa Sen Group would unveil a new product this month: hot dip galvanised steel pipes. The new product will be produced at its Phú M? Industrial Zone plant, which has a modern production line imported from Italy. The line has a capacity of 85,000 tonnes per year, and the new product is appropriate for coastal areas, which are hot and humid. The total output would be consumed domestically.

Hot dip galvanised steel pipes are highly corrosion resistant and their uses include in firefighting systems, gas pipes, and others.

Hoa Sen reported that In the 2016-17 fiscal year it sold nearly 1.56 million tonnes of steel, an increase of 25 per cent from the previous year.

Net revenues for the year were over VN? 26 trillion (USD 1.1 billion), a 46% increase.

Despite the high prices of raw materials, HSG posted a profit of VN? 1.33 trillion (USD 57 million), or 81 per cent of the target.

This year it targets sales of 1.8 million tonnes and net profit of VN? 1.35 trillion (USD 59 million) on revenues of VN? 30 trillion (USD 1.3 billion).

Source : Vietnam News

voda 18 april 2018 14:06

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GMS update on Shipbreaking in Bangladesh in Week 15 - STEER CLEAR!

With several VLCCs, Aframax and Suezmax tankers occupying local yards and further expected to arrive almost weekly, it is certainly set to be a quiet (in terms of SNP activity) summer in Chittagong whilst all of this tonnage is absorbed locally.

Monsoon season is fast approaching towards the end of May during which, seasonal laborers tend to return home as local recycling activity slows drastically amidst the constant rains that hamper cutting efforts, leading to a much slower output of ships steel.

With the Bangladeshi budget also set to be announced around the beginning of June, these factors (dithering local demand, onset of monsoon, upcoming budget) certainly make it a good time to avoid the Bangladeshi market for the time being, until local Buyers are able to sort out what has become a rather messy situation with drastically reduced local steel plate prices and constant mindless renegotiations taking place across the various high-priced deals that are now gracing the waterfront.

Source : Strategic Research Institute

voda 18 april 2018 14:06

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Azim Group opens new steel producing firm near Dhaka

The Daily Star reported that leading garment exporter Azim Group has entered into the steel manufacturing industry with the opening of a new company Global Steel and Engineering Ltd at Dhamrai on the outskirts of the Dhaka. Mr Mohammad Fazlul Azim, chairman of the group said that “We have already started production in the new company where we have so far invested Tk 250 crore.”

He said that global Steel will mainly produce transmission line hardware materials and other kinds of steel sheets at the factory, which will gradually be established on a 25 acre land.

Mr Azim said that “We hope to create 1,000 new jobs at the factory.”

Azim Group started its journey in 1975 and employs around 28,000 people in its different units.

The group exports garments to various markets in the world, including USA, South America, Russia, Japan, China and Australia.

Source : The Daily Star

voda 18 april 2018 14:08

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Schmolz + Bickenbach reduces ties to Vekselberg

The board of specialist steel manufacturer Schmolz + Bickenbach has distanced itself from major shareholder Viktor Vekselberg and his investment group Renova in the wake of United States sanctions against Russian economic interests. Chairman Edwin Eichler will stand for re-election at next week’s annual general meeting, but no longer as a representative of Renova, the Swiss firm announced on Monday. Vladimir Polienko will stand down, leaving Marco Musetti as the only Renova-appointed representative on the board if elected. The move to reduce the Schmolz + Bickenbach board from seven members to six was approved by all major shareholders.

Vekselberg and Renova were targeted by US sanction after being named as ‘specially designated nationals’. Sanctions were imposed in retaliation for Russian actions in Syria, Ukraine, Crimea and Europe.

Any other company at least 50% owned by SDNs could also be hit with sanctions. Vekselberg owns around 42% of Schmolz + Bickenbach through investment groups, but the Swiss company still saw share prices hit by its association with the Russian.

Another Swiss industrial concern, Sulzer, was forced to buy shares back from Vekselberg last week to reduce the Russian’s holding from over 60% to under 50%. US banks had frozen Sulzer bank accounts to comply with the sanctions.

Sulzer CEO Greg Poux-Guillaume said in an interview with Swiss public television said that "Dollars account for half of all cash flows at Sulzer. We could no longer pay some employees, we could not accept any new orders, we were paralyzed. We may have lost some orders in the short term, but I am convinced that there will be no long-term damage. We will continue to do business in Russia, but carefully and probably without Renova.”

Source : Strategic Research Institute

voda 18 april 2018 14:10

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TMK announces Q1 operational results

TMK, one of the world’s leading producers of tubular products for the oil and gas industry, announces its operational results for the first quarter of 2018.

Q1 of 2018 Summary Results
zie bijlage:

Q1 of 2018 Highlights

1. Total pipe shipments grew 1% q-o-q and 16% y-o-y, to 980 thousand tonnes

2. Seamless pipe shipments were flat q-o-q and increased 3% y-o-y, to 677 thousand tonnes

3. Welded pipe shipments increased 4% q-o-q and 64% y-o-y, to 303 thousand tonnes

4. OCTG shipments increased 2% q-o-q and 7% y-o-y, to 459 thousand tonnes

5. Shipments of premium-threaded connections increased 10% q-o-q and 20% y-o-y, to 224 thousand joints

Mr Alexander Shiryaev, TMK’s CEO, said that “In 1Q 2018, the Group continued to deliver growth year-on-year across almost all product segments and we made further progress on expanding our premium product range. We were particularly pleased to complete the testing of a unique new product, TMK UP KATRAN HD connection, which fully meets the complex requirements of deep offshore projects and sustains extreme climatic conditions. We expect solid demand for TMK pipes across our key regions in 2018. High oil prices are expected to support stable drilling activity in Russia and continued growth in North America, driving demand for OCTG. The performance of our European division will benefit from the expansion of our premium pipe production facilities, completed in February 2018.”

Source : Strategic Research Institute

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voda 18 april 2018 14:11

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Tata Steel raises USD 1.9 billion overseas loan - Report

Economic Times reported that in one of the largest debt issuances this year, Tata Steel has raised about USD 1.9 billion through syndicated loans for its Singapore units Nat Steel Asia and Tata Steel Global to refinance its existing high-cost debt. The report quoted sources as saying that “It is part of a mega financial reengineering exercise undertaken by the country’s largest steel maker to streamline its international balance sheet.”

The loan is in two tranches - $1.29 billion and Euro 469 million. The facilities are priced at about 200 basis points above LIBOR and will have about six-year maturities, sources said. The fresh debt will likely have a 50-basis-point advantage over existing interest rates.

About 20 banks, including JP Morgan, Citigroup, Bank of America-Merrill Lynch, State Bank of India, Axis Bank and ICICI Bank, are part of the lending syndicate. Individual banks could not be reached.

Source : Economic Times

voda 18 april 2018 14:15

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US Steel announces changes to executive team

United States Steel Corporation President & Chief Executive Officer Mr David B Burritt announced two changes to the company’s executive team. Mr Duane Holloway will be joining the company to serve as Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary. Richard L. Fruehauf, who has been serving as Interim General Counsel and Chief Compliance Officer, will become Vice President of Strategic Planning and Corporate Development. Holloway and Fruehauf will report to Burritt.

Holloway will have executive responsibility for all legal and compliance matters at the company and serve as Corporate Secretary. Of Holloway, Mt Burritt said that "Duane joins us with a proven track record of leadership excellence while working for some of the world’s most recognizable brands. His approach to corporate law is grounded in collaboration and a belief that in-house counsel should safeguard the company’s interests while also working within the law to develop solutions that address critical business priorities. Throughout his career, he has developed and executed sound legal, governance, and compliance strategies that enabled his previous companies to successfully navigate challenging legal issues. These experiences and perspectives, coupled with extensive prior involvement in corporate transformation initiatives, make Duane a great fit for this critical role.”

Before joining US Steel, Holloway served as Executive Vice President and General Counsel for Ascena Retail Group, where he integrated multiple legal teams into one group and led the company’s litigation management process and integrated transformation program. Holloway also served as Vice President and Deputy General Counsel for CoreLogic, Inc., and Senior Vice President and Chief Counsel, Operations and Litigation for Caesars Entertainment Corporation. He received his Bachelor of Arts degree in psychology from the University of Virginia. He is also a graduate of the University of Pennsylvania School of Law.

Fruehauf will be responsible for the following functions that are important to the next phase of the company’s transformation: Strategic Planning and Business Development, Innovation, Governmental Affairs, Environmental Affairs and Sustainability and Corporate Communications. “Rich has been a valuable contributor since joining our company,” Burritt said. “His background and broad legal experience have contributed to several important financial and strategic projects, as well as to the enhancement of our environmental compliance and sustainability programs. He has been an important advisor to me while serving as Interim General Counsel during the last four months, and I look forward to working with him in this new, challenging and important capacity.”

Before arriving at US Steel in 2014, Fruehauf held increasingly responsible roles at Westinghouse Electric Company and Alcoa. He also practiced law with Cohen & Grigsby, PC in Pittsburgh and Covington & Burling in Washington, D.C. Earlier in his career, he served in a number of national security positions with the US Department of State, the US Arms Control & Disarmament Agency, and the Department of the Navy. Fruehauf holds a Bachelor of Science degree from Georgetown University, a Master of Public Policy degree from Harvard University’s Kennedy School of Government, and received his law degree from the University of Virginia School of Law.

Source : Strategic Research Institute

voda 18 april 2018 14:16

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GMS update on Shipbreaking in Turkey in Week 15 - UNEXPECTED CALM

After a couple of weeks of tumultuous declines, the Turkish market encountered an unexpected, yet much-welcomed sign of stability as local steel plate prices recorded a marginal improvement this week.

Moreover, the Turkish Lira, having broken all recorded highs by passing TRY 4.17 against the U.S. Dollar, ended the week at region TRY 4.10 and has maintained a degree of stability at this level.

Like India, Turkish Recyclers have not been as sensitive to the volatility of key domestic fundamentals and other than a drop of about USD 20/MT in prices, levels for ships have remained relatively steady in the face of declining (key) fundamentals.

While this may not necessarily indicate a stable Turkey market, the ongoing uncertainty surrounding a potentially looming global trade war ignited by the United States could have far worse consequences in the months ahead, just as they did back in 2014-2015 where on the back of a flood of cheap Chinese steel, vessel prices from Turkey came crashing down.

Although there are signs that China is working towards possibly neutralizing any such adverse outcome, for now however, it is best to proceed with caution with the Turkish market as is clear with the ongoing volatility of domestic fundamentals, sudden declines could well be expected in the near future.

Source : Strategic Research Institute

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voda 18 april 2018 14:18

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Control block formalizes new Usiminas Shareholders' Agreement

Paolo Rocca, CEO of Techint Group, and Kosei Shindo, CEO of Nippon Steel & Sumitomo Metal Corporation, have formalized the understanding in the Usiminas control block. On 10th April, the shareholders of the controlling block of Usiminas officially inaugurated the new Shareholders' Agreement, establishing the bases of action of the main shareholders with the Brazilian company. The new terms of the document were released on February 8, when Ternium and Nippon, the majority of the shares, announced they had reached an agreement, ending a conflict that began in 2014. Nippon Steel & Sumitomo Metal Corporation , its affiliate Nippon Usiminas Co Ltd, Ternium and its affiliates Confab, Prosid and Ternium Argentina SA, Previdência Usiminas, Metal One and Mitsubishi Corporation, members of the company's controlling block.

The new Shareholders' Agreement formalized today provides, inter alia, for the appointment of the CEO, other members of the Board of Executive Officers and the Chairman of the Board of Directors. For the 2018-2020 biennium, the current CEO, Sergio Leite, will be confirmed in charge of the company, indicated by the Ternium group. Nippon Steel has nominated Ruy Hirschheimer to chair the Board of Directors. In addition, the parties to the Shareholders' Agreement have made a commitment to close all legal disputes.

For the other positions of the executive board, Alberto Ono, Vice President of Finance and Investor Relations Officer; Tulio Chipoletti, Vice-President Industrial Director; Takahiro Mori, vice president of Corporate Planning; Miguel Homes, Vice President Commercial Director and Kohei Kimura, Vice President Director of Technology and Quality. The names are to be elected by the Board of Directors on May 16.

The signing of the agreement marks the end of the stock dispute and also reinforces Usiminas' recovery path. Between 2015 and 2016, the company faced the most complex period of its history - a consequence of the severe crises in the international steel market and the Brazilian economy - and had to adapt to avoid a judicial recovery. After a phase of total dedication to the construction of results, started in the third quarter of 2016, the company works to recover its position of reference in the market.

Source : Strategic Research Institute

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voda 18 april 2018 14:19

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GMS update on Shipbreaking in China in Week 15 - LITTLE MOVEMENT!

This week, diminutive movements from the Chinese market could hardly detract from the ongoing crises across the subcontinent with declining prices, over supply of tonnage and the failure of Pakistan to reopen again (contrary to all suggestions and promises) that has resulted in a virtual standstill at key subcontinent locations i.e. Bangladesh and Pakistan.

Despite falls of almost USD 50/LDT, China could not even come within competing range of levels from the subcontinent markets, whereby the odd small LDT geographically positioned vessel could be diverted towards Chinese shores.

So pitiful are prices from China at present (they remain stranded in the mid USD 100s/LDT) that there seems little-to-no sense in giving the Chinese ship recycling sector any meaningful consideration in the near future.

Source : Strategic Research Institute

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voda 18 april 2018 14:21

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Vale Q1 manganese ore and ferroalloys production update

Production and sales overview
Manganese ore production totaled 434,000 tonne in 1Q18, decreasing 21.5% and 20.2% when compared to 4Q17 and 1Q17, respectively.

Sales volumes reached 338,000 tonne in 1Q18, 72.4% higher than in 1Q17 due to better river barge sailing conditions of Urucum ore in 1Q18 and to the management decision to increase the offshore inventories in 1Q17 in order to achieve higher price realization in the following quarters of 2017.

Ferroalloy production reached 45,000 tonne in 1Q18, increasing 28.6% and 25.0% when compared to 4Q17 and 1Q17, respectively.

Sales volumes totaled 34,000 t, in line with 4Q17 and 13.3% higher than in 1Q17.

Manganese ore
Production at the Azul manganese mine totaled 234,000 t in 1Q18, 33.5% and 36.2% lower than in 4Q17 and 1Q17, respectively, mainly due to lower grades in the run-of-mine, resulting in lower product recovery.

Production at the Urucum mine totaled 171,000 tonne in 1Q18, in line with 4Q17, and 4.9% higher than in 1Q17 due to higher availability of run-of-mine, consequently increasing productivity.

Production at the Morro da Mina mine totaled 29,000 tonne in 1Q18, 26.1% higher than in 4Q17, mainly due to the maintenance stoppage in 4Q17, and 107.1% higher than in 1Q17 due to the 40 days stoppage in 1Q17 to clean the bottom of the pit.

Ferroalloy production
Ferroalloy production in 1Q18 totaled 45,000 tonne, 28.6% and 25.0% higher than in 4Q17 and 1Q17, respectively, due to the resumption of one furnace in Ouro Preto in September 2017 and maintenance stoppage in Simões Filho in 1Q17 and 4Q17.

Production of 1Q18 was composed of 23,000 tonne of ferrosilicon manganese alloys, 18,000 tonne of high-carbon manganese alloys and 4,000 tonne of medium-carbon manganese alloys.

Source : Strategic Research Institute

voda 18 april 2018 14:26

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Vale Pellets Production overview

Vale’s pellet production totaled 12.8 million tonne, in line with 4Q17 due to postponements of some scheduled maintenance stoppages from 4Q17 to 1Q18, which were in its turn offset by the successful restart of Tubarão II pellet plant, since January 2018. Pellet production was 2.9% higher than in 1Q17, mainly due to the restart of Tubarão II pellet plant, leveraging on the increase in negotiated terms for pellet premiums averaging at USD 60/dmt for the year, an increase of more than USD 10/dmt vs. 2017.

The start-ups of Tubarão I and São Luís pellet plants are envisioned for 2Q18 and 3Q18, respectively.

Vale reaffirms its production guidance for 2018 of around 55 Mt, as previously announced on Vale Day.

Southeastern system
Production at the Tubarão pellet plants – Tubarão 2, 3, 4, 5, 6, 7 and 8 totaled 7.9 million tonne in 1Q18, in line with 4Q17 and 0.4 Mt higher than in 1Q17 mainly due to the restart of Tubarão II pellet plant.

Southern system
The Fábrica pellet plant achieved a production level of 1.0 million tonne in 1Q18, in line with 4Q17 and 0.1 million tonne higher than in 1Q17 due to higher productivity of the plant.

The Vargem Grande pellet plant reached 1.7 million tonne of production in 1Q18, 0.1 million tonne higher than in 4Q17 and 1Q17 due to higher productivity of the plant and higher availability of feed.

Oman operations
The Oman pellet plant reached 2.2 million tonne of production in 1Q18, 0.2 million tonne lower than in 4Q17 and 1Q17, due to scheduled maintenance stoppage postponed from 4Q17 to 1Q18, as well as some corrective maintenance.

Source : Strategic Research Institute

voda 18 april 2018 14:26

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Vale Production and sales overview

Vale’s iron ore production achieved 82.0 million tonne in 1Q18, mainly due to the Vale’s decision to progressively reduce lower grade ore production from the Southern and Southeastern Systems, which resulted in 4.9% reduction when compared to 1Q17. Additionally, a more intense rain season in 1Q18, also contributed with this impact. Compared to 4Q17, production was 12.2% lower due to this amplified weather-related seasonality in Brazil.

Nevertheless, sales volumes of iron ore and pellets totaled 84.3 million tonne in 1Q18, 6.4 million tonne higher than in 1Q17, achieving a record for a first quarter, as a result of the flexibility and active management of its supply chain, optimizing price realization and margins, thus resulting in a higher sales/production ratio. In the coming quarters, the sales/production ratio will reflect the ongoing offshore blending activities, completing the build-up of offshore stocks.

Vale’s sales mix improved substantially year-on-year, as a result of S11D’s ramp-up and the decision to progressively reduce low grade ore production. The share of pellets, Carajás and blended ores increased to 76% in 1Q18 from 67% of total sales in 1Q17. Consequently, Vale’s product mix leveraged the impact of rising market premiums, driving the increase in the contributions of quality and average premium to Vale’s realized CFR/FOB wmt price that amounted to USD 5.2 per tonne in 1Q18 vs. USD 2.3/t in 1Q17 and USD 3.9 per tonne in 4Q17.

The Northern System achieved a production record for a first quarter of 40.6 million tonne in 1Q18, 12.9% higher than in 1Q17, due to the S11D ramp-up.

Average Fe content was 64.4% in 1Q18, higher than the 64.3% in 4Q17 and the 63.9% in 1Q17, due to the S11D ramp-up and the reduction in lower grade ore production aligned with the ongoing strategy to maximize margins.

Vale reaffirms its production guidance for 2018 of around 390 million tonne, as previously announced on Vale Day.

Northern System
The Northern System, which comprises Carajás and S11D, achieved a production record for a first quarter of 40.6 million tonne in 1Q18, 6.1 million tonne lower than in 4Q17 due to a heavier than usual weather- seasonality in 1Q18. Production increased 4.6 million tonne in comparison to 1Q17, due to the S11D ramp-up, which positive contribution was partially offset by the negative impact of heavier rain in Feb18 vs. Feb17 (the rainfall index reached 556 mm in Feb18 vs. 472 mm in Feb17, an increase of 18%).

Southeastern System
The Southeastern System, which encompasses the Itabira, Minas Centrais and Mariana mining hubs, produced 22.2 million tonne in 1Q18, 3.8 million tonne lower than in 4Q17 mainly due to a heavier than usual weather-related seasonality. Production was 6.0 Mt lower than in 1Q17 due to Vale’s actions to reduce supply of lower grade ore, as well as a more intense rainy season in 1Q18 (the rainfall index reached 1,001 mm in 1Q18 vs. 489 mm in 1Q17, an increase of 105%).

Aligned with the positioning of being a premium and flexible producer, Timbopeba plant resumed its operation at the end of 1Q18, with future production contributing to further improve the quality of Southeastern System’s products.

Southern System
The Southern System, which encompasses the Paraopeba, Vargem Grande and Minas Itabirito mining hubs, produced 18.5 million tonne in 1Q18, 1.5 million tonne lower than in 4Q17 due to a heavier than usual weather-related seasonality. Production was 3.0 million tonne lower than in 1Q17 mainly due to Vale’s actions to reduce supply of lower grade ore, as well as a more intense rainy season in 1Q18 (the rainfall index reached 730 mm in 1Q18 vs. 413 mm in 1Q17, an increase of 77%).

Midwestern System

The Midwestern System produced 0.6 million tonne in 1Q18, in line with 4Q17 and 1Q17.

Source : Strategic Research Institute

voda 18 april 2018 14:27

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China imposes restrictions on imports of coking coal at southern ports

Platts reported that thermal and coking coal imports at ports in southern China, including Fangcheng and Xiamen, came under restrictions over the weekend. Mill sources said that port authorities had told them informally that several ports would no longer be able to receive any imported coal, while others may have certain restrictions imposed.

Sources said ports in Fujian province Xiamen, Quanzhou and Meizhou would no longer be able to receive any coal imports. A mill source in Fujian province said that he had received verbal confirmation late Friday evening from customs officials, but was unable to get any specific details on the restrictions.

With Xiamen port coming under restrictions, the steel mill source said it could no longer consider seaborne coking coal despite it being cheaper than domestic material.

A Xiamen-based trader said that the port restrictions were aimed at limiting thermal coal imports as there were ample stocks at the port.

Other ports such as Fangcheng and Zhoushan in East China were allowed to handle imported coal, but under restrictions, sources said.

More details were, however, unclear, they said, adding that they had received the news only on Monday morning. A mill source said that unloading of vessels at Fangcheng port might face delays as a result of the restrictions.

The authorities were likely to review coal import volumes on a monthly basis and change the restrictions accordingly, a trader said, adding that this increased uncertainty about the impact on the market.

End-users who import directly might be allowed to negotiate, but not the traders as far as imports through certain ports were concerned, a miner source said.

The restrictions were likely to be in place for the next six months, a steelmaker source said, adding that it would take that long for domestic thermal coal prices to stabilize.

China’s domestic 5,500 kcal/kg NAR thermal coal was assessed at Yuan 555 per tonne FOB Qinhuangdao last April 13, down Yuan 85 per tonne month on month.

As for coking coal, Platts assessed Premium Low Vol CFR China at USD 199 per tonne on April 13, down USD 5 per tonne on the week.

S&P Global Platts assessed the CFR China equivalent of Shanxi PLV at USD 225.26/mt on April 11, putting the spread between domestic and seaborne prices at USD 26.26 per tonne, with seaborne coal being the cheaper material.

Source : Platts

voda 18 april 2018 14:29

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Chinese thermal coal futures rally on tight import policy

Reuters reported that China’s most active thermal coal futures jumped 2.9 % on 16 April, marking the biggest gain since August 2017, as concerns of tightening the import policy dampened outlook for foreign coal supplies ahead of summer. Coal futures prices ended at 570 yuan per tonne after touching a two-week high of 578.8 yuan per tonne earlier in the session.

Futures rallied as traders took cues from a wider ban on coal imports after some ports in Fujian province put a temporary halt on them.

A manager with a coal trading company in Hangzhou, Zhejiang said that “Our company received instructions that Chuanshan anchorage under Ningbo port has banned docking by any vessel, which carries foreign coal supplies.”

The Zhoushan port near Shanghai only allowed 2-3 coal ships to dock, reflecting tighter scrutiny of foreign supplies, the manager added.

Officials with Ningbo port and Zhoushan port could not be reached for comments.

A coal futures trader said that “Market is playing catch-up today after news came out over the weekend that at least three provinces are considering curbing coal imports.”

Traders and analysts said curbs on foreign supplies could help lift domestic coal prices.

Thermal coal has plunged almost 20 percent from a record high of 681 yuan in January, with major utilities and steel mills reporting high inventories.

Source : Reuters

voda 19 april 2018 16:13

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Winst Nucor stabiliseert
Aanzienlijke winstgroei verwacht in tweede kwartaal.

(ABM FN-Dow Jones) Nucor heeft ongeveer evenveel winst behaald als een jaar eerder in het eerste kwartaal, terwijl de omzet steeg. Dit bleek donderdagmiddag uit de resultaten van de Amerikaanse staalfabrikant.

De nettowinst nam iets af, van 357 miljoen naar 354 miljoen dollar. Per aandeel daalde de winst per aandeel van 1,11 naar 1,10 dollar.

De omzet steeg wel, van 4,8 miljard naar 5,6 miljard dollar.

In het voorafgaande vierde kwartaal werd een winst per aandeel gerealiseerd van 1,20 dollar op een omzet van 5,1 miljard dollar.

Topman John Ferriola was tevreden over de winstontwikkeling. "Onze resultaten in 2017 waren het hoogst sinds de cyclische piek in 2008. Het positieve momentum is overduidelijk overgeslagen naar 2018, zoals blijkt uit onze sterke eerste kwartaal resultaten en optimistische outlook voor het tweede kwartaal."

Voor het lopende kwartaal verwacht de staalmaker een "aanzienlijke stijging" van de winst ten opzichte van de eerste drie maanden. In maart zag Nucor al dat de marges aantrokken.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 19 april 2018 16:30

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ArcelorMittal krijgt goedkeuring rechtbank India voor bod op Essar Steel - media
Ook concurrerend bod bekeken.

(ABM FN-Dow Jones) Een rechtbank in India heeft schuldeisers van Essar Steel India de opdracht gegeven om een bod van ArcelorMittal op Essar Steel te evalueren. Dit meldde persbureau Bloomberg donderdag.

Daarnaast gaf de rechtbank de schuldeisers de opdracht om een concurrerend bod van Numental, gesteund door het Russische VTB Capital, tevens te beoordelen.

ArcelorMittal stapte begin april naar de rechter om dit concurrerend bod aan te vechten. De strijd om Essar Steel is al enige tijd aan de gang. Een eerder overnamebod van ArcelorMittal, dat optrekt met Nippon Steel, werd gedwarsboomd, maar het bedrijf onder leiding van de Indiase miljardair Lakshmi Mittal waagde inmiddels een nieuwe poging.

Mittal voerde als bezwaar aan dat één van de bedrijven van de VTB Capital groep, Aurora Enterprises, in handen was van de familie die Essar Steel heeft opgericht, toen VTB voor het eerst een bod uitbracht. Volgens de faillissementswetgeving in India mag een eigenaar van een bedrijf dat in faillissement verkeert niet bieden op onderdelen van dat bedrijf.

ArcelorMittal "hoopt op een snelle oplossing voor de verkoop van Essar Steel", zei het bedrijf in een verklaring na het vonnis van de rechtbank in Ahmedabad. "We hebben een sterk en concurrerend bod gedaan", voegde het bedrijf toe.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 19 april 2018 17:24

0

Nieuwe fase in strijd om staalbedrijf Essar

Gepubliceerd op 19 apr 2018 om 16:49 | Views: 312

ArcelorMittal 17:06
28,21 +0,02 (+0,05%)

MUMBAI (AFN/BLOOMBERG) - Essar Steel moet een bod van staalgigant ArcelorMittal op de onderneming beoordelen. Dat heeft een rechtbank in India besloten. Ook een concurrerend bod moet onder de loep worden genomen.

De top van staalconcern ArcelorMittal vocht een bieding op doelwit Essar, van een consortium onder leiding van het Russische VTB Capital, onlangs aan. Volgens het in Amsterdam genoteerde concern was het bod van VTB en de zijnen niet rechtsgeldig. Onder meer de familie achter het failliete Essar zou onderdeel uitmaken van het consortium bij de eerste biedingsronde. Volgens de wet in India is het voor eigenaren van firma's die bankroet zijn niet toegestaan om op onderdelen uit de boedel te bieden.

Ook het consortium met VTB werd echter in een eerste ronde afgewezen door de schuldeisers van Essar en ging in beroep.

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