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voda 2 juni 2013 15:14

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China produces 111 million tonne of iron ore in April

According to data released by the National Bureau of Statistics, China produced 110.53 million tonnes of iron ore in April this year, 5.7% more than in the same period of last year.

In the first 4 months of this year, the country's iron ore output grew 9.9% YoY to 398 million tonnes. In 2012, China's iron ore output increased 14.5% YoY to 1.31 billion tonnes.

Source - Strategic Research Institute

voda 2 juni 2013 15:15

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Iron ore eyes worst month since Aug as rebar near record low

Reuters reported that iron ore prices are on course to end May with their steepest monthly fall since August reflecting slower demand in top consumer China, where steel futures slid to near all time lows.

Shanghai rebar futures racked up their worst monthly performance since August and traders are unsure if steel and iron ore prices have yet hit bottom.

An iron ore trader in Shanghai said that "We still have two cargoes that we are not able to sell as buyers are still waiting for prices to fall further, so we have no option but to wait until the market rebounds.”

According to data provider Steel Index, Benchmark 62% grade iron ore fell 1.2% to USD 111.60 per tonne on Thursday its lowest since October 8th 2012.

The price of iron ore is down almost 17% for the month. That is its steepest slide since losing nearly a quarter of its value in August potentially cutting profit margins of top miners Vale and Rio Tinto whose biggest revenue earner is iron ore. Iron ore has fallen 9.4% this week in its largest such drop since late August.

Slower Chinese demand comes as miners increase output from a year ago, adding to pressure on prices. Iron ore loadings from Australia, the top exporter of the raw material, were 45.9 million tonnes in May down 3 million tonnes from the previous month but up 5 million tonnes from a year earlier.

Trader who tracks the data said that this clearly shows that China's demand has reduced but at the same time supply has significantly increased from Australia over the previous year.

Iron ore prices have tracked the weakness in Chinese steel prices as supply outpaces demand. The most actively traded rebar contract for October delivery on the Shanghai Futures Exchange hit a session low of CNY 3,411 per tonne on Friday before closing at CNY 3,416 down 0.7%.

Source - Reuters

voda 3 juni 2013 16:37

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Monday Market Monitor - Iron Ore - WEEK 22 - In Free Fall

Iron ore prices suffered their sharpest fall in more than a year this week as steel traders and mills rushed to dump their stocks amid fears over the outlook for Chinese demand. Iron ore prices crashed in Week 22 by 12% to 17% for different grades

With Chinese steel mills reducing buying, prices could go down further to below USD 100 CFR for 63.5/63 grade I coming days

If volatility in steel prices is affecting your business, keep tab on market realities and trends by subscribing to www.steelprices-india.com, which is a comprehensive portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week and international price levels on a weekly basis.

Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
2. Long products - Rebar, wire rod, angle, channel and joists
3. Flat products - Narrow plates, wide plates, HR, CR and galvanized
4. Others - Pipes

How to subscribe
1. Register at www.steelprices-india.com and pay on line or ask for invoice
2. Send mail to admin@steelprices-india.com.
3. Call at 0091-124-3007891/2/3

voda 3 juni 2013 16:42

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Platts refutes Chinese concerns over iron ore pricing methods

PLATTS’ practices have been thrown under the spotlight once again after Chinese steelmakers questioned the reliability of its iron ore pricing.

Platts defended its iron ore pricing saying it was in fact more transparent than methods used by other agencies.

A Platts spokesperson said that “The Platts process makes it possible to see who is trading and who is submitting price data to the price assessment process. Importantly, no other price discovery process identifies data by company name. Platts has brought greater transparency to iron ore pricing as the market has moved from long term pricing to short term pricing.”

The spokesperson refuted criticism that too small an amount of data was used to assess pricing. Although a robust sampling is preferred, Platts believes it is not an absolute necessity. What is necessary is that the information is credible, verifiable and reflective of the market.

The China Iron & Steel Association and a number of market participants were reported by Bloomberg to be concerned about the size of deal samples used and lack of clarity over methodology.

The world’s leading price reporting agency confirmed earlier this month that it is under investigation by the European Commission relating to allegations of oil price manipulation, alongside oil giants BP, Shell and Statoil.

Source - Cityam.com

voda 4 juni 2013 16:28

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Chinese export levels remain bearish shrouded by gloom in domestic market

Export levels in China remain shrouded in the gloom prevalent in domestic steel market with anemic economic indicators, slumping commodity market, the record high output volume of crude steel and the price slash by steel mills.

China’s daily output of crude steel in the second ten days of May inched down on but still stood at a high level, the China Iron & Steel Association (CISA).

Daily output was at 2.185 million tonnes averagely during the ten-day period, dipping 0.34% from a lifetime high of 2.193 million tonnes logged in the prior ten-day session.

CISA data also shows that CISA members have 13.6805 million tonnes of steel inventories by the end of mid-May, up 590,000 tonnes from the preceding 10 day period.

Moreover domestic mills in Korea and Japan are getting aggressive with volumes getting diverted from exports. Middle Eastern market seemed in vicinity of Ramadan cooling.

Source - Strategic Research Institute

voda 4 juni 2013 16:44

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Iron ore producers warned of more price falls as China cuts steel output

Reuters reported that Marginal West Australian iron ore projects have been warned to brace for further price falls in the key export commodity as Chinese steel producers reduce their output from unsustainable levels.

Mr Mark Pervan ANZ global head of commodities research said that the good times for the low cost giants BHP Billiton, Rio Tinto and Brazil's Vale have come to an end. We have had a golden era for iron producers, who have made 150% to 200% EBIT margins."

Mr Pervan said that "In an industry which is consolidating, the top three have kept the market quite tight. But since February, the seaborne iron ore price has fallen from above USD 150 per tonne to about USD 110 per tonne casting doubt on marginal producers and a number of projects in the development stage.”

Mr Pervan, who visited China last week, said that there were no new projects being discussed at a price below USD 150 per tonne. We have seen a decline in steel prices in China and that is dragging down iron ore prices.

Late on Friday, Hong Kong based Citic Pacific announced another delay to its USD 8 billion Sino Iron project in northern WA with the first shipment of magnetite ore delayed from the end of May until the H2 of the year. Other shelved or delayed multi billion dollar projects include Aquila Resources' West Pilbara mine, the Cape Lambert magnetite venture and Sinosteel's Weld Range project.

Even at USD 110 per tonne to USD 120 per tonne there's little incentive for expanding iron ore production. According to the China Iron and Steel Association, unsold steel held by traders stood at 10 million tonnes at the end of March, 80% up on the quarter.

Mr Pervan said that the market dynamics had been clouded by heavy short selling of Chinese steel futures. The Rebar steel rod index on Friday closed at CNY 3424 per tonne just above Thursday's 9 month low. The index hit a record low of CNY 3376 last September.

He said that "We saw similar dynamics last August when iron ore prices fell to USD 88 per tonne. Eventually these speculators will move out of the market but unlike last year we can't see prices bouncing back in a hurry."

Source - Reuters

voda 4 juni 2013 16:50

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Zou L. Mittal ook zo'n "zorgen" hebben?

Ms Rinehart biggest concerns as steel producers and steely resolve

Gina Rinehart may still stand head and shoulders above the Rich 200 list with USD 22 billion fortune but there are signs that the forces that lopped USD 7 billion off her valuation this year are gathering momentum.

The biggest variables in Rinehart’s valuation are the royalties and profits she receives from Rio Tinto’s iron ore mines in the Pilbara; she receives 1.25% of the revenue generated by Rio Tinto’s Hamersley Iron business and half of the profits from the Hope Down 1 and Hope Downs 4 mine both of which are also operated by Rio.

Any movement in the price Rio receives for its iron ore, or the profit margins the mining giant can extract, affect the profitability of these mines and the cash that flows to Rinehart. In recent days, spot iron ore prices have fallen to about USD 112 on news that Chinese steel mills are destocking because of concerns about falling steel prices and oversupply in the market.

Iron ore prices are now about 22% lower than the market quarter average of USD 145 per tonne and The Australian newspaper has estimated that based on annual production of Australia’s iron ore industry of 550 million tonnes, the lower price could wipe USD 18 billion off industry revenues for the year.

No doubt Rinehart will be watching the iron ore price closely, given its impact on the Rio royalties and the business case for the mine she is trying to build on her own, Roy Hill.

Rinehart’s other big worry has to be the progress of her court battle with her children Bianca Rinehart and John Hancock, who are fighting over control of a trust that holds a 23.4% stake in Rinehart’s mining giant, Hancock Prospecting.

Source - Brw.com

voda 5 juni 2013 17:25

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Steel prices come to stabilize at last in China

Steel price in China for a change stemmed today kindling hopes of revival. It would premature to hazard guess about revival amidst sinking indicators. However the temporal uptick can be attributed yet again to speculative flare based on improved China's official PMI rising to 50.8 in May from 50.6 in April beating market expectations and raising optimism that the world's second largest economy may be stabilizing.

After over 3 months of blood-letting culminating in 11% erosion of steel price after spring festival market had come to live with desperation.

However it would be premature to verdict upswing with core factors remaining undisciplined and feeble. Steel production continues to play havoc with already burgeoning inventory at 10 million tonne. At the same time government remains unrelenting in loosening credit lines. Meagre GDP in May coupled with inflationary estimates of 4% keeps any indulgence at bay.

China has the distinction of remaining rock steady even desperation with untapped demand in rural sector. Renewed thrust by new regime on stable economic growth has led to pick up in construction activity and infrastructure development in rural areas which will make growth stable bereft of speculative vacillations.

Source - Strategic Research Institute

voda 5 juni 2013 17:27

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Twist in ILVA tale may stabilize Italian steel market

The Italian government has nominated Mr Enrico Bondi, who was MD till last week, as commissioner of Ilva.

His appointment was announced by Italian Regional Affairs Minister Mr Graziano Delrio. The nomination will be effective as soon as published in the Official Gazette without need of a further Government Decree.

Mr Bondi, 78, will remain in charge for 12 months and his assignment could be renovated by the government for 2 consecutive times till a max of 36 months.

Mr Bondi will have all decision powers same as those of the former Ilva Administration Council.

Mr Bondi will be helped by a committee of 5 members nominated by the Environment Minister that, within 60 days, shall draft a list of proposals and intervention to safeguard the health of the workers and the population, the integrity of the environment and to prevent from major accidents within and during the production.

At the same time the Government has decided to free the amount of EUR 8.1 billion, previously confiscated by Taranto prosecutor. The EUR 8.1 billion are including the available cash, the assets and company shares

ILVA has been at the centre of a political and legal battle since July when local magistrates ordered the partial closure of its Taranto plant due to serious health concerns. Saving ILVA, a plant that produces almost all of the country's steel for the automotive, shipping and domestic appliance industries, as well as provides jobs for around 20,000 workers, has become a priority for government. The company is also plagued by probes into the Riva family, whose holding controls the plant, for suspected fraud against the State and fake money transfers.

Although, the execution of pending orders by ILVA is already delayed in most cases, this move would help stabilizing Italian steel market as the with this move it has become certain that big volume would not disappear and other sellers would be constrained in hiking prices to some extant

Source - Strategic Research Institute

voda 5 juni 2013 17:43

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Nippon Steel seeks 20 pct hike in domestic steel prices on weaker yen

Reuters reported that Japanese steel giant Nippon Steel & Sumitomo Metal Corp announced that it will seek an almost 20% price rise on the products it sells tin domestic market for April to September period to pass on higher material costs due to the yen's fall.

Mr Shinya Higuchi EVP told reporters that the company aims to ask large steel buyers to accept an increase of at least JPY 15,000 (USD 150) per tonne.

He told “The cost of importing raw materials in yen has risen because of the yen's sharp fall. We need to ask our clients to shoulder that increase.”

The yen has fallen about 20% since November last year

Source - Reuters

voda 5 juni 2013 17:46

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Tribunal against ArcelorMittal SA and Cape Gate

The South Africa’s Supreme Court of Appeal recently ordered the Competition Commission on to make available documents sought by ArcelorMittal South Africa and Cape Gate to enable them to answer to allegations of engaging in prohibited practices as part of a steel cartel.

The court dismissed an appeal by the commission and upheld a cross-appeal by the two companies.

One firm that applied for leniency, Scaw South Africa, was given conditional immunity from prosecution on condition it co operated with the commission in prosecuting the other cartel members. The commission used this information to lodge a complaint with the Competition Tribunal against ArcelorMittal SA and Cape Gate over their anti-competitive practices.

ArcelorMittal SA and Cape Gate sought disclosure of Scaw’s leniency application to the commission and the documents that were part of the application and became the main point in the dispute.

The commission had resisted disclosing the documents on the grounds that they were privileged because they had been prepared for the purpose of litigation, and also because they could be restricted under the commission’s rules.

The tribunal upheld the commission’s opposition to the disclosure of the documents.

ArcelorMittal SA and Cape Gate then appealed to the Competition Appeal Court.

The court held that, to the extent that Scaw claimed confidentiality in respect of the documents, until such time as ArcelorMittal SA and Cape Gate made a proper application under the Promotion of Access to Administrative Justice Act for access to these documents, the claim of confidentiality must be respected.

The court remitted the matter to the tribunal to decide on issues relating to the confidentiality claim.

However, ArcelorMittal SA and Cape Gate instead took the matter on appeal to the SCA, which ruled the commission was entitled to claim privilege over the documents because they had been prepared for the purpose of litigation. But the commission had waived that privilege by making reference to the documents in its complaint against the companies.

Consequently, it ruled the documents were to be disclosed, subject to any claim by Scaw that the documents were confidential, which was a matter for the tribunal to decide. The court accordingly referred the matter back to the tribunal for decision on this question.

Source - Business Report

voda 5 juni 2013 17:53

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Deepening gloom might beckon turning point in iron ore market

Every cloud has silver lining might turn out be reality in iron ore market at the current going. 30% collapse in iron ore prices since February is creating situation wherein the fundamentals might take side turn borne out of economics rather than demand.

Iron ore with 62 percent iron content at Tianjin, China has fallen to USD 111.90 a dry metric ton from USD 158.90 in February. Inventories at the nation’s ports of 70.7 million tons are 10 percent below the five year average.

Paradoxically such abysmal conditions have sowed race amongst mills to consume more of existing inventory to create space for cheaper iron ore to cut costs. Primarily mills are still consuming iron ore to the tune of over 60 million tonne per month to match the cruising production of over 2 million tonne per day. However much of the consumption is coming from existing volumes rather than new arrivals.

It has led to decline in shipping cost owing to lack of cargoes since China is the world’s biggest iron ore buyer and its imports generate the biggest source of demand for vessels.

Low prices for high-quality ore could provide the catalyst for significant, albeit short-lived rallies during 2H 2013. It won’t be surprising to witness short burst of rally in iron ore market as mills open buying. Longevity of such rallies will remain deceptive without surge in finished steel demand.

Source - Strategic Research Institute

voda 5 juni 2013 17:56

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ArcelorMittal Kriviy Rih raise finish roll product in Jan-May

Interfax reported that ArcelorMittal Kriviy Rih, Ukraine's biggest steel producer, raised finished roll production 11.9% YoY in January-May to 2.417 million tonnes.

The report said that crude steel production grew 1.8% to 2.595 million tonnes and pig iron was up 0.9% to 2.249 million tonnes.

The company produced 464,000 tonnes of roll, 504,000 tonnes of crude steel and 432,000 tonnes of pig iron in May alone.

ArcelorMittal Kriviy Rih specializes in long products, in particular rebar and wire rod. Finished roll production grew 13.3% in 2012 to 5.59 million tonnes.

Source - Interfax

Superdude 5 juni 2013 18:11

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quote:
voda schreef op 5 juni 2013 17:56:
ArcelorMittal Kriviy Rih raise finish roll product in Jan-May

Interfax reported that ArcelorMittal Kriviy Rih, Ukraine's biggest steel producer, raised finished roll production 11.9% YoY in January-May to 2.417 million tonnes.

The report said that crude steel production grew 1.8% to 2.595 million tonnes and pig iron was up 0.9% to 2.249 million tonnes.

The company produced 464,000 tonnes of roll, 504,000 tonnes of crude steel and 432,000 tonnes of pig iron in May alone.

ArcelorMittal Kriviy Rih specializes in long products, in particular rebar and wire rod. Finished roll production grew 13.3% in 2012 to 5.59 million tonnes.

Source - Interfax

wow, dit is toch goed nieuws!

voda 5 juni 2013 19:07

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quote:
everheye schreef op 5 juni 2013 18:11:
[...]

wow, dit is toch goed nieuws!

Dit is maar een héél klein onderdeel van AM hoor.

s.lin 5 juni 2013 20:29

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Vakbonden grootmetaal dreigen met acties
5 jun 2013 16:30 Economie
De werknemers in de grootmetaalsector gaan mogelijk actievoeren voor een betere cao. De vakbonden eisen dat de werkgevers voor het huidige bod voor volgende week woensdag van tafel halen. De onderhandelingen over een nieuwe cao werden op 28 mei afgebroken.

Het cao-conflict in de grootmetaalsector, waaronder lassers en elektrotechnici vallen, spitst zich vooral toe op een loonsverhoging. FME-CWM wil in elk geval tot februari de nullijn hanteren. FNV Metaal en CNV Vakmensen willen een loonsverhoging van tweeënhalf procent per 1 juli. Ook over scholing en jeugdlonen verschillen beide partijen van opvatting. De sector telt ongeveer 150 duizend werknemers.

De bonden schrijven in een brief aan de FME-CWM dat de werkgevers nog een kans hebben om de cao-onderhandelingen een vervolg te geven. Geven de werkgevers geen gehoor aan het ultimatum, dan belooft Jos Brocken van FNV Metaal 'flink actie te gaan voeren', zo zegt hij in een verklaring.

FME-CWM laat in een reactie weten de brief nog te bestuderen en wil daarom geen verder commentaar geven op het ultimatum van de vakbonden.

Door: Novum

voda 6 juni 2013 16:31

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China to takes 5 to 10 years to fix steel overcapacity - Mr Xu

On the 17th Shanghai Metallurgy Expo held, Mr Xu Kuangdi president of The Chinese Society for Metals introduced the pressing challenges and pressure facing China steel industry, particularly overcapacity trouble.

He said that China’s crude steel demand is estimated to be 716 to 750 million tonnes by 2015 based on three forecasts of GDP, investment and steel industry and the surged some 400 million tonnes steel overcapacity was brought up by massive infrastructure projects during 2004-2012. The excessive capacity would reach 200 to 300 million tonnes each year as China’s economic growth has presently landed stably, therefore it may take 5-10 years to closing down overcapacity completely.

More severely, this strong expansive impulse did not calm down yet as 510 projects were put into operation in 2013 and 269.9 billion yuan was invested on those under construction.

In view of poor profit for most steel mills due to twin drags of oversupply and high raw material prices, Mr Xu Kuangdi advised that we could draw lessons from EU and Japan’s experiences in reducing overcapacity, such as constraining government’s assistance to steel enterprises and abolishing loans to steel expansion projects so as to wash out weak players in the markets of Germany or like Japan to put main smelting processes in part steel mills and improve their competitiveness via optimizing technological process and acquisition.

Regarding 9.1% high growth of China’s crude steel production in the first quarter of 2013, most experts participated in the conference ascribed it to supernormal capacity release, but Mr Xu Lejiang, president of Baosteel, put it bluntly that we are still in deep autumn but not winter and it’s a not bad thing to take a long time waiting for spring, during which we could have plenty of time focusing on thinking and transformation.

He opined that the super growth of crude steel output was largely caused by sustaining high operation rate since last December when most steel mills increased their purchase and inventory of iron ore which dropped to a low level then. Nevertheless, steel demand did not turn out to be as robust as market expectation in spite of ongoing urbanization progress and consumption stimulus policies.

Mr Xu Lejiang expected that steel mills’ operating in May would be worse than that in April, and even badly in June. He believed that more producers would consequently exit from the market if our government is determined to transform economic growth pattern. In his view, four-trillion yuan stimulus policy could only be regarded as opium for enterprises rather than effective cure.

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

voda 6 juni 2013 16:54

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Conditions not yet right for iron ore rally - Mr Clyde Russell

Reuters reported that it's probably too early for iron ore producers to get excited about the rebound in prices this week but there are signs that the current 3 month slump may be easing.

Spot iron ore .IO62-CNI=SI jumped 4.2% to USD 116.60 per tonne recovering some of last week's more than 10% plunge. However, the shape of the futures curve of iron ore swaps traded in Singapore doesn't suggest a rally is imminent rather it's pointing to less downward pressure.

Mr Clyde Russell market analyst of Reuters said that the curve was in mild backwardation in early trade on Wednesday with the 6 month contract trading at USD 114.87 per tonne, 97% of the value of the front month contract. This stands in sharp contrast to the strong backwardation that prevailed on February 20 when spot iron ore reached its 2013 peak of USD 158.90 per tonne. At that time the 6 month contract was only 86% of the value of the front month.

Mr Russel said that the curve usually trades in mild backwardation and in the past four years a change to steep backwardation where longer dated contracts trade at a large discount to short dated ones has led to sharp price declines. From the peak in February, spot iron ore prices crashed 30.5% to the year's low of USD 110.40 per tonne on May 31. In a March column, I suggested that prices may drop as much as 40% based on the shape of the curve.

He said that this was based on the 37% drop in prices between April 21, 2010 and July 13 of that year when just prior to the decline the 6 month contract had been at 84% of the value of the front month. The easing of the backwardation in the curve recently suggests that future price declines will be more limited but it's important to note that the conditions for a rally have yet to emerge.

Source - Reuters

voda 6 juni 2013 18:16

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Gemalto opgenomen in AEX-index, Aperam eruit

AMSTERDAM (Dow Jones)--Gemalto nv (GTO.FR) neemt de plaats in van Aperam sa (056997440.LU) in de hoofdindex van de Amsterdamse beurs, blijkt donderdag uit de kwartaalherziening van beursbedrijf NYSE Euronext.

Aperam verhuist naar de AMX-index. Koninklijke Wessanen nv (WES.AE) gaat uit de MidCap en wordt opgenomen in de AScX-index. Exact Holding nv (EXACT.AE) maakt de stap naar de AScX vanuit de lokale markt en Vivenda Media Groep nv (VIVE.AE) en RoodMicrotec nv (ROOD.AE) worden uit de SmallCap verwijderd.

De wijzigingen in de samenstelling van deze indices naar aanleiding van de herziening zijn van kracht vanaf maandag 24 juni.

Door Ben Zwirs; Dow Jones Nieuwsdienst; +31 20 571 52 00; ben.zwirs@dowjones.com

rene l 6 juni 2013 22:38

1

**Breaking News**

Vanavond heeft onze razende reporter voda zijn 100.000ste posting geplaatst.
Ongelofelijk.
Een leuke anekdote, toen ik pas lid was van IEX las ik graag de postings van HvdB, plotseling was hij er niet meer, ik vond het erg jammer en ben lang blijven zoeken.
Later werd het mij duidelijk.
Hans, ik wil je graag en iederéén die er zin in heeft virtueel wat aanbieden, en ga zo door.
Misschien dat IEX wat tastbaars kan organiseren.

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