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voda 19 juni 2013 16:42

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Is China backtracking on attempts to control iron ore? - Mr Clyde Russell

Reuters cited Mr Clyde Russell market analyst of Reuters as saying that it may be too early to start beating the drums of victory for free market capitalism but there are signs that China is stepping back from attempts to control the iron ore market.

Mr Russell said that Just three months after accusing major iron ore producers of manipulating prices, China plans to scrap it's decade old import licensing system, a move that may eliminate middlemen in the market, lower costs for steel mills and improve transparency. It also looks like a strategic retreat for the world's biggest buyer of iron ore in its battle to win pricing control from the big three producers, Brazil's Vale and the Anglo Australian pair of Rio Tinto and BHP Billiton .

He said that the planned end of the licensing system will happen in the H2 of the year. The current system requires import qualification licences to be granted by government backed industry bodies like the China Iron & Steel Association. It was designed to eliminate speculative traders from driving up prices and force the steelmaking industry to present a united front against the producers. However, it allowed middlemen to rent out licences and thereby drive up costs for steel mills, who couldn't import directly.

Mr Russell said that under the proposed changes, iron ore importers will only need the same type of licence required by other commodity buyers, meaning steel mills should be able to buy directly from miners and traders alike.

While this may not have much impact on iron ore prices in the short term, it could have important ramifications over time by lowering the cost of imported ore versus domestic supplies, which may boost the volume of foreign ore. It's also not clear how plans to scrap the licensing requirements will fit with another recent proposed change, namely to force importers to use a domestic trading platform.

According to a Reuters report in April, New licences were to be conditional on importers using the China Beijing International Mining Exchange platform. The big three miners are members of the CBMX but they also back the Singapore based globalORE system, which currently handles more of the physical trade than its Beijing rival.

The Chinese move to support the CBMX was most likely aimed at trying to wrest pricing power away from the miners, especially given the allegations by authorities that the big producers manipulate prices.

China's top economic planner said in March that the miners were behind the 83% rally in the benchmark Asian spot price between September's three year low and a peak of USD 158.90 per tonne in February. This was an extraordinary accusation by the National Development & Reform Commission especially since it came without any substance, other than an unsubstantiated claim that shipments were held back in order to control supplies and send a fake market signal.

The NDRC appeared to conveniently ignore the fact that the rally in prices coincided with record imports by Chinese steel mills, with December being the strongest on record. It's also no surprise that the recent price slump has resulted in a surge of imports again, with April and May being the third- and second-strongest months, respectively.

Source - Reuters

voda 19 juni 2013 16:47

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ArcelorMittal Belval increases energy efficiency with new furnace

ArcelorMittal Belval and Differdange has started the modernized electric arc furnace at the Esch-Belval steelworks, as planned. The upper and lower vessels were replaced during two weeks of conversion work and a new fin-type bottom electrode was installed.

Investments within the framework of the Lux2016 plan for maintaining the competitiveness of Luxembourg's steel industry are running at EUR 6 million.

Mr Roland Bastian CEO of ArcelorMittal Belval said that "The startup of the electric arc furnace in mid-April was a complete success."

The old furnace's production record of 30 batches per day was equaled in May following a short test phase. Thanks to the modernization, the plant's production capacity has been increased to 1 million tonnes of crude steel per year.

The new plant will make a significant contribution to reducing the transformation costs which include all the energy, material and labour costs involved in smelting the scrap metal. A 15% saving in natural gas has been achieved after just 1 month of operating the new furnace; it has been possible during this period to reduce the overall energy consumption by around 3%. Energy costs alone already account for 40% of the costs of steel production in Belval.

The new electrode technology improves the flow of electricity in the furnace, thus increasing productivity. A smaller furnace diameter has also increased the thermal utilization factor. The new furnace can now yield 160 tonnes of crude steel per batch, compared with155 tonnes previously.

In addition to this, maintenance costs have been reduced as the new bottom vessel can process twice as many batches as its predecessor, before it has to be changed.

Source - Strategic Research Institute

voda 20 juni 2013 16:21

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Staal blijft nodig!!

Staalproductie gestegen in mei

Gepubliceerd op 20 jun 2013 om 14:36 | Views: 690

BRUSSEL (AFN) - De wereldwijde staalproductie is in mei op jaarbasis met 2,6 procent gestegen tot 136 miljoen ton. Dat meldde de branchevereniging World Steel Association donderdag.

De Chinese staalproductie klom met 7,3 procent tot 67 miljoen ton en in Japan nam die met 4,3 procent toe tot 9,6 miljoen ton. In Duitsland, de grootste staalfabrikant van Europa, zakte de productie met 1,5 procent tot 3,7 miljoen ton. De Russische productie ging licht omhoog (0,2 procent) naar 6,1 miljoen ton. In de Verenigde Staten zakte de productie met bijna 5 procent tot 7,5 miljoen ton.

De bezettingsgraad kwam in mei uit op 79,6 procent.

voda 20 juni 2013 16:38

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Chinese steel sector held back by lack of stimulus

According to a senior official of a firm involved in all three sectors The mainland's steel, iron ore and coking coal industries remain in the doldrums with an uncertain outlook as there is no sign Beijing will launch economic stimulus policies,

Shougang Concord International Enterprises managing director Mr Li Shaofeng after the firm's annual shareholders meeting said that "The entire industry chain is in a depressed state.” He said that "The central government has not launched any apparent policies to stimulate the economy, so the steel industry is still in a wait-and-see mode. There is not much improvement and funding pressure remains a big problem for steel enterprises."

Mr Li said average year to date steel prices are similar to those of last year's fourth quarter an extension of the trough in the current down cycle that began from last year's first quarter. Small recoveries in prices in this year's first quarter were offset by falls in the second quarter.

Steel raw materials have also been hit, with prices of iron ore and coking coal trading about 40 per cent below last year's peaks.

Mr Li said it will be difficult to turn a profit this year. All four business segments steel production, shipping, iron ore trading and iron ore mining recorded operating losses last year.

Source - South China Morning Post

voda 20 juni 2013 16:42

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Chinese daily crude steel production to be 2.1563 million tonnes in early June

According to statistics from China Iron and Steel Association (CISA), China's large and medium-sized steel mills produced 17.3181 million tonnes of crude steel, 16.9172 million tonnes of pig iron, 16.4339 million tonnes of steel products and 3.7206 million tonnes of coke in the first ten days of June, 2013. It is forecasted that China's daily crude steel production might be 2.1563 million tonnes, an increase of 0.1 percent month on month.

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

voda 20 juni 2013 16:44

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Grim economic situation continues to plague steel demand in Europe

Steel price remained downhill in Italy and Spain prices owing to no letup in economic situation. Sluggish demand and consumption remained unaltered.

HRC is sold in Italy at around Euro 400 to 410 per tonne delivered while in Spain it was shade better level around Euro 430 to 440 per tonne. Grapevine has it that the beleaguered mill Ilva in Italy has sold a cargo at Euro 430 per tonne delivered Spain.

Even the otherwise better priced Northern Europe market the price levels are sinking with HRC price touching Euro 440 per tonne and lower.

CRC price is barely above Euro 500 per tonne mark, but Russian Mills are already offering Euro 470 Fob St Petersburg that is Euro 490 per tonne cfrfo Antwerp. CRC in South Europe is offered and booked at around 480 €/mt cfrfo

HDG in South Europe is offered at prices even lower than CRC for thickness 1 mm and Z100.

De-bars are offered and booked at Euro 450 per tonne Fob Stowed for destination North Africa. Sections from Spain are offered at Euro 495 - 500 per tonne Fob St or Euro 520 cfrfo North Africa.

HRP price is going in direction of Euro 440 - 430 per tonne, as recent bookings have been done at Euro 450 per tonne delivered Italy. German price are only Euro 10 per tonne more.

It is widely anticipated that downtrend will reverse after 2-3 weeks before the European holidays when re-stocking will pick up on apprehension of price hike in Q4. However such assumptions are mere conjectures unsupported by any economic or market logic.

Source - Strategic Research Institute

voda 20 juni 2013 16:46

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TATA Steel and Safran Group ink long term pact for aerospace steels supplies

TATA Steel has secured a long-term agreement to supply aerospace steels to Safran Group, the world class manufacturer of aircraft, rocket engines, propulsion systems and aircraft equipment.

The 5 year agreement gives TATA Steel responsibility for supplying all aspects of Safran’s aircraft-quality steel requirements worldwide, including remelted steels, both direct to Safran Group companies and to its subcontractors. The initial value of the contract is in excess of £9 million per year, with prospects for this to grow during the life of the agreement.

The success follows the commissioning in 2012 of two new Vacuum Arc Remelting (VAR) furnaces at TATA Steel’s Stocksbridge works in South Yorkshire and the opening last year of a second aerospace service centre in China. VAR furnaces enable the production of ultra high purity steels by improving the material’s chemical and mechanical properties so as to meet the exacting standards of the world’s most demanding applications, such as energy exploration and generation, as well as aerospace.

Source - Strategic Research Institute

voda 20 juni 2013 16:47

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US Steel gets delay on its Clairton coke emission goals

AP reported that United States Steel Corporation has gotten more time to meet county air pollution standards following a USD 500 million revamp of its Clairton Coke Works near Pittsburgh.

The company has built one new battery of coke ovens and is building 2 new quench towers to reduce pollution at the plant's other two batteries, about 10 miles south of Pittsburgh.

The new coke battery has been running since November, but the Pittsburgh Post-Gazette reports the steelmaker recently got an extension until July 31st to meet certain emission requirements from the Allegheny County Health Department.

Source - www.post-gazette.com

voda 20 juni 2013 16:48

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Iron ore hits 3 week high as weak China steel consumption a cap

Reuters reported that spot iron ore prices jumped for a fourth straight day to a three week high as traders increased buying to lift the market, while weak restocking by Chinese steelmakers and tepid steel consumption are expected to cap the rally for the raw material.

The increasing supply glut in China would keep denting steel prices that previously hit 9 month lows, although strong production means that high appetite for iron ore could support prices against a steep fall.

An iron ore trader in Beijing said that steel mills are not piling up stocks but preferring to buy a hand to mouth volume from existing inventories at ports. It's traders picking up cargoes as they are keen to push up prices. But the rise is too fast while demand is not strong enough to catch up, so iron ore prices are likely to retreat as long as there is no explosive restocking from mills.

According to information provider the Steel Index, Benchmark 62% grade iron ore index .IO62-CNI=SI stretched gains by USD 2.7 or 1.8% to USD 117.7 per tonne the highest since May 28. A weak consumption season, as the hot summer weather would slow down construction activities, the key consumer for rebar is also pressuring steel prices.

Mr Peter Cho an iron ore swap broker with ICAP in Singapore said that "Firmer steel prices are encouraging bullish sentiment among iron ore traders, but slower consumption season and high steel supply will restrain gains in iron ore prices."

Source - Reuters

voda 20 juni 2013 16:49

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Iron ore stockpiles at China major ports

Till the close of this week, the imported iron ore stockpiles at China's major ports posted at 71.94 million tonnes down 1.06 million tonnes from previous week out of which total volume of iron ore for trades was 19.78 million tonnes down 0.68 million tonnes from previous week; Australian ore stockpiles was 34.70 million tonnes up 0.11 million tonnes; Brazilian ore inventory decreased by 0.81 million tonnes to 11.10 million tonnes; Total lump stock was 7.70 million tonnes, concentrate stock was 4.05 million tonnes and pellet of 1.10 million tonnes.

Source: My Steel.com

voda 20 juni 2013 16:50

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Change of guard at ArcelorMittal Dofasco

Mr Juergen Schachler, president and CEO of ArcelorMittal Dofasco, is leaving Hamilton for a new job in Europe with the company in September.

Mr Jim Baske, currently head of North American Tubular Products, will become president and CEO of AMD, where he worked previously when Dofasco had a tubular division.

Mr Baske began his career in 1981 at LTV Steel. He then joined Copperweld as vice-president of operations in 2002. Copperweld was acquired by Dofasco and is now part of the Tubular Products Division of ArcelorMittal. In 2006, Mr Baske was appointed vice-president of Dofasco Tubular Products' mechanical division and went on to work in Poland, the Czech Republic, Romania, Kazakhstan and the United States before being named to his current position in 2009.

Source - thespec.com

voda 21 juni 2013 16:34

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China steel price to stay low

China steel prices have dropped in spite of decreasing global output and easing oversupply, according to an article on the website of China Iron & Steel Association on Monday. The prices will fluctuate but largely remain low in the foreseeable future, said the article.

Starting from the second quarter, overall demand has been rising while demand from industries with high steel consumption was lower than expected, said the article.

At the end of May, the price of eight steel products monitored by CISA continued to drop. The China Steel Price Index is 101.83, 3.92 down from April, representing a margin of 3.71 percent. The index fell below 100 for the first time in June to the lowest level since June, 2009.

CISA said that the oversupply situation is going to persist as output remains high.

Source – China Daily

voda 21 juni 2013 16:38

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Global crude steel production increase in May 2013

World crude steel production for the 63 countries reporting to the World Steel Association was 136 million tonnes in May 2013, an increase of 2.6% compared to May 2012.

The crude steel capacity utilization ratio for the 63 countries in May 2013 remained nearly unchanged at 79.6% compared to 80.0% in April 2013. Compared to May 2012, it is -0.9% points lower.

Source – Strategic Research Institute

voda 21 juni 2013 16:42

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Iron ore ships extend gains as traders bet on price rebound

Bloomberg reported that rates to ship iron ore rallied for a 10th day amid speculation traders are betting prices for the commodity used to make steel will rebound as Chinese mills replenish stockpiles.

According to the Baltic Exchange, the London-based publisher of shipping costs, daily earnings for Capesizes hauling about 160,000 metric tons rose 10 percent to USD 10,306. That’s the highest since December 10 and rates almost doubled since the start of the month.

Mr Ben Goggin an iron ore swaps broker at ICAP Plc in London said that traders are booking more cargoes as prices end a slump. The benchmark price for the commodity at the Chinese port of Tianjin rose 2% to USD 120 per DMT after tumbling 24% since February. Stocks at Chinese ports rose 6.5% to 70.6 million tonnes from 4 year low on March 8.

Mr Goggin said that “There’s some restocking ahead for some Chinese mills. Buyers may have jumped in and bought all the cargoes in the expectation they will be able to sell them at better prices in the coming weeks and that’s helped increase iron-ore prices and freight rates.”

Source – Bloomberg

voda 21 juni 2013 16:43

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Iron ore price jumps by 9% in the last 10 days

Spurred by low stocks among Chinese traders and steel mills buying activity has spiked suddenly in China culminating in 9% price escalation. Following the swift inventory depletion in last 2 months (19%) as economic and demand uncertainty had shifted the focus to existing inventory rather than new transactions. However enhanced import levels during these months were reminiscent of steel mills indulging in domestic trading of stockpile.

Nevertheless, trading companies are mainly buying iron ore now, while mills are careful about purchases having sufficient stocks for the near term. Even those who have material to work only during a 15-day period are in no hurry to close deals finding current prices too high. Only some steelmakers who urgently need to restock have to accept suppliers' offers.

Source – Strategic Research Institute

voda 21 juni 2013 16:43

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Iron ore inventory at Chinese ports rises slightly

As of June 17, inventory of iron ore at 25 major Chinese ports amounted to 74.66 million tonnes indicating an increase of 230,000 tonnes or 0.31% compared to June 3.

As of the same date, the Xinhua China Iron Ore Price Index for imported iron ore with 63.5% iron content was at 112 points up one point compared to two weeks ago. Meanwhile, the Xinhua China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 98 points on the given date up two points compared to two weeks ago.

According to Xinhua News Agency, at the beginning of the past two weeks the Chinese import iron ore market indicated a slight rebound while market activity was limited. In the working days after last week's Dragon Boat Festival Holiday (June 10-12), the Chinese import iron ore market generally maintained a sideways trend, though with some fluctuations in prices of certain iron ore grades.

Following the sideways trend seen at the end of last week, Chinese iron ore import prices appear to have hit the bottom. Traders are seeking to maintain current price levels or to raise their prices however, little improvement has been witnessed in terms of market activity. Currently, the Chinese finished steel market is still characterized by sluggishness while Chinese mills are reluctant to restock and are maintaining a cautious stance. Most Chinese mills have been putting downward pressure on prices weakening the confidence of traders. It is thought that the Chinese iron ore import market will indicate a sideways trend in the coming days.

Source - Visit www.steelorbis.com for more

voda 21 juni 2013 19:44

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Inspelen op dalende grondstofprijzen

DONDERDAG 20 JUNI 2013, 09:26 uur | 1911 keer gelezen

AMSTERDAM (Belegger.nl) – De prijzen van grondstoffen zijn het afgelopen decennium flink gestegen. Toch noteren de meeste industriële grondstofprijzen inmiddels lager op een jaar-op-jaar basis. Er zijn drie oorzaken waarom deze super-cyclus nu op zijn einde loopt. Beleggers kunnen hierop inspelen door te beleggen in aandelen die hiervan profiteren.

Dit stelt Fidelity Worldwide Investment in een researchrapport.

Fidelity ziet drie redenen waarom de rally in grondstoffen van de afgelopen tien jaar nu voorbij is. Allereerst noemen analisten van het bedrijf de aan kracht winnende Amerikaanse dollar. Daarnaast wordt als een van de belangrijkste drijfveren van de alsmaar stijgende grondstofprijzen, de eerder nog ‘onverzadigbare vraag’ vanuit China genoemd. Nu het land zich bevindt in een overgangsfase naar een meer consumptiegedreven economie, gaat dit gepaard met een lagere vraag naar grondstoffen.

Als derde ziet Fidelity een effect van de hogere grondstofprijzen die volgens hen hebben geleid tot reactie van de kant van de producenten. Fidelity wijst daarbij vooral op oliewinning uit teerzand en schaliegas. Daarbij wordt wel de aantekening gemaakt dat de schaliegasrevolutie met name impact heeft op de Verenigde Staten en in mindere mate op de wereldeconomie.

Kansen

Fidelity kaart aan dat het einde van de rally in grondstoffen, beleggers de mogelijkheid biedt hierop in te spelen door te beleggen in bedrijven die profiteren van de lagere grondstofprijzen.

Op aandelenniveau moet er dan gekeken worden naar bedrijven waarvan duidelijk is wat het effect van de lagere grondstofprijzen zal zijn. Er zijn namelijk bedrijven die zowel kunnen profiteren als verliezen dankzij de lagere grondstofprijzen die verwacht worden. Bedrijven in de mijnbouw, zullen bijvoorbeeld leiden onder de lagere prijzen van ijzererts. De analisten noemen hierbij een bedrijf als Vale, een Braziliaans mijnbouwconcern, als voorbeeld.

ArcelorMittal

Een aandeel dat het volgens Fidelity wel goed kan gaan doen is een staalproducent als ArcelorMittal die profiteert van lagere prijzen van ijzererts.

Door: Barbara van Cooten

voda 25 juni 2013 16:40

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US weekly raw steel production up WoW and YoY

AISI announced that in the week ending June 22, 2013, US’s domestic raw steel production was 1,881,000 net tons while the capability utilization rate was 78.5%.

Production was 1,862,000 tons in the week ending June 15, 2012, while the capability utilization then was 74.8%.

The current week production represents a 0.6% increase from the same period in the previous year. Production for the week ending June 22, 2013 is up 1% from the previous week ending June 15, 2013 when production was 1,870,000 tons and the rate of capability utilization was 78.1%.

Adjusted year to date production through June 22, 2013 was 46,010,000 tons, at a capability utilization rate of 76.8%. That is a 6.2% decrease from the 49,040,000 tons during the same period last year, when the capability utilization rate was 78.8%

Broken down by districts, here's production for the week ending June 22, 2013 in thousands of net tons: North East: 198; Great Lakes: 682; Midwest: 263; Southern: 651 and Western: 87.

AISI added “Capability for the First Quarter 2013 is approximately 30.8 million tons versus 32.3 million tons for the same period last year and 32.7 million tons for the Fourth Quarter of 2012. Production capability for 2013 reflects the closure of several steelmaking facilities in 2012, new facilities coming on-line and improvements made to existing facilities to increase their capability. When comparing capability utilization rates between 2013 and 2012, the user of this data should take into account the change to capability for 2013 in analyzing the data.”

Source - Strategic Research Institute

voda 25 juni 2013 16:42

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Germany crude steel output expected to rise in 2014

According to economic research institute RWI Essen’s report, German cruder steel output may fall by 1% this year and expect the output to rise in 2014.

Since the beginning of 2012, Germany’s export grew by 2.2% and import dropped by 9.6% and the production has been seen improved. However, this year it still face the sluggish economy as the current seasonally adjustment in production had started to drop.

However, the report from RWI is different from the point of view from the German steel association as it sees the crude steel production would grow by 1% this year to 43 million tonne.

RWI expects that the production in steel consuming industries will grow by 4.7%. And the steel production was predicted to grow by 0.9% to 42.6 million tonne.

Source - www.yieh.com

voda 25 juni 2013 16:43

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Carbon tax will be implemented in 2015 in South Africa

Representatives of companies including Sasol, AngloGold Ashanti and ArcelorMittal SA said that more clarity is needed on how a carbon tax will be implemented in 2015.

However, they were speaking at a National Business Initiative briefing on South Africa’s carbon tax policy in Johannesburg. The concerns of business about the Carbon Tax Policy Paper released last month seemed to echo those of MPs raised earlier this month in Parliament.

MPs said that that hasty implementation of a carbon tax could have a negative effect on South Africa’s rate of growth, and a comparably small effect on global greenhouse gas emissions. The tax is aimed at reducing the emissions.

Proposed measures on the carbon tax have been published and are now open for public comment.

According to the Treasury, South Africa is by any measure a significant emitter of greenhouse gases.

Mr Cecil Morden chief director of economic tax analysis at the Treasury said that South Africa found itself in a peculiar position. This had to do with the need to implement a carbon tax to reduce emissions, while grappling with slow economic growth, unemployment, poverty and inequality.

Mr Morden said that "Our emissions profile increased even during the time when our economy wasn’t doing very well. We have various environmental challenges, climate change being one of them."

Source - www.bdlive.co

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