DeBeurs.nl

voda 18 augustus 2021 12:56

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Shiheng Special hot tests high-speed wire rod mills
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Shiheng Special Steel has hot tested the two high-speed wire rod mills belonging to the second phase of its upgrade project in Feicheng city of Shandong province. The project was started in May last year.

These two mills have a combined capacity of 600,000 tonnes/year, Kallanish reports. The main products have a diametre of between 5.5 and 22 millimetres.

In August, the company commissioned Phase II of its upgrade project, with 4.55 million t/y of finished steel capacity. Other new production lines include two rebar mills and one small wire rod line (see Kallanish passim).

By Kallanish Team

voda 18 augustus 2021 12:56

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Iron ore eases in second half: Fitch Solutions
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Iron ore prices should ease further in the coming months after the iron ore price rally started to show signs of weakening, according to Fitch Solutions. Demand from Chinese steel producers peaked in the first half of 2021 and this is coinciding with improved global supply.

The research firm has nevertheless revised upwards its 2021 iron ore price forecast from $160/tonne to $170/t, as prices rallied slightly above its expectations in H1. Beyond 2021, the firm expect iron ore prices to follow a multi-year downtrend, with prices forecast to decline to $75/t average by 2025.

As for China, “we expect the demand impact from stimulus to start wearing off from late 2021 as construction projects reach completion and the pipeline of further new projects lessens, with the Chinese Government focusing on tightening credit lines,” Fitch Solutions says in a note seen by Kallanish. “Additionally, the government is on a steel production limiting drive as an avenue to decarbonise the economy, where the aim for 2021 steel production is to total around 2020 levels.”

With China's steel production increasing by 11.4% year-on-year in H1, however, H2 production would have to decline by approximately the same levels, which Fitch Solutions believes is realistically unattainable. Nevertheless, steel production will slow down in H2, dragging on iron ore demand.

The agency simultaneously expects Chinese domestic production of iron ore to increase as China attempts to reduce import dependency, especially as diplomatic relations remain frosty with Australia.

On the supply side, improving production growth from Brazil and Australia has started to loosen tight supplies on the seaborne market, though Vale will take longer to return to pre-Brumadinho dam collapse capacity levels, Fitch Solutions says. “With all miners holding onto production guidances, we expect better production figures throughout the rest of the year, compared to H121 in order to meet targets,” it concludes.

Adam Smith Germany

voda 18 augustus 2021 12:57

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Hoa Phat Hai Duong targets 2mt steel output
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Hoa Phat Group's Hai Duong Steel plans to reach 2 million tonnes/year of billet and steel output in 2021, despite the Covid-19 impact on the country this year, Kallanish notes.

As of the end of July 2021, the company's billet output was nearly 1.3 million tonnes, completing 63.6% of the annual plan. Hai Duong Steel produced 1.18 million tonnes of finished steel during the same period, fulfilling 57.7% of its annual plan and reaching a year-on-year increase of 24.3%. In order to ensure that covid-19 does not affect production, the company stipulates strict inspection and disinfection measures.

Hoa Phat Hai Duong Steel Joint Stock Company was established in 2007 and is the first steel plant of the Hoa Phat Group. The steel plant uses blast furnace technology to make iron and has a steel production capacity of 2.5m t/y.

In July, Hoa Phat Group produced around 700,000 tonnes of crude steel, 70% higher than the same period last year. Total crude steel output neared 4.8 million tonnes over the first seven months of the year, up 58% year-on-year.

For the full year, Hoa Phat Group targets sales of 5mt of finished construction steel and steel billet, 2.7mt of HRC, 920,000t of pipe and over 300,000t of galvanized steel sheet in 2021.

By Kallanish Team

voda 18 augustus 2021 12:58

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Nangang doubles half-year net profits
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Nanjing Iron & Steel (Nangang) saw operating income increase by 58.42% year-on-year to CNY 38.59 billion ($5.95 billion) in the first half this year. It meanwhile doubled its net profits to CNY 2.26 billion, Kallanish notes.

In the reporting period, Nangang produced 5.35 million tonnes of steel products and sold 5.28mt, up 10.15% and 9.87% y-o-y respectively. Among all products, special plates contributed the largest individual revenue, accounting for 33.4% of total revenues.

At present, three of four coke batteries of KinRui New Energy Technologies Indonesia, a Nangang subsidiary, are under construction. KinXiang New Energy Technologies Indonesia was announced to be built in June (see Kallanish passim), Nangang says however that it provided no funding to the project or carry out related work in H1.

These two coking projects will add 6.5 million tonnes/year of coke capacity after full completion, and boost its main business income significantly, Nangang says.

By Kallanish Team

voda 18 augustus 2021 12:58

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UK exhausts other HRC, CRC quotas
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Half way through the quarter, the UK has exhausted three of its third-quarter steel safeguard quotas. These are hot rolled coil and cold rolled coil from “other countries”, as well as hollow sections from Turkey, UK steel distributors’ association NASS informs Kallanish.

CRC from Vietnam is critical, with 94% of the quota used, while the EU’s merchant bars and light sections quota is also 94% used. The quota for gas pipes from Turkey is meanwhile 71% filled.

As of 1 July the expanded quotas of the new EU and UK safeguards regimes took effect.

The UK implemented emergency regulation to extend safeguards on another five of the 19 steel products for one year by public notice (see Kallaish passim). In June the Trade Remedies Authority had proposed to extend safeguard measures on ten products for a further three years beyond 30 June, with nine slated to be revoked.

Adam Smith Germany

voda 18 augustus 2021 12:59

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EU construction, automotive output see 2021 rebound: Eurofer
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EU construction industry output is expected to rebound 5.5% on-year in 2021 and then by a further 4.5% in 2022. Automotive output is meanwhile seen rebounding 15.3% from a very low base in 2021, followed by 7.9% growth in 2022, says European steelmakers' association Eurofer.

Following Covid-19-lockdown-induced residential construction activity stoppages in 2020, conditions in 2021-2022 will remain only marginally supportive due to only slight improvements in economic conditions and incomes, Eurofer says in a report sent to Kallanish. “There is already a widespread dichotomy between the upper-segment housing market, which is boosted by higher demand of better homes due to tele-working, and the lower-income segment,” the association comments.

“Civil engineering is expected to be an important growth area for the construction sector as governments invest in infrastructure as a counter-cyclical tool to boost economic performance,” Eurofer continues. “This segment will also be supported by EU-wide public policies (Next Gen EU, etc) whose effects, however, will be seen only to a limited extent during 2021.”

In the automotive sector, general economic uncertainty across the EU during the ongoing pandemic and subdued consumer confidence, due to poor disposable income developments, have continued to impact car demand. The recovery in EU production remains somewhat fragile and exposed to uncertainty factors.

If normal business conditions resume from the second half of 2021, it will take time for activity to return to pre-2019-downturn levels. Demand remains the biggest challenge, as consumers are likely to remain discouraged until the macroeconomic picture and consumer disposable income substantially improve, Eurofer observes.

“In 2021, provided that the industry has been able to restore its production to normal levels, and with WLTP distortions having faded out by then, the launch of new models – many of them hybrid or fully electric vehicles – could be a supportive factor, combined with some improvement in real wages and labour market dynamics on the demand side,” Eurofer comments. “Full recovery in global trade and external demand from major markets such as the US, China and Turkey will remain a key factor for EU car exporters.”

Adam Smith Germany

voda 18 augustus 2021 15:26

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Hoa Phat’s Hai Duong targets 2mt steel output
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Hoa Phat Group's Hai Duong Steel plans to reach 2 million tonnes/year of billet and steel output in 2021, despite the Covid-19 impact on the Vietnamese market this year, Kallanish notes.

As of the end of July, the company's billet output was nearly 1.3mt, completing 63.6% of the annual plan. Hai Duong Steel produced 1.18mt of finished steel during the same period, up 24.3%, thereby fulfilling 57.7% of its annual plan. In order to ensure that Covid-19 does not affect production, the company stipulates strict inspection and disinfection measures.

Hoa Phat Hai Duong Steel Joint Stock Company was established in 2007 and is the first steel plant of the Hoa Phat Group. The plant uses blast furnace technology to make iron and has a steel production capacity of 2.5m t/y.

In July, Hoa Phat Group produced around 700,000 tonnes of crude steel, 70% higher than the same period last year. Total crude steel output neared 4.8mt over the first seven months of the year, up 58% year-on-year.

For the full year, Hoa Phat Group targets sales of 5mt of finished construction steel and billet, 2.7mt of hot rolled coil, 920,000t of pipe and over 300,000t of galvanized steel sheet.

By Kallanish Team

voda 18 augustus 2021 15:28

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CSP slab production, sales grow in second quarter
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Brazilian slab producer Companhia Siderúrgica do Pecém (CSP) saw both production and sales rise quarter-on-quarter in the second quarter, Kallanish learns from data issued by South Korean joint venture partner Dongkuk Steel. Performance was also higher when compared to Q2 last year.

CSP’s slab production reached 733,000 tonnes in Q2, an increase of 6.2% compared to the previous quarter and 21.5% more year-on-year. Second-quarter sales amounted to 733,000t, 11.4% higher on-quarter and up by 27.4% on-year.

Brazilian slab export prices saw a continuous increase over the last year, from $334/tonne in June 2020 to $867/t fob at the end of June 2021. The upward trend will continue also in July-September, with transactions seen at $963-990/t. This price is mainly supported by higher demand from Brazil and US large-scale infrastructure projects, Dongkuk confirms.

CSP’s revenue was KRW 209 billion ($178.8 million) in Q2, up 35.7% q-o-q.

CSP’s exports meanwhile fell both month-on-month and year-on-year in July after reaching their second-best monthly volume supplied abroad in 2021 in June. According to data issued by port authority Port of Ceará, slab shipments totalled 253,755 tonnes in July, down 1.8% versus 253,755t in the previous month and just 0.6% less over the corresponding period in 2020 (see Kallanish 18 August).

CSP is the fourth-largest steelmaker in Brazil. The company is a joint venture formed by Vale (50% share) and South Korean companies Dongkuk (30%) and Posco (20%).

Todor Kirkov Bulgaria

voda 18 augustus 2021 15:28

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Baowu Kungang commissions direct rolling mill
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Baowu Group subsidiary Kunming Steel has launched a direct rolling technology plant. This marks the production of Baowu's first direct-rolled wire rod, Kallanish notes.

This line will send continuous cast billet directly to the rolling mill, reducing the use of heating furnaces, and is an advanced technology encouraged by China’s government. According to Baowu, the project could reduce energy consumption by 10.62kg of standard coal equivalent per tonne, and carbon dioxide emissions by 71,200 tonnes/year, with a carbon reduction rate of over 46%.

Baowu plans to complete this transformation on 12 other production lines across its subsidiaries, of which Kunggang's wire rod production line and Chongqing Steel's bar production line will be the first two sample projects. Kunggang's project was signed in May and construction began in June 2021.

By Kallanish Team

voda 18 augustus 2021 15:30

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Argentinian court acquits Techint president of all charges
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Techint Group president Paolo Rocca has been absolved by an Argentinian court of all charges related to the ongoing legal investigation against him, the Italian-Argentinian company says.

The case concerns Rocca’s alleged participation in bribing the Argentinian government and misappropriation of public funds during the Kirchner regime. The investigation is known in the country as the “Cuadernos K” or the “Notebooks Case”, Kallanish notes.

The Techint Group, through one of its subsidiaries Tenaris, has confirmed that the decision of the first-instance judge in charge of the case concerning the executive was not appealed by either the prosecutor or the government unit prosecuting economic crimes (UIF).

Techint is the largest steelmaker in Latin America. The company operates in the engineering, construction, steel, mining, oil & gas, industrial plants and healthcare sectors through a number of operating companies including Ternium and Tenaris.

Todor Kirkov Bulgaria

voda 18 augustus 2021 15:30

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Tata Steel eyes acquisition of state-owned RINL
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Tata Steel intends to acquire Rashtriya Ispat Nigam (RINL), a state-run 6.3 million tonnes/year capacity integrated steelworks. Tata is seeking inorganic growth to capitalise on long product opportunities.

RINL is India's first shore-based integrated steel plant, Kallanish notes. Post-acquisition, Tata Steel would have more access to Southeast Asian markets. RINL is currently expanding its steelmaking capacity to 7.3m t/y.

“Tata Steel is interested in acquiring RINL, for inorganic growth in long product opportunities,” says Tata Steel chief executive TV Narendran. “There is a great opportunity because it is a coastal plant so there are many advantages. The company is interested in acquiring RINL, [which] drew sharp criticism from the Visakha Ukku Parirakshana Porata Committee, which is spearheading the agitation against the steel plant privatisation.”

The Cabinet Committee on Economic Affairs (CCEA) approved in January the 100% disinvestment of the government’s stake in RINL. Also finalised for privatisation are the corporate entity of Visakhapatnam Steel Plant (VSP) and RINL’s stakes in its subsidiaries/joint ventures.

The Indian government has also shortlisted Tata along with three other steelmakers as a potential buyer for Neelanchal Ispat Nigam (NINL), a state-run 1.1m t/y capacity integrated steel plant (see Kallanish passim).

“The bidders are now in the request for proposal (RFP) stage; the RFP has been issued with the bidders doing due diligence," says a source.

Sayed Aameer India

voda 18 augustus 2021 15:31

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Kardemir sharply reduces rebar prices
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Kardemir published a new price list on Wednesday for rebar in its domestic market, Kallanish notes.

Prices of 12-32mm diameter rebar for the domestic market decreased by TRY 350/tonne ($41.3/t) from the previous rebar price list issued on 11 August to TRY 5,625/t ($664/t).

Prices for 36-40mm diameter rebar likewise declined to TRY 5,665/t.

Prices quoted are ex-works and exclude 18% VAT.

Kardemir closed rebar sales shortly after opening, selling almost 50,000 tonnes. The exchange rate stood on Wednesday at 8.47 lira per dollar. Kardemir's billet sales remain closed, meanwhile.

Burcak Alpman Turkey

voda 18 augustus 2021 15:31

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Metalloinvest's first-half earnings soar on higher demand, prices
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Russian iron ore miner and metallics and steel producer Metalloinvest saw revenue surge 64.7% on-year in the first half of 2021 to $5.06 billion, with net income more than tripling to $2.17 billion.

Ebitda gained 175.4% on-year to $2.92 billion, exceeding in H1 the full-year 2020 total, pushing profitability to its "highest ever" 61%, 24.5 percentage points up on-year, the company says.

Earnings soared on the acceleration of global steel consumption relative to production and "exceptionally favourable pricing environment in main sales markets", it says. This was coupled with the firm's cost control management and best operational efficiency practices, according to chief executive Nazim Effendiev. This is despite declines in output and shipments of some products, and higher capital expenditure due to overhauls of equipment, Kallanish notes.

Iron ore mining volumes rose 1.2% on-year in H1 to 20.4 million tonnes. Iron ore pellet production remined flat at 14.1mt, as LGOK switched to 100% flexed pellet production, bringing the share of the product in total pellet production to 70%. HBI/DRI output fell, however, by 5.4% to 3.9mt due to the overhaul of HBI-1 plant at LGOK in the second quarter.

The reconstruction of BF No.1 in February led to a 7.9% on-year hot metal output decrease to 1.2mt, while crude steel output was down 2.3% to 2.5mt on reduction of working days and change in product mix.

As freight rates continued to rise, the firm redirected more shipments to its more profitable nearest markets, it says. Mining products shipments to Asia fell 76.5% on-year to just 0.8mt, but European shipments rose 64.5% to 5.1mt. Domestic sales volumes gained 4.7% at 6.6mt.

In the steel segment, shipments to Asia almost disappeared, while European shipments gained 20% on-year at 0.6mt, with shipments to "other regions", including the Americas, rose by 28.6% to 0.9mt. Domestic shipments in Russia remained unchanged on-year at 1mt. Pig iron shipments remained flat at 0.7mt, while shipments of billet declined 14.3% to 1.2mt, but their share in the mix rose 5pp to 40% due to product mix change. Shipments of SBQ, notably, increased by 50% to 0.6mt.

The company spent $361m in capital expenditure in H1, 51.3% up on-year, and plans to spend $600-700m in 2021.

Katya Ourakova UK

voda 18 augustus 2021 15:31

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Taiwan scrap prices lose support from domestic demand
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As Taiwan's domestic steel and scrap prices have fallen, import prices of scrap have also continued to decline after losing support, Kallanish notes.

Major Taiwanese electric arc furnace mill Feng Hsin Iron & Steel has this week cut its rebar sales prices and scrap purchasing prices by TWD 300/tonne ($10.78/t) and TWD 200/t respectively. Its purchase price for HMS1 is at TWD 11,200/t ($402/t) and the list price for #5 (5/8 inches or 15.875mm nominal diameter base) rebar is at TWD 22,600/t ex-works. The steel mill says downstream expectations are bearish, so market transactions are weaker. Feng Hsin can only choose to lower prices to sustain sales volumes.

In terms of imports, Japanese scrap suppliers have not offered to Taiwan this week, while US scrap offers remain stable. HMS 1&2 80:20 container scrap from the US West Coast was offered at $438/t cfr Taiwan. Weak demand and subdued buying interest mean deals cannot be concluded at last week's levels, however.

Kallanish assessed HMS 1&2 80:20 container scrap on Wednesday at $430-432/t cfr Taiwan, down by another $3-5/t week-on-week.

It is expected that scrap demand will resume once the current period of rains has passed. Local traders however believe that the first task is to reduce inventory, meaning importing interest may not be able to recover in the coming week.

By Kallanish Team

voda 18 augustus 2021 15:32

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Mechel-Service supplies beams for Russian olefin complex construction
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Mechel’s trading arm, Mechel-Service, delivered steel produced by its Chelyabinsk Metallurgical Plant for the construction of the Ethylene-600 olefin complex in Nizhnekamsk, Tatarstan, the company says.

It shipped about 14,000 tonnes of rolled steel for the structures of the complex, Kallanish notes. This includes sheet and more than 11,000t of beams.

Russian manufacturer of synthetic rubber and ethylene Nizhnekamskneftekhim is completing the assembly of large-sized equipment at the Ethylene-600 olefin complex under construction. It will additionally produce annually 600,000t of ethylene, as well as 272,000t of propylene, 246,000t of benzene and 88,000t of butadiene.

Earlier this month, Mechel-Service delivered 40,000t of steel for the construction of large-scale offshore structures in the Murmansk region (see Kallanish passim). It also supplied more than 3,000t of beams for the manufacture of metal structures for a large shopping and entertainment centre in the city of Yekaterinburg.

Mechel-Service posted a 10% on-year increase in shipments in the first half of 2021 to 797,000t. This year the company wants to increase its presence in the hardware, wire rope and beam markets.

Parent company Mechel saw first-quarter sales of long products fall 7% on-quarter and 13% on-year to 564,000t. Despite lower sales and output, revenue rose 10% on-quarter and 13% on-year to RUB 76.1 billion ($1.04 billion), while profitability rose to 24%.

Svetoslav Abrossimov Bulgaria

voda 18 augustus 2021 15:33

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European recovery, Chinese restrictions lift JSPL profit: Sharma
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Exports to a recovering European market, coupled with Chinese export restrictions, have helped Jindal Steel & Power (JSPL) post record profitability, says managing director V.R. Sharma.

JSPL’s net profit rose 967% on-year to INR 2,516 crore ($338.3 million) on the back of higher export realisation in the first fiscal quarter through June (FQ1). Higher sales volumes and an uptick in steel prices resulted in revenue rising by 63% to INR 10,609.50 crore (see Kallanish passim).

Amid the nationwide Indian lockdown, the company’s Ebitda rose 151% to INR 4,539 crore and production clocked 2.01 million tonnes. “The upward journey started in Q4FY21 and then we again faced the pandemic and lockdowns this year. But we didn’t stop the plant and took the opportunity to explore the export markets,” Sharma said in an exclusive interview with Kallanish. “Western countries like Germany, France, Italy, and Spain were coming out of the pandemic, which created a space for us to supply steel to these nations.”

“China’s export restriction helped us to reach out to the ready markets like Philippines, Indonesia, Malaysia, Australia, the Middle East, and South Africa. We were flooded with orders from the Western countries, Southeast Asia and the Middle East-Asia. This was the turning point in the history of JSPL and we are optimistic about producing more than 2.1mt in [F]Q2 and a total of 8.4mt in FY22,” Sharma added.

The global steel market is witnessing capacity expansion and aggressively increasing its production. India is also inching towards its vision for the steel sector in 2030 that aims to increase crude steel production capacity to 300 million tonnes/year. “Global steel demand will be excellent in the coming future, including in India, on the back of infrastructural demand coming from the world. As per our data, $17-21 trillion will be spent on infra-projects by the whole world in the next three to four years, out of which, the steel industry will have $5-6 trillion inflows during the period,” Sharma estimated.

“Infrastructure including rail, road, ports, airports, etc, will drive steel consumption; prices may go up, may go down, but consumption will increase during these five years,” the executive concluded.

Sayed Aameer India

voda 18 augustus 2021 15:33

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Befesa forges new EAF dust recycling joint venture
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Befesa SA’s US subsidiary has acquired all of the outstanding shares of American Zinc Recycling Corp and a minority interest in American Zinc Products LLC, forming the new Metals Recovery Holdings.

As a result, Befesa will now operate four electric arc furnace dust recycling facilities in the US, adding to its substantial global footprint in that arena.

Befesa is also in the process of obtaining the remaining shares of American Zinc Products in a phased plan that stretches through 31 December, 2023, Kallanish notes.

The current president and ceo of American Zinc Recycling Joel Hawthorne and executives Stephen Bishop and Bill Breedlove will now step down from the combined company’s management team.

“It has been an honor and privilege to lead and work with the team at AZR LLC through this transition period and the successful completion of this transaction,” says Hawthorne. “Befesa is a strong company with a similar operating strategy and will be an excellent steward as they enter the US market with this transaction. The company is poised for even greater success as it enters this next phase in the company’s history.”

Financial details were not disclosed, but media reports peg the transaction as worth north of $450 million.

Dan Hilliard USA

voda 18 augustus 2021 15:34

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BHP delivers strong financial results in FY21
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Australian mining giant BHP Group significantly improved its financial results in the fiscal year ended on 30 June (FY21) thanks to higher commodity prices, as well as record production at its Western Australia Iron Ore (WAIO) operations.

Supported by an EBITDA margin of 64%, up from 53% the previous year, the firm’s underlying EBITDA surged 69% year-on-year to $37.38 billion in FY21, Kallanish notes from its official report. Annual attributable profit stood at $11.3 billion.

Iron ore and metallurgical coal contributed 70.36% and 1.59% of the company’s total EBITDA. The unit production cost of iron ore was in line with initial guidance at $14.82/tonne, compared to the average realised price of $130.56/wet metric tonne over the year (see Kallanish passim).

BHP maintained its iron ore production guidance for WAIO at 278-288mt for FY22, as first announced in July. Unit cash costs were predicted to be $17.5-18.5/t. In th medium term, the two figures are expected to reach 290mt and below $16/t respectively.

Metallurgical coal production is estimated to be in the range of 39-44mt in FY22.

By Kallanish Team

voda 18 augustus 2021 16:21

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Steel futures drop on rebar short selling
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Bears entered the rebar futures market on Wednesday after judging that a recovery in sentiment had topped out. Iron ore has meanwhile continued to slide, removing cost support and resulting in a big drop in Chinese rebar and hot rolled coil futures, Kallanish notes.

On the Shanghai Futures Exchange the January 2022 rebar contract closed CNY 201/tonne lower than Tuesday at CNY 5,144/t ($794/t), and the same contract for HRC closed down CNY 188/t at CNY 5,482/t.

Short trading positions for rebar grew rapidly and overtook long positions. Shorts reached as much as 31,705 contracts more than long positions, weakening futures prices.

State-owned steel companies and highway transportation in Henan, which had been suspended because of floods, had resumed normal operation as of Monday, the Henan provincial government said Wednesday. This moves against the overall trend of seeing production restrictions increase.

By Kallanish Team

voda 18 augustus 2021 16:22

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Globe awaits Malawi niobium project licence award
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Malawi’s Mineral Resources Committee (MRC) has recommended to award Globe Metals & Mining a licence for the Kanyika Niobium Project, following many years of negotiations and delays, the Australian firm confirms to Kallanish.

Once the mine becomes operational, the landlocked Southwest African country could become the fourth-largest producer of niobium after Brazil, Canada and Australia, according to Malawi mining ministry principal secretary Joseph Mkandawire.

Globe Metals & Mining identified niobium and tantalum deposits in 2007 at Kanyika, and has been undertaking exploration and resource development activities ever since.

Approximately 90% of niobium used is consumed as ferroniobium in steelmaking. The rest goes into a wide range of smaller-volume but higher-value applications, such as high-performance alloys (which include superalloys), carbides, superconductors, electronic components and functional ceramics, according to Globe.

Although the unit consumption is very small, niobium addition significantly increases steel strength, so less steel is required overall, which can reduce cost substantially, it adds.

“The consensus view is that the positive sentiment for steel production and demand bodes well for niobium demand and pricing,” Globe said in April.

The Kanyika operations will produce a pyrochlore mineral concentrate that contains both niobium and tantalum in commercially valuable volumes to be shipped to a refinery for advanced processing into high-purity materials. Production will amount to 1.5 million tonnes/year of ore to feed the process plant, which will produce 3,250 t/y of niobium and 120 t/y of tantalum.

The company anticipates that Japan, the EU, Russia and the Americas will be significant sales markets.

The mining and processing operations at Kenyika will require a total estimated capital cost in the range of $210-230 million, depending on the refinery location.

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