Base metals prices on the Shanghai Futures Exchange were on divergent paths during morning trading on Monday September 16, with risk aversion among investors heightening following an attack on Saudi Arabian oil facilities over the weekend. News on Saturday of a drone attack on Saudi Arabian state-owned oil producer Saudi Aramco’s oil production facilities at…
Bloomberg reported that JSW Steel is looking outward as the slowest economic expansion in six years cuts demand in India and puts pressure on margins. Joint Managing Director Seshagiri Rao in an interview said that JSW Steel expects to exceed its export target of 2.2 million tonnes to 2.4 million tonnes for the fiscal year…
A plunge in ferrous scrap prices and a negative trend in most global steel markets resulted in falling billet prices in almost all regions during the week ended Friday September 13. Prices in the Commonwealth of Independent States fell due to lower bids in buying outlets such as Turkey, the Middle East and Egypt. In…
Mint reported that lenders to Bhushan Power and Steel Ltd have held talks with JSW Steel Ltd, which had won the stressed steel mill bid under the insolvency code, as the acquirer is not entirely happy with the takeover terms cleared by the bankruptcy court. Source of information
The pellet segment of the seaborne iron ore market is starting to show signs of moving from annual contracts to shorter-term ones. The recent drop in iron ore prices amid improvements in Brazilian and Australian supply and a weak global steel market have led to buyers renegotiating the premium they had agreed with Brazil’s Vale…
NWI Times reported that anew president has been named at Gary based Chemcoaters. It hired Mr Connor McMenamin, who most recently headed up Tata Steel’s operations in Mexico. He also worked in sales and account management for India based multinational steelmaker. A University of Illinois alumnus, McManamin is fluent in Spanish, Portuguese, Arabic and French.…
Indian domestic secondary billet prices rose by 300 rupees ($4) per tonne week-over-week in the seven days ended Friday September 13, on the rising costs of finished long steel products and tight supply of semi-finished materials. The price of steel billet domestic, ex-works India, assessed by Fastmarkets on September 13, was up by 300 rupees…
Western Superconducting Technologies Co Ltd in Xian in Shaanxi Province of China has successfully put into service a 63/80-MN two-column high-speed push-down open-die forging press supplied by SMS group. The supply also included two integrated railbound 25-ton manipulators and a mobile eight-ton loading and unloading manipulator. The Chinese company is now able to flexibly manufacture…