As per a report in Times of India, Rashtriya Ispat Nigam Ltd has adopted barter system to pay its vendors. A ferroalloys supplier to RINL VSP said that “The delay in payment started earlier this year, when bills that we had submitted for ferroalloys we supplied to VSP were delayed by several months, adding to…
Prices of austenitic alloy steel scrap in the UK domestic market were stable this week at last week’s closing level amid relatively stable nickel prices, sources told Fastmarkets on Friday September 6. A surge in the nickel contract on the London Metal Exchange on August 30 of 9.6% day on day resulted in higher scrap…
Philippines largest steelmaker, SteelAsia Manufacturing Corp has signed a memorandum of understanding with China’s HBIS Group Limited for their first integrated iron and steel facility in Lemery, Batangas. The two steel companies inked their deal here Friday during the Philippine-China Business Forum, a side event of President Rodrigo Duterte’s visit to China. Under the MOU,…
Flat steel prices in the Brazilian domestic market have fallen in early September, with sellers granting discounts on large batches of inventory material, sources have told Fastmarkets. Fastmarkets’ price assessment for steel hot-rolled coil, domestic, monthly, exw Brazil, was 2,250-2,470 Reais ($549-603) per tonne on Friday September 6, down from 2,470-2,517 Reais per tonne a…
Reuters, citing three people familiar with the matter, reported that Finland’s Kone is considering teaming up with a private equity partner to bid for Thyssenkrupp’s elevator business. Source of information
Global ferrous scrap prices plunged worldwide over the week ended Friday September 6, with buyers expecting more price falls in the near term after key Turkish mills bought cargoes at prices lower than the latest previous transactions. Key buyers in Turkey, Vietnam and South Korea were looking for bargains and bought cheap imported cargoes, but…
According to Hebei Metallurgical Industry Association, the steel purchasing managers’ index for China’s Hebei province fell 0.4 basis points in August 2019 from the previous month to 47 points, the fourth consecutive monthly drop, indicating the underlying softness of China’s steel market. The sub-index for new orders in August dropped by 3.6 basis points on…
Just when investors were cheering the U.S.-China agreement to conduct trade talks in early October, the U.S. Commerce Department announced duties on Chinese and Mexican structural steel . The Trump administration has levied duties of up to 141% on Chinese structural steel and up to 31% on Mexican structural steel. Based on these rates, the…