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…
The domestic price for Brazilian steel rebar dropped for the fourth consecutive month in September, with apparent long steel consumption faltering, smaller producers increasing the discounts granted to customers, and ferrous scrap costs holding steady. Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, monthly, delivered Brazil, was 2,125-2,300 Reais ($519-561) per tonne on September…
India’s Directorate General of Foreign Trade announced that import policy for 215 items has been revised from free to free subject to compulsory registration under SIM making it mandatory for traders to register themselves with Steel Import Monitoring System to import these steel products under Chapter 72, 73 and 86 of ITC HS. The Steel…
Iron ore futures in China rose to a 3-1/2-week high on Wednesday, fuelled by hopes of stable demand as anti-pollution curbs in top steelmaking cities ahead of the National Day holiday were more lenient than expected. The most-traded iron ore futures contract on the Dalian Commodity Exchange for January 2020 delivery rose as much as…
Seaborne iron ore prices continued to correct below the $90-per-tonne-cfr mark on Friday September 6 amid futures losses and thin physical trading. 62% Fe fines, cfr Qingdao: $89.05 per tonne, down $1.13 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $89.44 per tonne, down $1.13 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.80 per tonne, down…
JSW Steel announced that National Company Law Tribunal has approved the Resolution Plan submitted by JSW Steel Limited in respect of the corporate insolvency resolution process of Bhushan Power and Steel Limited. 2 member NCLT bench, headed by its president MM Kumar, said in its 138-page order that the resolution plan of JSW, H1 resolution…