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…
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…