Economic Times reported that Jindal Steel & Power Ltd MD Mr VR Sharma in an interview with ETNOW, while replying to a question “How much of your debt is coming up for maturing in FY20? What exactly is your plan to service the same?” said that “Debt is a financial mechanism. No industry will survive…Details
China's Dalian iron ore futures rose for a third session on Wednesday, boosted by falling shipments from big miners and hopes of further economic stimulus by the country, after it scrapped restrictions on two major inbound investment schemes. The most actively trade iron ore futures contract on the Dalian Commodity Exchange, for January 2020 delivery,…Details
GLOBAL LITHIUM WRAP: Chinese battery-grade lithium hydroxide prices soften on ample supply, weak demand ahead of holiday
Spot prices for battery-grade lithium hydroxide in China were down this week due to ample availability of the material and a lack of significant demand ahead of national holidays in the country to mark the Mid-Autumn Festival (September 13-15). Battery-grade lithium hydroxide prices across other global regions were similarly down, with participants citing wide availability…Details
Reuters reported that proceeds from a potential sale of Thyssenkrupp’s elevator division must stay with the group. A leading labor representative rejecting the idea of a special dividend for shareholders said that “We won’t let that happen. The steel unit needs sufficient funds just like the other business areas.” His remarks come a day after…Details
Sentiment in the European market for hot-rolled coil (HRC) has been gloomy in the week ended Thursday September 12 due to low demand, sources told Fastmarkets. While domestic prices have been relatively stable over the past week, buyers have been targeting lower prices and they expected the mills to slightly decrease their prices in the…Details
A global leader in special long steel SCHMOLZ + BICKENBACH lowered its earnings forecast for the 2019 financial year on the basis of the preliminary figures for the first eight months of 2019 available at the end of August. The company is now forecasting adjusted EBITDA of between EUR 70 million and EUR 100 million.…Details
Chinese iron ore futures rose for a second day on Tuesday on expectations the country will enact more economic stimulus measures that would boost steel demand in the world's largest consumer of the metal. The country plans to create favourable conditions for private Chinese companies and to improve the competitiveness of its manufacturing sector, as…Details
The proposal by Hong Kong Exchanges & Clearing Ltd (HKEX) to buy the London Stock Exchange Group (LSEG) has raised a number of questions among metals market participants, most of whom are skeptical that the deal will go through during a time of political upheaval. HKEX’s £29.6-billion ($36.5-billion) proposal to acquire the LSEG was announced on…Details
JSW Steel has recorded a 13% drop in crude steel production in August 2019. JSW Steel informed BSE that crude steel production for August 2019 was at 1.25 million tonnes as compared to 1.45 million tonnes in the same period last year. Production of flat rolled products saw a decline of 13 per cent to…Details
SHANGHAI, Sep 12 (SMM) – Production of stainless steel in China grew in August for a second straight month, rising 2.93% from July to 2.6 million mt, showed an SMM survey.August’s output was 18.03% higher than the corresponding month of 2018.#300-series accounted for 1.23 million mt, up 5.13% from a month ago and 8.01% from…Details
The three-month nickel price on the London Metal Exchange was lower at the close of trading on Thursday September 12, while considerable tightness in the metal’s forward spreads prompted market questions of prospective deliveries into LME warehouses to ease trading conditions. Despite moderately low volumes at just over 6,000 lots exchanged by the close, nickel’s…Details
Reuters reported that Nippon Steel Corp said that one of two basic-oxygen furnaces at Kimitsu Steel Works in Chiba prefecture east of Tokyo had halted operations since Monday after a chimney that discharges gas collapsed due to a typhoon. A spokeswoman at Nippon Steel said that “We are still investigating the damage and we don’t…Details
U.S. Steel warned the state of Indiana its "indefinite idling" of East Chicago Tin because of an abrupt decline in the tin can business will displace 307 workers, though the steelmaker said the total number of layoffs will more likely total around 150. Pittsburgh-based U.S. Steel said it hopes to transfer more than 150 displaced…Details
IRON ORE DAILY: Seaborne prices close in on $100/tonne amid rush to build inventories ahead of National Day holiday in China
Seaborne iron ore prices surged on Thursday September 12 amid support from Chinese steelmakers stocking up ahead of the week-long National Day holiday at the start of October. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $99.30 per tonne, up $4.64 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $99.69 per tonne, up $4.64 per…Details
Economic Times reported that JSW Steel chairman Mr Sajjan Jindal said his company will approach a higher court to seek immunity against claims arising from alleged money laundering frauds at Bhushan Power and Steel. He told ET “We want a neat and clean company, and we don’t want any confusion. We as a resolution applicant…Details
At a time when exports are battling a global slowdown, the latest restriction on steel product imports will add to the woes of India’s engineering goods exporters, said the Engineering Export Promotion Council (EEPC). Steel is raw material for engineering goods companies. In a letter to Union Commerce and Industry Minister Piyush Goyal, EEPC Chairman…Details
China’s rebar prices were unchanged in both domestic and export market on Thursday September 12 amid thin trading. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($513-517) per tonne, unchanged Northern China (Beijing): 3,620-3,650 yuan per tonne, unchanged Buyers from the construction sector had stocked up on materials in the past three days, ahead of a public…Details
Mariupol Ilyich Iron and Steel Works has successfully passed the supervisory audit for the compliance with ISO 9001:2015 and DSTU ISO 9001:2015.
The audit has been carried out by TÜV SÜD specialists.
Following the inspection the specialists recommended prolonging the company certificates for 1 year. (Ukrainian metal)
In January-August Ukraine exported 1.6 million tons of pig iron, down by 25.8% YoY, valued at $507.9 million tons, down by 34.8%. The decrease could be attributed to the limitation of pig iron exports to the US and the drop in prices. While in January-August 2018 Ukraine shipped 1.266 million tons of pig iron to…Details
Orel Steel Works is carrying out a program to increase exports. The program will run until 2023 and presupposes increase of export volumes and geography of sales in stages. Official representatives are also expected to be created. In January-August the company exported 2.6 thousand tons of metal, up almost 2-fold YoY. The company started exporting…Details
In January-July Russia exported 24.836 million tons of ferrous metals, down by 9.5% YoY. Not counting pig iron, ferroalloys, wastes and scrap, exports totaled 16.292 million tons, down by 8.9%. Sales of carbon steel semi-finished products decreased by 7.6%, to 8.764 million tons, and of carbon steel rounds – by 12.9%, to 4.157 million tons.…Details
In January-June the capacity of the cold-rolled metal market in Russia totaled 1.8 million tons. Of them NLMK accounted for 0.55 million tons, or 30.3%. In 2019 the market is expected to reach 3.595 million tons. NLMK is developing its business in the segment. In particularly, it is mastering the manufacture of cold-rolled metal with…Details
In January-August Chukotka Autonomous District produced 16.21 tons of gold, down by 1% YoY.
In particular, 14.43 tons of ore gold and 1.78 tons of alluvial gold were obtained.
Silver output remained almost unchanged at 74.91 tons.
Ore gold is mined by 5 companies in the region and alluvial gold by 7 companies. (Ukrainian metal)
Magnitogorsk Iron and Steel Works (MMK), as part of its environmental program, has begun reconstruction of the gas outlet at the sinter plant No. 3. This will significantly reduce the plant’s anthropogenic impact on the environment. The project’s investment will amount to 190 million rubles. The reconstruction project will replace the duct, which connects the…Details