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…Details
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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,…Details
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…Details
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…Details
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…Details
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…Details
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…Details
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…Details
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…Details
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…Details
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…Details
Primetals Technologies receives FAC for automation upgrades at Gerdau Ouro Branco and conducts Industry 4.0 study
In late March, Primetals Technologies received the Final Acceptance Certificates (FACs) for automation upgrades conducted on a third-party 6-strand billet caster and two blast furnaces of Gerdau Ouro Branco in Minas Gerais, Brazil. The caster project included the upgrade of outdated level 1 and level 2 systems, resulting in quality improvements, reduced maintenance requirements and…Details