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News - 02 Oct, 2014
1. Chinese boron added steel exports surge causing pain worldwide - 02 Oct, 2014Top
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Increasing Chinese steelmakers put an eye on seaborne market as the demand in China steel industry is sluggish. In the first eight months, China cumulatively exported 56.83 million tonnes, soaring by 35.4% on year. The volume was far beyond marketers' expectations and the annualized shipments will hit new record high.

However, the increasing exports draw the attention from global steelmakers, which finally brings more anti dumping and anti-subsidiary cases against China. Those countries cited that China exporters enjoy the export rebate via adding boron to the steel products.

Industry analyst said that the New Normal in Chinese economy will continue. Newly-added capacity is still huge in spite of mergers and acquisitions and environment protections, export, in fact, can not bring big profit for steelmakers but can at least relieve the oversupply.

The analyst said that in 2013, China's crude steel production was actually 822 million tonnes, while the capacity was 1.12 billion tonnes at the end of year. The export is the only way to consume oversupply. Domestic market pushes steelmakers to find buyers worldwide.

Exporters add boron in products in order to be given rebate. Consequently, China suffers many trade suits. China Iron and Steel Association has involved in 3 anti dumping cases investigations etc.

Mr Xiang Chengxi, Deputy Secretary General of MCC said that "Many steelmakers add boron and then enjoy the lower export prices. Now steelmakers in other countries especially in Southeast Asian nations are pretty angry and call on Chinese central government to solve the issues."

Source -
China steel information centre and industry database

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2. Fangchenggang steel project construction have been completed - 02 Oct, 2014Top
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The 400,000 tonne iron ore terminal and 50,000 tonne scrap berth for the exclusive use for Fangchenggang steel project in China have been completed construction and put into trial operation on September 19.

The construction started in December 2010 and is expected to put additional 14.94 million tonnes of throughout capacity a year after completion.

Source -
China steel information centre and industry database

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3. Taiwan\'s wire rod prices may stay flat in October - 02 Oct, 2014Top
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Taiwan’s Yieh Hsing Enterprise and Feng Hsin Iron & Steel may keep their prices flat for October since Taiwan's China Steel Corporation has announced to hold its new electric furnace Al killed wire rod price unchanged.

Quintain Steel also kept its prices unchanged as Yieh Hsing and Feng Hsin will release new prices these days.

Recently, iron ore prices have fallen to around USD 80 per tonne and scrap prices also decreased. The scrap prices of US 80:20 containers to Taiwan dropped to about USD 320 per tonne CFR, dropping from USD 350 per tonne CFR.

CSC has already kept prices flat on its wire rod and its electric furnace Al-killed wire rod, participants pointed out it is most likely that Yieh Hsing and Feng Hsin will follow the suit.


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4. Iran ME exports over 100,000 tonnes of iron ore in one day - 02 Oct, 2014Top
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FNA reported that the foreign customers of Iran Mercantile Exchange purchased over 100,000 tonnes of Gol Gohar Iron Ore Company's products in a single working day.

The Iranian company, which offered 100,000 tonnes of Iron ore in the IME's exports hall with the base price of USD 29 per tonne, sold its offered products to foreign companies with better price of USD 34 per tonne.

The IME was established on September 20th 2007 in accordance with article 95 of the new law of the Securities Market of the Islamic Republic of Iran and following the merger of the agricultural and metal exchanges of Tehran. The merger marked a new chapter in Iran capital market providing endless trading opportunities for the clients in and out of the country.

Various sectors of economy and national industry benefit from the exchange operation. The IME currently offers various services, including:
1. Performing as the first market providing access to the initial offering of the listed commodities in the IME,
2. Price discovery and price making for Iran's Over the Counter (OTC), secondary markets and the end users,
3. Providing venue for government sales and procurement purchases,
4. Providing Trading platform and user interface,
5. Providing Clearing & Settlement services,
6. Risk management,
7. Technology services,
8. Training and education of the market participants.

Source - FNA

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5. Turkish steel import value up 7.3pct in August - 02 Oct, 2014Top
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According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute and the Turkish Undersecretariat of Customs, in the first eight months of this year the value of Turkey's iron and steel imports decreased by 3% compared to the same period of 2013, totaling USD 11.75 billion.

In the given period, the country's imports of articles of iron or steel amounted to USD 1.74 billion, down by 4.3% YoY. In the given period, iron and steel ranked third among the most imported products of the country in terms of value.

Meanwhile, in August this year, the value of Turkey's iron and steel imports totaled USD 1.41 billion, increasing 7.3% YoY and down by 2.8% compared to July this year. In the given month, iron and steel ranked in fourth place among the most imported products of the country in terms of value.

Meanwhile, in August Turkey's imports of articles of iron or steel, which ranked 16th among the products with the highest import value, were up 5.8 compared to August 2013 and increased by 13.7% MoM amounting to USD 229.79 million.

Source for more

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6. Turkish seamless steel pipe imports dip in July - 02 Oct, 2014Top
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According to data released by the Turkish Statistical Institute, the country’s imports of seamless steel pips totaled 11,974 tonnes in July, plunging by 47.96% from the same period of a year ago.

During the first seven months, imports of seamless pipe totaled 121,678 tonnes, dropping by 0.1% YoY. China was the largest seamless steel pipe exporter to Turkey with 69,697 tonnes; Ukraine was the second largest one with 14,641 tonnes.

In July, Turkey’s import values generated by seamless steel pipe were USD 22.48 million, dropping by 23.98% compared to the same months a year earlier.


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7. Healthy auto sales in September portends robust HR market in Q3 - 02 Oct, 2014Top
Indian steel consumption is poised for rise with significant pick up in auto sales and expected growth in demand from infrastructure projects in the pipeline. It is estimated that of steel demand will grow by 3 per cent growth this year shaking the morass of near no growth last and mere 0.3% growth in the April-August 2014.

Indian auto industry is continuing on the revival mode, with major car makers including Maruti Suzuki, Hyundai, Honda, Toyota and M&M today reported good domestic sales growth in September ahead of the festive season. The overall wholesale dispatches for September grew 7% compared to same month last year, as per the data released by the top 9 car manufacturers.

It is learnt that domestic mills in October have reduced price levels by Rs 500-750 a tonne for the current month to keep up with the import pressure and slack demand.

HR 2.5mm

Change is in INR per tonne

Given the trend come November post festival season HR price are certain to see upswing by the domestic mills with pick up in demand from auto, infrastructure and construction sector despite import pressure because most the imports would be affecting the market near the ports but consumption centres in the hinterland will not be much impacted.

Source – Steel Guru’s Market Intelligence Services PS14
Visit to know more about the services

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8. NMDC expect 3 million tonne steel plant in Chhattisgarh by 2016 - 02 Oct, 2014Top
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It is reported that NMDC expects to commission its 3 million tonne capacity steel plant at Nagarnar in Chhattisgarh by the end of 2016.

Speaking on the sidelines of the company’s 56th annual general meeting in Hyderabad, NMDC chairman Mr Nare-ndra Kothari said that “As per contractual agreement, the steel plant is expected to come up in financial year 2016-17 and will be commissioned by the end of 2016.”

The integrated greenfield steel plant with a capacity of 3 million tonnes per annum will reach its full production capacity in 3 years.

Mr Kothari said that “Normally to attain the full capacity of a plant, it requires three years. In the first year, the plant is operated at 60% to 75% capacity, 75% to 80% in the second year and the full production capacity will be attained in its third year.”

He said that “The company’s ambitious steel plant project is in full swing. All the nine major technological packages have been awarded, while civil work, structural erection and equipment erection work are progressing at site.”

Source -

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9. Monnet Ispat & Energy faces INR 250 crore on coal block allocation - 02 Oct, 2014Top
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Monnet Ispat & Energy said that it will have to bear a liability of INR 235 to INR 250 crore following the Supreme Court's judgement on coal block allocation.

The Supreme Court had earlier quashed allocation of 214 out of 218 coal blocks alloted to various companies since 1993.

The Court has imposed penalty by way of additional levy of INR 295 per metric tonne on the coal extracted so far and the coal that will be mined till transfer of ownership to CIL till about March 31st 2015. This will translate into an estimated liability of around INR 235 crore to INR 250 crore towards coal extracted/to be extracted to be payable over a period of 3 months.

Monnet Ispat & Energy said that the company will take a hit on the operating margins to the extent of margin saved by it from the captive coal blocks vis-a-vis had the coal been obtained from outside.

The company said that "However, at the moment it would be difficult for us to assess erosion in the profitability of the company as the same would depend on actual coal to be obtained from the outside sources, fresh linkages or allotments in future."

It said that it was still assessing the impact of the judgement, adding that the estimation of impact is not simple since the total impact will depend on numerous outside factors that will emerge in future which are beyond the control of the company.

It added that it had a coal block at Milupara, Raigarh that was in operation since 2004 for captive consumption for company's Raigarh operations also compromising of 1.5 million tonnes integrated steel plant.

So, far the company has extracted approximately 8 million tonnes of coal.

Source – PTI

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10. 7 steel companies based in eastern Ukraine halt operations-Report - 02 Oct, 2014Top
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According to Ukrainian state run company Derzhzovnishinform, due to problems with deliveries of raw materials, seven mining metallurgical companies based in the east of Ukraine have halted their operations.

The companies in question are Yenakievo, Alchevsk, Makeevka and Donetsk Iron and Steel Works, Stakhanov Ferroalloy Plant, Donetsk Electrometallurgical Plant and Electrostal.

This halting of operations endangers foreign contracts. Because of the military activity in Donbass, Ukraine has already lost 1.2 million tonnes of coal. Now the country plans to purchase 1 million tonnes of coal from South Africa. The agreement has been signed and the coal is expected to be delivered by the end of this year. In addition, Ukraine will also buy Russian coal.

Source for more

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11. US Steel plant in Fairfield has had 14 serious safety violations since 2002 - 02 Oct, 2014Top
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WBRC reported that an explosion at the Fairfield Works US Steel plant has left many wondering what happened and if it could have been prevented.

A third worker injured in the recent explosion remains in critical condition tonight. The blast at the Fairfield plant injured two other workers who have since died, as the investigation of the incident continues.

Safety inspectors were on the scene after the explosion and an Occupational Health and Safety Administration investigation continues. We recently requested safety inspections and citations for US Steel for the past 12 years.

Those records included 21 OSHA violations at the Fairfield works plant since 2002, 14 of which were serious. The company was given maintenance, safeguards and operational features citations.

One citation said that the company failed to provide an environment safe from burns. Another violation lists holes in the floor or walls where an employee could be injured.

In 2002, US Steel paid a penalty settlement of USD 27,000 for serious violations. As for this most recent explosion, the investigation continues. OSHA has six months from the date of the incident to issue a citation or penalty.

Source - WBRC

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Price Index - MEA
  May-08 May-01
MLPPI 4684 4684 Same
MFPPI 4968 4968 Same
MEASPI 4770 4770 Same
Currency Rates
02 Oct, 2014
USD 1.0000
AUD 1.1356
BRL 2.4848
CAD 1.1087
CNY 6.1391
EUR 0.7900
GBP 0.6161
INR 61.6499
JPY 108.7224
RUB 39.6443
ZAR 11.2210