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Indian mills may need to bring down prices for European buyers to make their exports viable and match competition.
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Rio Tinto’s iron ore sales from Chinese ports reached a cumulative total of 10 million tonnes recently after the company had established a subsidiary in China in June 2019 to undertake portside business including Yuan-priced trading of iron ore, plus blending and screening, the company shared on its WeChat platform on June 24.
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Japan’s largest automaker, Toyota Motor, has informed its auto components suppliers that it will keep domestic vehicle production at above 13,500 units/day during July-September, Mysteel Global has learned.
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Nippon Steel Stainless Steel Corp (NSSC), Japan’s largest stainless producer, has decided to raise domestic list prices of its 300-series and 400-series wire rod by Yen 20,000-25,000/tonne ($180-225/t) for June-August sales mainly to reflect higher alloy costs, a company official confirmed on June 24.
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The new iron ore lessees in Odisha who are operating mines that were auctioned last year are failing to maintain required ore dispatch volumes resulting in stockpiling of minerals at mine leaseholds, state government sources intimated SteelMint.
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Iron ore-producing states of Odisha and Chhattisgarh are under pressure from pellet and sponge iron manufactures in their respective states to implement pre-emption provisions.
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China Steel Corp (CSC), Taiwan’s top steel producer and a major carbon steel exporter to Japan, is negotiating with the Japanese buyers on possible price increases for August-October shipments, with the maximum rise possibly at Yen 40,000/tonne ($363/t), mainly to match the export prices to other countries and to reflect higher production costs and limited availability, a CSC official in Osaka shared on June 22.
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The controversial auto contracts for Apr-Sept ’21, which should have been finalised at the beginning of the current fiscal, are still hanging fire with steel mills and auto Original Equipment Manufacturers (OEMs) continuing to be at the negotiating table. The mills had sought INR 10,000-11,000/t increase in their offers to the auto makers for the first quarter on a pro rata basis.
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Kyoei Steel, Japan’s largest rebar producer, will keep its rebar base prices charged by all its four plants across Japan at Yen 90,000/tonne ($820/t) for July domestic sales, the Osaka headquartered mini-mill announced on June 21.
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Japan’s domestic prices of H2 grade scrap rose for the second week over June 14-18, climbing by Yen 500-1,000/tonne ($4.5-9/t) on week, a trend which market sources foresee continuing due to the tight supplies. Last week in Japan’s most representative ferrous scrap market, the Kanto Plain region around Tokyo, Japanese mini-mills as of June 18 were paying Yen 49,000-50,000/t for H2 grade, up Yen 1,000/t on week.
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Aichi Steel, one of Japan’s largest specialty steel producers, is adding Yen 10,000/tonne ($91/t) to prices of its special steel products including structural steel, spring steel, bearing and tool steel for July sales to offset some of its higher input costs for scrap, a company official confirmed on June 18.
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China Steel Corp (CSC), Taiwan’s top integrated steel producer, posted a recovery in its carbon steel sales in May from a short-lived decrease in April, with the tonnage up 2.4% on month and 12.6% higher on year to 822,458 tonnes, mainly due to the robust demand in and out of Taiwan, a company official confirmed on Friday.
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Nippon Steel, Japan’s largest integrated steelmaker, has decided to add Yen 15,000/tonne ($136/t) to its tinplate price for domestic sales in July, taking into account higher input costs and supply tightness of base feeds, a company official confirmed on June 17, and this is the first increment for the very product since Nippon Steel’s previous increase by Yen 10,000/t in October 2019, sources shared.
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Government-owned miner NMDC’s long-term iron ore export contracts with Japanese steel mills (JSMs) and South Korea’s POSCO will not be renewed, SteelMint has learnt from reliable market sources.
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Osaka Steel, Japan’s largest steel section producer and a subsidiary of Nippon steel, has decided to add Yen 3,000/tonne ($27/t) to its section list prices for July domestic sales, making it the second consecutive month hike for the steel mill to partially offset rising input costs, a company official confirmed on June 17.
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Steel scrap collectors, dealers and users in East China are waiting to see what impact production cuts begun Tuesday by three major electric-arc-furnace (EAF) steel mills in Zhejiang province might have on scrap prices. Observers sampled by Mysteel Global Wednesday foresaw little effect, however.
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China Steel Corp (CSC), the largest steel mill in Taiwan, announced to keep its flat steel list prices unchanged on month for its monthly pricing policy for July but raise its third-quarter list prices by TWD 2,000-2,900/tonne ($72-105/t) on quarter to reflect rising raw material costs and to narrow the gap with the global steel prices, the steel mills shared in its pricing policy release on June 15.
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Japan’s domestic spot H-beam prices has been up for the tenth week by another Yen 2,000/tonne ($18/t) on week, as the domestic producers have raised their list prices on the recovery in scrap prices, and this may continue in the near term, market sources shared on June 16.
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Tokyo Steel Manufacturing, Japan’s leading electric-arc furnace producer, will add Yen 5,000/tonne ($45/t) onto its plate list price for July domestic sales but keeping the other carbon finished steel prices unchanged on month, giving the spot market more time to digest the earlier price increments, according to a company announcement on June 15.
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Over June 7-11, Japan’s domestically-generated H2 grade scrap prices rebounded from the softening since the fourth week of May, up Yen 500-1,000/tonne ($4.5-9/t) on week for both domestic sales and exports, or having recovered the decline at Yen 2,000-3,000/t in the prior two weeks, and the Japanese traders appeared optimistic on further price gains especially with the solid demand from the domestic steel mills.
