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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, raised its steel scrap procurement price by Yuan 50/tonne ($7.1/t) effective July 12, or the second rise by Yuan 50/t after June 24, on noting lower deliveries to its steelworks when the other Chinese steel mills have all maintained stable production in general, market sources commented on Monday.
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Shagang Group, China’s largest long steel producer, announced on July 11 to roll over its long steel list prices for sales over July 11-20, or the third time of no change in a row for its ten-day sales, despite the moderate price recovery in the domestic spot market recently.
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Nippon Steel Stainless Steel Corp (NSSC), Japan’s largest stainless producer, has kept its July domestic prices of 300- and 400-series products unchanged for distributors, which has delivered little relief to the distributors, as they have been struggling to transfer the previous price hikes by producers to the end-users yet amid the sluggish domestic demand.
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Tata Steel reported a 37% q-o-q drop and a 34% y-o-y drop in output at its Indian operations to 2.99mn t in Q1 FY’21.
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Ferrexpo plc, third largest exporter of pellet in the global market has released its Q2 CY20 results yesterday. The company recorded pellet production at 2.9 mn t in Q2 CY20, up 5% as compared to 2.7 mn t in Q1 CY20.
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Note:
a) All prices are originated from Baosteel.
b) Exchange rate in July $1=Yuan 7.031; Exchange rate in June 1US$=RMB 7.1167; price excluding 13% VAT.
c) “N/A” means Baosteel did not release price of the corresponding specification.
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Global scrap market witnessed a mixed trend this week. Turkish buyers resumed buying earlier in the week, with prices in downtrend since the last two weeks, however inching up again later in the week. Offers to South Asian markets too remained firm for the most part of the week and showed slight uptick by week-closing. Japan's export and domestic prices continued to move down for another week, while China's domestic scrap prices inched up.
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Manganese Ore India Ltd (MOIL), the largest manganese ore producer in India, reduced prices by up to 15% with effect from 1 July for the July-Sept quarter.
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Jindal Steel & Power has sold off its Oman-based steel mill Jindal Shadeed to one of JSPL’s promoter firms, Mauritius-based Templar Investments, for $1 bn as part of its efforts to reduce debt.
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India, world’s second-largest steel producer, is planning a multi-pronged approach to slash the significant cost of logistics that is eroding the metal’s global competitiveness, Minister of State for Steel Faggan Singh Kulaste said on Wednesday.
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Vale, the world’s top iron ore miner, has reiterated that its iron ore fines production guidance for 2020 remains at 310-330 million tonnes, according to a post on the website of the China Iron and Steel Association (CISA) on July 1.
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China HRC export offer move up post festive holidays-
Nation's steel manufacturers increased their HRC export offers by $5/t post the Dragon Boat Festival. Current offer stands at $445-450/t FOB China, as against $440-445/t FOB basis at the end of the previous week.
On the other hand, domestic HRC prices declined by
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Tata Steel conducted investor conference call today for FY20, key highlights of the same are mentioned below:
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Yieh United Steel Corp (Yusco), Taiwan’s largest stainless producer, has decided to raise its list prices for 300-series hot-rolled and cold-rolled stainless coils for a third consecutive month, lifting these by another TWD 1,000/tonne ($34/t) for local sales in July to reflect higher production costs, a company official confirmed on Tuesday.
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This week imported HRC offers for Vietnam from major exporting nations remained largely stable owing to lower buying interest from importers based in Vietnam. Enough inventory with the traders amid decent import bookings and domestic procurement in the past few weeks have also kept the buyers at the side-lines.
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China Baowu Steel Group (Baowu) and BHP concluded the first blockchain iron ore deal valuing around $14 million as a trial recently, according to a BHP release on June 29.
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This week, sizeable billet volumes were reported to be traded in the global billet market. However, billet export offers of all the major billet exporting nations witnessed a marginal drop. Where demand from China was slow amid ongoing dragon festival; 25-27 Jun’20, while the Middle-East region was reported to book sizeable billet cargoes, SE Asia was also noted had booked decent billet volumes. China’s sedentariness has accommodated enough space to the other importing markets like SE Asia for negotiation.
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Guangxi Liuzhou Iron & Steel Group (Liugang), headquartered in Liuzhou city, Southwest China’s Guangxi Zhuang Autonomous Region, commissioned the first phase of its two-phase greenfield steelworks on June 28 in Fangchenggang, a coastal city in Guangxi, according to a video of the commissioning ceremony posted by the company on the same day.
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Japan’s ferrous scrap prices for both domestic sales and exports have been into a nosedive since late last week, down $14-31/tonne on week with the slower loading for exports and smoother scrap deliveries to the domestic mills, and this may last for the next few weeks, according to the traders in Tokyo and Nagoya.
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After more than two years of preparation, Taiyuan Iron & Steel (Group) Co (TISCO), China’s leading stainless steel producer based in Taiyuan in North China’s Shanxi province, has decided to abandon its acquisition of Linyi Xinhai New Materials Co (Xinhai), China’s largest ferronickel producer, according to details revealed at a roadshow held by TISCO on June 24.
