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The company has raised scrap purchase price by JPY 500/MT (USD 5).
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Indian domestic pellet market remained active with aggressive bookings taking place primarily from central and western India.
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China’s Jiangsu province, has lowered its procurement price for steel scrap again, clipping Yuan 30/tonne ($4.3/t) off buying prices for all grades effective from November 13 deliveries, the company announced on Wednesday morning.
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Imported HRC market in Vietnam has observed some deals being concluded last week. A confirmed trade deal heard of around 30,000-40,000 MT of HRC booked by a major Indian steelmaker. However, the deal price could not be confirmed at the time of reporting this article.
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Karnataka iron ore e-auction sales volume has rebounded for the month and registered an increase of 48% in Oct’19. Total iron ore allotted quantity was recorded at 2.82 MnT in Oct’19 compared to 1.91 MnT in Sept’19. This month sales stood the second-highest in this fiscal year after April’19 sales at 2.9 MnT.
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Vale has updated its iron ore and pellets sales guidance for 2019, keeping the lower end of the range at 307 million tonnes but reducing the upper end of its guide to 312 million tonnes from 332 million previously, according to its latest statement released on November 11 Brazilian time. The miner expects its sales for the current quarter ending December 31 to be in the 83-88 million tonnes range, the statement indicated.
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China-headquartered Dalian Commodity Exchange (DCE) is allowed to promote its iron ore futures in Singapore with the Recognized Market Operator (RMO) granted by the Monetary Authority of Singapore (MAS), a DCE official confirmed.
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Baoshan Iron & Steel (Baoshan Steel), the listed-arm of China Baowu Steel Group, has decided to roll over the list prices for carbon steel hot-rolled coils for domestic sales in December, according to its latest sharing via its official WeChat account on November 11.
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Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd, the two subsidiaries of Jingye Group, have signed an agreement with British Steel Limited or BSL (in liquidation) to acquire the latter’s business and assets, the UK company confirmed in press release on November 11.
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China’s Shagang Group, the country’s largest privately-owned steelmaker, has decided to lift all its long steel sales prices for the period of November 11-20, according to the company’s latest pricing policy released on Monday. The longs comprise rebar, wire rod and bar-in-coil.
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Maruti Suzuki and Toyota Tsusho Group announced setting up one-of-its-kind vehicle dismantling and recycling joint venture, Maruti Suzuki Toyotsu India Private Limited (MSTI). The joint venture named Maruti Suzuki Toyotsu India Pvt Ltd (MSTI) will have both the companies holding 50% share each, further strengthening the relationship between the two.
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Tata Steel, India reported two fold increase in export volumes to 0.64 MnT in Q2 FY20 against 0.31 MnT in previous quarter. The guidance for exports for this fiscal will be around 2.4 MnT.
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Singapore-based Singapore Exchange (SGX) and Dalian Commodity Exchange (DCE) headquartered in Dalian, Northeast China’s Liaoning province, formally reaffirmed their commitment to cooperation especially in iron ore derivatives via their renewing the Memorandum of Understanding (MOU) in Singapore on November 7, according to a SGX release on November 8.
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Steel market sources in and out of China are divided on the recent news that Jingye Group, a privately-owned rebar maker in North China’s Hebei province, is mulling to acquire British Steel, arguing possible new markets will also bring along a series of uncertainties.
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Shagang Group (Shagang), China’s largest electric arc furnace (EAF) steelmaker has raised its steel scrap procurement price by Yuan 80/tonne ($11.4/t) for the deliveries since November 7, according to the company’s latest pricing releasing on the same day, which is in tandem with the global scrap price strengthening.
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According to market sources report to SteelMint, the Indian pellet export market turned active in recent deals reported primarily to China.
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Nippon Steel, a major steel producing company of Japan is going to integrate and reorganise its different units into four steel works by 01 Apr’20. As per the press release issued by the Nippon Steel Corporation, the restructuring of these units is being carried out as a part of organisational and operational review.
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Indian iron ore exports have recorded sharp increase in Oct’19. The exports were witnessed at 1.74 MnT, up 53% M-o-M as against Sep’19 exports at 1.14 MnT. On yearly basis, the exports have depicted a significant rise as compared to Oct’18 at 0.42 MnT.
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A cave-in at around 5:00 am on Monday morning at the Dongrong No.2 underground coal mine in Shuangyashan city in Northeast China’s Heilongjiang province trapped seven miners, according to a report by Xinhua News Agency. Operations at the mine were halted immediately but as of early afternoon Monday, no news on the rescue effort had been reported.
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Note: Exchange rate in November 1US$=RMB 7.0382; Exchange rate in October 1US$=RMB 7.073; price excluding 13% VAT
