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TATA Metaliks Limited (TML) one of the largest foundry grade pig iron manufacturers in eastern India, has shut down its operations w.e.f. 28th Mar'20.
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Note:
a) All prices are originated from Baosteel.
b) Exchange rate in March $1=Yuan 7.0447; Exchange rate in February 1US$=RMB 6.9863; price excluding 13% VAT.
c) “N/A” means Baosteel did not release price of the corresponding specification.
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As per recent release by BSE filings, company highlighted that the manufacturing operations in all of our locations have since been either scaled down or suspended (in certain locations).
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Several global steelmakers have recently halted or announced their intention to halt production at plants in regions that have been severely impacted by the deadly coronavirus disease COVID-19, Mysteel Global noted.
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Glencore, a multinational energy and mineral producer, has been forced to join many other mining companies to idle its nonferrous and coal operations in several countries to cooperate with the respective countries’ efforts in containing the COVID-19, according to a company release on the afternoon of March 26 Central European Timezone.
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Following lockdown and with recent orders from collector, Odisha's iron ore dispatches are likely to be stopped starting 24 Mar'20 midnight, SteelMint learned from its sources.
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Nanjing Iron and Steel Co (Nangang), one of the few Chinese steel mills to have released its 2019 performance reports so far, posted a 35% year-on-year decline in net profit despite a 9.2% annual rise in steel output, mainly because of the surging raw materials prices while declines in finished steel prices last year, according to its release on March 25.
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Imposition of lock down to prevent the spread of COVID-19 has weighed down market sentiments in Indian steel industry. Below listed are the impacts seen -
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Indian HRC export offers to Vietnam declined further by USD 10- 15/MT as traders are short selling the material and trying to conclude deals at USD 435-440/MT CFR basis, shared by Vietnam sources. Last week traders heard short selling Indian HRC at USD 450/MT, CFR for end April -May shipments.
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Global ferrous scrap market witnessed a downward trend for most of the major markets this week after a huge fall was witnessed in the Turkish import prices in its latest bulk booking, also inducing a free-fall in the offers to Asian markets also. Container bookings to South Asia remained slow while Bangladesh booked 2 more Bulk cargoes. China's Shagang Steel and Japan's Tokyo Steel kept their bids unchanged while Japanese Kansai Tender's winning bid dropped by USD 9.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, says its carbon steel sales for February reversed up after January’s decline to hit a 15-month high of 952,499 tonnes, mainly thanks to improved demand after the Chinese New Year holiday, according to the company’s latest monthly report.
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Shagang Group in East China’s Jiangsu province has raised its long steel list prices by Yuan 50-70/tonne ($7-10/t) for domestic sales over March 21-31, according to the latest company release on March 21, which reflected the further recovery in China’s domestic steel demand and the contraction in the traders’ finished steel stocks, Mysteel Global noted.
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Indian origin HRC export offers to Vietnam witnessed a sharp decline of USD 10-15/MT this week, SteelMint learned from its authentic sources. Indian HRC offers from traders were reported at USD 450/MT CFR Vietnam for end April-mid May shipments. However, no major bookings have been reported yet. Increasing fears of the spread of COVID-19 resulted in pessimistic sentiments. Also, depreciation of USD against INR is another factor that has resulted a sharp fall in HRC export offers. INR is trading at 75.07 against USD versus 71.6 a month back.
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Xuzhou city in East China’s Jiangsu province has vowed to cut its total steel capacity by 30% and integrate 18 local steel mills into three steel groups within this year, on request of the provincial government, according to a government announcement on March 19. Xuzhou is attempting to reduce polluting industrial capacity as well as improve industrial concentration, Mysteel Global understands.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, has decided to lower its domestic list prices of its major steel products for sales in May, as demand from steel users is expected to be affected by the spread of COVIS-19 worldwide, a company official confirmed on Friday.
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Union Minister of Steel Shri Dharmendra Pradhan informed that SAIL will start commence its operations for exports from Paradip Port. He also said that the number of containerized shipments has increased for catering to smaller sized export orders.
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Exports of some Chinese steel mills surged in January-February as they shifted their business strategy to focus on selling abroad while domestic demand was stalled, Mysteel Global learnt from related company releases recently.
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Chinese HRC export offers decline as importers turn bearish
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JSW Steel- India's one of the largest private steel maker total iron ore sourcing recorded at 1.77 MnT in Feb’20. The sourcing witnessed marginal drop M-o-M as against 1.79 MnT in Jan’20. On yearly basis, sourcing dropped by 38% in Feb'20 as against 2.85 MnT in Feb’19.
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Imported scrap trades to Vietnam picked up last week, with a few major bookings being reported from Japan, even as high currency exchange rate last week moved prices upwards.
