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Shagang Group, China’s largest private steel producer in East China’s Jiangsu province, has revised its steelmaking facility upgrading plan by adding a 90-tonne electrical arc furnace (EAF) to be scrapped in exchange for a 130-t EAF in the latest notice for public review over December 12-18, an official from the Industry and Information Technology Department of Jiangsu (Jiangsu IITD) confirmed on Thursday.
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The tepid steel demand trend for almost over a year seems to have taken a toll on various steel manufacturers globally and one such manufacturer is Japanese steel mill, Nippon Steel. As per the market sources, the company may shut more blast furnaces as part of its plans to reduce domestic facilities to cut costs and also amid increased fear of plunge in profits.
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Baoshan Iron & Steel (Baoshan Steel), the listed-arm of China Baowu Steel Group, decided to raise its list prices for carbon steel hot-rolled coil (HRC) by Yuan 200/tonne ($28.4/t) for China’s domestic sales in January, according to the company’s sharing on its WeChat account on December 11, despite that January is usually a cold month when China’s steel demand tends to weaken.
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Shagang Group, China’s largest private steel producer based in East China’s Jiangsu province, will roll over its rebar list price for sales over December 11-20, the mill announced on Wednesday. The steelmaker wants to firmly support the price, despite the recent weakness in the domestic market, a Shagang official explained to Mysteel Global.
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Imported HRC trades turned weak on high offers from major exporting nations. Few market participants in India shared that, Indian steel mills have raised HRC export offers to Vietnam at USD 480/MT CFR Vietnam for Jan-Feb deliveries in order to test the market.
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According to data maintained with SteelMint, Indian pellet export volumes in Nov'19 recorded at 1.17 MnT, up 33% on a monthly basis as against 0.89 MnT a month ago. However, on yearly basis, pellet exports increased by 13% as compared to 1.04 MnT in Nov’18.
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Hebei Jinxi Iron & Steel Group (Jinxi), China’s leading section steel producer headquartered in Beijing, has secured another 1.35 million tonnes/year steel capacity for its final location to the Fangchenggang city, Southwest China’s Guangxi with a 10 million t/y greenfield steelworks, a company official confirmed on December 5.
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Indian iron ore exports have recorded sharp increase in Nov '19. The exports witnessed at 2.29 MnT, up 32% M-o-M as against Oct’19 exports at 1.74 MnT. On yearly basis, the exports have depicted a significant rise as compared to Nov’18 exports at 0.83 MnT.
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Rizhao Steel Holding Group Co, a privately-owned steel producer in East China’s Shandong province, will add on 5 million tonnes/year ironmaking capacity via building two 3,000 cu m blast furnaces, a company official confirmed on December 4.
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Shagang Group, China’s largest privately-owned steelmaker headquartered at Zhangjiagang, East China’s Jiangsu province, has nudged its long steel prices slightly higher for sales over December 1-10, by adding Yuan 50/tonne ($7.1/t) to its rebar, wire rod and bar-in-coil prices from the prior ten days, according to the company’s latest pricing policy released on Saturday.
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Two wholly state-owned Chinese shipbuilders formally integrated into a single shipbuilding giant on November 26, a union seen as helping to improve industry concentration, expand the enterprise’s scale and enhance its competitiveness. However, industry watchers canvassed by Mysteel Global on November 29 cautioned that any positive influence from the merger will not show itself in the market in the short run.
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Note: Exchange rate in December 1US$=RMB 7.0298; Exchange rate in November 1US$=RMB 7.382; price excluding 13% VAT
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Bazhou City Xinya Metal Products Co (Xinya), a flat strip and tube maker headquartered in Langfang city in North China’s Hebei province, has started constructing its 1.5 million tonnes/year flat products works in Indonesia, which it expects to commission at the beginning of 2021, a company official supervising the project told Mysteel Global on November 29.
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Suzuki Shokai- a major recycling company in the Hokkaido region formed a joint venture with both Yoko Hidaka (Thailand) and Chiho Environmental Group (Hong Kong). The new JV will start working from Jan’20, focusing primarily on the recycling of the industrial motors scrap.
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Recently South Korea and Indonesia signed a Comprehensive Economic Partnership Agreement (CEPA) agreement following seven years long negotiations. As a part of this agreement, Indonesia will eliminate tariffs on some steel products and auto parts from South Korea and also hopes to attract some South Korean investment.
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On November 27, 2019, Mysteel Global parent company, Shanghai Ganglian E-commerce Holdings Co. Ltd. (Ganglian), together with its existing business partner, Japan-headquartered Metal One, signed an investment agreement in India with the three founder shareholders of India's leading steel information company SteelMint.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, reported that its carbon steel sales for October remained largely stable on month though its financial performance experienced a sharp month-on-month fall with the rapid decline in finished steel prices.
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China Steel Corporation (CSC), the largest steel mill in Taiwan, saw orders for its marine structural steel surge in recent years amid the rising demand for ultra-large container vessels and offshore windmills, Chun-Hung Wu, General Foreman of the Quality Control Unit, Plate Quality Assurance Section of CSC, shared at the 2019 ASEAN Iron & Steel Sustainability Forum in Jakarta on November 26.
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In a recent conversation with market participants, SteelMint learned that imported HRC offers to Vietnam increased further by USD 10-20/MT from major exporting nations.
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With the growing need for steel in Indonesia, particularly higher-strength steel for both infrastructure construction and civilian use, state-owned PT Krakatau Steel (Persero) Tbk (PTKS) has been upgrading its steel products to suit the country’s needs, two company officials shared at the 2019 ASEAN Iron & Steel Sustainability Forum in Jakarta, Indonesia, on November 26.
