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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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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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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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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.
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Japan’s crude steel output including carbon and special steel dropped more substantially in May, down 31.8% on year to about 5.9 million tonnes, as against the 23.5% on-year fall in April, which was mainly due to the negative impact of the pandemic on steel demand, according to the latest data released by the Japan Iron & Steel Federation (JISF) on June 22.
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Carbon steel sales at China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, continued to drop in May, sliding by another 14.8% on month to 730,444 tonnes, the lowest record since March 2015, a company official confirmed. Steel demand both at home and abroad had not recovered last month, he admitted.
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Shagang Group, China’s largest long steel supplier, has rolled over the prices of all its major long steel products from mid-June for domestic sales in the last ten days of June, though the spot transaction price has softened modestly in the past ten days on the softening demand amid rainfalls in South and then East China.
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Taiwan’s top steel producer, China Steel Corp (CSC), has decided to raise list prices of its major steel products priced monthly by TWD 900-1,200/tonne ($30-40/t) for sales in August, a company official confirmed on Thursday. The average increase of 3.7% is to offset rising production costs and to benefit from gradually recovering demand, he explained.
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Rashtriya Ispat Nigam Limited (RINL), the holding company for the Visakhapatnam Steel Plant (VSP), is betting big on exports of large, 125*125 mm billets that are being produced from its medium merchant structural mill (MMSM). Speaking to SteelMint, RINL Chairman-cum-Managing Director P.K. Rath said, there has been a steady stream of enquiries for the large billets measuring 125*125 mm from the Middle East and demand for semis overall is strong.
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The China Securities Regulatory Commission (CSRC), the country’s governing body of all futures exchanges, has granted its approval, allowing three commodity exchanges to launch options contracts for six industrial products over June-August for trading, according to its official post on June 12.
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JSW Steel- India's one of the largest private steelmaker total iron ore sourcing recorded at 1.94 mnt (million tonnes) in May’20. The sourcing witnessed a sharp rise as against 0.72 mnt in Apr’20.
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Shagang Group, China’s largest long steel producer in East China’s Jiangsu province, will raise all its long steel prices by another Yuan 50/tonne ($7/t) for sales over June 11-20, and this has been the third price increase in a row since May 20-31, the company announced on June 11.
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Jindal Stainless Limited (JSL), the country’s biggest stainless steel maker, has seen a marked escalation in its export orders during May and June. The export shipments are edging close to the pre Covid-19 pandemic level.
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Nippon Steel Stainless Steel Corp (NSSC), Japan’s largest stainless producer, has lifted its list prices for both its 300- and 400-series products for June sales by Yen 5,000/tonne ($46/t) to reflect high alloy costs, and market sources expect this will help to stop domestic stainless prices from softening further.
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Nippon Steel, Japan’s largest integrated mill, has delayed the banking of No.2 furnace at its Kimitsu works near Tokyo by about a month until mid-June, as it has not been able to fulfill the signed contracts by mid-May, the company’s spokeswoman explained on June 4.
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Major stainless producers in Taiwan are raising their list prices for June sales by another TWD 1000/tonne ($33/t) to offset increases in production costs from the rise in raw material prices and to make the most of improved sentiment from better demand at home and abroad, Mysteel Global learned.
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Japan’s eight major automakers posted their total production down 61% on year in April to 921,255 units from all the plants worldwide, according to their individual releases, mainly as the pandemic had affected their operations across the world including Asia, Europe, and North America, according to market sources.
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Indian Spot steel trades gradually improved and the prices rise by INR 300-1,300/MT day on day
