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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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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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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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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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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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In a move seen as boosting trading activity and delivery volumes, the Shanghai Futures Exchange (SHFE) intends to temporarily waive physical delivery fees on all its listed commodities beginning April 10 until January 8 next year, according to a SHFE notice on March 17.
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The government of Tianjin municipality in North China intends to order the closure of three integrated steel mills in 2020, as part of the city’s fight to “safeguard blue skies”, Mysteel Global learnt from a government notice published on March 11.
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The Dalian Commodity Exchange (DCE) headquartered in Northeast China’s Liaoning province is progressing with the launch of liquified petroleum gas (LPG) futures and options contracts, Mysteel Global has learned. The exchange is currently collecting public feedback about the contract designs and will accept submissions until March 13.
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China Baowu Steel Group (Baowu), the world’s largest steelmaker by production, saw its profits increase last year by Yuan 690 million ($99.5 million) from 2018 amid record production, Mysteel Global has learned, a performance which contrasted with those of many domestic steelmakers whose profits declined last year given the downward corrections in steel prices and rising production costs.
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After nearly four months, China’s privately-owned steelmaker Jingye Group has completed the acquisition of British Steel (BSL), obtaining the latter’s UK and Netherlands assets, and the Chinese company also pledged a total investment of £1.2 billion ($1.6 billion) afterwards, BSL announced on March 9 local time.
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Baoshan Iron & Steel (Baoshan Steel), the listed arm of China Baowu Steel Group, reported a hot air blast due to a crack at corrugated pipe of its No.4 blast furnace (BF) at its Shanghai steelworks on the late night of March 8, but no death or injury was caused and little impact is expected on the steel production, according to a company release on March 9.
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Yieh United Steel Corp (Yusco), Taiwan’s top integrated stainless producer headquartered in Kaohsiung in South Taiwan, has decided to roll over its stainless prices for both local and overseas sales in March to wait and see for market changes in the coming term, a company official confirmed on Thursday.
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Baosteel Desheng Stainless Steel Co (Desheng) will probably not be able to commission its 1,780mm hot rolling mill on September 28 as per schedule in Fuzhou city, Southeast China’s Fujian province because of the outbreak of the novel coronavirus disease (COVID-19), a company official disclosed on February 27.
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China’s top steelmakers - China Baowu Steel Group (Baowu), surpassed ArcelorMittal and became the world’s largest steel mill in terms of 2019 crude steel output, various market sources confirmed on Thursday.
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Shagang Group, China’s largest privately-owned steel mill, has decided to cut the volume of rebars it requires its sales agents to receive each month to 50% of the contracted volumes in March, market sources confirmed on Wednesday. They interpreted the move as Shagang taking “special care” of its long-term contracted customers.
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China’s top steel producer - China Baowu Steel Group (Baowu) estimated its steel production and sales to be down around 1 million tonnes on year for Q1, or 5% off its Q1 expectation and that for February will be 8% below its targets because of the novel coronavirus disease (COVID-19), Zhang Jingang, Baowu’s vice general manager shared at a recent industrial meeting.
