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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, raised its steel scrap procurement price by Yuan 50/tonne ($7.1/t) effective July 12, or the second rise by Yuan 50/t after June 24, on noting lower deliveries to its steelworks when the other Chinese steel mills have all maintained stable production in general, market sources commented on Monday.
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Shagang Group, China’s largest long steel producer, announced on July 11 to roll over its long steel list prices for sales over July 11-20, or the third time of no change in a row for its ten-day sales, despite the moderate price recovery in the domestic spot market recently.
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Tata Steel reported a 37% q-o-q drop and a 34% y-o-y drop in output at its Indian operations to 2.99mn t in Q1 FY’21.
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Ferrexpo plc, third largest exporter of pellet in the global market has released its Q2 CY20 results yesterday. The company recorded pellet production at 2.9 mn t in Q2 CY20, up 5% as compared to 2.7 mn t in Q1 CY20.
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Global scrap market witnessed a mixed trend this week. Turkish buyers resumed buying earlier in the week, with prices in downtrend since the last two weeks, however inching up again later in the week. Offers to South Asian markets too remained firm for the most part of the week and showed slight uptick by week-closing. Japan's export and domestic prices continued to move down for another week, while China's domestic scrap prices inched up.
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Manganese Ore India Ltd (MOIL), the largest manganese ore producer in India, reduced prices by up to 15% with effect from 1 July for the July-Sept quarter.
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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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Vale, the world’s top iron ore miner, has reiterated that its iron ore fines production guidance for 2020 remains at 310-330 million tonnes, according to a post on the website of the China Iron and Steel Association (CISA) on July 1.
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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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China Baowu Steel Group (Baowu) and BHP concluded the first blockchain iron ore deal valuing around $14 million as a trial recently, according to a BHP release on June 29.
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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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Japan’s ferrous scrap prices for both domestic sales and exports have been into a nosedive since late last week, down $14-31/tonne on week with the slower loading for exports and smoother scrap deliveries to the domestic mills, and this may last for the next few weeks, according to the traders in Tokyo and Nagoya.
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Shortly after the China Iron & Steel Association (CISA) called for more fixed-priced deals in the physical iron ore market, Hebei Iron and Steel Group (HBIS) has opened its “HBIS International Iron Ore Supermarket” for business on the e-trading platform run by the Beijing Iron Ore Trading Center Corporation (COREX).
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, will raise its steel scrap procurement price by Yuan 50/tonne ($7.1/t) starting June 25, thus having revoked its price reduction by Yuan 30/t on June 18 on noting the continuing declines on scrap deliveries in the past week, market sources commented on Wednesday.
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Global scrap market observed slow activities this week. Turkish scrap market slowed down this, with a few bookings at decreased prices. Following the global downtrend, South Asian scrap offers also slightly inched down, while trades to India turned slow in comparison to last week, while Bangladesh witnessed improvement in buying activities. Japan's domestic scrap prices continued to increase, while export offers dropped slightly. Meanwhile, China's domestic scrap prices also inched down this week.
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Indian secondary steel prices remained on downtrend during the week-25 due to limited inquiries and improved supply. Also, the lifting of finished steel products remained slow.
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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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Japan’s ferrous scrap prices for both domestic sales and exports had been hovering high recently after having risen by $45-75/tonne over mid-April-June, and the domestic scrap buyers are waiting for the turning point to come, scrap traders in Tokyo and Nagoya of Japan shared.
