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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, has lowered its steel scrap procurement price again, clipping another Yuan 50/tonne ($7.4/t) off buying prices for all grades effective from September 25. Shagang has now cut its scrap procurement prices no fewer than four times since September 14 by a total of Yuan 160/t, Mysteel Global notes.
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Tsingshan Group (Tsingshan), the world’s leading stainless steel producer headquartered in East China’s Zhejiang province, is planning to establish a new 4 million tonnes/year stainless steel project in Yangjiang city in South China’s Guangdong province, in partnership with a state-owned investment company Guangdong Guangxin Holdings Group Co (Guangxin), the steelmaker has announced.
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, announced another cut in its steel scrap procurement price Thursday, clipping this by another Yuan 50/tonne ($7.4/t) for deliveries starting the same day. The reduction is Shagang’s second in the space of just one week.
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We compared the seaborne iron ore benchmark price against the daily average price of Chinese rebar. Move your cursor over the chart below to see the historical data.
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Rio Tinto, the world’s second largest iron ore miner with core mining assets in Australia, has signed a Memorandum of Understanding (MoU) with the Dalian Port Company to build its first iron ore bonded blending operations at the port in Northeast China’s Liaoning province, according to the company’s sharing on Wechat on September 22.
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Sarda Mines will have to stop operation immediately as per orders of the Ministry of Environment and Forest and Climate Change that finds its environment clearance invalid.
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In August, after two months of gains in carbon steel sales volume, China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, saw the volume down 10.1% on month or 12.1% lower on year to 776,542 tonnes, according to the company’s latest release on September 21.
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The Japanese ferrous scrap export prices showed signs of softening in the third week of September, down $5-8/tonne on week after having stayed on the uptrend for two months, as the overseas buyers had been looking for alternative on the too expensive Japanese scrap, while the domestic scrap prices had strengthened further, scrap traders in Tokyo shared.
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Mergers and acquisitions since 2016 have grown China’s Baowu Steel Group (Baowu) into the world’s top steel producer as well as hitting its ambitious target of a 100 million tonnes/year steelmaking capacity one year ahead of schedule, and M&As will be a main theme in the company’s next five-year development, Chen Derong, the company chairman, sent a clear message.
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Run-of-mine (ROM) iron ore output in China grew by 4.8% on year in August to reach around 77 million tonnes, according to new data from the country’s National Bureau of Statistics (NBS). The jump in ROM production last month marked a significant improvement over July where growth was flat and occurred because many domestic iron ore miners had resumed operations, a market source said on Friday.
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Vale, the world’s largest iron ore producer, still expects to gradually achieve its minimum 400 million tonnes/year iron ore capacity in the future from actual operating capacity of 318 million t/y, though no timeline has been given, according to the company’s 20th Analyst & Investor Tour report posted on its website on September 16.
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A large integrated steel works project in Malaysia being promoted by Hebei Xinwu’an Iron & Steel Group (Xinwu’an Steel), a steel producer based in North China’s Hebei province, has just received approval from Malaysia’s Ministry of International Trade and Industry, according to a recent release from China’s Ministry of Commerce (MoC). Construction on the 10 million tonnes/year works project is about to start, the MoC release said.
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The 2 million tonnes/year Zhongjiu iron ore mining and processing project under Magang (Group) Holding (Magang), now a subsidiary of China Baowu Steel Group (Baowu), has started the construction, a Magang official confirmed on September 16.
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Only three days after its last scrap price reduction, Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, has lopped another Yuan 30/tonne ($4.4/t) off its steel scrap buying prices for deliveries starting September 16, a move that the Chinese market sources interpreted as the mill’s response to higher scrap deliveries while softening domestic steel prices recently.
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On August 24, the mines ministry released a notice summarising “proposed reforms” to the Mines and Mineral (Development and Regulation) Act, the main law governing mining in India and sought for feedback from public and key stake holders.
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China’s largest electric-arc-furnace (EAF) mill - Shagang Group (Shagang) - has trimmed steel scarp procurement price by Yuan 30/tonne ($4.3/t) effective September 12, the first price cut since August 25, which is to reflect the recent softening in domestic steel prices and part of measures to manage its production cost, according to market sources.
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Japan’s steel scrap prices for both exports and domestic sales stayed on the uptrend in the past two months, strengthened by another $5-10/tonne over September 7-11, mainly supported by the firm demand from Vietnam, though some buyers have stepped onto the sidelines on the continuing price rises, scrap traders in Tokyo shared.
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The ferro chrome prices in India have continued to strengthen on tight availability and improved domestic demand.
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A certain section of Indonesian coal miners have begun selling coal at prices lower than production costs amid declining global demand for the commodity triggered by the ongoing pandemic.
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Baoshan Iron & Steel Co (Baoshan Steel), the listed arm of China Baowu Steel Group, is raising its October list prices of carbon steel hot-rolled coil (HRC) for domestic sales by Yuan 50/tonne ($7.3/t), the company’s pricing policy released on September 10 showed.
