The latest crude steel statistics from the World Steel Association indicated global output in October rose 4.6% from September to 118 million tonnes and rose 2.4% from a year earlier. Production in China rose 4.9% from last month to 50.3 million tonnes which 43% of the global output, but it decreased 3.8% from a year earlier. Germany, Italy, Turkey, Ukraine, Canada and South Korea output increased 10% or over, compared to last year.
In the first ten months of this year, production rose 2.4% from 2008 was 1,165 million tonnes and rose 17.5% from 2009. In Europe and North America, crude steel production was still 17.4% and 16.8% respectively less than in 2008, while Asian output was 14.7% higher. Global capacity utilization in October rose to 75.4% from 74.8% in September. The earlier report from World Steel Association posted 74.4% rate for the month before last.
Showing posts with label News [Around The World]. Show all posts
Showing posts with label News [Around The World]. Show all posts
Crude oil price to fall the biggest weekly as concern in China bank reserve and Irish bailout
Bloomberg
Crude oil price for December delivery drop by 34 cents to 81.51 USD a barrel on NYMEX last Friday trading, 4% drop since Nov. 12, the most since the week ended Aug. 13. In addition, January contract price also slipped 44 cents, or 0.5%, to 81.98 USD a barrel. Brent crude for January settlement fell 71 cents, or 0.8%, to 84.34 USD a barrel on the ICE Futures Europe exchange in London.
Analysts from many research institutes commented to the same direction that China move on inflation curbing is weighing on this crude market. The People’s Bank of China announced it will raise the reserve ratio requirement for the nation’s banks by 50 basis points starting Nov. 29. Beyond of oil price drop, this announcement induced the biggest selloff in China’ stock index since May over the past two weeks. In addition, analysts also said that oil price drop this week amid concern Europe’s credit crisis would deepen because of mounting debt at Irish banks. Oil in NYMEX may increase next week amid speculation Ireland will accept a bailout, a Bloomberg News survey showed. Eighteen of 38 analysts and traders, or 47 percent, forecast crude will climb. Ten respondents, or 26 percent, predicted prices will fall and 10 estimated there would be little change.
Crude oil price for December delivery drop by 34 cents to 81.51 USD a barrel on NYMEX last Friday trading, 4% drop since Nov. 12, the most since the week ended Aug. 13. In addition, January contract price also slipped 44 cents, or 0.5%, to 81.98 USD a barrel. Brent crude for January settlement fell 71 cents, or 0.8%, to 84.34 USD a barrel on the ICE Futures Europe exchange in London.
Analysts from many research institutes commented to the same direction that China move on inflation curbing is weighing on this crude market. The People’s Bank of China announced it will raise the reserve ratio requirement for the nation’s banks by 50 basis points starting Nov. 29. Beyond of oil price drop, this announcement induced the biggest selloff in China’ stock index since May over the past two weeks. In addition, analysts also said that oil price drop this week amid concern Europe’s credit crisis would deepen because of mounting debt at Irish banks. Oil in NYMEX may increase next week amid speculation Ireland will accept a bailout, a Bloomberg News survey showed. Eighteen of 38 analysts and traders, or 47 percent, forecast crude will climb. Ten respondents, or 26 percent, predicted prices will fall and 10 estimated there would be little change.
Indian automotive component industry to touch 110 billion USD in 2020
The Times of India
According to joint report from Automotive Component Manufacturing Association of India (ACMA) and Ernst & Young, Indian auto component industry can potentially grow to over 110 billion USD by 2020, concurrent with the rising in vehicle production. Out of the estimated turnover, domestic sector is expected to contribute about 80 billion USD while exports will stand 29 billion USD.
In addition, the auto component industry would require investment of over 35 billion USD during the period with new employment opportunity for over a million people. The report told that passenger vehicle sector will grow to about 9,000,000 units while the commercial vehicle will touch 2,200,000 units annually by 2020.
POSCO raise domestic stainless steel price
Coking coal price to settle at 209 USD per tonne in Q4 2010
SE. Asia market resists higher scrap prices
Offer prices of scrap imports into Southeast Asia have risen by $10/tonnes or more during the last week. However, transactions in the region still limited and concluded at $5/tonne higher because the buyer still reluctant to accept the higher prices.
Currently, offer prices of 80:20 HMS 1&2 from Africa and the Middle East have risen to $345-350/tonnes Vietnam and $340/tonnes Singapore. In the meantime, offer prices for shredded from USA and UK have risen to $370-380/t cfr but market is resistance to book at this level. A trader in the regional told that demand in the regional market is currently weak and the mills are bidding at $360/t cfr or below.
Currently, offer prices of 80:20 HMS 1&2 from Africa and the Middle East have risen to $345-350/tonnes Vietnam and $340/tonnes Singapore. In the meantime, offer prices for shredded from USA and UK have risen to $370-380/t cfr but market is resistance to book at this level. A trader in the regional told that demand in the regional market is currently weak and the mills are bidding at $360/t cfr or below.
World crude steel output hit new record in May, but down in daily basis
World crude steel output hit new record in May, but down in daily basis
World crude steel production record a new highest monthly production of 124m tonnes in May, exceeded the previous record of 121m tonnes in May 2008. Production of all regions is significant higher than May 2009. Especially in North America and EU posed, their production posed more that 50% increase from the last year. Furthermore, World steel output in the first five month of this year has already reached 586m tonnes, up by 30% from the same period of the last year. However, a daily production rate of 4.1m tonnes/day in May was slightly lower than which in April.
Crude steel output
(Unit: thousand tonnes)
May 2010 May 2009 % change
EU-27 16,317 10,790 +51.2
Other Europe 2,842 2,355 +20.7
CIS 9,565 7,643 +25.1
N. America 9,841 5,890 +67.1
S. America 3,698 2,794 +32.4
Africa 1,446 1,187 +21.8
Middle East 1,650 1,435 +14.9
Asia 78,319 63,703 +22.7
Oceania 687 380 +80.7
Total 124,184 96,177 +29.1
Source: World Steel Association
World crude steel production record a new highest monthly production of 124m tonnes in May, exceeded the previous record of 121m tonnes in May 2008. Production of all regions is significant higher than May 2009. Especially in North America and EU posed, their production posed more that 50% increase from the last year. Furthermore, World steel output in the first five month of this year has already reached 586m tonnes, up by 30% from the same period of the last year. However, a daily production rate of 4.1m tonnes/day in May was slightly lower than which in April.
Crude steel output
(Unit: thousand tonnes)
May 2010 May 2009 % change
EU-27 16,317 10,790 +51.2
Other Europe 2,842 2,355 +20.7
CIS 9,565 7,643 +25.1
N. America 9,841 5,890 +67.1
S. America 3,698 2,794 +32.4
Africa 1,446 1,187 +21.8
Middle East 1,650 1,435 +14.9
Asia 78,319 63,703 +22.7
Oceania 687 380 +80.7
Total 124,184 96,177 +29.1
Source: World Steel Association
POSCO move forward to auto sheet market in Japan
| POSCO move forward to auto sheet market in |
| POSCO held the technical fair at Honda Motor’s head office in POSCO began to promote its products to Japanese carmaker since 2003 in its Early Vendor Involvement scheme. And few months ago, the Korean steelmaker held similar fairs at Nissan Motor and Suzuki Motor. Furthermore, POSCO also held the open fair at its 120,000 tonnes/year new coil centre in |
Misif lower steel demand forecast in Malaysia
Misif lower steel demand forecast in |
The Malaysian Iron & Steel Industry Federation (Misif) has revised its growth forecast of |
India economic growth will achieve double digit in 2012
India economic growth will achieve double digit in 2012
The Time of India
Indian Finance Minister proclaims that India could achieve double digit growth rate in the remaining two years of the 11th Five Year Plan if the present trend of growth continued. The Indian economy grew by 6.7% in 2008-09 and by 7.4% in 2009-10. In this fiscal year, the latest economic survey has projected 8.5% growth rate. The minister set target is to breach the barrier of double-digit growth and also hope that the growth means more jobs, employment, wealth and access.
The Time of India
Indian Finance Minister proclaims that India could achieve double digit growth rate in the remaining two years of the 11th Five Year Plan if the present trend of growth continued. The Indian economy grew by 6.7% in 2008-09 and by 7.4% in 2009-10. In this fiscal year, the latest economic survey has projected 8.5% growth rate. The minister set target is to breach the barrier of double-digit growth and also hope that the growth means more jobs, employment, wealth and access.
Posco thick over new prices for July-September
Posco thick over new prices for July-September
Posco is currently considering its new quarterly prices for July-September and expected to announce its decision by 20 June. The company is under pressure because their production costs, especially raw material prices, are expected to increase from the April-June quarter. On the other hand, demand from both of domestic and export markets has been weakening. Consequently, Posco will face more difficulty to pass the additional cost to its customers.
Furthermore, the change in the iron ore pricing system has led Posco to impose its first quarterly prices in the past 40 years. And the company has to be more cautious with its decision because that will impact downstream industries. According the Posco’s assumption, July-September prices will increase by 25% q-o-y for Vale’s iron ore and by 23% for BHP Billiton’s and Rio Tinto’s iron ore.
Posco is currently considering its new quarterly prices for July-September and expected to announce its decision by 20 June. The company is under pressure because their production costs, especially raw material prices, are expected to increase from the April-June quarter. On the other hand, demand from both of domestic and export markets has been weakening. Consequently, Posco will face more difficulty to pass the additional cost to its customers.
Furthermore, the change in the iron ore pricing system has led Posco to impose its first quarterly prices in the past 40 years. And the company has to be more cautious with its decision because that will impact downstream industries. According the Posco’s assumption, July-September prices will increase by 25% q-o-y for Vale’s iron ore and by 23% for BHP Billiton’s and Rio Tinto’s iron ore.
Stainless steel prices continue downward in China
Stainless steel prices continue downward in China
Stainless steel prices in Southern China decreased further by $59-102/tone for all grade during the last week because of weakening stainless steel demand and softening nickel prices during the early of June. On 11 June, prices of grade 304 hot rolled coil down to $2,752-2,781/tonne, while prices of grade 304/2B cold rolled coil dipped to $2,825-2,869/tonne. Furthermore, Chinese traders believed that stainless steel prices may dropped further by $59-117/t, if nickel prices do not rebound by the end of this week.
Stainless steel prices in Southern China decreased further by $59-102/tone for all grade during the last week because of weakening stainless steel demand and softening nickel prices during the early of June. On 11 June, prices of grade 304 hot rolled coil down to $2,752-2,781/tonne, while prices of grade 304/2B cold rolled coil dipped to $2,825-2,869/tonne. Furthermore, Chinese traders believed that stainless steel prices may dropped further by $59-117/t, if nickel prices do not rebound by the end of this week.
European stainless sheet market could be overheating
The European flat rolled stainless steel market is slightly overheated at the moment, several market sources believe. This is leading to concern that the ongoing upward movement in base prices could come to an abrupt end, especially as extended mill lead-times are now approaching the quieter summer holiday period.
Although mills are only achieving modest base price increases of €30-50/tonne each month , transaction prices have been rising very fast as nickel continues to propel surcharges on austenitic grades ever higher.
Although mills are only achieving modest base price increases of €30-50/tonne each month , transaction prices have been rising very fast as nickel continues to propel surcharges on austenitic grades ever higher.
Korean rebar steel imports jump 43%
Korea’s rebar imports in January jumped 43% from last December to 75,000 tonnes, the highest monthly total since October 2008. The reason of rising import is believed that consumer buying during February-March will be active in preparation for spring construction starts.
Meanwhile, rebar stocks of Korea’s seven major producers dropped to 220,000-230,000 tonnes, a decrease of 120,000-130,000 tonnes from early January. Also, domestic rebar output is expected to decline this month due to the fewer working days and maintenance plans by most local makers. February’s output is estimated to stay around 600,000 tonnes compared with January’s 740,000-750,000 tonnes.
Meanwhile, rebar stocks of Korea’s seven major producers dropped to 220,000-230,000 tonnes, a decrease of 120,000-130,000 tonnes from early January. Also, domestic rebar output is expected to decline this month due to the fewer working days and maintenance plans by most local makers. February’s output is estimated to stay around 600,000 tonnes compared with January’s 740,000-750,000 tonnes.
Vale wins a 90% price hike in iron ore
On 30 March, Vale reaches agreement with Nippon Steel and Sumitomo Metal Industries to supply a 65% Fe Itabira fines at $100-110/tonne fob during in April-June. The new agreement between Vale and Japanese steel mills is the end of annual iron ore contract price system. Previously, BHP Billiton and Rio Tinto have already switched iron ore contract to quarterly or shorter basis. The new quarterly prices is accounted about 90% hike over the last year’s annual contract prices of $55.53/t and close to an average spot price for 62% Fe fine ore of about $126/tonne cfr China.
LME billet trading make a new record
The price of the three-month contract traded for Mediterranean billet on the London Metal Exchange reached $620/tonne on 29 March. That was accounted a new high record for the last eighteen-month. Meanwhile, the cash contract also hiked $595/t.
A trader told that the higher prices reflect movements in the physical market and a higher price of raw material. In addition, the volume of trading on the London Metal Exchange also reached the new record of 693,030 tonnes traded in March
A trader told that the higher prices reflect movements in the physical market and a higher price of raw material. In addition, the volume of trading on the London Metal Exchange also reached the new record of 693,030 tonnes traded in March
Stainless prices rise in East Asia
Prices of East Asian-origin 304 stainless cold rolled sheets rise by $200/tonne in the end of March. Offer prices for Korean producers are now $3,300-3,400/t, up from $3,100-3,200/t in the last week. Moreover, Taiwan’s largest stainless steelmakers, Yieh United Steel Corp (Yusco), also announced an increase of $200-300/t to its April export prices.
Price hike in Asian stainless steel was the result of higher raw material prices. On 31 March, three-month nickel prices just reach a $25,000/tonne level, outpace the last year’s high record of $24,970/tonne.
Price hike in Asian stainless steel was the result of higher raw material prices. On 31 March, three-month nickel prices just reach a $25,000/tonne level, outpace the last year’s high record of $24,970/tonne.
EU new orders rose
Eurostat – an European statistics agency – announced new orders of EU zone in December last year that rose 9.5% from a year earlier and 0.8% from a month earlier, compared to Economists surveyed last week by Dow Jones Newswires had forecast a 0.5% drop on the month and 7.0% annual gain in December. This record was claimed the highest growth rate since April 2008. France – the second biggest economy in EU – showed a very good pace as surged 17.1% on the month in December, leaving them 20.4% stronger on the year, while Germany new orders slipped 1.8% month-on-month, but were 6.1% higher on an annual basis. For 2009 as a whole, euro-zone industrial new orders plunged a record 22.6% from the previous year after a 5.5% drop in 2008, Eurostat said.
India confirms dumping duties on CR stainless imports
India has imposed definitive anti-dumping duties on imports of cold rolled stainless steel from the European Union, South Africa, Malaysia, South Korea, Taiwan, China, Thailand and the USA. Products covered by the duties are CR sheet/strip 600-1,250mm wide and up to 4mm thick, in 200, 300 and 400 series stainless. And the duties are in the range of $12.74-2,254/tonne depend on producer and type of product.
India confirms dumping duties on CR stainless imports
India has imposed definitive anti-dumping duties on imports of cold rolled stainless steel from six countries and the European Union. The duties range from $12.74/tonne for 400-series products from Spain’s Acerinox to as high as $2,254/t for 300-series products from Taiwan.
The decision follows an investigation last year which found that Indian stainless steel producers had suffered material injury as a result of the dumped imports. Provisional duties have been in force since April 2009.
The decision follows an investigation last year which found that Indian stainless steel producers had suffered material injury as a result of the dumped imports. Provisional duties have been in force since April 2009.
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