Sluggish rebar demand in Taiwan result volatile price

Due to weak rebar demand in Taiwan, major rebar producer Feng Hsin Iron & Steel decided to maintain stable rebar prices for the second week in a row at 19,200 TWD per tonne (634 USD per tonne). Meanwhile, Hai Kwang Enterprise Corp decided to cut price from 18,700 to 18,500 TWD per tonne. Rebar producer cut the product price, though scrap price is picking up because steel mill believe that buyers will accept with this price as similar to spot price last week.

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

POSCO announced to lift hot-rolled and cold-rolled stainless steel price as its input costs can’t fully pass to customer over the past few months, according to the company claim. HRC 304 grade will climb by $167 to $2,970 per tonne for September, while 304 CRC will increase by the same margin to $3,197 per tonne.

Coking coal price to settle at 209 USD per tonne in Q4 2010

It is reported that BHP Billiton-Mitsubishi Alliance (BMA) and Japanese steel mills had settled Q4 coking coal price at 209 USD per tonne. Though the price is 16 USD lower than Q3 price, the deal was much higher than anyone expected. Most of market participants thought it would be around 200 USD per tonne.

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.