| Price Index - India | | | | 20-Feb | 19-Feb | Change | | ILPPI | 6668 | 6672 | -4 | | IFPPI | 6549 | 6549 | 0 | | INDSPI | 6611 | 6613 | -2 | | What is it? | | Poll Results | | Buy America will lead to trade barriers by other nations? | | Yes | 51% | | No | 23% | | Can't Say | 26% | | View Current Poll | | Currency | | AUD | 1.5486 | | BRL | 2.3377 | | CAD | 1.2515 | | CNY | 6.8272 | | EUR | 0.7793 | | GBP | 0.6926 | | INR | 49.6850 | | JPY | 93.2870 | | RUB | 35.6010 | | USD | 1.0000 | | ZAR | 10.0710 | | View Current Currency | | Metal Rates Cash Seller & Settlement | | Zn | USD 1112 | | | Ni | USD 9855 | | | Sn | USD 11100 | | | Al | USD 1295 | | | Cu | USD 3290 | | | View Current Metal Rates | | Steel Futures | | NCDEX | 23900 (19-Dec) | INR | 0 |  | | DGCX | 448 (19-Feb) | USD | 0 | | | LME-M | 280 (19-Feb) | USD | -2 |  | | LME-F | 335 (19-Feb) | USD | 0 | | | NCDEX :
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Mr Paswan lays foundation stone for SAIL SPU at Kandrori in HP - 22 Feb 2009 Mr Ram Vilas Paswan union minister for Chemicals & Fertilisers and Steel laid the foundation stone for Steel authority of India Limited’s ninth Steel Processing Unit at Kandrori in Kangra district of Himachal Pradesh.
The upcoming Kangra SPU to be set up at a cost of about INR 79 crore will have an installed capacity of 100,000 tonnes per annum. SAIL's Ranchi-based Centre for Engineering & Technology will be the project consultant. Billets to be used as input for the SPU will be supplied by Durgapur Steel Plant.
It is expected to be completed in 18 months. The unit will have a TMT bar mill with 60,000 tonnes per annum capacity for TMT bars of 8 to 12 mm diameter and 40,000 tonnes per annum capacity for sizes 16 to 25 mm.
Mr Paswan thanked the SAIL management for commencing the activities of Kangra SPU within a very short span of time. He said that “SPUs will help consumption of steel to increase and make good quality steel accessible to the common man. The decision to set up SPUs was in tandem with one of the aims of the National Steel Policy of increasing per capita steel consumption in rural areas from the present 2 kilograms to 4 kilograms by 2019-20.”
He urged SAIL Management to ensure that the project is completed before schedule.
Mr SK Roongta chairman of SAIL thanked the steel minister and CM for providing necessary infrastructure support for the Kangra SPU. He said setting up of SPUs would help provide the common man with quality steel from SAIL which is well accepted in the country.
SAIL has decided to set up 11 steel processing units in 7 states where it does not have any production facility, the foundation stones of which have been laid at
1. Betiah in Bihar
2. Mahnar in Bihar
3. Gaya in Bihar
4. Gwalior in Madhya Pradesh
5. Ujjain in Madhya Pradesh
6. Hoshangabad in Madhya Pradesh
7. Pulwama in Jammu & Kashmir
8. Kandrori in Himachal Pradesh
These SPUs will help in downstream processing of SAIL products, adding value to the ever-widening product portfolio of the company and also contribute to the development of the respective regions by catalyzing rural-based ancillary industries.
SAIL expansion and modernization plans on track - 22 Feb 2009 PTI reported that at a time when major steel producers are slashing production targets, SAIL expansion and modernization program is well on track.
Mr Shoeb Ahmed director commercial of SAIL said that "Our modernization and expansion program is on track as we believe this is the right time to get prepared for the better time and I think the sector will revive by 2010-11."
Mr Ahmed said that SAIL would add 10 million tonne by 2010-11.
He said "global steel production in 2008 was down by 1.2% to 1,327 million tonne but, in December steel production was down by 23.4% to 84.4 million tonne as against of 105 million tonne as projected. Major producers have even cut production by 30% to 40%."
He further added that country's steel production by 2010-11 could reach 80 million tonne to 85 million tonne from around 60 million tonne as demand from domestic market would continue to grow as the economy was growing at 6% in 2010.
SAIL would be investing INR 54,000 crore towards this expansion and modernization that would take its steel capacity to 26.2 million tonne from the current 15 million tonne.
(Sourced from Press Trust of India)
Jai Balaji commissions alloy and stainless unit at Banskopa - 22 Feb 2009 It is reported that Jai Balaji's has commissioned its 0.45 million tonne Alloy & Stainless Steel division at its integrated Steel Plant at Banskopa area of Durgapur in West Bengal.
The INR 2.25 billion division includes an oxygen and argon plant, bloom and blister caster.
The division is capable of producing a wide variety of value added alloys and stainless steel products that are directly or indirectly consumed railways, defense forces, forging and engineering industry, besides those making capital equipment and automotive components.
Mr Aditya Jajodia CMD of Jai Balaji told reporters that his company is now one of the top 10 steel producers in the country with a total production capacity of 1.2 million tonnes.
As per report, the Jai Balaji group has nine manufacturing units, 6 of which are in West Bengal. The group also has a presence in Jharkhand, Chhattisgarh and Orissa. The group is now going ahead with its Purulia, West Bengal project, consisting of a 5 million tonne per annum integrated steel plant, a 3 million tonne cement plant and 1215 MW power plant. The Purulia project will see a total investment of INR 16,000 crore.
JCB expects Indian market to shine in long term - 22 Feb 2009 ET reported that pioneering earthmoving and construction equipment major JCB, which took a minor hit in 2008 owing to the slowdown, foresees a strong growth in the India market in the future. India is JCB’s single largest market, accounting for 24% of the company’s sales.
Mr Vipin Sondhi MD & CEO of JCB India said that “We do not see the present trend continuing, and end 2009 should see growth coming back.”
However, the company’s optimism is also based on the proposed outlay from the government and public private partnerships envisaged in the 11th plan for the infrastructure sector. As against an outlay of USD 201 billion in this sector in the 10th plan, the 11th plan has proposed expenditure worth USD 492 billion.
As per report, it is presently exporting excavators to the Middle East and South East Asia and has drawn up expansion plans that include enhancing the backhoe loader manufacturing capacity from 50 per day to 100 per day by the Q2 this calendar year.
Beside, JCB’s machine sales increased from 10,860 in 2006 to 17,192 in 2007 before dipping to 13,470 in 2008. The revenues in 2006 were INR 2,100 crore, which shot up to INR 3,450 crore before declining to roughly INR 3,000 crore in 2008.
(Sourced from Economic Times)
HZL poised to overcome tough times - Report - 22 Feb 2009 ET reported that Hindustan Zinc Limited is expected to ride through the tough times on the back of its low cost operations and strong cash position.
A recent research report by Enam Securities said that “Even as zinc prices bottom out in the wake of declining output amidst slowing demand, we see HZL as an out performer. We believe HZL is undervalued with 24 years mine life, volume growth, low cost ops and strong cash position.”
The added that the global concentrated supply situation is also tight as shutdown of zinc mining continues unabated. This is indicated by the weak treatment charge for zinc. Further, 7% to 8% of global smelting capacity has been closed as around 50% of total capacity is incurring cash losses.
(Sourced from Economic Times)
NTPC suspends work at Loharinag-Pala project - 22 Feb 2009 It is reported that NTPC Ltd has work on its 600 MW Loharinag-Pala Barrage Project on the Bhagirathi river has been suspended in the wake of protests by environmentalist and former IIT professor Mr GD Agarwal.
NTPC on the Bombay Stock Exchange said that “Work on Lohari-Pala Barrage Project on the Bhagirathi river in Uttarakhand has been suspended due to protest by Mr GD Agarwal environmentalist and former professor at IIT Kharagpur.”
Work on the 600 MW project at Uttarkashi had commenced in 2005 at an investment of INR 2,200 crore. The 75 year old Mr Agarwal was on fast unto death since January 14th to press for suspending work at the project. His contention has been that the construction work on the project was destroying the natural flow of the river to a great extent and that the river should be allowed to flow in its natural form between Gangotri and Uttarkashi.
Progress of the 5 DMIC Japanese funded projects reviewed - 22 Feb 2009 Mr TA Nair principal secretary to the Prime Minister has reviewed the progress of the 5 ‘Early Bird’ Projects in the Delhi to Mumbai Industrial Corridor on behalf of the Prime Minister with the Department of Industrial Policy and Promotion, representatives of the Government of Japan and the concerned State Governments.
The 5 ‘Early Bird’ Projects on the DMIC are:
1 Integrated India-Japan Enclave in Haryana
2. Free Trade Warehouse Zone Project in Greater Noida
3. Captive Power Plant at Neemrana
4. Jet Stream Logistics Projects at Neemrana
5. DMIC Human Resources Training Project
The promoters of the project namely, MITSUI, Hitachi, Sony and NYK Logistics, who were also present, apprised the Principal Secretary of the progress and expressed their satisfaction at the support being provided by the State and Central Governments.
DIPP ensured full government support so that the projects can come up within the accepted time frame and encourage other investors as well in DMIC.
The Dedicated Freight Corridor and the DMIC along the western leg of the freight corridor are 2 important projects that were taken up for Japanese support at the instance of the Prime Minister. The Government of Japan has already announced ODA Loan of JPY 450 billion for the Western Leg of the Dedicated Freight Corridor. It has also undertaken to support the DMIC that is to come up in the States of Uttar Pradesh, Rajasthan, Haryana, Gujarat and Maharashtra alongside the freight corridor. A team from the Government of India, including representatives of the State Governments would visit Japan for talks with the Japanese Government and other potential investors by the month end.
It may be recollected that the 5 Early Bird Projects in the DMIC were announced by the Japanese Government during the visit of Dr Manmohan Singh PM of India to Japan in October 2008.
Private shipyards eying lucrative defense orders - 22 Feb 2009 Exim News Service reported that the recession hit private shipyards are seeking to collaborate with foreign companies to get some orders from the Navy, estimated to be worth a phenomenal INR 8,000 crore. These shipyards are reportedly holding discussions for tie ups with reputed engineering giants like Rolls-Royce, Wartsila Diesel, Yanmer Marine and others.
It is learnt that ABG Shipyard and Bharati Shipyard have already tied up with Rolls-Royce to build ships for the Coast Guard. This follows a fall in orders for building new vessels and cancellations in the last few months because of the global downturn. According to industry estimates, the rate of cancellations, particularly in the dry bulk vessel segment, averages 10% to 15% of the global order books.
However, the India government is also considering giving orders for building sophisticated and smaller size vessels required by the Coast Guard and the Navy to the private shipyards, while strategic and large vessels for the defense sector could be built by the public sector shipyards.
Currently, the Navy orders are restricted to its own shipyards which are directly under the control of the Ministry of defense. These include Mazagon Dock, Goa Shipyard and Garden Reach Shipbuilders and Engineers. However, most of these shipyards are replete with orders that may take a few years to fulfill and that, too, working at full capacity. To overcome this, the Navy is likely to start ordering its needs from private players.
A Bharati Shipyard official said that "Bharati Shipyard has built vessels for the Navy in the past and we are keen to work for the Coast Guard and the Navy. It looks at the Defence sector as an independent business unit and would like to build up volumes by actively participating in the bidding process of the tenders floated by the Coast Guard."
Mr Dhananjay Dalal CFO of Bharati Shipyard said that now executing Defence orders worth INR 600 crore, ABG Shipyard hopes to secure government orders to build bigger vessels. He said that "Private shipyards are now gearing up for bigger Defence orders as the global shipping market is in turbulent waters."
(Sourced from Exim News Service)
NLC to triple its capacity in Rajasthan - 22 Feb 2009 Neyveli Lignite Corporation has announced that setting up of 2 more lignite based 250 MW thermal power plants at Palana-Halda and Bithnok villages in Bikaner district, taking its total capacity of power generation in the state to 750 M W.
Mr AR Ansari chairman of NLLC said that the corporation is already in the process of setting up two thermal power units to generate 250 MW in the same region. He said that “We will complete the 250 MW Barsingsar plant by this year. Besides we have also started preparations for 2 more 250 MW plants in Bikaner taking the total generation capacity in Rajasthan to 750 MW.”
Mr DC Samant the state government chief secretary has directed officials to resolve all the local issues, which are leading to the delay of NLC's Barsingsar project. He said when asked that the electrical equipment supplier BHEL to submit a time-bound plan to expedite the commissioning of the plant.
A BHEL official said that “The first unit of 125 MW in Barsingsar is likely to be operational by June 2009, while the other unit will be operational by the year-end.”
As for the upcoming power projects, the state government officials said that the government has made prior arrangement for the need of land and water for the projects in Palana-Halda and Bithnok villages. The transfer of land lease is under process.
(Sourced from Press Trust of India)
NHPC to sign MoUs with Orissa for 12 projects - 22 Feb 2009 Projects Today reported that Orissa Hydro Power Corporation, an Orissa Government undertaking plans to sign MoUs with the National Hydro Power Corporation for setting up of 12 medium hydel power projects in the state at an investment of INR 10,000 crore, making the state power sufficient by 2011-12.
However, the MoU's are likely to be signed within the next 2 months for setting up the power plants on different rivers. According to the draft MoU, the state will get 12% of the power free of cost from the proposed hydro units, while 1% of the profit will be spent for minor development.
As per report, the proposed JV projects will have 30:70 equity and debt component with NHPC holding 51% equity and OHPC the remaining 49%.
The identified locations are Middle Kolab, Tel integrated project, lower Bansadhara, Balijori Hydel project, Salki Hydel project, Khadago Dam project, Uttei Roul Integrated project, Mahanadi-Brahmani River Link, Baramul Hydel project, Sindol-I, Sindol-II and Sindol-III projects. These projects will have generating capacity of over 25 MW each.
(Sourced from Projects Today)
TATA Power to generate 25% of output from green sources - 22 Feb 2009 BL reported that TATA Power Company Ltd plans to produce 25% of its total power output from renewable energy sources.
The report cited Mr Prasad Menon MD of TATA Power as saying hat it would be concentrating on wind, geothermal and hydro sources for the generation.
Mr Menon said that “It is in the strategic interest of the company to support sustainable energy. Even as the company is investing in thermal coal projects it is also exploring possibilities for investing in green energy.”
He said that for combating climate change, the renewable energy policy is already in place but it needs to be implemented in an appropriate manner
Mr Menon said that “For every unit of power produced by the company’s plants, the emission is 750 kilogram of carbon dioxide. We want to bring down this figure.”
(Sourced from Business Line)
Cochin Port invites EoI for Ro Ro service - 22 Feb 2009 Project monitor reported that Cochin Port Trust has invited EOI for operating Ro-Ro service for transportation of containers from Willingdon Island to Vallarpadam and vice versa, as part of the development of an international container transshipment terminal in Vallarpadam SEZ area that is expected to be commissioned by November.
The port trust intends to introduce the Ro-Ro facilities through private operators for movement of container by barges in order to reduce cost of transportation and road traffic congestion and facilitate quick clearance of containers.
(Sourced from Project monitor)
ABB Q4 profit at INR 193.11 crore - 22 Feb 2009 ABB Ltd has announced that the financial results for the quarter & year ended December 31st 2008. It has posted a net profit of INR 1931.195 million for the quarter ended December 31st 2008 as compared to INR 1807.884 million for the quarter ended December 31st 2007.
Its total income has increased from INR 18648.026 million for the quarter ended December 31st 2007 to INR 22170.056 million for the quarter ended December 31st 2008.
It has posted a net profit of INR 5474.130 million for the Year ended December 31st 2008 as compared to INR 4916.690 million for the Year ended December 31st 2007. It total income has increased from INR 60013.568 million for the Year ended December 31st 2007 to INR 69674.507 million for the Year ended December 31st 2008.
Stone laid for SWM plant for Imphal - 22 Feb 2009 Project Monitor reported that the foundation stone of the first solid waste management plant in Imphal was laid at Lamdeng Lokchao in Imphal West district.
The project, coming up on 88 acres of land will be constructed under the Jawaharlal Nehru National Urban Renewal Mission at an estimated cost of INR 29.94 crore.
Deccan Consultant, the implementing agency will take up civil work awarded by the Public Development Authority. The civil works will include sanitary land filled unit, west receiving platform and compost pad, construction of boundary wall, retaining wall, general store, biomedical block and administrative block.
(Sourced from Project Monitor)
Asian HRC market price in down ward trend - 22 Feb 2009 It is reported that market prices of HR coils are headed downward in Asia at a time when it is only China's domestic HR coil market that indicates a recovery. It is understood that the going prices in Asia range from a low of USD 390 per tonne FOB to a high of around USD 550 per tonne FOB.
In China, there are signs of the central government's economic stimulus measures worth CNY 4 trillion are having a favorable impact on the domestic steel industry. But local market conditions for HR coils turned downward last week even in the existence of actual demand. For the culprit, speculators stocked up on HR coils before the lunar New Year holidays, but they reacted with realization sales out of stock to less demand than expected after the holidays. Until now, though, new import deals for HR coils have shaped up in the wake of Chinese inquiries to import HR coils in large quantities.
Information is circulating that South Korean and Japanese integrated steelmakers have negotiated around 10,000 tonnes of HR coil exports each to China at USD 450 per tonne FOB. At present, a spate of offers to China is reported for HR coil exports out of several nations such as Russia, Ukraine, Kazakhstan and South Africa.
Also, export deals of HR coils from South Africa and Kazakhstan are reported at USD 390 per tonne FOB for shipments to the Philippines, a sales price that is lower by USD 30 than what was settled for Bangladesh between December 2008 and January 2009. There is speculation that the South African and Kazak steelmakers concerned are those affiliated with ArcelorMittal.
In Asia, HR coils have fetched the highest price level so far for sales into South Korea. The current price level for South Korea is viewed as USD 530 to USD 540 per tonne FOB. At present, it is only China where HR coil demand is under recovery. Baosteel Co Limited's asking price of HR coils for March shipments translates into a level of USD 555 per tonne as compared with the going domestic market put at around USD 500 per tonne. The current prices of HR coil imports into China are described as lower than the going domestic market. As a result, there is a possibility that HR coil imports there will come under dumping accusations.
(Sourced from TEX Report Limited)
Iron ore imports flood into Caofeidian port - Mysteel - 22 Feb 2009 It is reported that Caofeidian port is suffering server port congestion, with 5.32 million tonnes of ore imports piled at the port on February 13th survey by Mysteel, far exceeding its designed stocking capacity of 5 million tonnes. And the waiting time has increased to nearly 40 days right now.
Among the ore stock holding, Australian ore amounts to 3.6 million tonnes. That figure indicates that huge amount of Australian ore has arrived at the port recently, which appears to be surprising against the backdrop of gloomy economic outlook.
Mysteel analysts explain that Caofeidian is a deep-water port, which boasts four 250,000 tonne mineral terminals. Therefore, big local mills like Tangshan Steel, Guofeng Steel and Jinxin Steel all opt for unloading their ore imports at Caofeidian instead of nearby Tianjin and Jingtang port. Moreover, Shougang also shifted to Caofeidian port since the conveyor could move the iron ore from the port to its plant directly.
Meanwhile, imported iron ore price has touched a record low in mid October of last year following steep decline, sending Indian ore price down to USD 65 per tonne CIF, compared with USD 90 per tonne CIF for Brazil's Southern System fine and USD 100 per tonne CIF for Australia's Newman ore fine.
A slew of leading mills have delayed import of contract ore and demanded for price cut for contract ore, forcing Australian and Brazilian miners to agree postponing the December delivery to January. As a result, Australian ore shipment fell to 12.85 million tonnes in last December much lower than October 14.38 million tonnes and November 15.17 million tonnes. Steel mills and traders have booked substantial amount of Australian ore in last December leading to a flurry of new arrivals of Capesize ships at Caofeidian port from mid January. There are as many as 24 vessels waiting at the port on February 13th.
With intensifying competition from Indian suppliers and deepening global economic crisis, Big Three have decided to cut production and lay off employers. Vale has revoked its request for re-negotiating the contract ore price. And Rio sign supply contract with some mills and traders at lower price than the JFY 08 benchmark price.
Big Three have also shipped some iron ore to the spot market since last Dec. Its quality premium has helped clawed back some price loss, as Indian exporters are trying to lift up the offer price. BHP's MAC fine price rebounded to USD 80 per tonne in this February from the lowest level of USD 65 per tonne to USD 70 per tonne last year. However, the flurry of new arrivals at the port may not necessarily indicate recovering Chinese iron ore demand, and the total ore imports stockpiles at seaports still hover at a high level.
Nevertheless, Indian ore exporters start to hike offer price from last Dec in light of increasing shipment into China, with import price for 63% to 63.5% ore fine rising to USD 78 per tonne in December from November USD 74 per tonne. Moreover, they highlighted the rising freight costs and political turmoil to further run up the export price, sending the benchmark price to USD 85 per tonne to USD 87 per tonne after the Chinese New Year Holiday. As a result, the steep price has led to insufficient buying at most ports.
In the spot market, some mills have returned to the market to maintain production after the holiday, leading to modest price rally. Moreover, tight supply of lower grade ore also lent some support, with 58% ore fine traded at CNY 520 per tonne from CNY 480 per tonne before the holiday. VAT tax increase to 17% from previous 13% also pushes up the cost line.
Another major driver is the soaring freight rates on back of improving Chinese demand for iron ore. In the past five weeks, BHP and Rio Tinto have reportedly fixed 25 and 26 capesize vessels respectively for trips to China. In this week alone, the two have chartered another 16 Capesize vessels to ship iron ore to China. On February 12th, the fixture for Brazil's Tubarao to Beilun port has gained 10.84% to USD 24.48 per tonne from the week before, while the rate for Western Australia-Beilun route surges 37.22% to USD 13.33 per tonne.
Mysteel analysts suggest that imported iron ore price would see modest corrections or even dip slightly in Mar. China's steel export and domestic sales outlook remains unclear as global economic recession drags on. Both steelmakers and traders are very cautious to build up stock at the moment since the ongoing benchmark ore talks have yet to settle down the price cut margin.
(Sourced from.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
Chinese shipbuilding stimulus to boost SBQ plate market - 22 Feb 2009 According to Mr Li Zhongshuang, GM of Shanghai Ruikun Metal Material Co Ltd National revitalization plan on ship industry will definitely push up shipbuilding plate market in the long term. But, domestic shipbuilding steel market, esp. ship plate market, won't recover at once.
Mr Li said after suffered a lot from global financial crisis, China's ship industry is to face the hardest year. However, the revitalization plan comes on to help the industry overcome the period. And it still aims to materialize the industrial shift from being big to being-strong around the world.
It's expected that ship orders in this year will further shrink from last year's fall. In 2008, China's ship output posted over 40 million DWT while fresh orders might post only 20 million DWT to 30 million DWT.
Mr Li said financial support is one of important parts of the plan. It's stressed to encourage institutes to give credit for ship buyers. Meanwhile the fiscal aid policy on oceangoing vessel business within China will prolonged to 2010. The moves will boost demands for ship industry and ease off market worries on profits. They are to stabilize market expectation and good for market recovery.
Besides this, it's still pointed out to extend ship demands by sweeping out old vessels and single-hull oil tankers. And it is also encouraged in the plan to exploit oversea market by developing specialized ships based on the R&D of high-tech & high value-added vessels. In global oceaneering equipment market, the state will bolster shipbuilders to develop the new jack-up drilling platform and tap oceaneering power and drive system by special fund. These efforts will speed up the sustainable development and make the industry be a great power in the future.
Mr Li concludes that the revitalization of ship is to spur steel's come-back in a long term. At present, ship plate market shows mild movements in prices as per Mr Li's investigation on post-festival market.
In this week, Mr Li's company, which majors in ship plate sale, sells products from Baosteel and Xinyu Steel like that: 8mm at CNY 4400 per tonne, 10mm at CNY 4300 per tonne; 12mm at CNY 4150 per tonne; 14mm to 20mm at CNY 4100 per tonne. 12mm from other mills goes at CNY 3950 per tonne to CNY 4000 per tonne; 16mm sheet at CNY 3900 per tonne in Shanghai.
Shipbuilders' feedback shows some builders resume production after Spring Festival, increasing steel demands. Mr Li anticipates the trades of ship plate will be better next week. However, the oversupply still exists in the market. And the plan need time to arouse the demands. Thus, the ship plate market isn't likely to rebound in short term.
(Sourced from.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
RAK Steel postpones UAE unit commissioning - 22 Feb 2009 Emirate Business reported that RAK Steel has postponed its planned capacity expansion in the UAE to end-2009.
The report cited Mr Ajay Aggarwal CEO of RAK Steel as saying that the original plan was to have the new facilities up and running by the end of this quarter. He told Emirates Business “But it will now happen only by the end of 2009.’
He told Emirates Business the slowdown in construction across the GCC and the UAE and an excess availability of steel in the UAE are the primary reasons.
He said that “Right now the demand for steel in the region, especially in the UAE, has dropped dramatically. This industry is closely related to construction, which is in a state of restructuring because of the financial crisis. Until that gets sorted out and the construction industry starts working again, all other associated industries will get affected.”
Located in Ras al Khaimah, RAK Steel, a joint venture of Ras Al Khaimah Investment Authority and Middle East Traders Group, is the second largest producer of steel rebars in the UAE with a capacity of 500,000 tonnes per year. It started operations in January 2008 with an investment of USD 15 million. The company also has a rolling plant and a melt shop in Oman.
(Sourced from Emirate Business)
Indonesia to tighten steel import rules - 22 Feb 2009 Bloomberg reported that Indonesia will tighten the rules on steel shipments from overseas to clamp down on importers that do not pay taxes and help safeguard local producers.
Mr Mari Pangestu trade minister of Indonesia said that a regulation that takes effect on April 1st 2009 will require all steel importers to be licensed and have most shipments checked by state appointed surveyors. He added that checks include the verification of origin and whether taxes have been paid.
According to Mr Diah Maulida, the ministry’s director general of foreign trade, Indonesia does not produce enough steel to meet local demand, requiring shipments from overseas to fill the gap. At present, importers do not have to be licensed and some of them avoid paying import taxes. He added that "We want to create healthier trade and more conducive business climate in the domestic market."
Products that must be verified include hot and cold rolled coils and sheets, wire rods and steel pipes. Still, imports of iron and steel used by shipyards, automakers and electronic equipment makers will be exempted.
(Sourced from www.bloomberg.net)
Minnesota Iron Range new mining projects stay on track - 22 Feb 2009 AP reported that the ongoing interest in new Iron Range projects indicates that at least some in the industry remain bullish about the long term prospects for profitable iron mining ventures in northern Minnesota.
Undaunted by plummeting ore prices and a faltering steel industry, several multimillion dollar mining initiatives continue to march forward on Minnesota's Iron Range. As tough as conditions may be at present, the ongoing interest in new Iron Range projects indicates that at least some in the industry remain bullish about the long term prospects for profitable iron mining ventures in northern Minnesota.
Mr Chris Nelson mining section manager of the Minnesota Pollution Control Agency said that he has seen no sign of anyone easing up on efforts to obtain needed permits for proposed mining developments in the region. He said that "They all still seem to be high priority projects. I have not seen anyone stepping back or slowing their demand for permits."
The first of these projects likely to become reality involves reclaiming iron found in old mine tailings. Mr Larry Lehtinen chairman of Magnetation Inc earlier this month said that Magnetation Inc began processing tailings near Keewatin with a mobile unit capable of operating on a commercial basis. Mr Lehtinen said that “He expects to begin full commercial production of iron concentrate in a matter of weeks. He already has a customer, also a start up operation, lined up to receive the material.”
Mr Dave Bednarz VP of iron resources for Steel Dynamics Inc said that construction of Mesabi Nugget in the Aurora/Hoyt Lakes area has continued unabated this winter. He said that "We know this project is a bit of an anomaly that we should still be moving full steam ahead despite the current state of the steel industry."
US Steel unveiled a proposal to sink USD 300 million into Keewatin's Keetac pellet facility, increasing its annual production there from about 6 million to 9.6 million tonnes a 60% bump. The company projected the expansion would lead to the hiring of another 75 people, bringing Keetac's total work force to about 475 people.
Cliffs Natural Resources laid out plans to invest USD 104 million to expand its processing facility in Forbes in hopes of boosting output by 13% or about 700,000 additional tons of pellets per year. Ms Maureen Talarico a spokeswoman for Cliffs confirmed that her company remains committed to the United Taconite expansion plans. But she added that those efforts are continuing at a little less rapid pace than originally anticipated.
Essar Steel Minnesota has begun site work, according to Ms Debra McGovern director of government and public affairs for the company. She said that property for a plant has been cleared, dewatered, surveyed and the first piece of foundation is now in the ground.
(Sourced from AP)
Usiminas unveils BRR 2.9 billion CAPEX plan for 2009 - 22 Feb 2009 Reuters reported that Brazilian steelmaker Usiminas plans to increase investments in 2009 even as it braces for a drop in sales because of the global economic crisis.
Mr Marco Antonio Castello Branco CEO of Usiminas said that it plans to invest BRR 2.9 billion in 2009, up from BRR 2.1 billion in 2008.
He added that it expects sales to drop between 10% and 15% in 2009 due to a global slump in demand for steel as major economies around the world contract.
(Sourced from www.reuters.com)
MMK would not pay dividend for full year 2008 - Mr Rashnikov - 22 Feb 2009 Interfax cited Mr Viktor Rashnikov company board chairman as saying that Magnitogorsk Iron & Steel Works will not pay a dividend for the full year 2008.
Mr Rashnikov said MMK has already paid an interim dividend for the first half of 2008 and there would not be a payment for the second half of 2008.
He said that the decision not to pay a dividend for the second half of 2008 was connected with the slide in output in the fourth quarter and the implementation of the company's anti-crisis program.
MMK will pay 38.2 kopecks a share or a total of RUB 4,268,594,000 for the half. It intends to pay them by February 26th 2009. The AGM takes place on May 22nd. Shareholders on record as of April 9th are entitled to vote.
MMK paid 41.8 kopecks a share for the first half of 2007, so the company is already paying 8.3% less for the half.
(Sourced from Interfax)
Australian mining unions seek export license system - 22 Feb 2009 Bloomberg reported that Australia’s two largest mining unions are seeking the reintroduction of export licenses that may stop foreign companies using their influence to manipulate commodity prices.
The Australian Workers Union and the Construction Forestry Mining and Energy Union said that the export licenses would require all contracts to win government approval before proceeding.
The newspaper said that the proposal would be in addition to Australian Treasurer Mr Wayne Swan’s discretion to allow or block overseas investors from taking stakes in Australian companies.
It said that permits for iron ore were abandoned in the 1980s while coal licenses ended in the 1990s.
(Sourced from Bloomberg)
Australia may hold inquiry into Chinese investments - 22 Feb 2009 Bloomberg reported that Australia’s Senate may hold an inquiry as early as next week to scrutinize investments by Chinese state-owned companies after Aluminum Corp of China’s bid for a stake in Rio Tinto Group.
Opposition Nationals Senator Mr Barnaby Joyce said “This is an economic question about giving another government a stake in Australian resources, our biggest wealth generator. This is not being parochial about foreign investment it is about the ownership of Australian resources being handed to another government.”
Mr Joyce called for an inquiry to consider tightening Foreign Investment Review Board rules and Chinese sovereign investment in Australian resources. The committee has the power to summon executives from companies and to block investments.
Mr Joyce 41 who also sits on the Senate Economics Committee, which would conduct the inquiry said “The global financial crisis is hurting mining companies and we need to know the ramifications of an increase in overseas sovereign ownership in Australian mines. No one is against foreign ownership, but if you have a dispute with a company it is very different from having a dispute with a government.”
Chinalco last week agreed to buy USD 7.2 billion of convertible bonds and acquire stakes in Rio projects for USD 12.3 billion. China Minmetals Corp has made a takeover bid for OZ Minerals Ltd. The proposals have to be lodged with the review board, which will make a recommendation to Treasurer Wayne Swan, who has the power to reject both deals.
Minerals demand has helped extend 17 years of economic growth in Australia, the largest shipper of coal, iron ore and alumina. Waning demand from its biggest trading partners of China, Japan and the US may cut income from exports by 20% this year, the Reserve Bank of Australia said February 6th.
China was the biggest buyer of Australian minerals in 2007, purchasing one-fifth of the AUD 68.5 billion worth of exports. China said on February 11th exports fell last month by the most in 13 years as demand dried up in the US and Europe.
(Sourced from Bloomberg)
Production pruning - ArcelorMittal Cleveland may remain close - 22 Feb 2009 It is reported that ArcelorMittal's Cleveland facility could be at least 3 to 6 months away from producing steel again. A third of the plant's salaried employees soon will receive temporary assignments at ArcelorMittal plants in other states.
Separately, a union official said that perhaps hundreds more hourly workers could be laid off within a month. Global demand for finished steel dropped significantly in the fall. Since then, the company has idled about 450 hourly workers at the sprawling plant in the Flats.
Mr Terry Fedor local GM of ArcelorMittal said that it will be shifting 100 of his plant's 300 salaried employees to other US facilities by early March 2009. Some may remain in Northeast Ohio but report to managers at other installations. He added that "We would not be laying any salaried employees off. They will be on temporary assignment at plants in West Virginia and Indiana. But temporary assignment can mean a long time."
Mr Mark Granakis president of USW Local 979 said that "We were hoping they would be back in operation in June, but now I think it's a lot longer down the road." He added that the bare minimum work force needed to handle basic maintenance and repairs is 250.
The Cleveland plant has been idle since October, when ArcelorMittal ordered a temporary shut down because of the slumping steel business. About 450 hourly workers have been laid off since then.
A year ago, the plant had about 1,800 employees, including managers, clerks and maintenance people. It made about 2.5 million tons of steel in 2007 and was expected to produce 3 million tons in 2008.
(Sourced from The Plain Dealer)
Esfahan Steel starts trials on new blast furnace - 22 Feb 2009 Yieh reported that Iran’s Esfahan Steel has started the test run on its No.3 blast furnace, which designed capacity of this No.3 blast furnace is 1.4 million tonnes.
The company said that they might be able to produce the first batch of cast iron in the end of this March. After Esfahan has officially started its No.3 blast furnace's operation and the company has completed its development of other relative projects, Esfahan will expectedly reach its annual output of crude steel at 3.6 million tonnes in 2009.
(Sourced from Yieh.com)
China promises to keep exchange rate steady - 22 Feb 2009 Associated Press reported that China promised Wednesday to keep its exchange rate stable and said it would use part of its USD 1.95 trillion in foreign currency reserves to boost imports and consumer spending to combat the global financial crisis.
Mr Deng Xianhong deputy administrator of China's foreign exchange regulator said that "We will maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level. The important thing is to prevent the exchange rate from making big fluctuations. This will not only be good for China and the world but also will be good for tackling the international financial crisis."
Mr Fang Shangpu another deputy administrator of the agency, the State Administration of Foreign Exchange said Beijing also is looking at how to use its foreign reserves in its effort to boost consumer spending and imports. He said "We will step up support for the government's policy of increasing imports and boosting domestic demand. He gave no details, but said the agency also will ease access to financing for "enterprises that are going to make outward investment."
Chinese exporters that face plunging sales want the yuan devalued, which would make their goods cheaper abroad. But economists say they see no sign Beijing will take such a step, which could fuel tensions with its trading partners.
Economists said weaker yuan would do little to boost Chinese exports because demand abroad is too weak. They say devaluation could cause serious repercussions, triggering a round of similar moves by other exporters and straining global trade relations at a time when coordinated action is needed to revive trade and finance flows.
The government's CNY 4 trillion stimulus plan is meant to shield China from the global slump by reducing reliance on exports through efforts to boost domestic consumption. It calls for injecting money into the economy through higher spending on public works in hopes it will make its way to consumers' pockets.
China's imports fell by 43% in January from a year earlier as demand for Chinese goods weakened and factories bought less foreign raw materials. It was a serious blow for the country's trading partners.
(Source: Associated Press)
US coal industry group predicts lower production - 22 Feb 2009 AP reported that the National Mining Association is predicting US coal production will decline 4% this year.
Mr Hal Quinn president of the industry group blamed the anemic US economy in a speech to the West Virginia Coal Association on last Thursday.
The Washington DC based trade group expects electricity demand to dip less than 1% this year as industrial customers scale back. Mr Quinn said that electricity demand is expected to grow 1.3% in 2010 as the economy rebounds.
As a result, production of utility coal is expected to dip 1.2%. Production of coking coal for firing blast furnaces is expected to fall 11% due to plunging demand for steel.
Mr Quinn said that exports likewise are expected to drop 11%. Soaring international demand pushed exports up 38% in 2008.
(Sourced from AP)
Tokyo stainless cold rolled flat steel price in downward trend - 22 Feb 2009 JMB reported that market price of stainless cold rolled flat steel keeps decreasing around Tokyo. The price is around JPY 320,000 per tonne for SUS304 with 2mm thick, which is around JPY 20,000 lower than January level.
The dealers try to liquidate the inventory toward fiscal yearend even at loss making price. The price seems far from the bottom when the price is expected to decrease more due to slow demand and lower priced import.
(Sourced from www.japanmetalbulletin.co
Chinese mills agree to limit domestic iron ore prices - 22 Feb 2009 Bloomberg reported that Baosteel Group Corp China’s largest steelmaker, rivals and traders agreed to an industry group proposal to limit the resale price margin on imported iron ore.
Mr Shan Shanghua, secretary general of the China Iron & Steel Association said at a meeting with its members the mills and traders will only charge a 3% premium for reselling imported contract iron ore.
(Sourced from Bloomberg)
Downsizing deals - AK Steel may lay off more jobs - 22 Feb 2009 Mr Jim Wainscott president & CEO of AK Steel said that about 1,000 of the company's 6,500 employees are currently laid off and that number will probably double before things get better.
He added that "It would be easier if I did not have to make these decisions about idling plants and laying off people. But leadership is not about making easy or popular decisions. It's about making the right and frequently unpopular decisions."
Mr Wainscott said that while AK Steel will be increasing its supply of coke thanks to a new partnership with SunCoke Energy, there are no plans to take the local blast furnace offline permanently. He added that "The Middletown plant and the Middletown blast furnace are very important to our long term strategy. Otherwise, we wouldn't be making an investment of this magnitude."
Mr Scott Rich president of International Association of Machinists and Aerospace Workers Local Lodge 1943 said that about 106 workers are currently laid off at Middletown Works. He added that "The blast furnace at its plant in Ashland has restarted in preparation for the local shutdown. The number of workers in Middletown who will be idled during the shutdown remains undetermined. This is a one in 25 year outage."
(Sourced from www.journal-news.com)
Rio shareholders want Mr Leng to be reinstated - Report - 22 Feb 2009 Bloomberg reported that shareholders in Rio Tinto want Mr Jim Leng to be reinstated as its chairman designate in a move that threatens to throw the board of the embattled miner into turmoil.
Mr Leng deputy chairman of TATA Steel resigned from the board of Rio Tinto this month over its controversial capital raising. His resignation came one month after he was named as its next chairman. He is understood to be willing to listen to shareholders if they ask him to return, but will not directly seek to oust Mr Paul Skinner the present chairman.
As per report, Rio investors are so disillusioned with the way executives handled the USD 19.5 billion capitals rising that they are considering launching a boardroom coup to restore Mr Leng to the helm thus forcing out current leadership of Mr Tom Albanese CEO of Rio and Mr Skinner.
As per report, 4 shareholders speaking for almost EUR 1 billion worth of Rio shares said that they would like Mr Leng to return, but were worried about de stabilizing the restructuring plan.
One shareholder said that “Mr Jim Leng is held in high regard. He is principled and seen as a shareholder's friend. As things stand, it's difficult to see how we get Mr Jim Leng back prior to changing the board's views on the issue of capital raising.”
Another said that “We will have to get the terms of the capital issue and the asset sales sorted out first. Then we think about management change.”
A third said that seeking Mr Leng's return would be an Armageddon style scenario that would mean other executives would have to go.
All four investors, together owning nearly 5% of Rio said that they had lost confidence in Mr Skinner, who last week dropped a proposed move to BP.
(Sourced from Bloomberg)
Usiminas sees Brazilian steel market to recovery in H2 - 22 Feb 2009 Usinas Siderurgicas de Minas Gerais SA said that it expects domestic steel demand to recover in the second half of 2009 because of government initiatives to boost the economy.
Usiminas said in a statement to Brazil’s securities regulator that demand may rebound after July because of the government’s moves to increase access to credit, reduce taxes on some products and boost investments in infrastructure.
Mr Pedro Galdi analyst at SLW Corretora in Sao Paulo said that "In the first quarter we are already seeing positive signs in the domestic market. The auto industry is seeing improvements in basic car sales because of tax cuts."
(Source from www.bloomberg.net)
Russia may resume 80% of total steel capacity in March - 22 Feb 2009 According to Russian official statistics, the steel capacity will rebound to 4.3 million tonnes to 4.5 million tonnes in March, equivalent to 70% to 80% of total monthly capacity.
Russian steel finished product output in January has surged to 3.5 million tonnes up by about 30% compared to that of last November. Although its Steel finished product output recovered, the steel pipe market remained quite.
Tianjin Seri orders car bottom heating furnaces from Tenova - 22 Feb 2009 It is reported that at the end of last year, Tianjin SERI Machinery Equipment Co Ltd. has awarded an order to LOI Thermprocess Co Ltd. a company of Tenova LOI Italimpianti, for the supply 4 Car-Bottom Heating Furnaces. The general time schedule of this contract is 8 months.
Tianjin Seri is going to invest CNY 2.5 billion to set up production lines for high quality mandrels with high alloys, castings and wind power principal axes in Dongli district, Tianjin, to reach the capacity of 15,000 tonnes mandrels and 600 pieces of wind power principal axes per year. LOI Italimpiantis’ Car-Bottom Heating Furnaces are a part of this project and will be used to heat castings in forging plants.
The Tianjin SERI project for mandrels with high alloys and castings is one of the Top-20 industrial projects of Tianjin city. Tianjin City, in fact, selected 20 key industrial projects from over 1,000 projects to give financial supports. Main characteristics of these projects are low energy consumption and high production values.
Tenova LOI ITALIMPIANTI is a leading supplier of industrial furnaces and services for the metal industry. Tenova designs and supplies advanced technologies, products and services for the metal and mining industries. Tenova operates close to its customers through a network of 31 companies based on the 5 continents. For more information visit our website at www.tenovagroup.com.
Tokyo Steel to reduce steel price for March shipment - 22 Feb 2009 Tokyo Steel Mfg Co announced that it has decided to reduce the list prices of all the steel products in its domestic supply contracts for March 2009, a price reduction across the board for the first time in three months since December 2008. It describes the decision as what is intended to avoid a further production cutback while fighting inflows of steel products from abroad.
Price reductions are JPY 5,000 per tonne each for H-beams, I beams, channels, checkered H beams, U piles and deformed bars, JPY 3,000 per tonnes for wire rods and JPY 10,000 per tonne each for HR coils, pickled HR coils, hot dip galvanized sheets, checkered coils, HR sheets, pickled HR sheets, checkered plates and heavy plates. As a result, the new list prices of main products in base sizes are JPY 73,000 per tonne FOT, JPY 74,000 per tonne FOT for I beams, JPY 82,000 per tonne FOT for U piles, JPY 52,000 per ton CIF for deformed bars, JPY 57,000 per tonne FOT for HR coils, JPY 60,000 per tonne FOT for pickled HR coils and JPY 65,000 per tonne FOT for checkered plates.
Mr Naoto Ohori MD & GM of marketing at Tokyo Steel said that
1. The world's economic activities are fast slowing down in a mess of the global economy, leading to a pronounced fall in demand for steel products across various nations. In Japan, inflows of steel products from abroad indicate a conspicuous growth at a time when domestic steel companies are forced to adjust production and employment. At the present juncture, Tokyo Steel has concluded that the company should revise the domestic sales prices of all the steel products in its March supply contracts. The company believes that the new sales prices will prove competitive enough to fight steel imports into Japan, where domestic steel market conditions are expected to bring a bottom of prices shortly.
2. Tokyo Steel is apprehensive about protectionist moves abroad, antisocial acts at home against terms under contract, and domestic moves seeking post sale price revisions or adjustments. The company is willing to negotiate export sales of products if there are inquiries for supplies at prices to meet the going prices of domestic deals. But the company remains noncommittal to any export deal so far because overseas steel markets have yet to settle down.
3. Tokyo Steel is contemplating continuing a 50% cutback in its February to March crude steel production that will stand at a monthly level of 150,000 tonne as compared with the peak level in August last year. There is a possibility that the current system of crude steel production will continue in and after April unless demand for steel products recovers. As to finished steel products, the company sets March 2009 production levels at 60,000 tonnes for H beams, 50,000 to 60,000 tonnes for HR coils, and 20,000 to 30,000 tonnes for heavy plates.
4. Japan's domestic market prices of locally available ferrous scrap have turned somewhat weak until now. But Tokyo Steel still faces inadequate arrivals of local ferrous scrap at its works, arrivals that compare with what is required in steel operations.
(Sourced from TEX Report Limited)
US steelmakers looking for more import tariffs on steel - 22 Feb 2009 Dow Jones reported that US steelmakers are preparing a raft of complaints against foreign steel imports, a move that could result in stiff tariff increases later this year and escalate trade tensions with China.
As per report, Companies such as US Steel Corporation, Nucor Corporation and AK Steel Holding Corporation hope extra tariffs will hold off foreign competitors from gaining market share in parts of the roughly USD 100 billion US steel market not protected by "Buy American" provisions in the USD 787 billion stimulus bill.
The companies said that higher import tariffs are needed to help them survive the global recession and a painful shakeout in the US car industry, one of its biggest customers. Foreign steel imports are currently subjected to low single-digit duties or no tariffs at all. Formal complaints are still weeks away, the people said. But companies are actively gathering evidence to strengthen their case before US trade officials. The move echoes protectionist efforts gathering speed around the globe as industries brace for the punch of a protracted economic slump.
Mr David Hartquist, a partner at Washington based Kellye Drye & Warren LLP, which is representing several large US steel companies said that "Across the board, we see a widespread belief among our clients and their lawyers that the Chinese are dumping their products and that they're vastly subsidized by various levels of the Chinese government."
Meanwhile, other trading partners don't buy President Mr Obama's reassurances that the bailout bill's language is not protectionist. Even though Europe is not affected, it doesn't like 'Buy American' because it will push more Chinese steel into Europe.
(Sourced from www.dowjones.com)
Hyundai Steel to export 300,000 tonnes of rebar in 2009 - 22 Feb 2009 It is reported that Hyundai Steel has turned its eye on international market due to the recession of the domestic construction industry and slack demand for rebar, hoping to guarantee the output at a certain level through expanding the export.
Hyundai Steel said that although the competition is fierce in the international rebar market, it will try to seek demand from some public infrastructure project invested by the government.
Hyundai exported 100,000 tonnes of rebar in 2008, down by 37% YoY. In 2009, Hyundai plans to export rebar of 300,000 tonnes and more strips plus railway wheels.
(Sourced from YIEH.corp)
China names Chinalco boss to Cabinet - 22 Feb 2009 AP reported that the general manager of China's biggest aluminum producer has been named to a Cabinet post a week after his company helped secure access to foreign resources with a USD 19.5 billion investment in miner Rio Tinto Group.
The reported appointment of Mr Xiao Yaqing of Aluminum Corp of China as the Cabinet deputy secretary-general reflects the close ties between the communist government and the country's major companies. It comes amid a wave of foreign acquisitions by China's state-owned metals suppliers.
Mr Xiao's appointment was reported by the Shanghai Securities News, which is published by the state Xinhua News Agency, and other newspapers. The Cabinet press office did not immediately respond to requests by phone and fax to confirm the report.
The reports gave no explanation of why Mr Xiao 49, who has no known government experience, was picked for such a prominent post. Bosses of Chinese banks, oil producers and other state-owned companies routinely alternate between corporate and government jobs.
Aluminum Corp. of China, also known as Chinalco, and other metals producers surged to prominence as China's demand for raw materials boosted imports and set off a scramble to secure foreign supplies. Flush with cash from the commodities boom, they have continued to pursue acquisitions amid the global economic turmoil.
Last week, Chalco said it would invest USD 19.5 billion in Rio Tinto, easing the Anglo-Australian miner's heavy debt.
(Sourced from AP)
Stimulus plans - AK Steel sees Buy America clause as sensible - 22 Feb 2009 Mr James L Wainscott chairman & CEO of AK Steel said that the Buy American provisions in the USD 787 billion federal stimulus plan are not protectionism, just common sense.
He said that "If you think you can buy steel cheaper from China, you have got to understand Chinese costs are higher than ours. They pay their workers about 87 cents an hour, their pollution is 5 to 10 times worse than ours, and the only way they can charge less is that their government subsidizes their product. If you can sleep through that, go buy it."
Mr Wainscott said that US must enforce trade rules against unfair competition. US steel makers are reportedly preparing trade complaints against foreign imports.
He added that "On any given day we can produce the world's best steel, and deliver it tomorrow. But we can not compete against governments that tilt the rules against us."
It may be noted that US steelmakers are operating at about 50% of capacity.
(Sourced from nky.cincinnati.com)
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