As US rebar prices hold steady throughout May, market players believe this latest stagnation indicates that...
Participants in the US rebar market remain optimistic following the temporary waiver of Buy America requirements...
The US Department of Commerce found 22 Japanese manufacturers responsible for dumping hot-rolled steel flat goods into the...
Spanish steel distributor representatives anticipate certain market fluctuations in the following months, but price volatility is...
The announcement of a number of mill closures at pipemaker group Vallourec should be a wake-up...
Seaborne iron ore prices fell again on Tuesday as confidence faded. Despite the prospect of Indian...
The steel industry in ASEAN countries will gradually shift from scrap-based to iron ore-based in the...
Steel Authority of India (SAIL)’s sales grew 8% on-year in the fiscal year ended 31 March...
Turkey’s cold rolled and hot-dip galvanised coil market continued to decline in the past week, as suppliers...
The 15% duties on Indian steel exports will make shipments abroad less attractive and ultimately exert...
The long-lasting downtrend in Turkish scrap prices is seen to have ended and sentiment has improved...
Crude steel production in the 64 countries reporting to the World Steel Association (worldsteel) dropped for...
Gulf Cooperation Council hot rolled coil market activity has fallen silent after India imposed a 15%...
Indian hot rolled coil exports fell 4.37% on-year to 6.91 million tonnes in the fiscal year...
Indian suppliers sold to Europe some 3.5 million tonnes of finished steel products last year, according to data published by Eurofer, matching the record level registered back in 2017. Indian supply is under increased scrutiny after the country’s government imposed duties on steel exports, which are expected to limit Indian tonnages on export markets.
Overall, Europe imported some 30.3mt of finished steel last year; Turkey was the largest supplier, followed by Russia and India. Earlier this year, the European Commission imposed a complete ban on Russian finished steel imports, restricting the supply pool, and the Indian tariffs could now result in severely limited availability of imported material in the EU.
It is worth noting that, unlike other major suppliers such as Turkey, Indian export activity to Europe has mainly been focused on the supply of flat products, including coil and plate.
A European trader says the Indian duties could well influence the market strongly in Europe, but also notes this should not result in a complete halt in trading activity between India and Europe. The main impact of the tariffs will be to help European prices – especially for flat products – rebound again, Kallanish notes.
In recent weeks, European hot rolled coil import prices have gone down rapidly, falling to €830-900/tonne ($891-967) cfr southern Europe. Another trader believes the bottom of the current price cycle could well be close.
In addition to developments in India, importers in Europe are also waiting for the result of the ongoing review of the EU’s safeguard system. There is speculation in the market that the safeguard system could be scrapped from July 2023, but it remains too early for details.
During the first two months of the current quarter, a number of EU quotas for certain countries and products have been fully used. Metallic coated coil quotas, meanwhile, are over 80% exhausted.
Deutsche Bahn (DB), Germany’s railway operator and regulator, has qualified SSAB’s Raahe, Finland mill for a...
Sentiment at French construction companies is less positive about past activity but improved about their expected...
Vistra says it has brought online the biggest battery energy storage system of its kind in Texas, Kallanish reports.
The DeCordova Energy Storage Facility in Granbury, Texas, is online and storing electricity in the ERCOT grid in time for another hot Texas summer, the Texas-based company says. The $100 million facility in Hood County near Fort Worth, Texas, provides 260-megawatts of storage capacity with dispatchable, instant-start, emissions-free power.
It is the second of seven zero-emissions projects planned in Texas by Vistra in the next few years with a price tag of about $1 billion. A third project is scheduled for completion soon. That will bring the company’s zero-carbon portfolio to nearly 3,000 MW online with plans to grow that to more than 7,300 MW by 2026.
The DeCordova plant is comprised of more than 3,000 individual battery modules that can store enough electricity to power 130,000 average Texas homes during normal grid conditions. It relies on lithium-ion technology. The batteries capture excess electricity from the grid, primarily overnight during high-wind output hours, and can release the power when customer demand is the highest, the company says.
Japanese car manufacturer Toyota on Tuesday announced its output cuts for June, following on from reductions...
Banning scrap exports will have hard consequences for the European domestic market, European Recycling Industries' Confederation...
Premier Li Keqiang of China’s State Council held an executive meeting on Tuesday and put forward...
Australian Securities Exchange-listed miner Bowen Coking Coal (BCC) has selected PT Bukit Makmur Mandiri Utama (BUMA) to...
Although the Chinese government has continued to boost the economy through stimulus policies, market players judged...
Turkey remained the largest scrap importer in 2021 but the EU27 and US took second and...
German technology group ZF has concluded a long-term supply agreement with Swedish start-up H2 Green Steel,...
Turkish steel exporters stand to benefit from India’s decision to impose 15% duties on steel exports,...
Thanks to more carbon steel sales and rising earnings from mineral investments, Taiwan’s China Steel Corporation...
Huake Nickel Indonesia ignited the second rotary kiln electric furnace (RKEF) at its plant in Weda...
Liuzhou Iron & Steel Group (Liugang) plans to overhaul the No.1 blast furnace of its subsidiary, Guangxi...
After some demand returned to the Italian scrap market last week, the sector is reported to...
Volvo says it will be the first truck manufacturer to introduce SSAB fossil-free steel in its...
Italian rebar prices are falling further in this week’s contracts, by €20/tonne ($21.3) on average compared...
The Johannesburg Labour Court has dismissed the application by ArcelorMittal South Africa (AMSA) to prevent strike...
ArcelorMittal South Africa (AMSA)’s board has appointed Bonang Mohale as chairman after shareholders approved his appointment...
The US Department of Transportation (DOT) has issued a temporary waiver on President Joe Biden's Buy...
The American Iron and Steel Institute reports domestic steel production was 1.789 million short tons and...
Architectural billings and design contracts in the US rose during April, but at a slower pace...
Nucor is lowering its plate prices, effective immediately, Kallanish learns from a company letter.
The company...
Fitch Ratings has downgraded its outlook on Australia-listed Nickel Mines Limited's (NIC) long-term issuer default rating...
Seaborne iron ore prices firmed on Monday. Chinese futures prices jumped on news that India would...
Turkey’s hot rolled coil market has stirred on the news of India implementing HRC export duties,...
Russian President Vladimir Putin has instructed the government to "optimise" taxes for the steel and coal...
Spanish rebar prices are expected to drop below €1,000/tonne ($1,066/t) in the coming days. The market...
Spanish steel distributor representatives have expressed optimism that steel sector confidence will soon recover. They believe...
A buy-side source tells Kallanish not to expect any radical price drops for P110 in 2022....
The unexpected arrival of duties on steel exports has wreaked havoc on the Indian steel industry...
Scrap prices, which have been following a downward trend for weeks, have more or less stabilised...
Gulf Cooperation Council retail and wholesale rebar markets are subdued, with mills yet to announce June-delivery...
Russian carmaker AVTOVAZ has not resumed production, instead introducing another downtime from 23 May to 27...
Ukraine’s Zaporizhstal, a flat steel mill partially owned by Metinvest, has successfully implemented technology to reduce...
End-use demand is forecast to support hot rolled coil sales but at significantly decreased prices, say...
Russia wants to import more tinplate from Belarus to ease shortages stemming from sanctions against Moscow...
Eastern China's construction steel prices have continued to decline at the end of May as, contrary...
Italian contracts for scrap imports from Germany, France and Eastern Europe have decreased by some €100/tonne...
South Korea’s Hyundai Motor Group (HMG) plans to invest $10 billion in the US by 2025 to secure its future growth and boost US manufacturing, Kallanish reports.
The carmaker group said Sunday the investment will support its global position as a “first mover” in innovation and next-generation mobility solutions. Other than electric vehicle and battery manufacturing, the investment will cover areas including robotics, artificial intelligence technologies, advanced air mobility (AAM) and autonomous driving capability.
On 20 May, Hyundai Motor confirmed it will build a $5.54 billion EV and battery plant in Bryan County, Georgia. Construction is planned to start early next year and commercial production in H1 2025. At full capacity, the plant will produce 300,000 EVs/year, helping the group to become “one of top three EV providers in the US by 2026,” it adds.
HMG’s first EV-dedicated plant in the US is likely to have secured an incentive package from the state of Georgia, just like US carmaker Rivian did earlier this month. The EV start-up committed to building a $5 billion EV factory near Atlanta to produce 400,000 units/year. First production is planned for late 2024, tied to a $1.5 billion incentive package.
After a meeting with President Joe Biden in Seoul on 22 May, HMG’s chair Euisun Chung said the company is preparing for the future: “The group will strengthen its partnership with US public and private entities to offer innovative products and mobility solutions to our value customers in the US while supporting global carbon neutrality efforts.”
Some projects earmarked to get a financial boost includes the Motional’s driverless robotaxi service and the Supernal’s AAM, such as eVTOL, integration to ride-share platforms.
Last week, HMG announced it will invest $16.5 billion by 2030 to expand its domestic EV business and strengthen its global reach. This includes its first purpose built vehicle (PBV) factory.
Semi-finished products drove an increase in Iranian steel exports in the first month of the Iranian calendar...
Although boosted by iron ore futures for a while, Chinese rebar and hot rolled coil futures...
South Korean steelmaker Hyundai Steel has signed a memorandum of understanding (MoU) with the Korea Institute of...
China's coking coal imports continued their growth in April, with intake from Russia in particular hitting...
China's Zenith Steel has commissioned the modernised wire rod mill at its Changzhou steel plant over the...
Ukrainian exports of semi-finished products decreased in January-April due to the ongoing Russian invasion of Ukraine and...
Saudi oil giant Aramco has awarded Saudi Steel Pipe Company (SSPC) a steel pipe supply contract worth SAR...
China’s Suzhou Xianglou New Material on Monday completed its pre-IPO subscription and disclosed the final issuance...
Iron ore prices saw Afrimat’s Bulk Commodities segment deliver a favourable contribution to overall performance in...
In the 24 hours from 10am on 28 June, the Intermediate People's Court of Xiamen City,...
Privately-owned Quzhou Yuanli Metal Products Co, in China's Zhejiang Province unveiled its capacity replacement plan on...
Egyptian rebar prices have slid for the second time in May, in line with the downtrend...
The Indian Steel Association (ISA) has requested authorities re-think the imposition of steel export duties as these will discourage investment into steelmaking capacity needed to meet domestic demand growth.
The duties will only send a negative signal to investors in the steel sector and will adversely impact capacity utilisation, ISA tells Kallanish.
“The steel industry in India has made largest investment commitments, ranging from 36% to 40% of total investments committed by the entire manufacturing sector,” the association comments. “These investments in capacity building are needed to achieve the Atmanirbhar Bharat [self-reliant] vision of the Hon’ble Prime Minister.”
“In light of this decision, new capacities’ creation may get impacted as they would be seen as uneconomical, thus affecting the much-awaited investment against the PLI scheme for speciality steel,” ISA adds.
The decision will dent the nation’s place in the global steel market, creating opportunities for other countries to take the place of India. According to ISA, rebuilding the lost ground later may take a very long time, as the supply chain will be disrupted, while India’s credibility as a reliable exporter will take a hit.
To control the cost of production, the association suggests the government look into the volatility of coking coal import prices. According to ISA, costlier coal has been the main cause of steel price hikes globally over the past year.
“An oligopolist competition exists in the import of coking coal. It has been highly volatile. Coking coal prices peaked at $670/tonne in March 2022 and it is currently at $525/t. The impact of coking coal, iron ore, ferroalloys and fluxes, etc., alone have caused a sharp increase in input cost from $225 to $250,” ISA says.
Despite steel prices sliding globally, production costs remain elevated. The Indian duties may have a major impact on the entire supply chain in the long term, the steel association concludes.
ArcelorMittal Nippon Steel India chief executive Dilip Oommen, who is also ISA president, told Reuters around 90,000 tonnes/month of the firm’s exports will be hit by the new duties.
Effective 22 May, the ministry has introduced a new 15% duty on exports of pig iron, hot rolled coil, cold rolled coil, bars and rods, and stainless steel. These products fall under HS code headings 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 (see Kallanish passim).
The Indian government has introduced duties on exports of finished flat and long steel, as well...
Australian steelmaker BlueScope has adjusted its guidance for the remainder of this fiscal year due to...
Cleveland, Ohio-based US service centre chain Olympic Steel has published a responsibility report highlighting the company's...
Rigs in the US increased by 14 for the week ending 20 May, 2022, while Canada’s...
Nucor has filed an application with the Army Corp of Engineers to determine whether Mason County,...
Turkish rebar sales in both the domestic and export markets rebounded somewhat last week. While the...
Seaborne iron ore prices recovered a little on Friday. A cut to Chinese interest rates and...
A Vietnamese mill’s deep price cut for its domestic hot rolled coil products underscores the weakness...
There was a slight recovery in Turkey’s scrap purchases last week, though the extent of the...
Turkish merchant bar producers have further decreased their export quotes due to weak demand. Market participants,...
The trajectory of merchant basic pig iron (BPI) prices remains downward, emphasised by concluded deals and...
Supply of low-priced Russian billet continues to depress and infuse bearishness in the East Asian market, Kallanish notes....
Suppliers continue to shave off billet prices in order to entice buyers in Southeast Asia, Kallanish notes....
Brazil saw ferrous scrap exports grow sharply in April, reaching a seven-month-high, according to Brazilian Ministry...
Brazil saw its steel exports decrease month-on-month in April. Shipments abroad, however, were higher year-on-year, Kallanish notes....
After a slight decline due to the release of expected sluggish economic data for April, Chinese...
Latin American primary iron production increased month-on-month in March, but it was down from 2021, Kallanish...
Peru’s sole iron ore producer, Shougang Hierro Perú (SHP), saw net profit and revenue decrease in the...
The board of Brazilian steelmaker and miner Usiminas has elected Alberto Akikazu Ono as president and...
Scrap prices in Spain have continued falling in May. The market saw a new €20/tonne ($21.15/t)...
The Russia-Ukraine war that erupted earlier this year has caused economic turmoil across the globe, but the steel...
Pakistani cold rollers and galvanizers have hiked prices in new lists effective 19 May by PKR...
Bearish sentiment is looming over China's scrap market, with mills reducing scrap consumption and electric arc...
Chinese rebar prices rebounded on Friday after falling earlier in the week, with financial policy stimulus...
Japanese steelmaker Kobe Steel aims to sell 1 million tonnes of low carbon steel in around 2030,...
Thyssenkrupp’s supervisory board has decided to extend Martina Merz’s tenure as chief executive by a further...
A sudden stop in Russian gas supplies to Europe would likely push the eurozone into a...
On 19 May, the environmental product declaration (EPD) platform for the Chinese steel industry, initiated and...
Indonesia’s PT Sulawesi Cahaya Mineral (SCM) signed a nickel mining cooperation work agreement with PT Petronesia...
DMCI Holdings Inc. in the Philippines shipped more nickel ore in the first quarter this year,...
Oman-based Jindal Shadeed Iron & Steel (JSIS) will be fed by a captive iron ore pelletising...
Italian pig iron prices are falling in new contracts by $100/tonne on average compared to April...