US rebar pricing remains firm, conditions remain favourable


As US rebar prices hold steady throughout May, market players believe this latest stagnation indicates that...

Rebar market responds to Buy America waiver


Participants in the US rebar market remain optimistic following the temporary waiver of Buy America requirements...

Japanese HRC hit with US duties


The US Department of Commerce found 22 Japanese manufacturers responsible for dumping hot-rolled steel flat goods into the...

Iberian distributors expect challenging 2022: conference


Spanish steel distributor representatives anticipate certain market fluctuations in the following months, but price volatility is...

Vallourec closures should alarm EU politicians: commentator


The announcement of a number of mill closures at pipemaker group Vallourec should be a wake-up...

Iron ore falls despite stimulus promises


Seaborne iron ore prices fell again on Tuesday as confidence faded. Despite the prospect of Indian...

ASEAN countries to gradually reduce EAF steel ratio


The steel industry in ASEAN countries will gradually shift from scrap-based to iron ore-based in the...

SAIL sees rise in annual steel output, deliveries


Steel Authority of India (SAIL)’s sales grew 8% on-year in the fiscal year ended 31 March...

Turkish CRC, HDG price slide continues


Turkey’s cold rolled and hot-dip galvanised coil market continued to decline in the past week, as suppliers...

Export duties to hit Indian capacity utilisation: ICRA


The 15% duties on Indian steel exports will make shipments abroad less attractive and ultimately exert...

Indian duties arrest Turkish scrap downtrend


The long-lasting downtrend in Turkish scrap prices is seen to have ended and sentiment has improved...

India bucks global production downtrend in April


Crude steel production in the 64 countries reporting to the World Steel Association (worldsteel) dropped for...

GCC HRC market calm, price fall continues


Gulf Cooperation Council hot rolled coil market activity has fallen silent after India imposed a 15%...

Indian annual HRC exports drop, future uncertain


Indian hot rolled coil exports fell 4.37% on-year to 6.91 million tonnes in the fiscal year...

India duties seen supporting EU price rebound


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 expands SSAB steel approval for bridges


Deutsche Bahn (DB), Germany’s railway operator and regulator, has qualified SSAB’s Raahe, Finland mill for a...

French construction sentiment recovers slightly


Sentiment at French construction companies is less positive about past activity but improved about their expected...

Vistra brings giant Texas battery storage project online


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.

Toyota extends production cuts into June


Japanese car manufacturer Toyota on Tuesday announced its output cuts for June, following on from reductions...

Banning European scrap exports will hit investment: conference


Banning scrap exports will have hard consequences for the European domestic market, European Recycling Industries' Confederation...

China launches plan to recover from lockdowns


Premier Li Keqiang of China’s State Council held an executive meeting on Tuesday and put forward...

Bowen selects BUMA to mine Broadmeadow East


Australian Securities Exchange-listed miner Bowen Coking Coal (BCC) has selected PT Bukit Makmur Mandiri Utama (BUMA) to...

Steel futures tumble lower


Although the Chinese government has continued to boost the economy through stimulus policies, market players judged...

EU, US overtake India as scrap importers: BIR


Turkey remained the largest scrap importer in 2021 but the EU27 and US took second and...

ZF inks coil deal with H2 Green Steel


German technology group ZF has concluded a long-term supply agreement with Swedish start-up H2 Green Steel,...

Turkish steelmakers expect to profit from Indian duties


Turkish steel exporters stand to benefit from India’s decision to impose 15% duties on steel exports,...

CSC’s April revenue grows on more steel sales


Thanks to more carbon steel sales and rising earnings from mineral investments, Taiwan’s China Steel Corporation...

Huake Indonesia reaches half expected capacity


Huake Nickel Indonesia ignited the second rotary kiln electric furnace (RKEF) at its plant in Weda...

Liugang cuts iron output on maintenance


Liuzhou Iron & Steel Group (Liugang) plans to overhaul the No.1 blast furnace of its subsidiary, Guangxi...

Italian scrap prices decline in uneventful market


After some demand returned to the Italian scrap market last week, the sector is reported to...

Volvo says first truck manufacturer from green steel


Volvo says it will be the first truck manufacturer to introduce SSAB fossil-free steel in its...

Italian rebar prices fall further


Italian rebar prices are falling further in this week’s contracts, by €20/tonne ($21.3) on average compared...

Strike intensifies at AMSA plants after court decision


The Johannesburg Labour Court has dismissed the application by ArcelorMittal South Africa (AMSA) to prevent strike...

AMSA appoints chairman


ArcelorMittal South Africa (AMSA)’s board has appointed Bonang Mohale as chairman after shareholders approved his appointment...

US Transportation Department waives Buy America requirements


The US Department of Transportation (DOT) has issued a temporary waiver on President Joe Biden's Buy...

Raw steel production inches up in US


The American Iron and Steel Institute reports domestic steel production was 1.789 million short tons and...

Architectural billings in the US continue to rise


Architectural billings and design contracts in the US rose during April, but at a slower pace...

Nucor drops plate prices


Nucor is lowering its plate prices, effective immediately, Kallanish learns from a company letter.

The company...

Fitch sees Tsingshan’s troubles impacting Nickel Mines’ ratings


Fitch Ratings has downgraded its outlook on Australia-listed Nickel Mines Limited's (NIC) long-term issuer default rating...

Iron ore steadies on Indian duties


Seaborne iron ore prices firmed on Monday. Chinese futures prices jumped on news that India would...

Indian duties stir Turkish HRC market


Turkey’s hot rolled coil market has stirred on the news of India implementing HRC export duties,...

Putin seeks increased domestic steel consumption, lower taxes


Russian President Vladimir Putin has instructed the government to "optimise" taxes for the steel and coal...

Spain’s rebar market sees prices going down


Spanish rebar prices are expected to drop below €1,000/tonne ($1,066/t) in the coming days. The market...

Spain’s steel sector remains cautious over market recovery


Spanish steel distributor representatives have expressed optimism that steel sector confidence will soon recover. They believe...

Mill worker shortages drive higher prices on OCTG


A buy-side source tells Kallanish not to expect any radical price drops for P110 in 2022....

Export contracts stuck amid duty announcement: JSPL’s Sharma


The unexpected arrival of duties on steel exports has wreaked havoc on the Indian steel industry...

Benelux scrap mostly stabilises on Turkey’s improved activity


Scrap prices, which have been following a downward trend for weeks, have more or less stabilised...

GCC rebar market expects correction to remove uncertainty


Gulf Cooperation Council retail and wholesale rebar markets are subdued, with mills yet to announce June-delivery...

Russian carmakers postpone production restarts again


Russian carmaker AVTOVAZ has not resumed production, instead introducing another downtime from 23 May to 27...

Zaporizhstal reduces ore consumption in sinter output


Ukraine’s Zaporizhstal, a flat steel mill partially owned by Metinvest, has successfully implemented technology to reduce...

End-use demand supports Italian HRC sales, prices drop


End-use demand is forecast to support hot rolled coil sales but at significantly decreased prices, say...

Russia eyes tinplate imports from Belarus amid sanctions


Russia wants to import more tinplate from Belarus to ease shortages stemming from sanctions against Moscow...

China's late-May longs offers continue declining


Eastern China's construction steel prices have continued to decline at the end of May as, contrary...

Italian scrap import contract prices decline


Italian contracts for scrap imports from Germany, France and Eastern Europe have decreased by some €100/tonne...

Hyundai Motor Group to pump $10 billion into US manufacturing sector


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.

Semis drive Iran’s one-month steel export growth


Semi-finished products drove an increase in Iranian steel exports in the first month of the Iranian calendar...

Steel futures await stronger stimulus measures


Although boosted by iron ore futures for a while, Chinese rebar and hot rolled coil futures...

Hyundai, KIER to develop carbon neutral steel tech


South Korean steelmaker Hyundai Steel has signed a memorandum of understanding (MoU) with the Korea Institute of...

China's coking coal imports from Russia hit record


China's coking coal imports continued their growth in April, with intake from Russia in particular hitting...

Zenith commissions wire mill in Changzhou


China's Zenith Steel has commissioned the modernised wire rod mill at its Changzhou steel plant over the...

Ukraine’s semis, pig iron exports drop amid war


Ukrainian exports of semi-finished products decreased in January-April due to the ongoing Russian invasion of Ukraine and...

Saudi Steel Pipe inks contract with Aramco


Saudi oil giant Aramco has awarded Saudi Steel Pipe Company (SSPC) a steel pipe supply contract worth SAR...

Xianglou New Material to list on SZSE


China’s Suzhou Xianglou New Material on Monday completed its pre-IPO subscription and disclosed the final issuance...

Iron ore revenue lifts Afrimat earnings


Iron ore prices saw Afrimat’s Bulk Commodities segment deliver a favourable contribution to overall performance in...

Shougang Casey to auction 40% equity


In the 24 hours from 10am on 28 June, the Intermediate People's Court of Xiamen City,...

Quzhou Yuanli unveils capacity replacement plan


Privately-owned Quzhou Yuanli Metal Products Co, in China's Zhejiang Province unveiled its capacity replacement plan on...

Egyptian mills reduce rebar prices again in May


Egyptian rebar prices have slid for the second time in May, in line with the downtrend...

Duties will damage Indian industry, rethink required: ISA


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).

India introduces steel export duties, drops import duties


The Indian government has introduced duties on exports of finished flat and long steel, as well...

North Star operations boost BlueScope's guidance


Australian steelmaker BlueScope has adjusted its guidance for the remainder of this fiscal year due to...

Olympic Steel highlights environmental achievements


Cleveland, Ohio-based US service centre chain Olympic Steel has published a responsibility report highlighting the company's...

US rig count increases by 14, Canada holds


Rigs in the US increased by 14 for the week ending 20 May, 2022, while Canada’s...

Nucor seeks approval for West Virginia facility


Nucor has filed an application with the Army Corp of Engineers to determine whether Mason County,...

Turkish rebar market seen stabilising after slight uptick


Turkish rebar sales in both the domestic and export markets rebounded somewhat last week. While the...

Iron ore rebounds as interest rates slide


Seaborne iron ore prices recovered a little on Friday. A cut to Chinese interest rates and...

Vietnamese HRC import market drifts lower


A Vietnamese mill’s deep price cut for its domestic hot rolled coil products underscores the weakness...

Slight Turkish scrap buying recovery raises suppliers’ hopes


There was a slight recovery in Turkey’s scrap purchases last week, though the extent of the...

Turkish merchant bar falls further, recovery seen near


Turkish merchant bar producers have further decreased their export quotes due to weak demand. Market participants,...

Pig iron prices may be bottoming


The trajectory of merchant basic pig iron (BPI) prices remains downward, emphasised by concluded deals and...

Russian billet pressures ASEAN import market: sources


Supply of low-priced Russian billet continues to depress and infuse bearishness in the East Asian market, Kallanish notes....

ASEAN billet market descends quickly


Suppliers continue to shave off billet prices in order to entice buyers in Southeast Asia, Kallanish notes....

Brazil’s scrap exports reach seven-month high in April


Brazil saw ferrous scrap exports grow sharply in April, reaching a seven-month-high, according to Brazilian Ministry...

Brazil’s steel exports, imports slow in April


Brazil saw its steel exports decrease month-on-month in April. Shipments abroad, however, were higher year-on-year, Kallanish notes....

Chinese HRC may bottom out after six-week decline


After a slight decline due to the release of expected sluggish economic data for April, Chinese...

LatAm primary iron production recovers in March


Latin American primary iron production increased month-on-month in March, but it was down from 2021, Kallanish...

Peru's SHP sees first-quarter shipments grow, revenue fall


Peru’s sole iron ore producer, Shougang Hierro Perú (SHP), saw net profit and revenue decrease in the...

Brazil’s Usiminas appoints new president


The board of Brazilian steelmaker and miner Usiminas has elected Alberto Akikazu Ono as president and...

Spanish scrap corrects from highs, further falls unpredictable


Scrap prices in Spain have continued falling in May. The market saw a new €20/tonne ($21.15/t)...

SEAISI: Russia-Ukraine conflict has limited ASEAN steel impact


The Russia-Ukraine war that erupted earlier this year has caused economic turmoil across the globe, but the steel...

Pakistani mills hike CRC, HDG despite weak demand


Pakistani cold rollers and galvanizers have hiked prices in new lists effective 19 May by PKR...

Weakening scrap creates Chinese import opportunities


Bearish sentiment is looming over China's scrap market, with mills reducing scrap consumption and electric arc...

China's rebar ends week down despite financial support


Chinese rebar prices rebounded on Friday after falling earlier in the week, with financial policy stimulus...

Kobe Steel targets 1mt low carbon steel sales


Japanese steelmaker Kobe Steel aims to sell 1 million tonnes of low carbon steel in around 2030,...

Thyssenkrupp extends Merz's ceo tenure to 2028


Thyssenkrupp’s supervisory board has decided to extend Martina Merz’s tenure as chief executive by a further...

Russian gas cut-off would cause eurozone recession: Fitch


A sudden stop in Russian gas supplies to Europe would likely push the eurozone into a...

China’s steel industry launches EPD platform


On 19 May, the environmental product declaration (EPD) platform for the Chinese steel industry, initiated and...

SCM inks nickel mining agreement with Petronesia Benimel


Indonesia’s PT Sulawesi Cahaya Mineral (SCM) signed a nickel mining cooperation work agreement with PT Petronesia...

DMCI ships more nickel ore despite lower output


DMCI Holdings Inc. in the Philippines shipped more nickel ore in the first quarter this year,...

Jindal Shadeed to get captive pelletising plant


Oman-based Jindal Shadeed Iron & Steel (JSIS) will be fed by a captive iron ore pelletising...

Italian pig iron prices decline


Italian pig iron prices are falling in new contracts by $100/tonne on average compared to April...