According to the American Iron and Steel Institute, the US steel industry produced 1.72 million short...
Members of United Steelworkers (USW) labour union Local 8782 that work at Stelco's Lake Erie mill...
Tennessee-based metallurgical coal supplier Alpha Metallurgical Resources achieved record-high earnings during the second quarter, while also...
Price drops and decreased demand were the primary market forces shaping Ryerson’s second-quarter earnings, Kallanish notes....
Norwegian battery start-up FREYR Battery said Monday it is accelerating its US gigafactory project development towards H2 2022, catalysed by the country’s Inflation Reduction Act, Kallanish reports.
The company said in its Q2 results presentation that it has advanced the site selection process for the so-called Giga America, narrowing it down to five locations. The project, a JV with Koch Strategic Platforms, is planned to have capacity of 35 gigawatt-hours and use 24M Technologies’ generation 3 technology.
“The proposed US Inflation Reduction Act includes game changing financial incentives to spur development of battery value chain,” FREYR says. “Proposals in the bill that are relevant to FREYR and our customers include $35/kWh battery cell manufacturing tax credit, $10/kWh battery module manufacturing tax credit and 10% separate tax credits for critical materials and active cathode/anode materials.” The company also notes the direct pay option through 2032.
To foresee the expected project launch and final site selection by year-end, FREYR has opened an office in Boston. It didn’t disclose details of the potential locations.
Elsewhere, FREYR said it’s engaged with a consortium of potential of lenders that includes 14 commercial banks, four export credit agencies and two investment banks to finance its flagship $1.7 billion Giga Arctic project in Norway – previously known as combined Giga 1&2. The project sanctioned in June will have 29 GWh capacity, with first production expected in H1 2024.
FREYR intends to reserve 50% of its capacity to long-term offtakers, with negotiations currently in advanced stage. The company has previously announced six conditional offtake agreements.
The company posted a net profit of $4.7 million, compared to a net loss of $34.9m in Q1.
Global merchant pig iron trade reflects low appetite from all major importing regions, most significantly the...
United Steelworkers (USW) president Tom Conway has expressed the union’s support for the passage of the...
After kicking off last week, US scrap trading is expected to settle during the first half of the current week, but suppliers are seen resisting lowering prices, Kallanish notes.
Towards the end of last week, a US producer gave a bid for cut grades and busheling at a $30/gross ton and $70/t discount respectively. However, suppliers are seen resisting these discounts, specifically the $70/gt discount on prime grades.
“This is a sharp decrease and carries busheling prices below shredded in some regions,” says a scrap supplier.
Most market participants expect US prices to settle within 2-3 days, with cut grades and shredded expected to fall by $20-30/gt and prime grades by $50-70/gt from July prices.
On the West Coast, buying interest for US-origin containerised HMS 1&2 80:20 remains weak. Japanese scrap is attracting more attention after its spread to US prices narrowed to almost zero. While buyers’ price ideas for US material do not exceed $320-325/tonne cfr Taiwan, US suppliers are seen targeting higher levels, at above $335/t cfr, following the rebound in Turkey last week and yen appreciation.
On the East Coast, US suppliers are increasing their price targets in Turkey despite the decline in the US domestic market. Offers in the market are scarce, and US suppliers are seen targeting to sell HMS 1&2 80:20 at above $400/t cfr Turkey. On Monday, there were rumours of a US-origin HMS 1&2 80:20 sale at $388/t cfr being done last week. This is, however, denied by the seller.
Seaborne iron ore prices on Monday retained the strength seen last Friday, despite data showing increased July...
European exporters’ dock prices, which started last week at €280-285/tonne ($286-291) levels, recovered in the second...
Saudi Arabia's rebar market has not improved, even though stockists and traders do not have large...
Russia’s new steel strategy emphasises Far Eastern port infrastructure development is necessary for the trans-shipment of...
The Indian Directorate General of Trade Remedies (DGTR) has recommended definitive anti-dumping duties on electro-galvanized steel...
Ukrainian stainless seamless pipe producer Centravis’ hot and cold shops have begun working in two shifts...
Industries Qatar (IQ)'s steel segment revenue inched up 11.1% on-year to QAR 2.46 billion ($675 million) in the...
Russia’s construction and housing and utilities minister Irek Fayzullin and Metalloinvest general director Nazim Efendiev have...
In United Arab Emirates, rebar sales in the secondary market are shifting from Emirates Steel (ESI)'s...
Tata Steel aims to start Neelachal Ispat Nigam (NINL)’s blast furnace and steel production in October....
The Italian wire rod market is becoming quiet as the sector is shutting down for the...
Mexican authorities confirm the initiation of an anti-dumping investigation into imports of cold rolled coil from...
Turkey’s Cemtas produced 90,038 tonnes of crude steel in the first half, down 0.22% on-year. Rolled...
Taiwan’s China Steel Corporation (CSC)’s board of directors approved on 5 August a plan to carry...
Kyrgyzstan has extended its ban on ferrous scrap exports outside the Eurasian Economic Union (EAEU), the...
On Monday, amid good news on the epidemic and the real estate sector, Chinese rebar and...
Kardemir more than doubled its revenue on-year in the first half of 2022 to TRY 12.8...
Turkish steel producers are bemoaning billet imports from Russia, which are almost at scrap prices and...
Hoa Phat Shipping Joint Stock Company, a subsidiary of Vietnam's Hoa Phat Group, has ordered two...
Leading Vietnamese steel producer Hoa Phat Group's sales remained stable year-on-year in July due to weak demand. However,...
Italian passenger car output decreased significantly year-on-year in June and in the first half of 2022, ...
Steel Authority of India (Sail) entity Rourkela Steel Plant (RSP)’s crude steel production surged 5.1% on-year...
Walsin Lihwa’s board of directors has decided to acquire a 29.5% shareholding in PT Westrong Metal...
Australian coking coal miner Stanmore Resources says the coal market continues to be volatile, with increasing...
Australia’s TNG has received further conditional financial support from Korea’s Export Credit Agency (ECA) for the...
Chinese steel imports and exports dipped deeper in July amid sluggish demand globally. However, exports did...
Manuka Resources has entered into a binding term sheet for the purchase of emerging vanadiferous titanomagnetite...
Australian miner Strike Resources is targeting a maiden iron ore shipment to China in late August of...
Australian miner CZR Resources has signed a co-operation agreement with Red Hill Iron (RHI) to jointly...
Seaborne coking coal prices recovered over last week, wiping out some of their recent declines. Optimism...
The US Department of Commerce has made a preliminary determination for its investigation regarding the dumping...
Members of the International Association of Bridge Structural, Ornamental and Reinforcing Iron Workers are showing support...
Rising sales prices boosted US graphite electrode producer GrafTech's earnings during the second quarter of this...
Flatrolled steel distributor Olympic Steel announced record high quarterly sales of $709 million for Q2, reports...
The International Trade Association and the US Department of Commerce have partially rescinded an administrative review...
The US and Canada each lost rigs this week, Kallanish learns from energy services company Baker...
Higher steel pricing during the second quarter of this year has boosted adjusted earnings for Canton,...
During the 2022 American Society of Mechanical Engineers (ASME) Pressure Vessels and Piping convention in Las...
The many factors affecting industries and markets this year have put notable pressure on steel supply...
Seaborne iron ore prices ended their decline and rebounded last Friday, as the market panic caused...
The ASEAN billet market is rising slowly, Kallanish notes. Sellers made some small gains in a...
Primetals Technologies is modernising the entire process control system at voestalpine’s LD3 steel plant in Linz,...
Imported scrap offers in Pakistan surged $10-20/tonne on-week primarily on the back of the revaluation of...
Costlier steel raw materials coupled with lower steel prices and export-barring 15% duties has impacted the...
The frequent fluctuations in China's construction steel market last week disrupted the purchasing rhythm in the...
Chinese scrap prices have seen significant growth as steel mill profits recovered and steel production resumed....
Jiangsu Xingda Tyre Core Company, located in Jiangsu Province Xinghua City, is preparing to add investment for its...
Russian steelmaker and miner Severstal is embarking on the most important stage in the implementation of...
Industrial Metallurgical Holding (IMH) subsidiary Tulachermet has completed commissioning work at a new air separation unit...
Vietnam’s import market continues to be sluggish amid weak demand and high inventories. The commercial-grade hot rolled...
The Ural Automobile Plant has resumed production after a planned corporate holiday, which took place from...
China's Ministry of Industry and Information Technology (MIIT) recently released details of the country's nickel, cobalt, and lithium industries during H1.
According to the announcement released on 5 August, during H1 2022, the total output of nickel and lithium increased on-year while that of cobalt had a slight decrease; the average price of battery-grade lithium carbonate was CNY 453,000 ($67,112.57)/tonne, an on-year increase of 454%, Kallanish learns.
The MIIT thinks the continuous growth in nickel and lithium production volumes is due to the rapid development of the new energy industry. The demand for lithium carbonate products is expected to remain high during the second half of 2022.
According to data from the General Administration of Customs, during H1 2022, import volume of nickel concentrate reached 15.1 million t, an on-year decline of 8.3%; import volume of electrolytic nickel was 83,000 t, an on-year decline of 3.7%; import volumes of cobalt concentrate and wet-method cobalt intermediate products reached 12,000 t, and 160,000 t respectively, an-year increases of 79.2% and 4%; and import volumes of lithium concentrate and lithium carbonate reached 1.162m t and 71,000 t, on-year increases of 13.5% and 66.5%.
Prices of electrolytic nickel, metal cobalt, and battery-grade lithium carbonate fell 44.2%, 32.5% and 6.8%, respectively, from the highs in late June.
During H1 2022, China's lithium hydroxide output reached 11,000 t, an on-year increase of 35%; nickel sulfate output increased 34.5% y-o-y; refined cobalt output was 58,000 t, an on-year decline of 6.9%, according to market data from Beijing Antaike.
The Italian plate market is becalmed due to the summer break in most European countries. Demand...
MZ Balakovo, part of Novostal-M metallurgical holding, set two new records for the shipment of finished...
Colombia saw iron ore and steel exports sharply increase both on-month and year-on-year in June, according...
The Italian government may inject between €500 million ($509m) and €1 billion into troubled steelmaker Acciaierie d’Italia, formerly known as Ilva, the minister for economic development Giancarlo Giorgetti has announced.
The funds will be released thanks to a new decree called “Aiuti Bis” prepared by the Ministry for economic development (Mise) to save the company, a joint venture between ArcelorMittal and state-owned Invitalia, from its current liquidity crisis. The steelmaker is heavily reducing output due to the current deteriorated market conditions and also a lack of liquidity to buy raw materials, sources close to the company tell Kallanish.
Acciaierie d’Italia mothballed BF No.2 until the end of August amid the downturn in prices and demand in the global coil market. At present, Acciaierie d'Italia’s Taranto facility is operating BFs Nos.1 and 4, one of which sources say will be mothballed. In June, two galvanizing lines were also idled due to deteriorating demand for coil. At the end of 2021, the steelmaker mothballed blast furnace No.4 because of a technical issue. In October 2021, BFs Nos. 1 and 4 were restarted. The latter was idled for about seven months and the company spent €70 million on upgrade works (see Kallanish passim).
Chief executive officer Lucia Morselli told the Italian press the production target for this year at 5.7 million tonnes is confirmed. In 2021 the company reached a turnover of €3,3 billion and 4 million tonnes of steel production, sources say.
Latin American primary iron production decreased month-on-month in June. Output was also weaker on-year, Kallanish learns...
Brazil has initiated an official review of anti-dumping duties on imports of Chinese-origin high carbon steel...
Argentinian car production and exports fell month-on-month in July. The automotive sector’s performance, however, remained higher...
Brazilian exports of semi-finished products were down month-on-month in July but rose on-year, according to Brazilian Ministry...
Algerian Qatari Steel (AQS), the Algeria-based steelmaker joint venture between the state and Qatar Steel, has...
Last week, economic policy announcements fell quiet and demand failed to increase. Chinese hot rolled coil prices thus fluctuated...
Following the imposition of export taxes, KIOCL suspended its pellet plant operation in Mangalore, impacting its...
On 4 August, Hebei Iron & Steel (HBIS) Group and BMW Group signed a memorandum of...
The China Coking Industry Association (CCIA) released the “Carbon Neutral Action Plan for Carbon Peaking...
The Department of Ecology and Environment of Hebei Province has approved the environmental impact assessment (EIA)...
Non-residential construction spending fell slightly in the US during June by 0.5%, with spending levels down...
US metallurgical coal supplier Warrior Met continues to break performance records in the second quarter of...
Pennsylvania-based US metallurgical coal producer Corsa Coal achieved record high revenues during the second quarter of...
Chicago, Illinois-based US service centre chain Ryerson increased its shareholder's earnings per share to a record...
Kallanish learns the prices of P110 5.5-inch casing have increased to over $4,000/short ton for spot...
Miner and steelmaker Evraz ramped up consolidated revenue and Ebitda in the first half of 2022 on higher...
The US Department of Commerce and the US International Trade Commission have declared that revoking anti-dumping...
Seaborne iron ore prices continued with significant declines on Thursday. Iron ore demand has fallen under...
The North American branch of Klöckner & Co is partnering with Nucor to process plate at...
The surge in demand for finished steel has increased the intake of semi-finished steel and scrap...
Following the increase in bulk bookings coupled with improving finished long steel sentiment in the domestic...
Northern European wire rod prices have remained flat this week due to low demand and higher...
The rebar import market in Singapore saw offers rise after the recent spike in the domestic...
The American Iron and Steel Institute reported a 12.9% decrease in steel import permits from June...
Metinvest’s trading arm, Metinvest-SMC, has arranged the import into Ukraine of scarce thick plate and hot...
Turkish sections producer Kocaer Çelik saw significant exports boost performance in the first half of 2022,...
Following its strong financial performance in its first fiscal quarter through June (FQ1), voestalpine expects a...
Japanese steelmaker Nippon Steel broke a quarterly record for consolidated business profit in the first quarter...
Turkish billet imports under HS code 720711 surged to 302,979 tonnes in June, up 131% on-year...
Slumping finished steel exports almost completely offset surging Iranian semi-finished steel exports in the first three...
Italian pig iron prices are increasing by some $20/tonne following a long period of market standoff....
The first deep-sea vessel has arrived at EMR’s new deep-sea dock at King George V West...
Turkish welded pipe exports rose for a fifth consecutive month in June by 18% on-year to...
Exporters have raised offer prices for wire rod in the Philippines this week, Kallanish notes. This is in tandem with increased optimism that regional steel markets would mirror the firming Chinese steel market. However, a drop in the Chinese domestic billet market on Thursday reflects the volatility in markets.
Traders are offering 6.5mm SAE 1008 blast furnace regional wire rod for September/October shipment at $580-585/tonne cfr. Last week, small 1,000-3,000t cargoes of regional wire rod transacted at $570/t cfr Manila.
“The market is very quiet,” a Manila trader says. He and others say that rising political tension between mainland China and Taiwan is the latest negative factor affecting trade.
Blast furnace wire rod from Indonesia and Malaysia were offered on Tuesday at $560/t fob and $550/t fob respectively, a Chinese trader says. The mills were planning to hike prices further but, with the retreat in Chinese steel futures, he thinks they will now lower prices. The backslide in Chinese futures is due to the conflict with Taiwan, he says. The above-mentioned Malaysian wire rod is offered at $585/t truck-delivered to Singapore, a Singapore trader reports.
Another Manila trader hears but is unable to confirm an order for regional wire rod at $575-580/t cfr Cebu. This is a workable price level “given what has transpired the past few months and the current global economic and geopolitical atmosphere, that can change very quickly,” he observes. Mills and traders continue to sell on the basis of "whoever blinks first loses," he adds. This means whichever party urgently needs to buy or sell must compromise.
Kallanish assessed SAE 1008 6.5mm diameter wire rod on Thursday at $570-575/t cfr Manila, up $2.5/t on-week.
On Thursday, domestic billet in Tangshan slipped by CNY 50/t ($7/t) to CNY 3,710/t after gaining CNY 210/t since 28 July. Thursday's price drop deters import buying, Chinese traders say. A regional trader reports hearing the latest bids from China for billet imports at $495/t cfr, adding that no bookings have transpired yet. Several traders heard Iranian billet, possibly 50,000 tonnes, was ordered at $510/t cfr China during the recent price rally.
Russian steelmaker MMK says it opposes US sanctions against its majority owner and chairman of the...
Weak overseas demand and lower steel prices have led to the disappearance of China's long product...