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Preview of Today's Top Article Mills warned to keep supply tight or risk price gains Supply and demand are finally coming into balance on most products after an extended period of destocking and reduced production. But if mills ramp up output too much they will trample the fragile green-shoots, UK stockists tell Steel Business Briefing. Most product prices seem to have bottomed recently as stockists and distributors have filled holes in their inventories, especially on strip where shortages are most apparent, but this does not give mills carte blanche to raise output, stockists say. “The danger is that mills will kill it (the current price rise) before it gets going,” one flat product supplier says. “It’s not real demand that is leading to this situation, it’s restocking.” to read more subscribe here TODAY'S TOP SBB HEADLINES CIS pig iron export market continues to strengthen US and EU companies expect higher prices: The Steel Index N. European coil prices set to rise slowly Demand fundamentals remain weak - WSR Rising flat products propel slab import prices in E. Asia ArcelorMittal delaying $600m Mexico bar mill Europe Corus seen going for €30/t price rise for Q4 deliveries Production cuts at Greek mills still at least 30-40% Erdemir increases extras on strip products by $10/t Turkish bar exports fell in June GSW forsees wire rod price rise for September Corus axing production jobs at Scunthorpe Evraz raises around $900m in new capital Mills warned to keep supply tight or risk price gains Southern Europe expects some recovery after the summer MPs urge UK government to cut energy cost for steelworks Asia Pakistan Steel raises billet price, second time this month Baosteel forecast to raise HRC prices for August China lifts rail output on strong sector investment China daily steel output highest for twelve months YK Steel to build new melting, rolling facilities in Busan Pakistan flat steel supply short, prices rise Chinese H-beam prices strengthen on mill hikes India rules out hike in steel import duties Sail cuts longs prices, keeps flats unchanged CSC, Posco to lift HRC, CRC export prices to Japan North America AK Steel announces price increases for US sheet products US wide flange beam prices likely to rise for August With surcharge settled, August US plate prices still unclear July shaping up to be slow for US industry Latin America Brazilian wire rod demand improving CSN increases shipments to US, Portuguese subsidiaries Middle East & Africa Iran seeks new funding for 8m t/y semis projects Scrap & Raw Materials US Steel Canada to idle Lake Erie coke ovens Brazilian iron ore shipment to China rescheduled Vetorial looks to capitalize on increase in pig iron prices Turkish pig iron imports started to recover in May China probes mills as part of Rio Tinto 'espionage' case Shanxi raises coke reference price for July Bloom Lake iron ore mine - clarification Chinese FeSi prices inch higher, EMM, FeMn, SiMn quiet BHPB-Rio talks could slow rail/port access for junior miners Iron ore stockpiles slightly increase at Chinese ports Higher domestic prices boost China FeCr import prices Japanese scrap export prices continue rising Stainless steel & Ferro-alloys Allegheny projecting Q2 profit of $3m NSSC agrees 26% FeCr price rise with Xstrata-Merafe Asian stainless prices hold steady Tubes & Pipes Russia's TMK may build pipe mill in Africa Turkish pipemakers struggle to cover higher strip costs Global oil/gas drill rig numbers remain at a low level China’s welded pipe prices steady Korean SAW pipe maker plans new 70,000 t/y mill
Preview of Today's Top Article EU duties on Chinese seamless pipe to be scrapped? Europe’s carbon tube sector has expressed surprise at a report published by Reuters last Friday (10 July) that the European Commission is to propose terminating anti-dumping duties on Chinese seamless pipe. Provisional duties of 15-24.1% were imposed in April. The report indicated that trade officials from the 27 EU countries would vote on the proposed dropping of the duties later this month. But well informed sources within the European tube industry think it more likely that the duties will be confirmed and even increased. to read more subscribe here TODAY'S TOP SBB HEADLINES Gerdau Ameristeel raising wire rod prices $40-60/s.ton CIS billet export market is cooling down Some contract sheet prices poised to rise $90 in US market SE Asian importers are wary in firm billet market Export demand boosts N. European scrap prices for July Europe EU price hikes to bring some revenues for steelmakers Plate destocking in Germany remains slow Saudi buying pushes Turkish billet exports up ArcelorMittal Magona sees rising orders for galv Turkish strip product exports increase by 60% in June 2009 Medium sections prices drop, future direction confused Non-mesh rod demand improves a little in short term Turkish domestic rebar prices fall on slow export demand UK fabricator goes into administration Mechel’s steel division reduced losses in Q1 Asia Indonesia starts dumping probe into Chinese beams Pakistan gets coil in scrap containers, to avoid import duty Laigang plans to consolidate assets Hebei Iron & Steel lifts rebar and wire rod prices China domestic CRC prices rise on stronger sentiment Guangdong closed 53 steelworks so far this year China’s daily steel exports rebound in June Daehan Steel to build rebar processing plant Laigang awarded prize for energy conservation North America Gerdau Ameristeel raising rebar prices US ITC green lights 2 downstream trade cases against China Gerdau Ameristeel hikes August WF beam prices LME plans to introduce N. American contract within 5 years US discrete, coiled plate imports off dramatically Smaller GM re-emerges with eye on global market Latin America Chile's Huachipato resumes output at blast furnace No 1 Scrap & Raw Materials ArcelorMittal may sell Russian steam coal mine Argentina bans scrap exports for six months Brazil's Mhag prepares to resume output, expansion plans Iron ore reference prices move higher, says The Steel Index Mechel's mining arm hit by falling demand in Q1 Indian mills await Japanese, Posco ore settlements Tight supply pushes up China pig iron prices Rio official accused of bribing steel mills for information No deal on Elegest coal: Mitsui Italian pig iron & ferro-alloys market quiet in July Turkish mills cut scrap buying prices twice last week Stainless steel & Ferro-alloys Nisshin stepping up stainless output Jacquet Metals hopes for firmer stainless plate price in H2 Tubes & Pipes EU duties on Chinese seamless pipe to be scrapped? Turkish pipe exports decline despite MENA buying Korea welcomes foreign bidders for distressed pipe Russia’s TMK to restructure eurobond debt
WORLD STEEL PRODUCTION FORECAST TO SLIP BY 12 PERCENT THIS YEARwww.meps.co.uk/article-key-out-q2-09.htm MEPS - Global Crude Steel Production Estimate (Million tonnes) Region 2008 2009(f) EU 27 198.0 141.5 Other Europe 31.8 28.6 C.I.S 114.1 93.0 NAFTA 124.5 82.7 South America 47.5 36.3 Africa 17.1 15.5 Middle East 16.6 18.2 China 500.5 516.0 Japan 118.7 88.0 Other Asia 148.8 139.5 Oceania 8.4 5.7 Total (rounded) 1326.1 1165.0 Source: MEPS - World Steel Outlook MEPS is forecasting total world steel manufacturing in 2009 at 1165 million tonnes. This equates to a decrease of 12 percent on the previous year’s result. There are a number of positive signs in the market. Steel stock levels at both the distributors and mills are extremely low. The savage cuts in steel output over the past nine months have partly rebalanced supply and demand by eliminating overblown inventories in the supply chain. Moreover, steel consumers, including OEM’s, building and construction companies and distributors were also carrying substantial stocks of their goods and raw materials in the boom market conditions. There are indications of a pick up in automotive production across the world - fuelled by scrappage schemes and tax incentives. Construction demand appears to be improving in China and some emerging nations. Tax incentives to purchase white goods are also being signalled in several countries. These should lead to inventory rebuilding and higher real consumption of steel. Construction activity is, however, slow to revive at the moment (except in China and a few Asian nations), despite government investment in infrastructure projects. The impact on steel demand from the building segment will take more time to come to fruition, particularly in the industrialised nations. MEPS foresees blastfurnace iron production in 2009 at 835 million tonnes - a reduction of 91.5 million tonnes compared to 2008. Higher vehicle manufacturing should assist in improving activity at the blastfurnace mills in the second half of this year. A 6.4 percent decrease is forecast for direct reduced iron output in 2009. This smaller decrease compared to steel is due to stronger market conditions prevailing in many of the countries employing this iron making process. Quarterly crude steel production in the EU-27 member states fell to around 30.5 million tonnes during the first half of this year - a decrease of approximately 43/45 percent. There are indications that mill order intake is now increasing. Some producers are starting up previously closed plants, particularly to produce material for the automotive sector. Steel buyers are starting to reorder because inventories have dropped to very low levels. However, they remain cautious about building up stocks to anywhere near pre crisis levels. After a difficult start to the year, iron and steel production in non EU Western Europe has started to recover. As a consequence, we have made a small upward revision to our earlier forecast for steel output in 2009 - mainly as a result of improvements in Turkish mill activity. We have uprated our forecast for CIS crude steel production in 2009 to 93 million tonnes. This represents a decline of 18.6 percent on the previous year’s figure. Many steel mills across the region are selling semi-finished products in export markets because of the favorable currency exchange rates compared to most other countries of the world. The impact of the global economic crisis has been felt most acutely in the NAFTA region. Weak market conditions have prompted us to downgrade our previous forecast for crude steel production to just below 83 million tonnes. This represents a decrease of one third on the 2008 figure. A similar reduction is predicted for blastfurnace iron production. Steel demand is flat in all the major steel producing nations in the region. However, we believe that the worst is now past and steel output will begin to turn up in the second half of the year. South American steel production dropped significantly in the first quarter of this year. Since then steady improvements have been made but a pick up in economic conditions across the region has been slow to take off. We now expect an 11 million tonne (23.5 percent), year on year, decline in supply from local mills in 2009. We predict that African steel output in 2009 will decrease by approximately 10 percent compared to the prior year. Some North African markets are picking up - particularly for residential building. This should lead to a better second half performance. Iron and steel production in the Middle East is forecast to rise in 2009, against the trend in most other parts of the world. Ironically, construction demand has fallen across most of the region but new capacity has come on stream and output is being ramped up at existing units. Total Asian iron production is forecast to decline by 2 percent in 2009, year on year. Steel output is expected to be 3 percent lower. A revival in construction in many parts of the region is underway. Government stimulus measures have also assisted in maintaining a reasonable level of demand in these difficult global economic conditions. Source: MEPS - World Steel Outlook
Preview of Today's Top Article Medium-low demand, pricing pressures to stay: Marcegaglia The steel market through 2018 will revert to over-capacity, global demand will stay medium-low, prices will be under pressure and volatility will be the norm, Italian tube, strip and plate producer Antonio Marcegaglia forecasts in a report sent to Steel Business Briefing. The market will be ruled by “smart buyers” and industry results performance will be back to normality, as opposed to the extraordinary performances, especially of some Western companies, in 2000-2007, he says. to read more subscribe here TODAY'S TOP SBB HEADLINES OECD leading indicators point to possible recovery Brazil's HRC export offers above US$500/t fob, traders say US capacity utilization breaks 50% for first time since '08 Scrap suppliers push for price gains in east Asia Italian steel industry expects recovery in 2011 Chinese HRC export prices rise quickly Europe Turkish domestic coil price rises confirmed: The Steel Index Mechel refinances debts with longer-term loans MMK Atakas nears start-up of Turkish service centre Medium-low demand, pricing pressures to stay: Marcegaglia German suppliers still concerned about credit insurers ArcelorMittal adds exec post to European flats business S. European engineering steel orders improve Italian industrial vehicle sales forecast to halve in 2009 Turkish strip users ask for cut in import duty Spanish construction activity to drop 10% in 2009 Asia Jigang's June profit the first this year Posco's exports jump 48% Baosteel raises strip product prices for August Shagang lifts rebar and wire rod price China real estate sector improving Filipino galvanizers want access to duty-free coil imports North America Direction of US scrap market unclear, sources say Keystone Steel & Wire increasing US wire rod $60/s.ton Tubemaker RathGibson files for bankruptcy protection Republic raising US August wire rod prices Mexico's auto sector hit hard by economic downturn Ryerson completes divestiture of Tata Ryerson in India MultiServ workers locked out at ArcelorMittal Dofasco ADF Group lands $66.2m NA infrastructure contract Kentucky Electric's fiscal Q3 revenue falls 62% y-o-y Second quarter US sheet imports from Australia, China fall Asian, Russian exports to US down significantly Latin America ArcelorMittal Tubarão lifts production, as exports rise Value of Colombian iron/steel imports down 44% in May Brazil's Usiminas could relight BF No 2 by late July Middle East & Africa Turkish rebar export market is slow Shareholders tell Mobarakeh Steel to focus on bottom line Scrap & Raw Materials USW striking Sudbury nickel mine, Voisey's Bay next Strike stops production at Shougang Hierro Perú Mexico's Autlán forecasts 60% drop in tons sold Ferro-chrome orders are improving, says Hernic Turkish mills hold off from scrap imports China’s coke exports plummet 97% Tokyo Steel lifts most scrap prices Explosion kills eight at Hebei Steel iron ore mine Indian pig iron export tenders close at higher prices Traders say Vale building inventories at Chinese ports Kumba Iron Ore profits rise Stainless steel & Ferro-alloys NAS hikes stainless rod prices for September 5%-9% European stainless bar market revived by restocking NSSC lifts austenitic CRC and heavy plate prices Chinese 430, 200-series prices up Chinese 304 stainless prices fall with nickel price drop Tubes & Pipes V&M Brazil sees opportunities in World Cup tourney Turkish spiral-weld pipe maker reaches full capacity BSG’s output boosted by new oil and gas lines in China
Preview of Today's Top Article European iron ore buyers may seek more price cuts Although ArcelorMittal settled iron ore prices with Brazil’s Vale more than three weeks ago, no other settlements for 2009 have been reported in the European market. Some trade sources say market players are awaiting the outcome of the stand-off between China and its principal ore suppliers, and may use this as a guideline as to what kind of price can be achieved in a recession. Swedish miner LKAB said it is close to agreeing its 2009 iron ore prices, which will be close to the benchmark, a source tells Steel Business Briefing. “Our prices will be similar to the benchmark, which we have tried to support for many years now,” LKAB’s acting president and CEO Lars-Eric Aaro says. This implies year-on-year reductions of 48.3% for pellets and 28.2% for fines. to read more subscribe here TODAY'S TOP SBB HEADLINES CIS bar/rod export markets are quiet as holidays loom Some rebar & plate prices a little firmer: The Steel Index Spot iron ore prices climb as Australian miners stop supply SBB Special Report: Brazil's HRC makers get margins back Iron ore reference price hits 2009 high: The Steel Index Citi analysts 'bullish' on US, global steel markets Europe Italian beams/merchant bar prices increase ArcelorMittal Spain to restart Gijón blast furnace Turkish local HDG prices fall on more supply Çemtas asks for help from government to lower costs Credit insurers in Germany ask for quicker updates Turkish sections exports fell 22% in the first half Italian flat import licences fell again in June Turkish wire rod exports up, revenues fall by half Special steels distributor IMS cuts purchases Voestalpine counts on profits, Salzgitter is more moderate 2010 positive for construction steel, says Lucchini exec Equipment maker Danieli sees few cancellations Asia Magang reports profits in June Chinese domestic CRC prices continue to rise Ship plate import prices climb strongly in SE Asia China may eliminate 20 licensed iron ore importers Chenggang recycles more wastewater Chinese plate prices rise on domestic, export strength Chinese billet rises on firming steel prices Nippon Steel decides to restart Oita blast furnace Japan’s steel order volume recovers slightly SMI blows-out world’s longest-running furnace Tokyo D-Bar to lift rebar prices North America US exports up slightly after falling from peak American sheet exports up slightly US heavy structurals exports flat, rail on the rise US DOC rules on Chinese plate circumvention case Latin America ArcelorMittal Tubarão to resume No 2 BF in 2010 Colombian construction steel prices continue to decline Brazilian service center inventories down, sales steady Middle East & Africa Saudi Arabian local flat prices rise, demand good Dubai rebar market is more optimistic, Turkish traders say Scrap & Raw Materials Venezuelan HBI industry still operating at reduced rates Prices and output steady within Brazil's scrap sector Met coal miner Grande Cache issues improved guidance European iron ore buyers may seek more price cuts CoAL takes Vele mining project, awaits approval for go-ahead Korean mills book scrap at below offer prices Fortescue production in June quarter better than expected Stainless steel & Ferro-alloys Posco-SMSP FeNi furnace targets 25,000 t output Taiyuan cuts domestic stainless 304, raises 430 prices Tubes & Pipes Tenaris cuts output in Italy, plans long summer stoppages Personalise your news
Preview of Today's Top Article No impact on steel from Korea-EU free trade pact The agreement reached on 13 July between Korea and the European Union that wound up protracted discussions on a bilateral free trade agreement (FTA) will have implications for steel-using sectors such as agriculture and automotive but not steel itself. “Both Korea and the EU have eliminated tariffs on steel since 2004 so the FTA has no affect at all. Nor are there any significant non-tariff barriers in place that might be removed,” an official from the Korea Iron & Steel Association (Kosa) tells Steel Business Briefing. to read more subscribe here TODAY'S TOP SBB HEADLINES SE Asian HRC import buying slows down Egyptian buying slows after decrease in rebar price Demand expectations dip: The Steel Index survey Steel to have increasing role in construction: Balli Steel Nucor raises longs and plate prices $40/s.ton ArcelorMittal to restart third West European blast furnace Venezuela issues decree nationalizing HBI sector Cautious confidence in N. European strip market Europe UK strip prices continue to firm, Q4 development cloudy New melt shop in Turkey produces its first crude steel Turkish merchant bar exports quiet Mechel restores steel output to ‘pre-crisis’ levels in Q2 Asia Indian coil producer to build new service centre Chinese MCC submits proposal for Pakistan Steel expansion Steel price recovery to last in H2: CISA Angang to lift flat products prices for August Chinese tinplate prices rising Chinese HDG prices rise on domestic, export markets China Steel raises HRC, CRC export prices by $100+/t Kyoei to extend summer shutdowns on uncertain demand No impact on steel from Korea-EU free trade pact Indian importers take time mulling higher HRC import prices Korean economy better but steel demand still down North America Arbitrator orders AK Steel to keep Ashland mill running Ameristeel no longer alone with $40 WF beam price move HRC at $500 a ton raising questions in US market Worthington loses $14m but sees a bottom in processing Mexican rebar producer halts operations for one month Latin America Venezuelan auto sector shows month-on-month recovery Argentina's output rises in June as destocking ends Middle East & Africa Egyptian strip prices keep rising, buying slackens Scrap & Raw Materials Ferrexpo increases pellet production, reduces costs S. European scrap market quiet approaching August Turkish scrap imports up 29% in May LKAB settles iron ore pellet price with Salzgitter Rio Tinto raises iron ore production; outlook strong Russia’s Vorkutaugol gets new coking coal reserves Chinese claims of wide-scale bribery 'exaggerated' Anshan signs long-term ore contract with Korea's STX Stainless steel & Ferro-alloys Weak market hampers Tangshan Stainless plan Taigang Stainless warns of H1 loss on demand drop US assesses Villares dumping margin of 4.95% Special report: European stainless consolidation stalemate Tubes & Pipes Some improvement in tube sales seen in Germany Turkish tube demand falling, prices stable EU should increase AD on Chinese pipe - Tenaris Chinese seamless pipe prices firm
STEEL CAPACITY UTILISATION STARTING TO RISEwww.meps.co.uk/steelcapacitynews.htm Steel Making Capacity - Yearly average (%) Region 2008 2009 (Q1-Q2) EU 27 84.1 52.8 Other Europe 86.8 74.0 C.I.S 83.5 65.0 NAFTA 86.3 50.4 South America 87.0 58.3 Africa 79.2 68.6 Middle East 83.2 87.9 Asia 88.9 85.5 Oceania 90.5 48.9 World Total 87.1 73.6 Source: MEPS - World Steel Outlook MEPS analysis shows that steel production cuts were at their deepest in the final quarter of 2008. The rate of steel capacity utilisation across the globe fell to 71.6 percent in that period and moved up marginally in the following three months. In the second trimester it is estimated that the world steel capacity utilisation rate increased to approximately 75 percent. MEPS suggests that the worst is over and that steel production will increase steadily over the next five years. MEPS estimate that, at the end of 2008, the world’s maximum steelmaking production potential (MSPP) was 1518 million tonnes. The figure is based on the highest daily average output in the last three years in all the steel producing nations, converted into annual and quarterly values. In the final trimester of 2008 and first three months of 2009, global steelmaking output was 71.6 and 71.9 percent, respectively, of total production potential. This shows the seriousness of the economic downturn and the impact on the steel sector. In the near future, new capacity for steelmaking will be brought on stream in China, India, South America and parts of the Middle East. The net result of these changes is likely to be a further increase in their maximum steelmaking production potential in the near future. However, some plant closures will take place, particularly in Europe and United States. The MSPP for these could reduce over time. The most serious decline in the Steel Production Utilisation Rate (SPUR) occurred in the European region, with a figure of 53.1 percent calculated for the first trimester of 2009 and just 52.6 percent estimated for the second quarter. Eight of the 27 member states are expected to show reductions of in excess of 50 percent. The NAFTA region was a major casualty in the collapse of steel production in the current recession - with a Steel Production Utilisation Rate (SPUR) of just above 50 percent in the first half of 2009. The rate in the United States fell to below 50 percent in the same period. The figure for Australia and New Zealand combined turned out to be a similar figure in the second trimester this year. In contrast, Middle Eastern and Asian steel capacity utilisation in the first half of 2009 was above 85 percent.
Preview of Today's Top Article Incentive schemes boosted EU car sales in June European Union (including European Free Trade Association) passenger car registrations increased modestly in June by 2.4% year-on-year to reach 1,461,859 units, according to ACEA (European Automobile Manufacturers’ Association). The new registrations were supported by the adoption of fleet renewal schemes in over ten EU member states, ACEA says in a report obtained by Steel Business Briefing. It notes that this is the first market increase in 14 months and comes after a “steep downward trend” starting in May 2008. to read more subscribe here TODAY'S TOP SBB HEADLINES Ukrainian coils export prices increase some more Restocking peaks in some areas - WSR Semis imports by American mills way down EU steel prices to remain flat in Q3, warns consultancy BlueScope speeds up blast furnace restart German mills need to reach 3m t/month to break even Emirates rebar demand stable; prices rise for structurals Mexican flats prices increase SBB Special Report: US puts 'spring' in its trade law steps Europe Eisenhüttenstadt keeps larger blast furnace running ArcelorMittal Poland may ask for state aid & restart furnace Duferco consolidates shares in Macedonian plate maker ArcelorMittal Spain to maintain lay-offs Turkish domestic rebar market slow Sweden's BE Group sees weak recovery for steel market June better than July for Italian long products Incentive schemes boosted EU car sales in June Port of Marghera to increase depth for bigger vessels Increases for N. Europe HDG may take a little time Severstal relights furnace No.1 at Cherepovets BE Group to lay off entire staff in Finland in rotation Asia Chinese mill shuts three EAFs to cut pollution Laigang to make hot rolled 'F-beams' for maglev trains Rebar offer prices from certain mills dip in SE Asia Angang lifts August prices as orders rise Billet import prices are stable in firm SE Asian market Hebei Steel lifts rebar, wire rod prices again Tokyo Steel eyes stepping up Okayama production Weak demand prompts longer summer for Japanese mills China welded pipe prices rise but traders can't benefit North America US rod and wire products prices likely to rise Allegheny hikes electrical steel surcharge for September Monthly US mill shipments rise 6%, but are still low Mexican mills increase July rebar prices Evraz North America output falls 30% from Q1 to Q2 US plate exports down Latin America After May's peak, Brazilian rail imports dip dramatically Middle East & Africa Uganda looks for investors for blast furnace Demand falls a bit in UAE for flats, prices still high Scrap & Raw Materials Gerdau is keen to resume output at Várzea do Lopes mine Pakistan scrap demand slow, domestic prices stable Chinese EMM prices rise on improving demand Chinese ferro-silicon prices rise as supply tightens China continuing to negotiate iron ore benchmark: Mofcom China scrap prices rise as traders return to the market Stainless steel & Ferro-alloys Acerinox not interested in European stainless mergers Sojitz to supply Bahru Stainless CR mill Nippon Steel considers lifting shares in Nisshin Posco mulls buying Vietnamese stainless cold-roller Tubes & Pipes Russia’s TMK expects LD pipe demand to grow in H2 Romanian pipe mill suspends some production German domestic tube sales likely more than 20% down in 2009
Preview of Today's Top Article Rautaruukki expects slight improvement in sectoral demand Finnish steel producer Rautaruukki expects a slight improvement in end-user demand in the short-term, according to its second quarter results. "We can see the first signs of some levelling off of the market so maybe the worst times are over," company president and CEO Sakari Tamminen tells Steel Business Briefing. Residential construction in Finland and the Nordic region may well rebound slightly towards the end of this year, he believes. Infrastructure construction is also expected to pick up in the Nordic countries aided by government investment. While “competition is fierce in Central Eastern Europe for the time being,” Tamminen says there is still a “strong need” for renovation construction and infrastructure projects in the region. to read more subscribe here TODAY'S TOP SBB HEADLINES Nucor's $60 sheet move catches wave of US skepticism China on course to produce 530m t this year Italian rebar prices firm up but volumes are lower SE Asia HRC market firm, thin-gauge supply is very tight Brazil's mills get $500/t fob HRC export deals, traders say SBB Special Report: Business as usual in China, Rio says Europe Slow market for HRC in Italy, some recovery in September Better auto demand supports Spanish furnace restart ArcelorMittal gets amendment to debt covenants European cold rolling associations get new director German plate prices may be turning Poland’s Zlomrex consolidates distribution arm Rautaruukki expects slight improvement in sectoral demand Romania’s Mechel Targoviste sheds non-production staff Ruukki Metals’ steel production halved in H1 Flat product market advance slows down in Turkey Spanish wire rod market still quiet Destocking & competition hit central & east European markets EU steel prices to remain flat in Q3: correction Consultancy firm comes out on top in SBB annual soccer fest Corus in talks over future of Teesside plant Russia's NLMK sees Q3 demand & prices strengthening Asia Pakistan Steel reports loss, output is down about 40% Chinese domestic HRC, CRC prices bounce Shougang launches PC bar mill China's Xinxing Pipe reports 21% profit growth Posco to build galvanizing plant in India Nippon Steel has more upstream feeds without Kimitsu Nakayama Steel Product lifts rebar prices on costlier scrap North America Evraz NA sees declines in rolled product selling prices L.B. Foster/Gerdau Ameristeel win $23m flood wall contract Processor planning $15m plant near Severstal Columbus NA stockist shipments rise while inventories fall Insteel expects to win trade case vs. Chinese strand Latin America Colombian auto industry on the slide Brazil's H1 crude steel output drops 39% Usiminas to restart idled BF at Cubatão works, union says Soluções Usiminas operating at 75% of its capacity Middle East & Africa Construction drives demand for long products in Morocco Scrap & Raw Materials Chinese ore appetite bolsters Capesize freight rates Great Lakes raw materials shipments decline Vale settles iron ore prices with Ilva and Erdemir Wuhan gets approvals for $240m iron mine investment Tata raises holding in coal miner East Asian scrap import market is firm and stable Chinese iron ore production bounces back on higher prices Delay in Lincoln Indonesia iron ore development Iron ore prices finish week at 2009 highs, says TSI Stainless steel & Ferro-alloys Stainless imports taking smaller share of US market Q4 world stainless output will be positive y-o-y – Macquarie Posco strengthens stainless sales with ASC buy Posco board OKs purchase of Vietnam stainless CR maker Taiwanese stainless producers leave prices unchanged Chinese FeCr import prices surge Asian stainless prices unchanged but may rise later Tangshan Stainless: correction Tubes & Pipes Pipe export prices decrease in Turkey Sandvik's steel arm sees Q2 orders collapse on weak demand
boursorama.com; Cercle Finance le 21/07/2009 à 08:11 ArcelorMittal : acquisition définitive de Noble BV aux USA. (CercleFinance.com) - ArcelorMittal a annoncé la conclusion de l'acquisition de toutes les actions émises et en circulations de Noble European Holdings B.V (Noble BV). Cette société privée néerlandaise est spécialisée dans le domaine des flans soudés au laser, principalement en Europe. ArcelorMittal a signé un accord d'achat définitif Le 8 mai 2009 avec la maison mère de Noble BV, Noble International, Ltd. L'acquisition a été faite aux termes du paragraphe 363 du chapitre 11 du Code américain de la Faillite sur autorisation de la cour américaine pour les faillites du District Est de l'Etat du Michigan. Noble BV est un des principaux producteurs européens de flans soudés, avec des activités en Belgique, en France, en Allemagne, en Espagne, au Royaume-Uni, en Slovaquie, en Australie, au Mexique, en Chine et en Inde. La société a réalisé un chiffre d'affaires de 340 millions d'euros en 2008.
Preview of Today's Top Article July 21 World output reached nine-month high in June World crude steel production reached 99.8m tonnes in June, 4% up on May and its highest level since September 2008 when 107.9mt were produced. But it remained 16% below the 118.8mt produced in June 2008. The World Steel Association data sent to Steel Business Briefing, which cover 66 steelmaking countries and are partly estimated, put output in the first half of this year at 549mt, down by 21.3% on the 698mt produced in the same period last year. to read more subscribe here TODAY'S TOP SBB HEADLINES Most coil prices keep moving upward: The Steel Index World output reached nine-month high in June Chinese rebar output hit new record in June SBB Special Report: Panhua to double CR, coated capacity US industry above 50% utilization for second-straight week Venezuelan HBI export prices at US$190-215/t fob Producers keep plate prices low in northern Europe Europe Czech steelmaker cuts workforce in response to crisis Poland's CMC Zawiercie commissions new fabrication plant Turkish HDG prices may rise again due to coil shortage New galvanising line starts production in Turkey Turkish alloy steel production decreased 83% in first half Lucchini runs normally after melt shop explosion Evraz Group appoints new directors Italian crude steel output down 43% in H1 UK rebar prices stagnant at low levels NLMK gets majority stake in longs maker NSMMZ Duferco Belgium remains cautious on outlook German minister ready to address bank lending to business Asia Pakistan Steel set to return to full capacity Vedanta revisits Indian steel mill plans Chinese iron ore traders relaxed on review of import status Shanxi to close 6m t of old capacity this year Vietnam breaks ground on new bar/rod mill Beijing-Shanghai rail link wins Jigang 400,000 t Cheaper steel should help Korean shipbuilders North America US distributors forecast higher demand and prices RMDAS July US scrap prices up significantly US ITC greenlights trade case vs. Chinese wire decking Analyst has negative outlook on Ameristeel, US longs Moody's downgrades outlook on CMC Plymouth Tube says US downturn longer than expected Canadian official, US Steel at odds over operations Mexican construction sector reports another decline in May Latin America IBS: Brazil consumption to be off 20%, but H2 outlook good Mittal exec: steel downturn over, but Brazil's economy lags Gerdau denies additional closures in Colombia Middle East & Africa Closing steel trade gap a challenge for Iran Iranian flat product imports show sharp rise Iran cancels plans to raise import duties, fearing inflation Scrap & Raw Materials ArcelorMittal Serra Azul expanding sinter feed output Vale settles iron ore prices with Italy's Lucchini Lower costs through Indian iron ore merger Turkish mills buy little scrap, fearing margin squeeze China denies halting ore price talks with Rio Japanese scrap exports remain buoyant for now LME moly 'could become reference price' if trading builds Stainless steel & Ferro-alloys ArcelorMittal Inox Brasil to reach 80% capacity utilization Chinese 304 stainless prices up RMB 400/t Firmer demand for ferro-chrome seen continuing Posco to raise 300-series home prices by $160/t Tubes & Pipes TenarisDalmine adjusts output, confirms some investments China’s welded pipe production rises in June
Preview of Today's Top Article July 22 Tata lists on London Stock Exchange, raises $500m Tata Steel, parent company of Anglo-Dutch producer Corus, has raised $500m (€351m) through a listing on the London Stock Exchange. The company issued 65.4m global depository receipts (GDRs) in London, with every GDR representing one ordinary share, priced at $7.644 each. Tata increased the offering from $400m to $500m because of demand from investors, it says. to read more subscribe here TODAY'S TOP SBB HEADLINES Buyers take breather in ever-rising SE Asian HRC market CIS billet export prices drift on lack of buyers Italian HRC market heats up, Riva increases price The Steel Index launches Europe rebar-billet price spreads Prices for plate still seen fairly flat in N. Europe AK Steel expects US auto orders to be up 40% in Q2 Brazilian longs prices to stabilize in second half Europe ArcelorMittal Spain schedules summer closures Longs prices increase in July in northern Italy Corus Port Talbot 'uncompetitive', Tata warns ArcelorMittal to release 300 workers in Czech Republic Turkish flat steel output declines a bit in June Turkish mill cuts prices for pig iron and some sections Italian plate market improves slightly Asia Vietnamese importers mull re-export of HRC cargoes Shougang steps up autosheet sales New tyre cord plant set up in northern China Tata lists on London Stock Exchange, raises $500m Posco lifts output target by 6%, restarts blast furnace Baosteel Special Steel starts new slab caster Japan’s June output down but JISF sees improvement Chinese HRC prices rise, inventories too Tokyo Steel lifts most domestic prices for August China Steel to bring forward blast furnace restart Danieli to install HDG line at Tianjin, China Japanese importers officially duty-free: Thailand North America Ashland BF could continue to operate with US order uptick AK anticipating 27% rise in Q3 shipments, stagnant pricing NA processor Barzel posts $31m quarterly loss Q2 sales down for Beta Steel, but US shows 'positive signs' US steelmaker makes $110m pension contribution Latin America Argentina's Aceros Zapla operating at 20% of capacity Argentinean flats prices stable during July Vale increasing Ponta da Madeira export capacity Ciafal at 95% capacity, continuing with expansion plans Inventories said to be back to 'normal' in Peru Usiminas opens new warehouse in southern Brazil Middle East & Africa Saudi Arabian demand for strip keeps high, prices may rise Iran eyes up to 10m t/y of new capacity in Persian Gulf Zone Iran raises production and exports Scrap & Raw Materials Chilean iron ore exports see signs of recovery Russia’s Mechel increases mining division output Brazil's Viena increases pig iron production by 12% ThyssenKrupp gets iron ore prices in line with benchmark Miner delays output increase, expects license in a month Power cuts, tight credit subdue Indian scrap market Wugang closes deal with Canadian iron ore miner Pig iron output down 15% so far this year China's Xiyang plans 2010 for Russian iron ore project Wuhan, Centrex agree terms for iron ore venture S.J. Metals launches scrap operation in Bahrain Stainless steel & Ferro-alloys Spain's Acerinox sets second longs price increase Ferro-chrome price to rise on stainless steel recovery Taiyuan raises stainless 304, 430 prices by RMB200-300/t Stainless surcharges rising in North American market Tubes & Pipes CNOOC Kingland expanding pipe processing capacity Chinese specialty pipe maker starts seamless mill
Mighty Mittal Continues to Grow by: Shiv Kapoor July 22, 2009 | about: MT Shiv Kapoorseekingalpha.com/article/150490-might... Fundamentals Core Business Fundamentals I posted on ArcelorMittal (MT) back in November, 2008. My views are largely unchanged and can be viewed here. What's changed? The dividend was cut in half, from $1.50 per share to $0.75 per share. I do not see the cut as a change in the long term dividend trend; MT has a shareholder value policy which calls for returning value with a payout ratio of 30% via a combination of buy backs and dividends. I expect dividend growth to resume rapidly once debt is paid down. The balance sheet is much improved as a result of new equity and debt issuances. It is clear that the steel industry has changed radically over the past economic cycle. In the past, steel has always commanded very low multiples. The two main reasons for this are (a) the industry was fragmented and so the negotiating power of steel makers versus raw material producers was weak; this left them very exposed during cyclical down turns. And (b) because the industry was fragmented, production cuts to drive down inventory were not executed; as a result during cyclical downturns the price of steel collapsed. Under the leadership of the Mighty Mittals, the steel industry is different today. Much consolidation has occurred in the industry and this is a game changing event; once the markets recognize “The New Steel Industry”, the multiples will expand. This downturn has been far more severe than several faced in the past; yet the industry response has been swift and strong and this has averted what could have been a prolonged disturbance in the industry. At the same time it is clear that recent expansion in capacity exceeds near term incremental demand. In my view it will take 3 to 4 years for capacity shortfall to arise anew. The long term fundamentals for steel remain very powerful and steel makers need to continue investing to expand capacity, provided prices stay over the marginal cost of production. Players like ArcelorMittal are advantaged because several of their facilities are low marginal cost ones. They are able to respond by shutting down or mothballing higher marginal cost facilities, while keeping low marginal cost facilities operating at full capacity. The profitability of operations is high because steel prices are likely to cover the higher marginal cost at an industry level. Note that overall demand has already reached past the level where it can be fully supplied from low marginal cost producers. ArcelorMittal derives much of its demand from energy, automobiles, housing, mining and infrastructure companies. All are particularly powerful up-trends, caused by demand in emerging markets, most notably China and India. This is offset by demand reduction in the developed economies which are suffering on account of the recent property and debt bubbles. ArcelorMittal products are highly dependent on credit availability. Several potential buyers have damaged and over-leveraged balance sheets. However, long term this should not make a difference; for example if GM (GMGMQ.PK) is forced out of the market, there will be increased demand for Toyota’s (TM); demand initiates from the consumer and crystallizes at the auto manufacturer and ArcelorMittal is a lead supplier to most major automakers. As a result of the financial crisis, a deferral in replacement cycle can be expected. There are no visible catalysts for a significant reversal during 2009 into much of 2010. However, the process of the development, urbanization and industrialization of India and China is irreversible; this is a multi-decade period of growth. Rising demand with shortfalls in long term capacity is likely to keep steel margins firm. Leverage Total debt net of cash was just over $26.7 billion as at 31 March 2009. Shareholders Equity at this time was $55.46 billion. Net debt divided by net debt plus equity came in at 32.5%. Subsequent to the quarter, significant further steps have been taken to reduce debt levels and to alter the debt maturity profile. Following these actions, it is my view that MT’s balance sheet cannot be viewed as over-leveraged or damaged keeping in mind the capital intensive nature of the industry they operate in. Returning Shareholder Value The policy of ArcelorMittal aims to return 30% of ArcelorMittal's prior year's annual net income to shareholders every year through an annual base dividend, supplemented by share buy-backs. I believe this is a responsible value return strategy and the payout ratio is in line with what should be expected given the need to reinvest profits to realize the growth potential in the industry. A dividend cut does not mean that the long term trend of dividend growth is dead. In my view, it is likely that dividends will be back to the $1.50 level no later than 2011, provided that the world does not plunge into another pool of despair. Valuation The past 9 years have seen immense growth for MT. Much of the growth has been driven by M&A activity. In such situations, historic growth rates do not provide a reliable guide for valuation. In my view, I believe long term EPS of $5.45 (past 6 year average EPS) growing at 7% annual is very achievable. Using a 30% payout, we arrive at a shareholder value return of $1.64. A shareholder looking for an 11% return would be willing to pay $43.71 for an income flow of $1.64 growing at 7%. Any price below this is a good price to buy in. Some investors might be willing to wait longer and pay higher prices which might prevail when there is better clarity on the economic fundamentals, while others might wish to benefit from lower prices obtained while expectations are low. I am the latter kind of investor. Please note $43.71 is a buy target; for MT I do not have a sell target because I have high expectations and think that over time MT values will reach for the skies. Disclosure: Long MT
MEPS REPORTS A SLIGHT UPTURN IN EU STEEL PRICES IN JULYwww.meps.co.uk/keynote07-09.htm Demand and prices are strengthening in the European strip market as the destocking phase is all but over and buyers need to fill the gaps in their inventories. Delivery lead times are lengthening and a surge in third country imports is unlikely due to the competitiveness of domestic prices. Several major mills have told customers they intend to lift basis values for the third quarter. The proposed rises range from €20 to €30 per tonne. However, some companies feel the move is premature. There are concerns that producers may try to ramp up capacity too soon and that the market will be unable to absorb the increased supply, especially as the summer vacation is looming. There are more enquiries now in the German market but they are mainly from customers looking for specific qualities and dimensions because they have run out of these items. Consequently, the mills have received a greater number of orders in recent weeks but volumes remain low. It is too early to say whether buyers will eventually accept the higher prices demanded. Certainly, some period three business has already been concluded at second quarter figures. Signs of improvement in real consumption are virtually non-existent. In France, stock levels are returning to normal. Activity is picking up slowly, particularly in the auto sector, but many end-users are still suffering from the economic downturn. Offers from the mills are limited because of output curbs. As a result, most EU suppliers have announced price hikes for the July/September period. Values have remained stable, so far, but market participants believe that the proposed increases are likely to be implemented soon. Business is not so bad in Italy. Activity has picked up quite suddenly. All, or most, of the surplus stock has been removed from the supply chain and customers need to purchase material again, although not in large quantities as consumption is relatively low. Companies are still struggling but the consensus view is that the worst is behind them. Riva has been able to push up prices as availability has been tightened by significant output cuts. Improvements in international markets have lessened import pressure. Market signals are slightly more encouraging now in the UK. The mills are lifting prices. They have seen a spike in purchasing as customers run out of inventories and the production restraints of recent months have significantly restricted supply. However, market players fear it may be a "false dawn" because there are no signs to indicate any uptick in real consumption. Buyers generally have paid more for third quarter business due to limited availability, reportedly exacerbated by "production issues" at Corus that are causing deliveries to run up to two months late. The Belgian scene has changed very little. Producers are claiming increases but customers believe the proposals to be too ambitious for the moment, since inventories have still not been cleared. Underlying demand has not improved and the general economy is weak. Spanish distributors' stocks have been reduced to very low levels. Service centres report that enquiries have gone up a little, recently, but there are fears that the upcoming summer holidays will dampen this small revival. Nevertheless, stockists and end-users recognise that prices are firming. Most July/August business has already been booked at figures similar to the second quarter but September deliveries are likely to carry a premium as supply tightens. Import prices are still above local ones. Additionally, the tonnages that most customers require are not sufficiently large to warrant ordering overseas. Source: MEPS - European Steel Review - click here for a free sample copy
24/Jul/2009 Latest news from SBB Low capacity utilisation should help keep prices firm - WSR N European strip market still confident going into summer Chinese HRC export prices increase quickly Little movement in SE Asian billet import market Usiminas temporarily suspends new 5m t/y slabs plant US mill execs say scrap prices likely flat into August N Europe merchant bar prices stable on summer shutdowns Europe Imported strip prices firm in Southern Europe Hyundai may move some production to Czech Rep/Slovakia UK sheet fabricator gets new owner Turkish shortage of flat products eases Rebar market in ex-Yugoslav countries still not picking up Corus: long-term agreement impossible with TCP offtakers Asia Buoyant Baosteel bookings to boost ex-works coil prices Steel trade deficit key in Japan-Korea steel summit Anshan Steel lifts HRC export prices to Japan Kyoei Steel decides to lift rebar prices Sail, Posco E&C take BF dispute to Delhi court Chinese billet prices keep increasing China Steel puts Malaysia electrical steel project on hold Anhui Tianda Oil's pipe sales rise in Q2 Indian pipe maker plans 2.2m t/y integrated mill North America ATI chief says demand to remain low in Q3 Mason out as CEO of Severstal NA Nucor loses $133m in Q2, 'earnings improvement' ahead Reliance posts first loss since 1975, but 'worst is behind' Mexico's Ahmsa resumes No 5 blast furnace operations Electrical steel execs agree on downturn, differ on extent Ford avoids fifth-consecutive quarterly loss with Q2 profit DiMicco questions competitor's projected H2 auto hike Latin America El Salvador's EAF mill close to completing expansion Colombian construction sector drops again Brazil's Usiminas sees Q2 net profit drop 63% Brazil's Usiminas sets higher export tonnage target for 2009 Middle East & Africa Iran's Esfahan Steel inaugurates new blast furnace UAE flat demand is moderate, prices stable Turkey Turkish mill cuts billet and rebar prices Sixty steel companies in Turkey's Top 500 Stainless Destocking finished in Q2, prices rising: Outokumpu Asian stainless prices rise $200-250/t Outokumpu expects weak delivery volumes in Q3 Scrap & Raw Iron ore contract prices 2009-10 Evraz sees mine output remaining stable in H2 2009 Indian pig iron export price inch upwards IFM to restart second FeCr furnace in mid-August Spot imported iron ore prices rise in China Orissa expects first pellet plant in 2010 No sign of recovery for iron ore in Europe, says Kumba CEO ArcelorMittal settles prices for Canadian pellet exports German scrap prices rise 16-20% in July Guinea threatens to eject Rio Tinto from Simandou Plans for north-central Brazil pig iron plant suspended Canadian coal miner's earnings rise 15% Tubes & Pipes China’s welded pipe exports down 38% in June China’s welded pipe prices rise slightly Northwest Pipe says Q2 earnings won't meet expectations
www.meps.co.uk/MarketHighlights07.09.htm STEEL PRICES FOR FLAT PRODUCTS INCREASING IN ALL MAIN DEVELOPING COUNTRIES Turkish long product quotations were raised at the beginning of this month, but have since fallen back due to low demand. July offers shadowed the movement in semi-finished and scrap values. A similar adjustment was made to export prices. Sentiment in the flat products segment is still mixed. Erdemir introduced a new set of basis prices and lifted the value of their extras. Shortages resulted in a price spike in the first week. End-users saw their raw material costs sky rocket. Flat product prices have lost some ground since then. The UAE is once again preparing itself for a period of low activity. Orders for steel material have already started to soften. This trend is expected to continue until the end of the holy month of Ramadan. The cost of imported material spiked this month owing to shortages fuelled by lower import volumes. Prices have since softened. Merchants are forecasting prices to be stable during the religious festival. Sentiment within the Indian steel industry is still mixed. Flat product steelmakers are once again bullish after an upturn in local sales volumes. Domestic offers for flat rolled material have risen on average by Rs500-1,000 per tonne. The pick up in steel usage from automobiles and white goods manufacturers continued this month. In contrast, effective prices for long products are starting to weaken. The country is now entering a period of low seasonal demand. The annual budget did little to improve the industry’s mindset. Long product producers were left disappointed over the absence of new infrastructure and rural housing projects. Utilisation rates of Russian steelmakers have continued to rise but their counterparts in the Ukraine are still reluctant to follow their lead. There are still concerns over the debt levels of the Russian majors, but sentiment within the industry has strengthened owing to stronger shipments to the automotive and construction sectors. On average, the Russian producers are now operating at 70 percent of potential, with NLMK and Severstal leading the way. Ukrainian steelmakers are still operating below 60 percent. Distributor stock levels in South Africa are still very low. The majority have been unwilling to replenish owing to infrequent purchasing activity. Confidence is still weak and local buyers remain bearish. AMSA's announcement of an August price rise resulted in a spike in orders in late June and early July. Highveld responded to its main competitors move with a price correction of its own and left its July offers unchanged but next month’s adjustment will bring its basis prices into line with AMSA’s. The Brazilian steel market has entered a period of calm. Prices are exhibiting more stability and there are signs of month-on-month incremental improvements in real demand. Fiscal measures are improving demand for flat rolled material but more needs to done to assist the long product segments. Nonetheless confidence amongst steelmakers is on the mend. The import duties re-employed last month and higher international prices have given the local producers some breathing space. A few are now preparing to bring online idle production. Trading activity in Mexico is starting to show signs of progress. Flat rolled product prices are beginning to rise in response to a small recovery in demand. A similar resurgence has occurred in the long products segment. The steelmakers raised their domestic offers twice in July. There are concerns that shortages may bring about artificially high transaction values. Presently, local producers are only operating around 55 to 60 percent capacity. Altos Hornos de Mexico SA (Ahmsa) has taken advantage of the lull in demand and has started to refurbish its blast furnaces. Source: MEPS - Developing Markets Steel Review - click here for a free sample copy
Preview of Today's Top Article Alloy prices rise on steelmaking upturn The prices of some alloy metals used in steelmaking have seen a mini-rally over the past week as the European market realised stocks are dwindling and it rides the renewed upturn in the stainless steel sector. Ferro-molybdenum has risen to its highest level since November of $33/kilogram (€23/kg). It was trading at $29/kg the week before last. to read more subscribe here TODAY'S TOP SBB HEADLINES Imported slab prices catch up with billet in E Asia Nucor starts Decatur coating line, but holds other projects ArcelorMittal setting up new mining unit Turkish government may cut import duties on coils China's output continues rise despite oversupply fears Latest US sheet hike 'game changer' for August scrap prices Europe TK Steel output may drop to 7.5m tonnes this year Putin presses start button on MMK's new wide plate mill Kurum's Albanian plant hopes to ramp up capacity Debt ridden Estar mill taken under trader's wing Erdemir focuses on local market, reduces exports New Turkish alloy steel plant starts up; eyes stainless too Scrap merchants warm to LME billet futures Alloy prices rise on steelmaking upturn Corus under fire over Teesside slab proposals Polish mills seek Ukrainian energy to cut costs German auto component suppliers gain from scrap bonus ThyssenKrupp pursues sale of non-core unit Flat imports into EU-15 roughly halved in May ArcelorMittal aims to cut CO2 emissions by 8% by 2020 Asia Steel production recovering in Hebei Sail fudging about financing its capital spending Bayi Iron & Steel commissions its plate mill Baosteel subsidiary adds 200,000 t/y tinplate capacity Vietnam reviews import duty on alloy bar/rod Chung Hung may restart Jenn An galv line this year North America Price falls hurt US rod/wire maker Leggett & Platt Metals USA profitable as shipments drop significantly Mexico's Simec see its H1 sales down 37% Mexico's ICH reports lower H1 sales, profit No start-up yet for Nucor Arizona bar mill Latin America ArcelorMittal Juiz de Fora may rehire some laid-off workers Usiminas aims to double iron ore output by 2011 Brazil's Villares Metals increases capacity in forged steel CRC shipments on the rise in Brazil Middle East & Africa Iran's first auto quality galv line nears start-up Scrap & Raw Materials Arch Coal sees met coal demand moving up Brazilian pig iron industry tipped for consolidation Iron miner Shougang Hierro Peru workers end strike Iron ore price rises 10% in a week, says The Steel Index Pakistan scrap buyers turn to imports on lower prices German scrap merchant Interseroh reshuffles management Indian iron ore demand drops, exports help price stability China domestic iron ore prices continue to rise Doubt cast on talk of ore price settlement by 1 August Chinese iron ore importers look beyond traditional suppliers Stainless steel & Ferro-alloys US stimulus spending may benefit stainless pipe Taigang Stainless says June record month for output, sales Chinese FeSi, SiMn prices rise on strong domestic demand Nippon Steel builds FeCr refining plant at Yawata Chinese EMM, FeMn prices rise Tubes & Pipes Xigang adding new seamless pipe mill Billet shortage pushes up Chinese seamless pipe prices Brazilian seamless exports fall; new mill on schedule
Preview of Today's Top Article More Japanese mills plan to lift output in July-September Sumitomo Metal Industries (SMI), Kobe Steel and Nisshin Steel say they expect to raise crude steel output in the July-September quarter. This follows similar plans outlined by Japan’s two leading integrated steelmakers, Nippon Steel and JFE Steel. SMI forecasts that its output in July-September will rise by 21% to 2.76m tonnes. Its crude steel output in April-June was 2.28m tonnes, a decrease 34.9% year-on-year. “It is difficult to estimate steel demand after October because current economic conditions are unusual. However, we believe April-June was the bottom and our output will rise from the next quarter,” a SMI spokeswoman tells Steel Business Briefing. to read more subscribe here TODAY'S TOP SBB HEADLINES CIS plate export market perks up a little, Europe is slow German and French rebar mills put up size extras Suppliers raise billet prices to SE Asia Chinese mills raise flats prices and restore output SBB Special Report: Housing is new steel hotspot for China Vale's Q2 revenues drop 42%, profits decline 81% Allegheny raising stainless FR prices another 6% for August Europe Prices could rise again in quiet N. European strip market Imported longs fail to impact Southern European market Turkish colour-coated coil demand good, prices stable Eramet Alloys to maintain production cuts in second half 09 Turkey's Kardemir signs large rail contract with Iran ArcelorMittal Galati accused of breaking competition rules Some European engineering surcharges up for August German project aims to cut CO2 emissions from BF by 28% Some European holidays are almost over; some still to start Asia Higher costs, lower prices slash Tata profits by 48% More Japanese mills plan to lift output in July-September Baosteel produces high value tinplate Changzhi Steel starts up new wire rod line Taiwan's Chung Hung raises August export prices by $40/t North America AK Steel raises sheet prices another $40 in US market ArcelorMittal NA's Q2 FR shipments off 55% from 2008 Olympic expects positive H2 results, after H1 collapse Cuba to move into production of tubes, light profiles Latin America Colombia's Sidenal operating at 70% of its output capacity Peru's Aceros Arequipa exporting bars to Panama Middle East & Africa UAE rebar mills eye Turkish exports to judge August prices ArcelorMittal SA leaves most prices unchanged for September Egyptian mills cut rebar prices AMSA plans to increase capacity-utilisation in Q3 Scrap & Raw Materials ArcelorMittal consolidates charcoal assets in Brazil Saudi scrap prices unchanged on stable rebar prices China's Wuhan set to commission new BF China iron ore benchmark unlikely anytime soon: CISA Tight domestic supply drives up scrap prices in Japan Taishan Steel builds new coke battery Exports 'disappear' for Venezuela's Orinoco Iron, Venprecar Brazil's scrappers lift processing on higher EAF demand Stainless steel & Ferro-alloys Carpenter Technology reports Q4 loss, full-year earnings Yusco to raise 300-series export stainless prices Canada ends dumping duties on US, Korean stainless wire Chinese FeSi offer prices up again Chinese EMM, FeMn prices rise on strong domestic demand Chinese 304 stainless prices surge by $190-205/t Worst half year in stainless steel's history - Acerinox Tubes & Pipes Israel pipe prices increase on higher coil prices China seamless pipe output up in H1 but exports drop China’s welded pipe prices keep rising
Preview of Today's Top Article ArcelorMittal sees continued strong steel demand in China ArcelorMittal expects steel production in China to increase by as much as 10% in 2009 compared to 2008 because the domestic market and demand are strong, chief executive Lakshmi Mittal said last week. This contrasts with the company’s expectations for the rest of the world. In Europe, steel consumption may decline by more than 20% this year, in the US it could fall by about 20%, and overall outside China it will decline by 15-20%, Mittal forecast. to read more subscribe here TODAY'S TOP SBB HEADLINES Vale restarts pellet plants on growth in demand Rebar prices stagnant in southern Europe; demand weak US 'Cash for Clunkers' program gets extension Market moves into balance, but not for long - WSR Chinese ore customers to get more pricing options Europe Bekaert sees wire rod prices stabilising Italian imports almost halved in H1 2009 Lucchini sees steep price falls for most products Severstal increases Q2 2009 output Turkish domestic rebar prices on upward path Turkish rebar export offers increase on rising scrap cost German stockists are becoming more positive, says BDS Konsorcjum Stali buys steel structures fabricator Romanian strip producer installs new cold rolling mill Asia ArcelorMittal sees continued strong steel demand in China Russia's VEB bank to take 100% control of Amurmetal CISA fights losing battle to curb production and price rises China plate up on higher ex-works prices China promotes greater use of sinter cleaners Australian government sets up steel advisory council Hegang again hikes rebar prices Exports to help Japan's July-September output rise Scrap import prices move up in east Asia Japan’s flat-rolled stocks dip again in June but more needed Koreans look to lower import duties from India trade pact North America BF down after fire at US Steel's Granite City works Samuel M-T says no recovery in NA economy until late 2010 Severstal NA Q2 output off 9% from Q1, but coated up 17% Latin America Siderperú reports H1 loss, lower sales Brazil's state-owned bank to lift loans for steelmaking Brazil's CSN increases shipments again in July Middle East & Africa AMSA idles tinning line, canmakers turn to imports Tender for Zisco due to be opened in mid-August Egyptian flat prices increase, market short of some material Mobarakeh still in profit despite difficult market Scrap & Raw Materials Fire on shredder site in Brandenburg Colombia's H1 ferronickel exports fall 42% New group set up to promote iron ore derivatives Daily iron ore reference price up last week: The Steel Index Sesa Goa’s sales volumes rise, profits fall in Q1 Sangang restarts No 3 blast furnace Asian pig iron prices rise in tandem with raw materials September fall predicted for Indian iron ore export prices CISA determined to realise 'one price' for imported ore Atlas selling to China using 'provisional' Asian benchmark Anglo's Brazilian iron ore project on track to start in 2012 Chinese FeCr import price stable, outlook mixed Hyundai Steel pays more for Japanese scrap Brazil's FeSi producer halves production on lower demand Russian ferro-silicon producer sees exports rise to Asia Tata Steel absorbs coke subsidiary Stainless steel & Ferro-alloys European stainless bar surcharges move up again Turkish stainless coil prices increase despite low demand Chinese 430, 200-series stainless prices surge Asian stainless prices up another $50/t Tubes & Pipes Slovakian tube mill cuts production Turkish domestic tube prices weaken on seasonal slowdown China's seamless pipe prices keep rising New pipe mill starts up in northern China
Preview of Today's Top Article ArcelorMittal sees restocking in US & Europe We are starting to see a progressive increase in apparent steel demand in the US, after considerable destocking continued in the second quarter of 2009, ArcelorMittal chief executive Lakshmi Mittal said last week. Over the last two months apparent demand has improved by 10% and this should accelerate as a result of “extremely low” inventories, he believes. US steel service centre inventories have fallen nearly 50% since the beginning of the economic crisis and are 15% lower than the previous all-time lows in the early 1980s, Mittal observed in a conference call monitored by Steel Business Briefing. They now represent just 2.4 months of consumption, he added. to read more subscribe here TODAY'S TOP SBB HEADLINES Plate market looks more positive in Southern Europe ‘Pre-crisis’ activity will not resume before 2011: Mittal HR coil prices showing gains, says The Steel Index Shagang stuns market with huge bar/rod price hike SBB Special Report: CISA concedes defeat over output curbs Workers begin strike at Vale's Voisey's Bay nickel project Europe Max Aicher expands one Romanian site, abandons other Mechel's ChMK to take control of Zlatoust Turkish mills try to raise rebar prices Corus TCP increases output to meet external orders Erdemir's new hot strip mill reaches 100,000 tonnes/month Lucchini crude steel increases in Q2, but remains below '08 Long product prices steady in northern Italy Polish H1 2009 car production down but sales are up Bosnian steelmaker restarts coke plant Asia Valin-ArcelorMittal paring spend on auto sheet project Liugang to commission two sinter flue gas cleaners Ship plate import prices rise further in SE Asia E United revives Vietnam blast furnace project Japanese steel exports in June up by 33% Japanese win $480-500/t fob for Q3 HRC exports to Korea Shanghai HRC prices jump after Shagang August increase Korea's Hyundai lifts prices for rebar and beams North America US mills expected to try for October sheet price increases AK Steel raises electrical sheet surcharge by $95/s.ton Mill output continues to rise in US market US manufacturing still sags, despite economic rebound ArcelorMittal sees restocking in US & Europe Latin America Chile's rebar shipments improving, but still down 50% in H1 Chile's Gerdau AZA to delay expansion program Colombia's Paz del Río hike sales, but sees revenues fall 'CSA wouldn’t exist without Vale,' says the miner Brazil's Transpetro again importing ship plates from Asia Middle East & Africa Emirates see rebar prices unchanged for August Scrap & Raw Materials Sims Metal Management has new chairman Brazil's Rio Doce Manganês FeMn output sold out Peruvian iron ore exports improve in May Mexico's raw materials output falls again Scrap offer prices continue rising despite Turks' absence Southern European scrap stable, Spanish might increase €20 Snim’s 2009 benchmark iron ore prices down a third Iron ore market to improve for rest of 2009/2010 – Sphere Freight rates slide on slower activity levels Yigang on track to become 1.5m t/y integrated mill Analysts upbeat on nickel with stainless demand strong CISA 'one price' idea could see lower quality ore imports Tokyo Steel lifts scrap purchase prices, again ENRC pulls out of China gateway project Monsoons, low availability slow Indian iron ore exports Stainless steel & Ferro-alloys Ferro-chrome destocking at an end, S. African producer says German stainless orders doubled in June Tang Eng aims for full stainless production in August Tubes & Pipes Lingyuan builds new pipe mills
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