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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 24,350 3 jun 2024 17:35
  • +0,190 (+0,79%) Dagrange 24,200 - 24,610
  • 3.362.128 Gem. (3M) 2,6M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 352 353 354 355 356 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 20 januari 2016 16:57
    Latin American steel imports from China grow 2% in 11 months of 2015

    Latin American Steel Association (Alacero) announced that Chinese total finished steel exports continued growing and reached 92.8 million tons between Jan/Nov 2015, 23% more than in the same period of 2014. Latin America accounted for 8.2% of these exports, reducing its participation in 1.7 percentage points compared to Jan/Nov 2014 (9.9%). China ´s main destinations for finished steel exports are South Korea, which received 11.9 million tons (12.9% of the total) in the period and Vietnam 8.8 million tons (9.5% of the total). With this, in the first eleven months of 2015, both countries recorded a growth of 4% and 56%, respectively, on their imports of Chinese steel vs the same period of 2014.

    In January-November 2015, China shipped 7.6 million tons of finished steel to Latin America, 2% more than the 7.4 million tons recorded in the same period of 2014. The following chart shows that the volume of Chinese steel received by the region is approaching 2014 levels, reducing the strong gains in early 2015.

    In November 2015, Latin America received 551 thousand tons of finished steel from China, 22% less than the previous month (704 thousand tons) and 25% less than the volume received in November 2014 (730 thousand tons).

    Finished steel imports from China by destination
    The main destinations for Chinese finished steel in Latin American between Jan/Nov 2015 were: Central America, which received 1.5 million tons (19% of the region); Chile, which accumulated 1.1 million tons (14%); and Brazil, with 1.0 million tonnes (14%).
    The main destinations for Chinese finished steel in Latin American between Jan/Nov 2015 were: Central America, which received 1.5 million tons (19% of the region); Chile, which accumulated 1.1 million tons (14%); and Brazil, with 1.0 million tonnes (14%).
    During these eleven months, the countries that most increased their imports of Chinese steel (in percentage terms) versus the same period of 2014 were: Argentina (+ 441%), Cuba (+ 166%), Dominican Republic (+ 162%), Venezuela (+ 30%) and Mexico (+ 25%). Argentina, Dominican Republic and Cuba, however, still hold a small participation of the Latin American steel imports of Chinese steel (2%, 2% and 3%, respectively).

    On the other hand, the countries that have reduce their imports of finished steel products from China versus Jan/Nov 2014 were: Brazil (-42%), Peru (16%), Colombia (-13%), Ecuador (-5%) and Chile (-4%) and currently have shares of 14%, 9%, 8%, 7% and 14%, respectively

    Imports from China by products 56% of the finished steel imported by Latin America from China during Jan/Nov 2015 were flat products, which reached 4.3 million tons. Among these, the most relevant products in terms of volume were: > Sheets and coils of other alloy steel (1.5 million tons, 35% share of flat steel imported from China) > Hot galvanized (1.0 million tons, 24%) > Cold coils (640 thousand tons, 15%) Long steel: China exported to Latin America 3.0 million tons, mainly concentrated in: > Bars (1.4 million tons, 47% share of the long steel) > Rod Wire (1.2 million tons, 39%).

    Source : Strategic Research Institute
  2. forum rang 10 voda 20 januari 2016 17:01
    POSCO forecast to post net loss for 2015

    Korea Herald reported that South Korean steel giant POSCO is likely to post a net loss in 2015, weighed by excessive supply by Chinese rivals and weak demand in the global steel market. As per report “The forecast is based on the combined performance of its affiliates, including POSCO Energy, Daewoo International and POSCO Engineering & Construction. Its core steelmaking business will continue to remain profitable.”

    POSCO’s worst-ever performance in 2015 has been expected since the conglomerate said its combined annual net loss could reach up to 300 billion won ($248 million) last October. The steelmaker will announce the exact performance data for 2015 next week at its annual investor relations session, scheduled for Jan. 28.

    Market watchers forecast the world’s fifth-largest steelmaker will further accelerate its business restructuring efforts to cope with worsening business conditions of the global steel industry this year.

    To improve financial health amid deteriorating business conditions, POSCO has streamlined underperforming businesses while raising competency in its core steel business since the announcement of its “Innovation 2.0” plan last July. Under the plan, the conglomerate reorganized its businesses into four sectors: materials, energy, infrastructure and trading. In addition, it has pushed for a downsizing drive targeting money-losing businesses and affiliates at home and abroad.

    Source : Korea Herald
  3. forum rang 10 voda 20 januari 2016 17:02
    BaoSteel 2015 net profit plummets by 83%

    Xinhua reported that China's largest listed steel maker Baoshan Iron and Steel Co saw a 83% plunge in its 2015 net profit, reflecting a general slowing in the industrial sector. State-owned Baosteel attributed the plunge to sluggish demand, steel price declines, which outpaced a fall in the price of raw materials, and expanding foreign exchange losses

    The company's net profit reached CNY 961 million (about USD 144 million) in 2015, down 83.4 percent from one year earlier, it said. Business revenue decreased 12.6 percent year on year to CNY 164.1 billion.

    Source : Xinhua
  4. forum rang 10 voda 20 januari 2016 17:04
    China market economy status will kill off EU steel - EUROFER

    Reuters reported that the head of steel industry body Eurofer said that granting China market economy status this year would threaten nearly all the 330,000 jobs in Europe's steel sector despite any safeguards the EU might impose.

    Mr Axel Eggert, director general of EU steel industry body Eurofer, told Reuters “We do not see any way to maintain a similar level of trade defence measures if China is granted market economy status. Most of the EU steel industry may disappear.”

    Eurofer says even profitable mills making high tech steels that China doesn't produce would struggle if China gets market economy status because the tonnages involved in this market do not justify running an entire blast furnace.

    Although fierce debate is raging, all signs point to the EU accepting China as a market economy after December 2016. Beijing says this is its right after 15 years as a member of the World Trade Organisation. The status would make it harder for Europe to impose anti-dumping duties on cheap Chinese goods.

    Brussels has promised to consult industry before a final decision on China's status, and will also seek safeguards like maintaining existing duties until their natural expiry and raising duties imposed for illegal subsidies.

    Europe has lost some 85,000 steel jobs since 2008, over 20 percent of the sector's workforce, as steel prices crashed to decade lows due to overcapacity, shrinking demand and a flood of cheap imports, mostly from China.

    The EU also has some of the world's highest energy costs and green taxes.

    Source : Reuters
  5. forum rang 10 voda 20 januari 2016 17:08
    Chinese economic grows by 6.9% in 2015 - Slowest since 1990

    After experiencing rapid growth for more than a decade, China's economy has experienced a painful slowdown in the last two years. China's economic growth slid to its slowest pace to 6.8% in October-December of 2015 adding to concerns about the resilience of the world's second largest economy. According to figures released by the National Bureau of Statistics, China's gross domestic product grew by 6.9% in 2015, compared with 7.3% a year earlier, marking its slowest growth since 1990. It's come as the central government wants to move towards an economy led by consumption and services, rather than one driven by exports and investment.

    While secondary industry, or manufacturing, growth slowed to 6.0 percent in 2015 from 2014's 7.3 percent, tertiary industry, or the services sector, expanded by 8.3 percent last year, up from 2014's 7.8 percent.

    Fixed-asset investment, a key economic driver, continued to lose momentum, expanding 10 per cent in 2015, marking the slowest growth since 2000. This compared with a rise of 15.7 per cent in 2014.

    Mr Wang Baoan, head of the statistics bureau, told a press conference in Beijing that the government was confident the economy would grow steadily in 2016, despite the complex global financial situation. Mr Wang said China would speed up economic reforms this year and that growth in some sectors may continue to slow while others, such as online shopping, would continue to boom.

    Critics say China's data is unreliable and that real growth figures may be much weaker. Recent provincial economic data has indicated that growth could be much lower than what the government says it is.

    Source : Strategic Research Institute
    Bijlage:
  6. forum rang 10 voda 20 januari 2016 19:58
    Global Steel Industry’s 2016 Outlook Remains Dismal

    Brief

    Last year was a turbulent year for global equity & commodity markets and was nothing short of a nightmare for the global steel industry. Now, with 2015 behind us, market players are wondering whether 2016 could be any better for steel companies or whether things could get even worse. This year has started on a somber note and most commodity stocks have been falling the first 15-18 day of the year as the Chinese manufacturing PMI for December came in lower than expected, much below crucial 50 mark, for tenth consecutive month triggering a big sell off in the Chinese equity markets, which had repercussions on other asset classes including commodities and global equities. China's steady devaluation of its currency has not helped matters and has sent its equity markets as well as global stocks southward during last 10-12 days. To top it up, Chinese GDP growth in 2015 at 6.9% is lowest since 1990. Oil and iron ore prices would also play a role in deciding steel price trends

    China, which accounts for almost 50% of global steel production and consumption, remains the point of focus while we look at global steel industry prospects as Chinese steel mills have destroyed the global steel price line in 2015 by stepping up exports at huge losses. Thus there are four key factors that could drive global steel sector’s 2016 performance
    How the Chinese slowdown plays out in 2016 and affects steel demand
    How much of excess steel capacity would be shut down and when
    .....How the oil, shipping & iron ore prices will play devils role in steel price recovery
    The impact of trade barriers on Chinese steel exports

    Steel Demand in China – To Shrink Further
    In 2015, the Chinese economy has grown by 6.9%, slowest pace in almost 25 years. The economic growth outlook for 2016 looks no better and in all likelihood Chinese economic activity is set to cool off further. Although, China’s real estate indicators started to improve in the middle of 2015 with building sales rising on a YoY basis in each month between April and November last year. However, in the first 11 months of fiscal 2015, Chinese real estate development enterprises purchased 33.1% less land for future construction, as compared to the corresponding period in the previous year. It’s important to note that steel demand depends on the actual construction activity rather than the building sales. The higher building sales are likely coming from the huge inventory buildup of Chinese real estate enterprises. It’s the Chinese construction activity that needs to improve to support steel demand. However, there appears to be no relief in sight for China’s construction sector in 2016. Fewer land purchases in 2015 should negatively affect Chinese construction activity in 2016, as well. This would negatively impact China’s steel demand as construction sector still accounts for almost 60% of steel demand in China. Hence the Chinese apparent steel demand, which fell 5.5 percent to 645 million tonnes during January-November 2015, is likely to shrink at faster pace in 2016

    Production Cuts in China – A Tough Call
    As per NBS, crude steel output in China fell by 2.3% YoY to 803.83 million tonnes in 2015 proving that Chinese steel production has turned out to be a lot more complex than many were expecting despite domestic steel demand shrinking by more than 5%. China Metallurgical Industry Planning and Research Institute last month forecast China’s steel output to fall 3.1 per cent in 2016 to 781 million tonnes, after a 2.1 per cent decline in 2015. Incidentally the top 100 Chinese steel mills accounting for 80% of the total Chinese production have lost more than USD 8 billion in first 11 months. The answer to correct this anomaly is quite simple – reduce high cost production to align the total volume with requirement. It is easier said than done as the Chinese steel sector is besotted with a large number of small and medium sized steel mills, mostly owned by provincial governments resulting in a complex social led fabric making it too tough for them to shut facilities and lay off people which depend on the steel mills for survival. In the past two years, some severely loss-making mills have suspended operation for a while, of which some had wanted to permanently close shop, but some local governments insisted they continue to produce for the sake of economic development and social stability. Some such firms’ cash flows are drying up and they are becoming zombie enterprises. While slow permanent retirement of outdated capacity is main culprit, another reason for the oversupply is continued addition of new production capacity, as projects planned during the boom years are being completed and commissioned. In other words, the political backlash from job losses emanating from mill closures is keeping Chinese steel mills running although they are bleeding. In addition, Catch 22 like situation exists – If steel production goes down pushing down requirement of iron ore, miners may reduce their prices giving elbow room to Chinese steel mills to cut their production cost ie making more mills to remain viable contributing to steel glut even at low prices. While everyone agrees the production cuts are inevitable, the big question is when? Insiders say that it could be 2 years, 4 years or even 10 years for the real result to come. But one thing is sure that nothing dramatic will happen in 2016 and Chinese steel sector will be inundated with excess volumes of steel

    Raw Materials Scenario –Cost Push Unlikely
    Iron ore prices are trading at about USD 40 currently and many analysts see them going below USD 30 in 2016 on continued glut before action starts on the supply side forcing the big 3 miners to adjust their production. As all three of them miscalculated the Chinese appetite and invested heavily to develop huge low cost mines, they have adopted a strategy to drive out higher cost miners by relentlessly pumping higher volumes. While there is a variation in breakeven CFR cost estimates of different banks, there numbers are well below USD 30 mark. As energy is a major component in mining costs, plummeting oil prices are further reducing miners threshold levels bringing down their breakeven costs further. In addition with analysts predicting oil to go below USD 20 or some even USD 10, shipping costs would also reduce further. In other words, chances of recovery in iron ore are quite remote thus keeping the costs of Chinese steel mills at current levels if not lower

  7. forum rang 10 voda 20 januari 2016 19:59
    Part 2:

    Cheap Steel Exports – Alternatives Unlikely
    According to statistics from the General Administration of Customs, China exported 112.40 million tonnes of steel to more than 200 countries in 2015up by 19.9% YoY setting a new record for Chinese steel exports. Current levels of export are about 15-16% of steel consumption in China. As the gap between the production and domestic demand is widening, Chinese steel mills are likely to remain very aggressive on export front in 2016 albeit the volumes may come down a bit. The ability to sustain high levels of export at cheap prices would depend upon domestic steel prices inside China and if contribution on sales of steel within china falls to a level that it is not able to sustain exports at below cost of production, then mills may close down or will get subsidy from government to still run it. Provincial bodies still have deep pockets and may subsidize productions to prevent any social upheaval. By devaluing its currency right at the beginning of 2016, China has made its intentions clear as a weaker Yuan benefits Chinese exporters giving them space to cut their FOB prices making them more competitive in global markets. Hence, to predict when china will bring down production to match its domestic demand seems quite remote. As the rate of closure of production would be lower than rate of negative growth in Chinese steel consumption, thereby, huge volumes of surplus steel would always be available for exports. Mirroring this, Mr Colin Hamilton of Macquarie recently told Bloomberg that the price of hot rolled coil may decline about 13 percent in 2016 as Chinese steel exports may stay at those levels for the rest of the decade as infrastructure and construction demand continues to falter.

    Trade Barriers - Yet To Be Tested
    Market players are wondering if 2016 could be another record year for Chinese steel exports even though several countries have imposed anti-dumping duties on Chinese steel products and many more barriers are being erected to protect domestic steel makers. Although the final outcome of these measures will be clear during the year, closure of some important markets will have negative impact on Chinese steel export volumes and could result in more pressure on prices, which would trigger a race between China and rest of world that who will close down faster. Our take is that units in rest of world would close down faster than units in China

    Steel Forecast – Remains Dismal
    Chinese steel export prices, which decide the global levels, are expected to remain subdued in 2016. In fact, Macquarie is forecasting an average price next year of USD 267.5 a tonne for benchmark HRC, down by 13% from USD 309 a tonne in 2015. Thus steel makers worldwide need to learn how to live with cheap Chinese steel and brace for extreme cost cutting measures including reducing high cost production resulting in a tsunami of layoffs

    Global Growth Outlook - Diminished Prospects for 2016
    The latest growth forecast from IMF points to subdued demand and diminishing prospects for most of the economies, which outlines sluggish steel demand worldwide and that catalysts to boost steel demand are totally missing

    Source : Stategic Research Institute
  9. forum rang 10 voda 21 januari 2016 17:11
    Explosion reported at AK Steel Butler Town melt shop

    Tribune Live reported that one person was taken to a hospital Wednesday after a fuel furnace exploded at AK Steel in Butler Township. He is expected to survive. Another employee was treated for minor injuries on site.

    The explosion occurred about 1:20 PM in the plant's melt shop

    Company spokeswoman Ms Lisa Jester said “The site has been secured and all employees have been accounted for.”

    The cause of the explosion is under investigation.

    Source : Tribune Live
  10. forum rang 10 voda 21 januari 2016 17:12
    Toyota Tacoma engineer Mr Mike Sweers wins Steel Institute award

    Mr Mike Sweers, chief engineer for the 2016 Toyota Tacoma pickup, said his team turned to steel to meet aggressive targets to improve body and frame rigidity and strength while reducing mass. He said “We looked at the design; we looked at the materials, and together, with our different groups, we realized that the solution was clear. High-strength steel and ultrastrength steel helped us to optimize our design and reduce the mass of our vehicle.”

    Mr Sweers said Toyota’s decision to go with steel benefited the company and the consumer. He said “For Toyota, we could use our normal welding and assembly processes with this steel. Thus, the investment could be held to a minimum. For our customers, it’s cost of ownership. With using steel, the repair costs and the insurance costs can be lower. And then finally, end of life of the vehicle itself. Recyclability with steel is proven. We know that when our vehicle is done that the steel will end up in new products.”

    Mr Sweers spoke Tuesday at a media event sponsored by the Steel Market Development Institute during the Detroit auto show, where he received the Industry Innovator Award from the institute.

    Mr Sweers is also the chief engineer for the Toyota Tundra program and vice president of engineering design–interior at Toyota Technical Center in Ann Arbor.

    The institute’s mission includes promoting the usage of steel by the auto industry. Its members, drawn from the steel industry, are eager to counter encroachments by other materials, including plastics, magnesium and especially aluminum, such as on the aluminum-bodied Ford F-series pickup.

    Source : Auto News
  11. forum rang 10 voda 21 januari 2016 17:12
    Indian steel exports must be raised in next three months – Mr Sushim Banerjee

    Mr Sushim Banerjee DG of Institute of Steel Growth and Development in his personal; capacity wrote for Financial Express that the Purchasing Managers’ Index (PMI) has gained much importance in evaluating the plight of the manufacturing sector. As manufacturing occupies the centrepiece for industrial production, the PMI movement seems to precursor the trend of industrial growth of a country. There is an implicit faith in survey results (PMI basis) compared to data on reported output (industrial production basis) although industrial production generally follows PMI with a lag.

    Accordingly, the December figures of PMI raise both hope and despair for things to shape in 2016. The global manufacturing index at the end of the year gives a mixed picture. While almost all major emerging countries led by China, India and Brazil had contracted (as revealed by PMI) as well as by Russia and even the US, the welcome news is the revival of major European countries as indicated by rate of expansion in production and new order positions which are reported to be the highest in last 3 years. Positive indices are also visible for Japan and Turkey.

    India has witnessed a sudden backward movement of industrial growth. The contraction indicator of PMI going down below 50 (it is 49.1 in December, 1.2 notches down from November index) suggests a temporary increase in uncertainty in business environment that has adversely impacted prospects of investment and new order position. It is temporary because the contraction immediately follows the expansion of industrial output revealed by October indices of industrial growth.

    Thus manufacturing growth in October at 10.6% is down at (-) 4.4% in November, capital goods production at 16.3% in October is down at (-) 24.4% in November, while consumer durable production at 42.3% in October has fallen to 12.5% in November. Cumulatively all this downturn in one month has brought down the industrial production growth to (-) 3.2% in November as compared to 9.8% growth in October.

    The PMI for October at 50.7 came down to 50.3 in November. As it has further gone down to a contraction mode of 49.1 in December, it is likely to hit the industrial output figures for December. The delays in economic reforms, including the introduction of GST and measures to further easing of doing business in the country, are taking a toll on lifting the veil on business sentiment forcing the corporate sector to pursue a wait and watch policy till flow of public investment increases in critical projects.

    Globally the marginal recovery seen in the euro zone provides a welcome signal for Indian exports. The industrial production figures for October is a good positive for Germany, France, Belgium, Italy, the Netherlands, Poland, Sweden and Turkey which reveal a growing appetite for goods and services and may benefit global trade.

    During the first 9 months of the current fiscal, Indian steel exports to Germany, France, Italy, the UK, Belgium and Spain reached 6,43,000 tonne. This is despite the fact that Indian steel is facing AD/CVD barriers to enter euro zone in respect of HR Coils and Europe is troubled by cheap flow of imports from China whom they are opposing to give the market economy status in AD/CVD/ Safeguard investigations. All the major European countries are also showing positive current account balances that indicate higher import compatibility.

    Significantly, the US economy has yielded a lower PMI in December (51.2) compared to previous month, but still remains above contraction level. The strength of dollar is paving the way for more imports and is causing a threat to its manufacturing sector. The internal demand though growing is of little help to its industrial segments in augmenting output. Steel exports from India to the US at 0.24 million tonne is lower compared to last year and may continue to languish due to various protective measures adopted by the US against HRC, CRC, Plate and Pipe imports from India.

    During the first three quarters of the current fiscal, while steel imports by India have increased by 29%, steel exports by the country have dropped by the same percentage compared to the previous year leading to a net import shortfall exceeding Rs 30,000 crore. Indian steel exports to the UAE, Saudi Arabia, Ethiopia, Iran, Bangladesh, Nepal and Sri Lanka must be raised in the next three months to brighten the balance of trade in steel.

    Source : Financial Express
  12. forum rang 10 voda 21 januari 2016 17:13
    Posco goes to Detroit to promote specialized steel products for auto makers

    Korea Joon-gang Daily reported that Posco is currently participating in the 2016 North America International Auto Show, where it is showing off about 30 car material products, including its in-house twinning-induced plasticity steel (TWIP) and hot-press forming steel (HPF). Posco is the first steelmaker in the world to display at the North American auto show.

    Products like TWIP and HPF are meant to reflect industry-leading technology. The material’s manganese and aluminum blend make it 30 percent lighter than regular steel but three times stronger. One square millimeter of TWIP can withstand 100 kilograms (220 pounds) of weight, according to the company. HPFs are used to make center pillars of vehicles.

    Along with TWIP and HPF, Posco also showed off Transformation Induced Plasticity, which the company recently succeeded in mass-producing, and a prototype of Extra Formability, which the steelmaker is currently developing to provide better production efficiency for automakers.

    Posco’s goal at the auto show is to show off its car steel sheets, which are developed with high-strength steel that is generally 10 percent lighter and two times stronger than normal steel. Many global automakers have been focusing on producing cars that offer better safety and fuel economy.

    A spokesman of Posco said “The car steel sheet business is part of the company’s world-premium products and it is expected to improve our overall profitability as it is a high value-added product that makes big profits compared to other goods. It’s something that not so many companies can produce since it demands many complicated processes. Competing in normal products that any steelmakers - including Chinese - can produce is something we should not do.”

    Source : Korea Joon-gang Daily
    Bijlage:
  13. forum rang 10 voda 21 januari 2016 17:15
    Former BaoSteel DGM Mr Cui Jian on trial for corruption

    Shanghai Daily reported that the trial of the former deputy general manager of Baosteel Group Corp, who is accused of taking nearly CNY 4 million in bribes between 2000 and 2014, opened on Tuesday at the Shanghai No. 2 Intermediate People’s Court.

    Mr Cui Jian, 56, has been under investigation since last year, with prosecutors accusing him of taking payments from various associates and contacts in return for helping them to win valuable contracts with the steelmaker, the court heard yesterday.

    The majority of the money was paid by just two people, both of whom worked for firms that did business with Baosteel, prosecutors said.

    Mr Cui worked for the Shanghai-based state-owned company for 33 years.

    The court said yesterday that it failed to reach a verdict on Tuesday.

    Source : Shanghai Daily
    Bijlage:
  14. forum rang 10 voda 21 januari 2016 17:19
    Russian and Brazilian steel mills leveraged stronger USD to cut export prices in 2015

    During 2015, the US Dollar has soared against all currencies and as the forces that drove the USD higher remain in place and will intensify in the months ahead. It matters because the value of the US dollar holds a pivotal spot in the world of commodities and is the main reason that prices for commodities like oil, copper, and aluminum are down as these commodities are priced in dollars and a more valuable dollar buys more of them for less money. The downside is that the strong USD has made life miserable for emerging markets as governments and companies have borrowed a lot of money denominated in dollars making those debts more expensive to repay. But with 101% YoY and 66% YoY slide, Russian and Brazilian steel makers are indeed in an envious spot as just due to currency devaluation their competitiveness and ability to counter Chinese steel mills has soared enabling them to counter Chinese aggression and push higher volumes in global sea borne steel trade market in 2015 and counter further in 2016.

    Source : Strategic Research Institute
  15. forum rang 10 voda 21 januari 2016 17:21
    Mount Gibson weighing mine closures as iron ore prices remain low

    AAP reported that Australian iron ore producer Mount Gibson is struggling to make money and weighing up mine closures as the iron ore price trades around decade lows.

    Chief executive Jim Beyer said the West Australian miner had increased its iron ore sales and lifted cash reserves by $15 million to $345 million in a difficult environment during the December quarter. But he conceded the company was now struggling to generate cash after freight costs and currency movements were taken into consideration.

    He told analysts “I think it's very marginal. We continue at Koolan Island to get some benefits of the mining that was done back in the September quarter but there's no doubt it's a pretty challenging period for us at the moment. There's just a negative outlook on anything that's got iron in its name or associated with iron.”

    Mr Beyer said extreme market volatility demanded the company continue to act prudently to protect its business and preserve value for shareholders.

    Mount Gibson's all-in December quarter cash costs averaged $47 per wmt compared with $52 per wmt in the preceding quarter.

    The company is continuing to review its activities in the context of prevailing market conditions amid a weak outlook for iron ore prices. He said "This analysis must take into account not just the market outlook and operating margin, but also the fixed infrastructure and transport obligations that would become payable in the event of an early closure at Extension Hill.”

    The company will monitor the viability of its depleting Extension Hill operations as it looks ahead to the planned development of its Iron Hill deposit.

    Source : AAP
    Bijlage:
  16. forum rang 10 voda 21 januari 2016 17:27
    Tata Steel suspends operations at New Millennium Iron Corp in Canada

    The Hindu Business Line reported that Tata Steel has suspended operations at its Canadian iron ore-mining and processing project this month. Though the steel major has not disclosed anything regarding the development, its junior partner in Canada, New Millennium Iron Corp announced that the project execution firm Tata Steel Minerals Canada temporarily scaled down winter operations including stabilisation activities of the all-season ore processing plant at its direct shipping ore project.

    Toronto Stock Exchange listed NML said in a filing “This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis. The number of TSMC employees affected will be based on operational needs, including services and maintenance.”

    Tata Steel’s Canadian DSO property is comprised of 25 hematite deposits with a resource potential of 122 million tonnes. The project, located in the sub-arctic zone of eastern Canada, comprises mining, crushing, washing, screening and drying to produce 4.2 million per year of sinter fines and pellet feed. The processing facility is housed in a temperature-controlled structure to enable year-round operations.

    Tata Steel holds 94 per cent interest in TSMC and is the largest shareholder in NML with 26 per cent holding

    Source : The Hindu Business Line
    Bijlage:
  17. forum rang 10 voda 21 januari 2016 17:28
    Anglo American’s Kumba Iron Ore may lay off miners – NUM

    Reuters reported that Kumba Iron Ore has told South Africa's National Union of Mineworkers that it will issue lay-off notices this year if low prices persist for the steel-making ingredient

    NUM General Secretary Mr David Sipunzi told Reuters “The price has put them in dire straights and there is a prospect of them issuing a Section 189 notice at Sishen mine. They have been trying to sensitise us to this possibility. If the price remains like this for a few months they will have no choice but to issue a Section 189.”

    Mr Sipunzi said he expected to see more lay-off notices this year from other sectors but the union wanted to work with companies to find ways to minimise job cuts.

    The group has said it plans to reconfigure its Sishen mine, the largest iron ore operation in Africa, and was targeting 2016 production there of 26 million tonnes, down from a previous guidance of 36 million tonnes.

    Lay-offs are a politically thorny issue in South Africa, where the jobless rate is around 25 percent and local elections are expected this year. The NUM is also a key political ally of the ruling African National Congress

    Source : Reuters
  18. forum rang 10 voda 21 januari 2016 20:02
    Chinese 2015 power, steel output drop for first time in decades

    Reuters reported that China's output of electric power and steel fell for the first time in decades in 2015, while coal production dropped for a second year in row, illustrating how a slowing economy and shift to consumer-led growth is hurting industrial consumers.

    China's economy grew at its weakest pace in a quarter of a century in 2015 and efforts to restructure have not only slashed demand but also exposed massive overcapacity in industrial sectors such as coal, steel and power.

    The National Bureau of Statistics said that only crude oil escaped the downturn, with refinery throughput hitting a new record in December and rising 3.8 percent to 10.44 million barrels per day in the year.

    Xu Zhongbo, a steel industry consultant, said that "Because steel mills are cutting production, it cuts demand for coal and power, and coal is also hit by falling power and cement demand. It is going to be really bad for the next five years."

    China generated 5.618 trillion kilowatt-hours (kWh) of power in 2015, down 0.2 percent from the previous year, the data showed, the first annual decline since 1968, when the country's economy was rocked by the turmoil of the Cultural Revolution.

    Mr Yang Fuqiang, a senior researcher at the Natural Resources Defense Council, said that "China's economic growth has decoupled from coal-fired power generation, and the increase in the service industry as a share of China's GDP has also slowed demand."

    Mr Yang said that he expected the sector to grow at a much slower pace until 2050 as China embarks on "energy transition", and with a thermal power capacity surplus already estimated at around 200 gigawatts, China needed to stop approving new plants.

    Source : Reuters
    Bijlage:
  19. forum rang 10 voda 22 januari 2016 14:23
    ArcelorMittal koersdoel omlaag bij Berenberg - Market Talk

    AMSTERDAM (Dow Jones)--Analisten van Berenberg hebben hun taxaties voor staal en mijnbouwbedrijf ArcelorMittal (MT.AE) verlaagd, vanwege de aanhoudende daling van de olieprijzen en de onrust op de financiele markten die volgens de broker een negatieve invloed zal hebben op consumentenbestedingen en investeringsbeslissingen. Het koersdoel gaat met twee euro omlaag tot EUR5,50, omdat de impact van de nettoschuld groter is dan ze hadden verwacht. De broker heeft zijn verwachtingen voor de operationele winst (EBITDA) en winst per aandeel voor dit jaar verlaagd naar respectievelijk $5,6 miljard en $0,01 ten opzichte van $6,2 miljard en $0,27 eerder. De waardering blijft echter buy, omdat het opwaarts potentieel volgens de analisten intact blijft vanwege de opwaartse trend van de wereldwijde staalprijzen en de verwachting dat staalvoorraden weer zullen worden opgebouwd. Het aandeel is donderdag gesloten op EUR3,35. (levien.defeijter@wjs.com)


    Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

  20. forum rang 10 voda 22 januari 2016 14:23
    ABN Amro: prijsherstel industriele metalen 2016

    AMSTERDAM (Dow Jones)--Het economisch bureau van ABN Amro houdt vast aan een doorzettende mondiale economische groei, ook al is 2016 onrustig begonnen en is er veel twijfel rondom China. ABN Amro verwacht in zijn 'Industriele Metalen Monitor' dat deze groei een solide basis vormt voor de vraag naar industriele metalen. ABN AMRO verwacht dat de economie in een geleidelijk tempo verder zal afkoelen en dat de Chinese autoriteiten de economie zullen stimuleren mocht dat echt noodzakelijk zijn. Gedurende november en december namen de importen van China zeer sterk toe, met record importvolumes in december. Maar ondanks de sterke toename van de vraag vanuit China bleef een prijsreactie uit. De mondiale beschikbaarheid van ijzererts is namelijk nog steeds zeer ruim en dat dempt een opwaartse prijsbeweging, aldus ABN. Zodra meer productiebeperkingen worden aangekondigd of sluitingen van mijnen plaatsvinden en het aanbod significant afneemt, zal een sterker prijsherstel zich voordoen. Ondanks het feit dat de marktbalans er gunstig uitziet voor 2016 en 2017, dicteert het sentiment over de Chinese economie de prijzen en is er nu nog teveel weerstand voor een verbetering in de prijzen. Pas op het moment dat de Chinese economie weer een gezonde reeks goede macro-economische cijfers produceert, kan het sentiment kantelen. Tot die tijd zullen de prijzen voor vrijwel alle basismetalen zwak blijven, aldus de bank. (andre.sterk@wsj.com)


    Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

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