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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,510 17 apr 2024 17:35
  • -0,250 (-1,05%) Dagrange 23,500 - 24,220
  • 3.430.788 Gem. (3M) 2,4M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 642 643 644 645 646 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 6 juli 2017 16:19
    Beursblik: Theodoor Gilissen wijzigt aandelenadviezen

    Research betrokken bij Alphavalue.

    (ABM FN-Dow Jones) Theodoor Gilissen Bankiers heeft vanwege een nieuwe samenwerking met researchbureau Alphavalue donderdag diverse wijzigingen aangebracht in zijn aandelenadvieslijst.

    ABN AMRO, Aegon en ING Groep staan op de lijst met Aanbevolen aandelen. De twee banken stonden hier al op met koersdoelen van respectievelijk 27,00 en 17,00 euro, maar voor verzekeraar Aegon betekent dit een verhoging, bij een koersdoel van 5,30 euro.

    Ook het advies voor ArcelorMittal werd verhoogd naar Aanbevolen, met een koersdoel van 25,00 euro.. Uitgever RELX staat op de lijst met Niet Aanbevolen aandelen, terwijl het aandeel Wolters Kluwer wordt aanbevolen. De koersdoelen luiden respectievelijk 17,90 en 40,50 euro.

    Unilever blijft Aanbevolen met een koersdoel van 52,00 euro en Heineken is met een koersdoel van 87,00 euro Niet Aanbevolen.

    Door: ABM Financial News.

    info@abmfn.nl

    Redactie: +31(0)20 26 28 999

    Copyright ABM Financial News. All rights reserved

    (END) Dow Jones Newswires
  2. forum rang 10 voda 6 juli 2017 16:49
    Gujarat HC stays insolvency proceedings against Essar Steel

    The Hindu Business Line reported that the Gujarat High Court has stayed further proceedings by the National Company Law Tribunal on the insolvency petition filed by the lenders against Essar Steel. Essar Steel had moved the Gujarat High Court claiming that the RBI’s decision to refer it for insolvency proceedings was arbitrary.

    Referring to the RBI notification in the form of press release, Justice SG Shah said the effective date taken by the RBI for initiating action against the defaulting companies was March 31, 2016 though the press release is dated June 13, 2017. If at all the RBI has powers to classify such companies, it has been made on details available as on March 31, 2016 and not as on June 13, 2017, said the order.

    The court also stayed further hearing on the insolvency petition filed separately by Standard Chartered Bank, which was not part of the Joint Lenders Forum, against Essar Steel in the Gujarat Bench of the NCLT.

    The RBI had on June 13 issued a directive asking banks to initiate insolvency proceedings at the NCLT benches against 12 specific cases of non-performing assets.

    Though the stay is only relevant for Essar Steel, and that too till the court’s next hearing on July 7, the other 11 companies named by the central bank under the Insolvency and Bankruptcy Code may take similar recourse if proceedings at the Tribunal are not allowed to continue by the High Court.

    Source : The Hindu Business Line
  3. forum rang 10 voda 6 juli 2017 16:50
    New export markets key for Arrium revival - Mr Sanjeev Gupta

    ABC radio reported that Mr Sanjeev Gupta, head of GFG Alliance which has signed a binding agreement to buy the troubled steel producer in a deal expected to be completed by August, wants to expand the Whyalla operations and invest in renewable energy, such as pumped hydro, in South Australia. He told ABC radio “We feel there is a clear opportunity to turn it around. It does require significant investments which we will undertake. With those investments, we feel the business will be profitable and sustainable."

    Mr Gupta said his group would look to use the steel produced by Arrium in Whyalla in its own global businesses, opening up new opportunities for the plant. He said "The problem with Whyalla is not that it has a bad steelworks, it hasn't got a market. It's selling under capacity because there isn't enough of a market in Australia. It needs to export. It's difficult in this current steel environment to find export markets. But we have some captive markets in our own network which we'll be able to utilise."

    Mr Gupta has also dismissed concerns about energy costs and energy reliability in South Australia, indicating a small investment in a co-generation plant already in operation will provide more than enough power.

    Source : ABC Radio
  4. forum rang 10 voda 6 juli 2017 16:51
    JSW Steel crude steel output in April-June grows by 1pct YoY

    PTI reported that JSW Steel has registered a marginal growth of 1% YoY in crude steel production at 3.91 million tonnes during April-June of this fiscal as against 3.87 million tonne in the year ago quarter.

    Flat-rolled products also registered a rise of 1% YoY to 2.76 million tonne as against 2.74 million tonne during the same quarter a year ago.

    However, there was a fall of 2% YoY in the firm's long-rolled products at 0.83 million tonne compared to 0.85 million tonne during the April-June quarter in 2016-17.

    Source : PTI
  5. forum rang 10 voda 6 juli 2017 16:52
    Super Smelters to invest INR 1,600 crore to expand steel capacity in WB

    PTI reported that Super Smelters Limited, engaged in the business of steel manufacturing, will invest around INR 1,600 crore to expand manufacturing capacity at Jamuria in West Bengal. VP (corporate affairs) Mr GK Saran told reporters “Our present capacity is 0.85 million tonnes per annum. This will be increased to 1.1 million tonnes by investing Rs 1,600 crore at the existing plant.”

    He said the company has 400 acres of land at Jamuria, and the money will be spent on capacity expansion, pelletisation plants and induction furnaces.

    The expansion project is expected to be completed by the end of this year.

    The company, with a present turnover of INR 1,000 crore, also has a 53-MW captive power plant.

    Source : PTI
  6. forum rang 10 voda 6 juli 2017 16:53
    Gerdau halts Divinopolis plant rolling mill

    BNAmericas reported that Brazilian steelmaker Gerdau stopped production at the rolled steel line at its Divinópolis mill in Minas Gerais state. Output will be transferred to other plants of the group as a way to keep Gerdau's rolled steel production levels in Brazil, as well as its customer service area.

    The company said in a note to BNamericas that "The decision results from Gerdau's assets optimization needs due to the current domestic economic scenario, especially related to the local construction sector, and the challenges facing the steel industry in Brazil and globally.”

    It added "The Divinópolis plant will continue to operate its blast furnaces and steelworks, as well as its administrative areas. The remaining production will be mainly directed towards exports.”

    Gerdau is the largest long-steel producer in the Americas.

    Source : BNAmericas
  7. forum rang 10 voda 6 juli 2017 16:56
    Steel industries looking at slurry pipelines to cut transportation cost

    Business Standard reported that worried over clogging of roads and spiralling cost of surface and rail transport of raw materials, steel industries in Odisha are now looking at hauling iron ore from mine heads to their plant sites in slurry form through pipelines. The trend was started by Essar Steel, which has laid 253 km of slurry pipeline to connect its ore washery plant in Keonjhar district with its 6-million-tonne-per-annum pellet unit at Paradip.

    Now, Jindal Steel and Power which runs a 6 million tonne steel plant at Angul and JSW, proposes to set up a 10 million tonne steel plant at Paradip on the land vacated by Posco plan to follow suit.

    Like Essar, both the companies, owned by Jindal brothers, will be sourcing iron ore from mines located in Keojhar district, 250 to 280 km from their respective plant sites.

    Apart from the hassles of road and rail transport, the transportation of iron ore through the slurry pipeline will be cost effective, points out a top official of JSPL. He said that "At present, it costs us INR 2,000 per tonne to bring iron ore from Barbil (in Keojhar) to our plant by road and INR 820 per tonne by rail. If we carry the ore in slurry form through the pipeline, the cost would come down significantly to INR 400 per tonne- a saving of 80% compared to the road transport cost and 51% compared to the rail transport expense.”

    Source : Business Standard
    Bijlage:
  8. forum rang 10 voda 6 juli 2017 16:57
    Stelco to get CAD 250 million blast of capital from Bedrock Industries

    Hamilton Spectator reported that Stelco's new owner is planning to invest CAD 250 million in the company over the next five years and comes to Hamilton with the endorsement of the highest ranking steelworker unionist on the continent. Mr Alan Kestenbaum, the chair of the American venture capital firm Bedrock Industries, told The Spectator Wednesday he has big plans for the beleaguered steelmaker that emerged from creditor protection last Friday.

    He told "We expect to invest heavily in Stelco because the returns are there. We are not going to be shy about putting our capital to work. We figure over the next five years a figure of CAD 250 million would not be unreasonable. We expect to invest heavily in Stelco because the returns are here. We are not going to be shy about putting our capital to work.”

    Source : Hamilton Spectator
  9. forum rang 10 voda 6 juli 2017 17:03
    China support Sub-Saharan Africa iron ore sector

    Iron ore production in Sub-Saharan Africa will continue to edge up from 93.0 million tonne in 2017 to 103.0 million tonne in 2021 as continued Chinese investment into the region offsets the effects of lower global prices, although unfavorable regulations pose risks to our outlook. West-African producers Guinea, Liberia and Sierra Leone will be growth out performers, while traditionally larger markets such as South Africa and Mauritania will struggle.

    Source : Strategic Research Institute
    Bijlage:
  10. forum rang 10 voda 6 juli 2017 17:10
    US car sales dented in June as fewer vehicles dumped

    The Australian reported that sales continued to slide in June, as buyers reacted to higher vehicle prices and Detroit backed away from dumping unwanted inventory into rental-car lots. General Motors, Ford and Fiat Chrysler Automobiles reported steep monthly sales declines compared with the same period in 2016. While retail demand is losing steam, each of Detroit’s players also reported significant reductions in deliveries to daily-rental companies, long the Motor City’s biggest customers.

    Sales to Enterprise Holdings’s Enterprise Rent-A-Car or Hertz Global Holdings traditionally were a way for carmakers to keep factories rolling even as dealership traffic slowed. But an excess of that business has dented profits, carmakers say, and soiled brand reputation. The move away from rental sales reinforces a new-found discipline for domestic players that have been riding a seven-year growth streak since GM and Chrysler sought bankruptcy protection in 2009. The Detroit 3 reported tens of billions in profits during that span, bolstered by tailwinds from falling fuel prices and surging demand for profit-rich trucks and SUVs.

    Overall industry demand softened over the first half of 2017, however, falling about 2% through six months and 3 per cent in June, according to Autodata. The development ushers in an expected plateau for auto sales, an important driver for the broader US economy.

    The fleet-sales pullback is having a disproportionate impact on wider volumes. Sales to retail customers at dealerships are down less than 1% over the first six months of the year, but sales to nonretail customers such as government fleets, commercial buyers and rental-car companies are off 7.8%.

    RW Baird analyst David Leiker said in a research note that a rental-car reduction “is not something normally seen” at the start of a cyclical sales downturn. The reversal of that trend could ease concerns that profit margins will erode as carmakers chase less lucrative business or resort to price wars.

    Even as carmakers ramp up incentive spending to improve dealer traffic, transaction prices are rising as cars are loaded with more safety gear and connectivity features. A consumer shift away from sedans and toward pricier sport-utility vehicles also aided the trend.

    Edmunds.com reported that the average monthly payment on a car or truck had soared above USD 500 (AUD 656), forcing buyers to stretch more than ever to obtain a new set of wheels. The firm estimates the average auto-loan length reached a record 69.3 months in June, with the average amount of financing reaching USD 30,945, up USD 631 from May.

    Source : The Australian
    Bijlage:
  11. forum rang 10 voda 6 juli 2017 19:09
    Saudi Arabia cancels steel export duties for 2 years

    Reuters reported that Saudi Arabia said on Thursday it would cancel all export duties on steel for two years to encourage local industries.

    Cement export tariffs will also be slashed by 50 percent, a statement by the trade ministry said.

    Source : Reuters
  12. forum rang 10 voda 6 juli 2017 19:10
    AISI update on Raw Steel Production in US in Week 26

    In the week ending on July 1, 2017, domestic raw steel production was 1,717,000 net tons while the capability utilization rate was 73.6 percent. Production was 1,743,000 net tons in the week ending July 1, 2016 while the capability utilization then was 74.5 percent.

    Source : Strategic Research Institute
  13. forum rang 10 voda 6 juli 2017 19:17
    No end to misery of Goa tribal villagers opposing Sonsi iron ore mines - Report

    Counter View reported that there is no end to misery of 45 tribals of a small Goa village, Sonshi, who were arrested in April this year for protesting against air and noise pollution which villagers say is caused by thousands of trucks running via the small road in the village. Kept in judicial lockup for nine days in April, pressure began building when they refused to sign the bail bond and their school going children protested before the Police Station. However, cases against the tribals have not yet been withdrawn, even though the High Court of Bombay at Goa and the Goa Child Rights Commission took up suo motu cognizance of the incident.

    The matter is still pending, even as the authorities have admitted in their report to the court that there was serious violation of law and that pollution was at a much higher level than the permissible limit.

    A police report to the Goa administration, a copy of which is with Counterview, admits that daily 800 to 900 trucks ply through this route covering about 4,000 trips, transporting iron ore of six mining companies.

    It said that “About 60 to 70 families residing at the starting point of these mines at Sonshi village next of the road are facing immense dust and sound pollution because of iron ore transportation”, adding, one of the mining companies has proposed to “increase 117 more trucks to ply through the same route.”

    Seeking change of route for the truckers, the report said that there also exists a school in this area, with transportation carried out next to the school. Pointing out that here “about 20 to 25 trucks ply in a minute through this road, leading to dust pollution”, it warns of “fatalities due to vehicular accident.”

    Ravindra Vellip of mines, minerals & People a civil rights organization, who has taken up the tribals’ cause, says, the mining was being carried out in violation of the Supreme Court Judgment in Writ Petition 435 of 2012, in which it directed the Goa State Pollution Control Board (GSPCB) to “strictly monitor the air and water pollution in the mining areas.”

    Following an Aam Aadmi Party (AAP) gherao on April 26, the GSPCB, he said that “woke up from its long sleep, issuing “show cause notice to the mining companies at Sonshi.” He added that “The GSPCB itself allowed mining companies to violate its own norms and conditions for more than five months.”

    Source : Counter View
  14. forum rang 10 voda 6 juli 2017 19:21
    Prague Tribunal dismissed complaint against Mongolian Government over iron ore mine cancellation

    Montsame reported that the Government of Mongolia won in the arbitration dispute with three Chinese investors to Tumurtein Khuder Company. The investors appealed to the permanent court of Arbitration at the Hague in February 2010, concerning the Government agency’s decision on cancellation of Tumurtei khuder company’s license of Tumurtei iron ore mine. On June 30, the arbitral tribunal made decision to dismiss the claimants’ requests in full.

    Tumurtei mine located in Khuder soum of Selenge aimag has a reserve of 250 million tons of iron ore. The mine license was cancelled in 2006 as license holder ‘Tumurtein Khuder’ company had breached relevant laws and regulations by not repaying costs for the exploration of the deposit conducted with the state budget finance, having failed to develop plans on environmental protection and rehabilitation and take measures, making explosion on a field of ‘Khustain Yeroo” company or unauthorized field and by having exported iron ore instead of concentrating it as stated in its Environmental Impact Assessment.

    The Chinese investors, including China Heilongjiang International Economic and Technical Cooperative Corporation claimed investment of USD60 million, plus potential profits since the license revocation as well as all costs incurred arbitration dispute.

    Source : Montsame
    Bijlage:
  15. forum rang 10 voda 7 juli 2017 16:15
    G20 to discuss steel overcapacity as tensions simmer over US tariff plan

    Reuters reported that G20 leaders will discuss steel overcapacity at this week's summit in Germany, European officials said, as tensions rise over US President Donald Trump's plan to use a Cold War-era law to restrict steel imports for national security reasons.

    While tariffs on both products would be aimed primarily at China, US allies fear they will bear the brunt of the measures because Chinese steel exports are already largely subject to US restrictions and Canada and Mexico are likely to be exempt.

    Also, invoking national security is all but taboo at the World Trade Organization, the arbiter of international trade rules, because it is largely seen as a way to wage economic warfare by citing arbitrary defence concerns.

    Moreover, trade diplomats fear US security-based tariffs on steel would widen cracks in the global trading order, after Saudi Arabia, Bahrain and the United Arab Emirates cited national security at the WTO last week to justify their economic boycott of Qatar.

    Source : Reuters
  16. forum rang 10 voda 7 juli 2017 16:21
    CBI registers case against SPS Steels Rolling Mills for defrauding 8 banks

    Live Mint reported that Central Bureau of Investigation has registered an FIR against the Kolkata-based SPS Steels Rolling Mills Ltd for allegedly defrauding a consortium of eight banks of over INR 551 crore. According to the CBI FIR, the company availed cash credit limit, term loan and line of credit limit amounting to INR 512 crore from the consortium of banks led by Allahabad Bank, but subsequently revised its audited accounts for financial year 2011-13 fraudulently and dishonestly. The subsequent revision of the audited accounts adversely affected the financial of the company and the loans became non-performing assets. The outstanding debts went up to over INR 551 crore.

    CBI spokesperson Mr RK Gaur said in New Delhi that “The pre-revised audited balance sheets were allegedly submitted by the borrower to induce the banks to sanction enhanced credit limits from existing banks and fresh sanction of loan from newly-inducted banks in the consortium.”

    He said it was further alleged that the company directors fraudulently diverted the funds for repayment of term loan availed from Yes Bank, which was outside the consortium, without any underlying business.

    He said “Some of the letters of credit issued by the member banks of the consortium on behalf of the borrower also devolved. It was also alleged that the directors did not repay the loan and the loan account with Allahabad Bank, leader of the consortium, became NPA on 31 May 2013. The loan accounts with other member banks became NPA on subsequent dates.”

    The other members of the consortium are Indian Overseas Bank, UCO Bank, State Bank of Hyderabad, Central Bank of India, UBI, Oriental Bank of Commerce and Corporation Bank.

    Source : Live Mint
  17. forum rang 10 voda 7 juli 2017 16:21
    China's record steel futures punts show risks for rally into bull market

    Bloomberg reported that China’s army of commodities investors have racked up an unprecedented volume of bets on steel futures, raising the prospect of a sharp retreat if market conditions weaken.

    Open interest on the Shanghai Futures Exchange’s steel reinforcement bar contract surged to a record 2.82 million lots on Monday, according to bourse data, with each lot representing 10 metric tonnes of metal. That’s more than double the level at the start of the year, with investors piling up positions in the past two weeks as prices rallied. Rebar’s benchmark October contract returned to a bull market on Monday after rising more than 20% from this year’s low in mid April.

    Mr Li Xiaodong an analyst at Nanhua Futures Ltd said that “There has been quite a lot of money flowing into rebar futures recently, and prices are very volatile amid big market uncertainties. The market is very divided, and whenever the bulls or the bears start unwinding their positions, prices could go wildly in either direction.”

    Rebar, a common product used in construction, has rallied with other other steels on bets that a more stable economy in China will prop up demand. The country’s official steel purchasing managers index expanded for a second month in June, amid signs that the government deleveraging campaign that had rattled commodities markets may be easing. China produced 202 million tons of rebar last year, according to Beijing Antaike Information Development Co.

    Steel inventories have also thinned out, with rebar stockpiles languishing near their lowest since December, according to consultancy Shanghai Steelhome E-Commerce Co.

    The futures rally has outpaced increases on the physical market, prompting some analysts to warn that market conditions don’t justify the recent advance. Mr Richard Lu a CRU Group steel analyst in Beijing said that “We don’t really understand the logic behind this rally from a fundamental point of view. We do think prices will reach a turning point soon, and the fundamentals will take hold. We still don’t see any substantial support for steel prices.”

    Source : Bloomberg
  18. forum rang 10 voda 7 juli 2017 16:23
    Essar Steel says RBI action arbitrary

    Bloomberg reported that “Hostile, arbitrary and unreasonable” is how Essar Steel Ltd. describes Reserve Bank of India’s action to include it in the list of 12 companies referred to insolvency proceedings at the National Company Law Tribunal. In its petition filed in the Gujarat High Court earlier this week, the Ruia family owned, privately held company has sought to challenge that decision of the RBI, the insolvency proceedings initiated by State Bank of India (consortium lead) and Standard Chartered Bank and the “failure of the consortium of banks to continue the implementation of the revival package approved by the Board of the Petitioner and approved in principle by the bankers”.

    The petition tells a story of how Essar Steel fell upon bad times, mostly due to the government’s decision to cancel the supply of gas to its manufacturing facility in Hazira. As a result of which, the company claims, production came to a halt and it incurred a loss of INR 26,000 crore.

    The petition details efforts by the company and its lenders over six months starting November 2016 to arrive at a debt restructuring package under the S4A guidelines of the RBI.

    On March 15, 2017 Essar Steel’s board approved a revival package for submission to banks. The restructuring package approved by the board of directors of the Petitioner Company was then submitted vide letter dated 19.05.2017 for approval to the bankers. It may be noted that the Petitioner has been aggressively following up with the bankers for formal and final approval of the restructuring package…

    Meanwhile the company says it was working on the basis of agreed terms with bankers.
    The banking operations of the company were being run with consent of the Core Committee appointed by the banks.
    Between April 2016 and June 2017 an amount of Rs 3,467 crore was repaid to SBI and other lenders.
    All major capital investments were done only with the concurrence of the banks.

    The company says there was no hint that the banks would ignore the restructuring proposal and initiate proceedings under the Insolvency and Bankruptcy Code instead. Hence it was “shocked and surprised” to know from news reports that it featured in the list of 12 companies that, as per a June 17, 2017 RBI circular, were to be referred to insolvency proceedings.

    Based on the RBI circular, SBI and Standard Chartered Bank, which incidentally was not part of the Joint Lenders Forum led by SBI, filed cases at the NCLT in Ahmedabad.

    Essar Steel’s petition argues that RBI “has taken into consideration irrelevant factors in determining the accounts to be referred under Insolvency and Bankruptcy Code and has ignored all relevant factors”.

    The company contends that the central bank arbitrarily picked a March 31, 2016 cut-off date that ignores its improved performance over the last year.

    That it should have considered the Rs 3,467 crore Essar had paid in interest since April 2016.
    That a restructuring package had been approved by lenders.
    That Essar Steel should have been included in the alternative list of companies that have been granted 6 months to arrive at a resolution plan.
    And that Essar Steel should have been given an opportunity to be heard before RBI decided to name it in the list of 12.

    The petition also states that the JLF led by SBI “has in a wholly arbitrary and discriminatory manner proceeded to follow the directive of RBI to initiate bankruptcy proceedings without any independent application of mind”.

    At one place in the petition it states that it wants the court to direct the banks to implement the revival package approved by its board on May 19, 2017. Or that the NCLT be directed to consider the revival package before proceeding any further.

    In the final prayer, the company says it wants the high court to
    Set aside the RBI directive against it.
    Quash the proceedings by SBI and Standard Chartered Bank.
    Restrain NCLT from proceeding further.
    Place the company in RBI’s alternative list of companies that have six months to finalise a resolution plan

    Source : Bloomberg
  19. forum rang 10 voda 7 juli 2017 16:24
    EU ready to start talks on new anti dumping rules

    EURACTIV.com reported that as US President Donald Trump prepares to block steel imports from China for reasons of national security, the EU will start fresh talks on the new anti-dumping rules next week. The green light given by the European Parliament on Wednesday (5 July) to begin negotiations with national governments has paved the way to discuss new rules on the calculation of import duties and tightening the grip on unfair trade practices, especially by China.

    MEPs have repeatedly urged the European Commission to counter unfair competition from China in a way that complies with WTO rules. On Wednesday, the assembly set clear red lines for negotiations with EU ministers and the Commission. MEPs in the negotiating mandate said “Anti?dumping investigations need to take into account the exporting country’s compliance with international labour, fiscal and environmental international standards, potential discriminatory measures against foreign investments, effective company law, property rights and the tax and bankruptcy regime.”

    Lawmakers also requested that the EU executive issue a detailed report describing the specific situation in a certain country or sector for which the calculation of duties will be applied.

    Global overcapacity in the steel sector, which is already putting EU-China relations under strain, risks becoming a flash point between Europe and the United States ahead of this week’s G20 summit, which begins in Hamburg on Friday (7 July).

    Donald Trump could block steel imports for reasons of national security. Europe, already in conflict with China over dumping in the sector, will attempt to mobilise opposition to this move.

    Source : EURACTIV.com
  20. forum rang 10 voda 7 juli 2017 16:25
    Chinese iron ore demand may down in coming years as steel recycling grows

    Reuters reported that China's supply of steel scrap is surging as aged buildings, bridges and cars produced over decades of rapid economic growth are knocked down, dismantled or crushed. That should push Chinese steelmakers to use more of the material in coming years, potentially sapping demand for steel ingredient iron ore from the world's biggest metals consumer.

    Faltering appetite for iron ore could hit a critical lifeline for international mining giants which have banked on China continuing to suck up hundreds of millions of tons of the most widely traded bulk commodity.

    Mr Daniel Meng an analyst at brokerage CLSA in Hong Kong said that "In the medium to long term, scrap is the real threat to iron ore, for sure. We believe by 2020, replacement would become faster and the risk on iron ore from scrap would become more serious."

    China currently only produces around 11% of its steel from scrap, compared to over 70% in the United States, suggesting it may have plenty of room to grow in recycling the material.

    The recent abundance of scrap in China followed Beijing's decision to shut mills churning out low-quality steel from induction furnaces - typically big users of scrap - as part of its drive against pollution and a glut in steel supply.

    The closure of these mills, with a combined production capacity of 120 million tonnes, helped push the nation's scrap exports to an all-time high in May.

    China last year generated a record 143 million tonnes of steel scrap, up nearly fourfold from 2002, data from the World Steel Association and CLSA showed.

    That could potentially replace around 200 million tonnes of iron ore, equivalent to about a fifth of China's imports of the commodity last year.

    China's steel scrap generation should rise to 200 million tonnes by 2020, the China Association of Metal Scrap Utilization said.

    Mr Wang Guangrui, vice-general manager at Xuzhou Jinhong Steel Group in Jiangsu province said that "In the long term, I believe the authorities do support EAFs in China.”

    Source : Reuters
    Bijlage:
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