| Price Index - India | | | | 14-Jan | 13-Jan | Change | | ILPPI | 6986 | 7105 | -119 | | IFPPI | 6752 | 6736 | +16 | | INDSPI | 6874 | 6929 | -55 | | What is it? | | Currency | | AUD | 1.4937 | | BRL | 2.3336 | | CAD | 1.2259 | | CNY | 6.8250 | | EUR | 0.7568 | | GBP | 0.6865 | | INR | 49.3736 | | JPY | 89.3444 | | RUB | 31.5974 | | USD | 1.0000 | | ZAR | 10.0298 | | View Current Currency | | Metal Rates Cash Seller & Settlement | | Zn | USD 1235 | | | Ni | USD 10450 | | | Sn | USD 11460 | | | Al | USD 1453 | | | Cu | USD 3273 | | | View Current Metal Rates | | Steel Futures | | NCDEX | 23900 (19-Dec) | INR | 0 |  | | DGCX | 480 (14-Jan) | USD | 0 | | | LME-M | 340 (13-Jan) | USD | -5 |  | | LME-F | 325 (13-Jan) | USD | -20 | | | NCDEX :
NCDEX Mild Steel Ingot Future Closing Price DGCX :
Dubai Steel Rebar Futures Closing Prices LME-M :
LME Steel Billet Future Buyer Prices (Mediterranean) LME-F :
LME Steel Billet Future Buyer Prices
(Far East) | | | | Others
5 Indian PSUs ink JV pact for incorporating ICVL - 15 Jan 2009 It is reported that International Coal Ventures, a special purpose vehicle formed by major steel and power PSUs to scout for coal properties abroad, would soon be incorporated as a company with an authorized capital of INR 3,500 crore,
Following members of the SPV have entered into a JV agreement for incorporating the JV entity as a company.
1. Steel Authority of India Limited
2. National Thermal Power Corporation
3. Coal India Limited
4. National Mineral Development Corporation
5. Rashtriya Ispat Nigam Limited
Post-signing of the agreement, the ICVL board would now apply to the government for formal registration of the entity as a company.
Its registered office will be located in the National Capital Territory of Delhi and will be incorporated with an authorized capital of INR 1 crore, which shall be increased from time to time depending upon needs of the joint venture company.
Mr PK Bishnoi heading IVCL said that "The company formation activities are going on. While SAIL and Coal India would initially contribute INR 1,000 each as the authorized capital in the company, the share of three other partners would be INR 500 crore each.”
Floated in 2007, ICVL has been on a lookout for picking up stakes in overseas mining firms in Indonesia, Mozambique, New Zealand and Africa.
Indian long product price index nose dives - 15 Jan 2009 The domestic Indian Steel price declined. The Indian Long Product Price Index (ILPPI) fell by a whopping 119 points and Indian Flat Product Price Index (IFPPI) improved by a mere 16 points .The overall Indian Steel Price Index (INDSPI) fell by 55 points:
| Class | 13-Jan | 14-Jan | Change
| | ILPPI | 7105 | 6986 | -119
| | IFPPI | 6736 | 6752 | 16
| | INDSPI | 6929 | 6874 | -55
| | | | |
ILPPI – Long Product Price Index
IFPPI – Flat Product Price Index
INDSPI – Indian Steel Price Index
| Category | 13-Jan | 14-Jan | Change
| | PI - TMT | 6917 | 6780 | -137
| | PI - WRC | 7516 | 7384 | -132
| | PI - Angle | 6730 | 6671 | -59
| | PI - Channel | 6827 | 6765 | -61
| | PI - Joist | 6485 | 6429 | -55
| | | | |
| Category | 13-Jan | 14-Jan | Change
| | PI - Narrow Plates | 6400 | 6395 | -4
| | PI - Wide Plates | 7016 | 6961 | -55
| | PI - Hot Rolled | 6519 | 6544 | 24
| | PI - Cold Rolled | 7276 | 7329 | 52
| | PI - Galvanized | 7007 | 7007 | 0
| | | | |
To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html
If you want to know the prevailing prices and changes across the week on daily basis subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com along with your full contact details. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
Import parity pricing for TMT at Mumbai - 15 Jan 2009 As per market prices prevailing at Mumbai on January 12th 2009, import parity pricing for TMT is about USD 540 per tonne on CNF basis.
Following expenses are factored in
1. Port expenses at INR 400 per tonne for break bulk
2. Margin of INR 500 / INR 1500
3. Conversion rate of 48.5
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
Indian origin wise steel imports details for 9 months - 15 Jan 2009 During April to December 2008, 4 countries accounted for almost 70% of Indian steel imports, with China taking the first spot with 26% share.
The data reflects that imports form China have gone down by 22% YoY.
| Country | A-D'07 | A-D'08 | Change | Share
| | China | 1467780 | 1147450 | -21.8% | 26.3%
| | Korea | 668240 | 764960 | 14.5% | 17.6%
| | CIS | 535290 | 526420 | -1.7% | 12.1%
| | Japan | 338980 | 494450 | 45.9% | 11.4%
| | Germany | 132670 | 127110 | -4.2% | 2.9%
| | Saudi Arabia | 83630 | 125610 | 50.2% | 2.9%
| | Belgium | 202790 | 117510 | -42.1% | 2.7%
| | Romania | 206770 | 112430 | -45.6% | 2.6%
| | USA | 221930 | 98660 | -55.5% | 2.3%
| | France | 17820 | 63040 | 253.8% | 1.4%
| | Turkey | 47110 | 56160 | 19.2% | 1.3%
| | Italy | 18130 | 48130 | 165.5% | 1.1%
| | Thailand | 236150 | 46250 | -80.4% | 1.1%
| | Malaysia | 141950 | 37990 | -73.2% | 0.9%
| | Canada | 42720 | 36860 | -13.7% | 0.8%
| | UAE | 71050 | 27740 | -61.0% | 0.6%
| | Austria | 6860 | 26670 | 288.8% | 0.6%
| | South Africa | 70350 | 25500 | -63.8% | 0.6%
| | Singapore | 40130 | 23280 | -42.0% | 0.5%
| | Taiwan | 28850 | 22320 | -22.6% | 0.5%
| | Indonesia | 66620 | 21440 | -67.8% | 0.5%
| | Brazil | 63980 | 17100 | -73.3% | 0.4%
| | Netherlands | | 15740 | | 0.4%
| | Sweden | 9550 | 13150 | 37.7% | 0.3%
| | Kuwait | 13790 | 9390 | -31.9% | 0.2%
| | Spain | 2460 | 9340 | 279.7% | 0.2%
| | Australia | 11600 | 8130 | -29.9% | 0.2%
| | Switzerland | 1160 | 4200 | 262.1% | 0.1%
| | Slovenia | 3420 | 3540 | 3.5% | 0.1%
| | Denmark | 6570 | 3180 | -51.6% | 0.1%
| | Iran | 93030 | 1460 | -98.4% | 0.0%
| | Argentina | 6020 | 1270 | -78.9% | 0.0%
| | Bahrain | 2810 | 1240 | -55.9% | 0.0%
| | Sri Lanka | 280 | 670 | 139.3% | 0.0%
| | Holland | 22440 | 630 | -97.2% | 0.0%
| | Ghana | 400 | 460 | 15.0% | 0.0%
| | Finland | 190 | 380 | 100.0% | 0.0%
| | Egypt | 5220 | 300 | -94.3% | 0.0%
| | Bangladesh | 2170 | 240 | -88.9% | 0.0%
| | UK | 20480 | 240 | -98.8% | 0.0%
| | Jordan | 870 | 60 | -93.1% | 0.0%
| | Hong Kong | 2760 | | -100.0% | 0.0%
| | Others | 250480 | 315590 | 26.0% | 7.2%
| | TOTAL | 5165500 | 4356290 | -15.7% | 100.0%
| | | | | |
In tonnes
Source JPC
Indian long product prices plummet - 15 Jan 2009 RINL syndrome continued to play havoc with long products market across the country.
Kolkata
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | -2207 | -6.3%
| | WRC | SWR14 | 5.5/6 | 0 | 0.0%
| | CHNL | GR A | 75/100 | -552 | -1.5%
| | JSTI | GR A | 250x125 | -552 | -1.5%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Delhi
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | -1391 | -4.1%
| | WRC | SWR14 | 5.5/6 | -1450 | -4.5%
| | CHNL | GR A | 75/100 | -1040 | -3.0%
| | JSTI | GR A | 250x125 | -1040 | -3.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Chennai
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | 0 | 0.0%
| | WRC | SWR14 | 5.5/6 | 0 | 0.0%
| | CHNL | GR A | 75/100 | 0 | 0.0%
| | JSTI | GR A | 250x125 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Mumbai
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | -574 | -1.8%
| | ANGL | GR A | 65x6 | -574 | -1.8%
| | CHNL | GR A | 75/100 | -574 | -1.8%
| | JSTI | GR A | 250x125 | -574 | -1.7%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Ahmedabad
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | 0 | 0.0%
| | ANGL | GR A | 65x6 | 0 | 0.0%
| | CHNL | GR A | 75/100 | 0 | 0.0%
| | JSTI | GR A | 250x125 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Indore
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | -500 | -1.5%
| | ANGL | GR A | 65x6 | -300 | -0.9%
| | CHNL | GR A | 75/100 | -300 | -0.9%
| | JSTI | GR A | 250x125 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Kanpur
| Item | Grade | Size | Change | %
| | TMT | Fe 415 | 12mm | -400 | -1.2%
| | ANGL | GR A | 65x6 | -400 | -1.2%
| | JSTI | GR A | 250x125 | 0 | 0.0%
| | WRC | SWR14 | 5.5/6 | -523 | -1.7%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Raipur
| Item | Grade | Size | Change | %
| | ANGL | GR A | 65x6 | -1040 | -3.4%
| | CHNL | GR A | 75/100 | -208 | -0.7%
| | JSTI | GR A | 250x125 | -520 | -1.6%
| | WRC | SWR14 | 5.5/6 | -872 | -3.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Mandi
| Item | Grade | Size | Change | %
| | ANGL | GR A | 65x6 | -208 | -0.6%
| | CHNL | GR A | 75/100 | -208 | -0.6%
| | JSTI | GR A | 250x125 | -208 | -0.6%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Bangalore
| Category | Grade | Size | Change | %
| | ANGL | GR A | 65x6 | 0 | 0.0%
| | CHNL | GR A | 75/100 | 0 | 0.0%
| | JSTI | GR A | 250x125 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
If you want to know the prevailing prices and changes across the week on daily basis subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com along with your full contact details. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
Import parity pricing for tube grade HRC - 15 Jan 2009 As per market prices prevailing at Mumbai on January 12th 2009, import parity pricing for tube grade HRC is about USD 490 per tonne on CNF basis.
Following expenses are factored in
1. Port expenses at INR 400 per tonne for break bulk
2. Margin of INR 500 / INR 1500
3. Conversion rate of 48.5
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
Pencil ingot prices continue their fall - 15 Jan 2009 Prices for all the input material except iron ore dipped across the country.
Melting scrap
80:20
HMS
| Location | Change | %
| | Kolkata | -1359 | -6.8%
| | Mandi | -91 | -0.4%
| | Mumbai | 0 | 0.0%
| | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Sponge iron
| Location | Change | %
| | Kolkata | -543 | -3.6%
| | Raipur | -1000 | -7.3%
| | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Burbil
| Product | Grade | Size | Change | %
| | Iron ore - BF | Fe 65% | 10-40 | 0 | 0.0%
| | IOS-Primary | Fe 63% | 5-18 | 0 | 0.0%
| | IOS – Secondary | BF | | 0 | 0.0%
| | Iron ore - Fines | Fe 63% | Fines | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Bellary
| Product | Grade | Size | Change | %
| | Iron Ore Calibrate | Fe 65% | 10-40 | 0 | 0.0%
| | Iron Ore Calibrate | Fe 64% | 10-40 | 0 | 0.0%
| | Iron Ore Calibrate | Fe 62% | 10-40 | 0 | 0.0%
| | Iron Ore Calibrate | Fe 60% | 5-20 | 0 | 0.0%
| | Iron Ore Calibrate | Fe 62% | 5-20 | 0 | 0.0%
| | Iron ore - Fines | Fe 63% | Fines | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Pencil ingot
| Location | Change | %
| | Mumbai | -200 | -0.9%
| | Mandi | -544 | -2.2%
| | Raipur | -872 | -4.0%
| | Kanpur | -261 | -1.1%
| | Kolkata | -906 | -3.8%
| | Ghaziabad | -300 | -1.3%
| | Muzzafarnagar | -436 | -1.8%
| | Ahmedabad | 0 | 0.0%
| | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
If you want to know the prevailing prices and changes across the week on daily basis subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com along with your full contact details. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
Production pruning - Kalyani Forge to shut some units - 15 Jan 2009 Kalyani Forge Ltd has announced that the Company is partially and temporarily stopping Hot Forging Division and Metal Form Division, for the period from January 13th to 14th 2009 and again from January 23rd to 25th 2009 on account of reduced demand from the market.
Indian flat products prices remain stable - 15 Jan 2009 The only saving grace was the flat product prices which remained stable with minor corrections in some places
Mumbai:
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | Hot Rolled | Tube | 2.5x1250 | 0 | 0.0%
| | Cold Rolled | DSK | 0.63x1000 | 0 | 0.0%
| | Galvanized | 100Gms | 0.4 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Chennai
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Delhi
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | -1813 | -5.7%
| | Hot Rolled | Tube | 2.5x1250 | 544 | 1.9%
| | Cold Rolled | DSK | 0.63x1000 | 1813 | 5.9%
| | Galvanized | 100Gms | 0.4 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Bangalore
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | Hot Rolled | Tube | 2x1000 | 0 | 0.0%
| | Cold Rolled | DSK | 0.63x1000 | 0 | 0.0%
| | Galvanized | 100Gms | 0.40 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Kolkata
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | Hot Rolled | Tube | 2.5x1250 | 0 | 0.0%
| | Cold Rolled | DSK | 0.63x1000 | 0 | 0.0%
| | Galvanized | 100Gms | 0.4 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Indore
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 5-10x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | Hot Rolled | Tube | 2x1250 | 0 | 0.0%
| | Cold Rolled | DSK | 0.8 | 0 | 0.0%
| | Galvanized | 100Gms | 0.63 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Ludhiana
| Category | Grade | Size | Change | %
| | Patra | | | 0 | 0.0%
| | HRC | Tube | 2.5x1250 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Ahmedabad
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | 0 | 0.0%
| | Wide Plates | GRB | 12-20x2.5 | 0 | 0.0%
| | Hot Rolled | Tube | 2.5x1250 | 0 | 0.0%
| | Cold Rolled | DSK | 0.63x1000 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
Kanpur
| Category | Grade | Size | Change | %
| | Narrow Plates | GRA | 8x1.25 | -174 | -0.6%
| | Wide Plates | GRB | 12-20x2.5 | -436 | -1.4%
| | Hot Rolled | Cold Roll | 2x1000 | 0 | 0.0%
| | Cold Rolled | DSK | 0.63x1000 | 0 | 0.0%
| | Galvanized | 100Gms | 0.40 | 0 | 0.0%
| | | | | |
Change is on January 14th as compared to January 12th 2009
Change is in INR per tonne
If you want to know the prevailing prices and changes across the week on daily basis subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com along with your full contact details. Kindly note that this is a paid service
(Sourced from www.steelprices-india.com)
JSPL bags Golden Peacock National Quality Award 2008 - 15 Jan 2009 It is reported that Jindal Steel & Power Ltd has been selected as the winner of the Golden Peacock National Quality Award -2008 by the award Jury, under Mr PN Bhagwati chairmanship of Justice, former chief Justice of India and member, UN Human Rights Commission.
Mr Sanjay Sharma senior VP Rail and Universal Beam Mill of JSPL, Raigarh will receive the said award on the behalf of the company.
The award will be presented a specially organized "Gala Award Nite" in the presence of business and political leaders from 20 countries at on January 17th2009 at hotel, ITC, The Maratha, Sahar, Mumbai. This ceremony will be part of the 19th World Congress on Total Quality, with theme Leadership in the Economy of Surprise, being held from January 16th to 18th 2009 at the same venue.
Achieving the Golden Peacock Award is the recognition of Jindal Steel & Power Limited's concerted effort for continuous improvement through innovation and concern for quality and customer satisfaction at competitive prices.
However, Golden Peacock Awards are the holy grail of corporate excellence in quality, corporate governance, corporate social responsibility, innovation, training, environment management, ecological leadership and business leadership. The awards provide not only worldwide recognition and prestige but cutting edge in driving business in this tumultuous world. As per report, this is the only award, which has meticulously defined, and transparent selection criteria and is evaluated by highly elaborate and independent assessment process.
The Golden Peacock National Quality Award, named after India's national bird the Peacock is awarded every year. Each category has two awards the Winner and the Runners up. Each winner and runners up receives a trophy together with a certificate.
Directory of Overseas Scrap Suppliers to India - 15 Jan 2009 India is large market for import of steel scrap and this is the directory which is going to help many interested group to know this industry.
Published in September 2008, 'Directory of Scrap Suppliers to India' has been comprehensively researched and prepared, to bring you a fully up to date guide to overseas scrap supplier.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
Content:
This report covers name and product details of 1191 overseas scrap suppliers to India in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Scrap Suppliers to India'
• Company name -1191 entries
• Address-1191 entries
• Email-1074
• Phone number-1140
• Fax number -431 entries
Format:
PDF File
Total no of pages – 545
Delivery by Email on receipt of payment
Price:
USD 500 or equivalent in INR
Additional Charges would be levied for delivery of file on a CD or in printed form
How to order:
Ordering the report is simple. You can order your copy to reports@steelguru.com, who will send you an invoice of the report.
Indian Steelmakers Directory 2008 - 15 Jan 2009 The fast developing Indian steel industries are continuing beyond what most believed was possible. As one of the world's fastest growing economies, India has become the most happening place among world steel market over last few years and thus is in the radar of not only Indian but most of global players associated with steel industry. But due to fragmented nature of industry, a comprehensive list of smaller steel makers is not readily available.
"Indian Steelmakers Directory 2008” is one the top sources of information available on steel making companies in India! 'Indian Steelmakers Directory' is one of the most comprehensive and accurate directory of Indian steel companies that have ever been published. This powerful directory is your connection to the entire Indian steel industries sector.
Published in February 2008, “Indian Steelmakers Directory 2008” has been comprehensively researched and prepared, to bring you a fully up to date guide to India's rapidly growing steel makers. This Directory will be extremely useful to businesses that deal specifically with companies in the iron and steel industry, ferro alloys, consumable suppliers, raw material sellers, equipment makers and others.
Whether you are a product manager, in charge of marketing, raw material seller, in equipment business or simply interested to remain in touch with the latest developments in the Indian steel industries, this directory will save you time and effort in finding the information you need.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
This directory covers name and details of 720 of Indian steelmakers in Alphabetical as well as location wise order.
Look at the information you'll get in the 'Indian Steelmakers Directory'
• Company name -723 entries
• Address-723 entries
• Phone number-723 entries
• Fax number -590 entries
• Email -446 entries
Report Summary:
1. Published: Feb 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages – 396
Price: USD 1250 or equivalent in INR
(Additional Charges would be levied for delivery of file on a CD or in printed form)
You can order your copy to reports@steelguru.com
Cement imports from Pakistan dry up - 15 Jan 2009 BL reported that cement companies heaved a sigh of relief with imports from Pakistan almost grinding to a halt after the Government imposed a countervailing duty on imports. It also paved the way for lowering domestic cement prices by reducing excise duty by 4%.
Mr Arvind Pal a Ludhiana based cement dealer said that “Many export orders for shipments are being cancelled as dealers in the northern markets which include Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Delhi and Rajasthan are offering special discounts on bulk purchases. It is no longer economical to import cement from Pakistan as levies now work out to about INR 15 per kilogram bag to INR 20 per kilogram bag or INR 50 per kilogram bag.”
He said that “With recent duties, Pakistani cement price in the Indian markets has surged to INR 225 to INR 235 from INR 210 to INR 215 a bag, while domestic cement is available at INR 220 a bag to INR 230 a bag.”
Mr HM Bangur President of Cement Manufacturers’ Association and MD of Shree Cement said that apart from price parity, builders now do not have to set aside funds in advance and wait for the shipments for a week or so. He said that “Dealers of Indian cement manufacturers can supply even huge quantity of quality cement with just a day’s notice.”
Mr Shailendra Choksi director of JK Lakshmi Cement said that “The demand in the northern markets was quite encouraging at 9% in December. However, in the Q3 of FY 2009 it adds up to just 4.4% against more than 10% in the same period last year.”
Frequent imports from Pakistan through roads had forced many companies to match the lower import prices despite a rise in production cost.
(Sourced from Business Line)
JV agreement between BHEL and Karnataka Power Corporation - 15 Jan 2009 Bharat Heavy Electricals Ltd has announced that the Company & Karnataka Power Corporation Ltd has signed a JV Agreement on January 12th 2009 for setting up JVC to Build, Own and Operate the 2X660/800 MW Coal Based Supcritical Power Plant at Yeramarus, Raichur, Karnataka,& 1X660/8OOMW Coal Based Superitical Power Plant at Edlapur, Raichur, Karnataka.
SAIL quiz to mark Golden Jubilee - 15 Jan 2009 The Hindu reported that the Steel Authority of India Limited is organizing a Business and Management Quiz Bonanza for management professionals and B-school students.
While the quiz will be held in Delhi, Mumbai, Chennai and Kolkata, the grand finals will be in Delhi in the last week of January. The quiz will cover new management concepts, current business events, marketing and brands.
(Sourced from The Hindu)
NTPC approves new investment in Vindhyachal, Rihand & Korba - 15 Jan 2009 National Thermal Power Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on January 13th 2009, has approved the investment proposal for Viadhyachal Super Thermal Power Project, Stage-IV in the state of Madhya Pradesh at an appraised current estimated cost of INR 59149.76 million.
The Board approved the investment proposal to undertake Renovation and Modernization extension works at Rihand Super Thermal Power Station in the state of Uttar Pradesh at an estimated cost of INR 545.06 million.
However, the Board also approved the investment proposal to undertake Renovation and Modernization of Controls and Instrumentation System works at Korba Super Thermal Power Station for 3 X 500 MW in the state of Chattisgarh at an estimated cost of INR 672.90 million.
Production pruning - Magna Electro Castings to close facilities - 15 Jan 2009 Magna Electro Castings Ltd has announced with reference to the earlier announcement dated November 8th 2008, regarding the monthly power off holidays announced by the Tamil Nadu Electricity Board, that due to Pongal festival, Power off holidays and poor offtake, the Company's production facilities will be closed from January 14th to 20th 2009.
Paradip Port commissions dry dock - 15 Jan 2009 BS reported that Paradip Port Trust has commissioned its dry dock constructed at a cost of INR 18.5 crore which includes the cost on dredging. With the commissioning of the dry dock, PPT can save additional costs and the time spent on sending the vessels to Kolkata and Visakhapatnam.
In the absence of a dry dock, PPT was dependent on the dry docks of Kolkata and Visakhapatnam for maintenance and repair of vessels. PPT’s dry dock can accommodate vessels up to 60 meters and the dock has been built in continuation to the wet basin, having a length of 75 meters, width of 15 meters and a depth of 11 meters.
Inaugurating the dry dock on January 12th 2009, Mr K Raghuramaiah chairman of PPT said that “This facility is an added asset to the port which will not only provide dry docking facility to the port vessels but also cater to the needs of other vessels including Coast Guard and naval vessels.” Wartsila India Limited, a reputed ship repairing company has been given the contract for taking up repairs of vessels.
Apart from commissioning the dry dock, PPT has installed an ultra modern wireless CCTV surveillance system to closely monitor the activities inside the prohibited area. The system is equipped with 20 fixed and adjustable cameras for continuous monitoring as well as recording facilities.
The activities inside the harbor area and other strategic locations can be monitored from two different control stations independently through this system. The system provides for further expansion depending on the circumstances. Mr Raghuramaiah who inaugurated the system at gate number 4 of the Port, it will be much easier now to detect the entry of unauthorized personnel, vehicles and vessels into the port area.
(Sourced from Business Standard)
Mr GD Agrawal to resume fast against hydel projects - 15 Jan 2009 BS reported that in a showdown with the Centre and the Uttarakhand government over hydel projects, environmentalist Mr GD Agrawal will again begin his indefinite fast from tomorrow as part of his save Bhagirathi campaign.
The second fast by Mr Agrawal, after a gap of seven months, comes close on the heels of the visit of members of a high level committee to Uttarkashi district, to assess the ecological impact of hydel projects on the river Bhagirathi.
The committee members during the weekend visited all those hydel projects, which were put on hold by the state government last year. The projects include 480 MW Pala Maneri and 381 MW Bhairon Ghati on the Bhagirathi.
The two projects were suspended last year after an agitation by Mr Agrawal and other top environmentalists, who were opposing them on environmental grounds. Following the agitation, the Centre set up a committee to assess the impact of the hydel projects on the Bhagirathi.
However, the state government has urged the committee to give its final report as early as possible so that the construction of these projects can be restarted. Mr BC Khanduri CM of Uttarakhand said that “We want to restart the construction of these projects as early as possible.”
Currently, Mr Agrawal, who is going on fast in New Delhi from tomorrow is apprehending that the committee might give its report favoring the construction of hydel projects on Bhagirathi River. The sources said that he might be exerting pressure on the Centre, since the committee is expected to give its report shortly.
(Sourced from Business Standard)
PGCIL takes inter regional capacity to 18,700 MW - 15 Jan 2009 Project Monitor reported that Power Grid Corporation of India Ltd recently commissioned the Ranchi-Sipat 400 kV double circuit transmission line. This has enhanced the power transfer capacity between the Eastern and Western Regions by 1,200 MW to reach 3,000 MW.
On December 1st 2008, PGCIL enhanced the power transfer capacity between Eastern and Northern Regions by 500 MW to make it to about 4,000 MW by utilizing the inherent capability of the Biharshariff-Sasaram-Allahabad link. With these achievements, the total inter regional power transfer capacity of the National Grid has gone up from the existing level of 17,000 MW to 18,700 MW.
As per report, PGCIL plans to boost the National Grid capacity to more than 37,000 MW by the end of the ongoing 11th Plan by strengthening regional grids and building more inter regional links, for which an investment of INR 55,000 Crore is earmarked.
(Sourced from Project Monitor)
Recession reports - China approves package for steel and auto sector - 15 Jan 2009 Bloomberg reported that the world’s biggest steel producer China will implement tax cuts and offer subsidies as part of measures to bolster the industries as the economy slows.
Chinese State Council in a statement on its web site said that “The government will cut the sales tax on vehicles with engines smaller than 1.6 liters to 5% between January 20 and December 31 and ban expansion of steel making capacity.”
The government will give CNY 5 billion in subsidies from March 1 to December 31 to farmers to upgrade light vehicles or buy small passenger cars with engines under 1.3 liters, The government also earmarked CNY 10 billion for technological innovation and the development of alternative fuel cars and components over the next three years.
The government also said it would encourage mergers and acquisitions in both sectors.
China is spending CNY 4 trillion to stimulate its economy through infrastructure projects as it faces the weakest economic expansion since 1990 after trade growth collapsed because of the global recession. Waning demand has curbed China’s car sales and cut steel prices, causing losses among the major mills.
Production pruning - US weekly raw steel production dips by 50.7% YoY - 15 Jan 2009 American Iron & Steel Industries reported that in the week ending January 10th 2009, US's raw steel production was 1.062 million tons while the capability utilization rate was 44.5%. Production was 2.154 million tons in the week ending January 10th 2008, while the capability utilization then was 88.7%. The current week production represents a 50.7% YoY decrease from the same period in 2008.
Production for the week ending January 10th 2009 is up by 22.7% WoW from the previous week ending January3rd 2009 when production was 0.8 million tons and the rate of capability utilization was 36.3%.
Adjusted year to date production through January 10th 2009 was 1,434,000 tons, at a capability utilization rate of 42.0%. That is a 53.4% decrease from the 3,075,000 tons during the same period last year, when the capability utilization rate was 90.3 percent.
District wise production for the week ending January 3rd 2009
1. Northeast Coast: 88
2. Pittsburgh/Youngstown: 84
3. Lake Erie: 23
4. Detroit: 24
5. Indiana/Chicago: 291
6. Midwest: 96
7. Southern: 412
8. Western: 44
(In thousands of net tons)
AISI's estimate is based on reports from companies representing about 75% of the US's raw steel capability and includes revisions for previous months.
Newcastle weekly coal exports down by 28% - 15 Jan 2009 Bloomberg reported that coal shipments from Australia’s Newcastle port fell 28% last week and the number of vessels waiting outside the port declined.
Newcastle Port Corporation said that the volume shipped in the week ended January 13th 2009 dropped to 1.7 million tonnes from 2.4 million tonnes a week earlier.
It added that 32 ships, waiting to load 2.7 million tonnes of coal, were lined up outside the port, down from 34 a week earlier. Exports rose to a record last month as bottlenecks at the port and in the rail system eased.
Newcastle Port further said that coal ships waited 11.3 days to load coal last week, down from 15.9 days a week earlier. It added that the waiting time compared with 0.4 day for general cargo vessels last week.
Meanwhile power station coal prices at the port in New South Wales state rose to a 7 week high last week as supplies of the fuel dwindled amid increased production cuts. According to the globalCOAL NEWC Index, the weekly index increased USD 2.25 or 2.8% to USD 81.44 per tonne in the week ended January 9th 2009.
(Sourced from: Bloomberg)
Mr Jim Leng appointed as new chairman of Rio Tinto - 15 Jan 2009 Rio Tinto announced that Mr Jim Leng will be appointed as chairman of the Boards with effect from the conclusion of the Annual General Meeting of Rio Tinto Limited on April 20th 2009. He joins the Boards today as Chairman Designate and a non executive director.
Rio Tinto's current chairman, Mr Paul Skinner has notified the Boards of his preference to retire from the Boards at the conclusion of the AGM on April 20th 2009.
Mr Leng is currently deputy chairman of TATA Steel Ltd in India, a position he has held since Corus Group was acquired by TATA Steel in 2007. He is also chairman of TATA Steel Europe a position he has held since 2003. Mr Leng's previous roles include Chief Executive of Laporte plc and Chief Executive of Low and Bonar plc.
Mr Leng said that "I am absolutely delighted to be joining Rio Tinto and taking up the chairmanship. Rio Tinto has a superb set of assets and strong prospects. I look forward to working closely with CEO Mr Tom Albanese and his team as we steer the company through the challenges of the current economic climate and beyond."
Mr Paul Skinner chairman of Rio Tinto said "After the termination of the BHP Billiton pre-conditional Offers for the Group, and the identification of a well-qualified successor, now is a good time for me to announce my decision to stand down at the AGMs this year. Rio Tinto is an exciting and challenging company to lead, and I am very pleased that we have found someone of Jim's calibre to take over from me as Chairman."
Mr Andrew Gould senior independent director of Rio Tinto said that "As indicated last October, the Rio Tinto Boards, through the Nominations Committee, have undertaken a thorough process to identify a successor to Paul Skinner. Mr Jim Leng brings to Rio Tinto extensive industrial company experience and is a seasoned Board room operator. He is ably qualified to lead Rio Tinto into the next phase of its development. On behalf of the Board, I would like to thank Paul Skinner for his excellent leadership of the Boards for the last five years and significant contribution during his tenure."
Indian iron ore exports in 9 months fall by 13% YoY - 15 Jan 2009 BS reported that India’s iron ore exports down by 13.31% as economic recession affected global demand for the ore as demand for steel fell.
According to data collated by the Federation of Indian Minerals Industries, total exports plunged to 55.8 million tonne during April 1st to December 15th of the current fiscal compared to 64.38 million tonne during the corresponding period last year. Shipments, however, witnessed a marginal decline of 3.81% to 5 million tonne during the first fortnight of December from 5.2 million tonne seen during the same period last year.
Iron ore exports data
| Month | 2007-08 | 2008-09 | Change
| | April | 83.77 | 114.9 | 37.16
| | May | 94.15 | 84.95 | -9.77
| | June | 59.41 | 56.32 | -5.2
| | July | 51.62 | 50.74 | -1.7
| | August | 53.88 | 41.55 | -22.88
| | September | 54.99 | 30.78 | -44.03
| | October | 83.68 | 41.39 | -50.54
| | November | 101.25 | 87.4 | -13.68
| | December | 52.02 | 50.04 | -3.81
| | Total | 643.77 | 558.07 | -13.31
| | | | |
December 52.02 50.04 -3.81
Total 643.77 558.07 -13.31
(In million tonne)
(Sourced from Business Standard)
POSCO predicts worst January earnings - 15 Jan 2009 FT reported that POSCO has issued a profit warning, saying that January 2009 earnings are likely to be the worst in its 40 year history due to lower demand.
POSCO said that "The January performance is likely to be our worst on record as it is difficult to make even a one week prediction. Still, we expect to continue to report profits in January as we seek to cut costs by KRW 1,000 billion."
Mr Lee Ku taek CEO of POSCO cautioned this week that the company might have to maintain the cuts through the first quarter.
(Sourced from Financial Times)
Downsizing deals - voestalpine takes various measures - 15 Jan 2009 Austrian steel giant Voestalpine has announced that
1. Economic situation requires short working hours for 10 % of employees
2. Overtime reduction, usage of residual vacations and reduction of temporary staff are being promoted
3. Educational leave as additional measure
4. Avoidance of layoffs as primary goal
Its release said that “The economic situation at the beginning of 2009 remains difficult, and there is currently no sign of rapid improvement. Measures previously started, such as the reduction of temporary staff and overtime, and usage of residual vacations and flexible working hours schemes are therefore being promoted. In addition, more about 150 employees in Austria have accepted an offer of support for educational leave. Furthermore, a personnel assignment system is being set up within the Group to move employees among positions available in the Group.”
The release added that “In order to avoid layoffs, that are only the ultimate measure to deal with the crisis, working hours are reduced in the coming months for about 10 % of the 42.000 employees. Mainly there are approximately 1500 employees at German, Dutch and Austrian sites of the Automotive Division and about a quarter of the staff of the Steel Division (approximately 2500 employees). According to an agreement that is currently under negotiation between the management board and the works council the employees concerned in the steel production will work approximately 15 % less for the coming 3 months while payments are reduced by 10 % at maximum.”
Mr Wolfgang Eder CEO of Voestalpine said that “The current economic situation can only be handled with radical measures. Everyone of us will have to make sacrifices in order to avoid layoffs in large scale, which remains our primary goal.”
Iron ore price negotiations - Chinese seeks early accord - 15 Jan 2009 Bloomberg reported that Chinese steel mills want an early conclusion of iron ore contract price talks with suppliers such as Rio Tinto Group before demand increases because of a government- driven expansion program.
Mr Justin Smirk, a senior economist at the Sydney based bank said that "A significant Chinese infrastructure program is in the pipeline. This may explain why Chinese prices are firming and why Chinese steel producers are keen for an early contract settlement."
Westpac's Smirk said that "The global outlook was deteriorating through October, November and December and yet Chinese iron ore prices were actually firm. This suggests it is domestic, rather than global factors driving Chinese ore prices."
Westpac, Australia's biggest lender by market value maintained its forecast for a 30% decline in contract prices for the year beginning April 1st for producers including BHP Billiton Limited and Rio Tinto. Prices may drop 20% to about USD 73 a tonnes for benchmark Australian ore according to Merrill Lynch & Company. Australia and New Zealand Banking Group Limited has forecast a 50% slide.
(Sourced from Bloomberg)
Mr Lee Ku CEO of POSCO to step down - Paper - 15 Jan 2009 Yonhap News reported Mr Lee Ku-taek CEO of POSCO will likely resign from his post.
The JoongAng Ilbo newspaper and other papers reported that Mr Lee Ku-taek who was appointed to the post in 2003, will voluntarily step down at the company's board meeting.
An official at POSCO, however, denied the reports saying that "It's true that words about Mr Lee's resignation are circulating, but no official decision has been made over his stance."
The POSCO official said Mr Lee would make an announcement Thursday.
The news reports said that Yoon Seok-man president of POSCO and Jeong Joon yang CEO of POSCO's construction arm may replace Mr Lee.
(Sourced from Yonhap)
London Mining takes 50% stake in Chinese iron ore JV - 15 Jan 2009 It is reported that London Mining has agreed to pay USD 45 million in cash for a 50% stake in a joint venture with Wits Basin Precious Minerals Inc that is to acquire two iron ore mining operations in the People’s Republic of China.
It is paying USD 39.25 million for the stake in China Global Mining Resources (BVI) Ltd, set up by Wits Basin to acquire Xiaonanshan Mining Co Ltd (XNS) and Nanjing Sudan Mining Co Ltd (Sudan), which operate iron ore mining and processing operations near Maanshan in the Anhui and Jiangsu Provinces in the PRC. London Mining is also making a USD 5.75 million loan to Wits Basin.
Under the joint venture arrangements, London Mining will receive priority dividends from CGMR until its USD 45 million investment is repaid.
It is a condition of completion of the acquisitions that CGMR will also be granted the right to acquire a further iron ore mining company, Maanshan Zhaoyuan Mining Co Ltd (Matang), which is owned by the sellers of XNS and Sudan.
It is anticipated that the acquisition of XNS and Sudan will complete by the end of the first quarter of this year.
The sellers of XNS and Sudan, Mr Lu Benzhao and Ms Lu Tinglan, will receive USD 42.25 million in cash, of which up to approximately USD 17.48 million can be deferred. One of the sellers will also receive up to a further USD 53.95 million in compensation under a consulting agreement with CGMR BVI, of which USD 10 million is payable on completion and the balance is payable subject to available cash from the operations of the acquired entities.
XNS is targeted to achieve a run rate of 1.2 million tons per annum production capacity during 2011, and Sudan is producing approximately 400,000 tonnes per annum of 62% to 63% iron ore.
Production pruning - 6 BFs closed at Baosteel - 15 Jan 2009 Shanghai Securities News reported, citing unidentified officials at the company, reported that Baosteel Group has closed six blast furnaces since October 2008.
As per report, 2 BFs were turned off and 4 were not restarted after being shut for regular maintenances.
China’s largest steelmaker has steel units in Shanghai, Nanjing, Urumqi and Guangzhou.
The report added that Hebei Iron & Steel Group has also closed 11 furnaces at its seven mills, leaving the utilization ratio at 75% of capacity in the second half of last year.
Downsizing deals - Lakeside Steel announces temporary layoff - 15 Jan 2009 Lakeside Steel Inc announced the temporary layoff of up to 61 hourly employees at its wholly owned subsidiary Lakeside Steel Corporation in order to contain costs in declining markets
Lakeside announced the temporary layoff of up to 61 hourly employees, representing approximately 19% of its unionized workforce, at the Company's manufacturing facility in Welland, Ontario.
Lakeside previously reported the temporary layoff of 40 hourly employees in December 2008.
Lakeside Steel is the parent company of Lakeside. Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer.
Thai Thainox declines ro comment on POSCO bid talk - 15 Jan 2009 Reuters reported that Thainox Stainless PCL declined comment on Wednesday on a newspaper report that it was in talks to be acquired by South Korea's POSCO.
Mr Prayudh Mahagitsiri CEO of Thainox Stainless told Reuters that "What I can say is no comment.”
The Bangkok Post reported that the Mahagitsiri family was in talks with POSCO about the possible sale of its 57 percent stake in Thainox.
POSCO which already owns 15% of Thainox is a big supplier of hot rolled coils and acts as export agent for its cold rolled products. Other major shareholders include Japan's Nippon Steel.
(Sourced from Thomson Reuters)
Directory of Mining Industry in India - 15 Jan 2009 Mining in India is over 6000 years old. Mining industry in India includes both metallurgical and mineral mining industries in India and together they form the backbone of the industrial development of India as they provide the basic raw materials like coal, petrol, mining minerals, steel, copper, Aluminium metals etc. to the India manufacturers.
It was only after independence that the mining sector in India experienced a phenomenal increase in growth rate. In total there are 84 minerals being produced in India including 4 fuels, 11 metallic, 49 non-metallic industrial and 20 minor minerals. The products of Indian mining sector consist of coal, lignite, limestone, iron ore, bauxite, copper, lead, zinc and many more contributed by over 3100 mines located all over the country. Productions from open cast mines account for more than 80 percent of the total mineral production in the country. So the quantity of minerals being excavated annually from the Indian mines can be determined by summing up the quantity of overburden with the annual mineral production.
Published in January 2009, 'Directory of Mining Industry in India' has been comprehensively researched and prepared, to bring you a fully up to date guide to Indian mining industries.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
Content:
This directory covers name and product details of 162 mining industries of India in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Mining Industry in India'
• Company name -162 entries
• Address-71 entries
• Email-141 entries
• Phone number-162 entries
• Fax number -156 entries
• Mob -6 entries
Format:PDF File
Total no of pages – 96
Delivery by Email on receipt of payment
Price: SD 350 or equivalent in INR
Additional Charges would be levied for delivery of file on a CD or in printed form
How to order: rdering the report is simple. You can order your copy to reports@steelguru.com , who will send you an invoice of the report.
Production pruning - China to halt steel mill expansions - 15 Jan 2009 The Chinese State Council has said it will not allow any new steel mill expansion projects and try to help stabilize the domestic and global steel market
China vowed to stop its steel mills from expanding further as industry figures showed the sector carrying massive overcapacity which risks swamping domestic and foreign markets.
The State Council said that it would allow no new steel capacity expansion projects and would adopt a flexible tax policy on steel exports to stabilize China's share of the global steel market.
The China Securities Journal citing a China Iron and Steel Association reported that Chinese steel capacity reached 660 million tonnes at the end of 2008 although CISA officials later told Reuters the proper figure should be 616 million tonnes.
(Sourced from Reuters)
Asian steel producers may move to protectionism - Dr Firoz - 15 Jan 2009 According to Dr AS Firoz senior economist and analyst in Indian steel raw material industry, Asia's steel industry faces challenges for producers in the coming years.
Dr Firoz at that Asia Business Forum's 4th Annual Steel conference in Singapore said that “During the coming years of anticipated downturn, Japan was singled out for a combination of domestic demand destruction and an export slump. Some of an expected surplus of 100 million tonne of steel from China is also expected to create fierce competition for demand in the nearby market of Japan, and even more so in South Korea.
Dr Firoz suggested that for producers in China, Japan, Korea and Taiwan, a loss of pricing power and the pressures of low cost imported steel will follow adding that producers would benefit from reduced feedstock costs for iron ore, coal and scrap, but that these cost gains would have to be passed on from the hands of the steel mills to consumers.
He said that inadvisable protectionist measures are expected in Southeast Asia, where the governments of Malaysia and Indonesia might raise import duties or impose antidumping restrictions. He said that "We have already seen antidumping measures in India and this is the early signal of what we will see in days ahead in other countries.” Short term national interests will prevail, and the ethics of free trade will be temporarily set aside by big producing countries, to limit cheap imports."
He concluded that regional mergers and acquisition opportunities are also set to be discussed in Asia in coming years, but Firoz said he felt there were few synergies to be made between competing Chinese mills, and little hope that inefficient assets in Asia would bought out. Ultimately, a prolonged recession in steel will hit all high cost mills in Asia.
Mr Firoz added that finally due to global overcapacity large sponge iron and palletizing capacity planned in the Middle East and Brazil will get into trouble.
(Sourced from Platts)
Rio Tinto puts Uruguay iron ore port project on hold - 15 Jan 2009 UPI reported that the sluggish world economy has claimed a major iron ore port project in Uruguay for the time being. As per report, Rio Tinto will hold off on the USD 320 million port project for at least one year.
Rio Tinto had proposed transporting iron ore from Brazil down the Parana and Uruguay rivers to the Uruguayan port. From there it would be shipped to Europe and China.
Officials at the Transportation and Public Works ministry of Uruguay said the project would be completed once the global economy recovers. They also said that the government has been already notified by Rio Tinto of the decision. It also added that the port project is part of a USD 2.15 billion investment plan Rio Tinto has put on hold.
(Sourced from: UPI)
Chinese domestic sheet and plate price up in January - 15 Jan 2009 It is reported that, prices for HRC and CRC rose at the beginning of 2009. HRC market price went up by CNY 100 per tonne to CNY 120 per tonne. Rizhao Steel's 4.5mm to 11.25mm*1500mm*C HRC was quoted at some CNY 3830 per tonne to CNY 3850 per tonne; 2.5mm*1250mm*C HRC, at some CNY 4150 per tonne.
Market price for CRC also ballooned up by CNY 100 per tonne to CNY 130 per tonne. At present, Anshan Steel's 1.0mm CR sheet was posted at some CNY 4620 per tonne; 1.2mm to 2.0mm CR sheet, at CNY 4530 per tonne; other steel makers' products, at some CNY 4500 per tonne; 1.0mm CR sheet made by Benxi Steel and Ma'anshan Steel, at some CNY 4470 per tonne; other steel makers' 1.0mm CR sheet, at some CNY 4450 per tonne to CNY 4430 per tonne.
Baosteel's 1.8mm HRC was quoted at some CNY 4520 per tonne up by CNY 120 per tonne from the price level before January 1st, 2.0mm HRC, at CNY 4360 per tonne up by CNY 110 per tonne; 2.75mm HRC, at CNY 4050 per tonne up by CNY 110 per tonne; 3.0mm HRC, at CNY 4030 per tonne up by CNY 100 per tonne; 4.0mm HRC up by CNY 100 per tonne; 4.75mm HRC, at CNY 3950 per tonne up by CNY 120 per tonne; 4.75mm Q235B 4.75mm HRC made by Benxi Steel, at CNY 3830 per tonne up by CNY 100 per tonne.
Price for Benxi Steel's 0.8mm DC01 CRC stayed at some CNY 4630 per tonne up by CNY 100 per tonne; that for 1.0mm and 1.2mm, at CNY 4580 per tonne up by CNY 130 per tonne; that for 1.5mm at CNY 4550 per tonne up by CNY 100 per tonne.
The main reason contributing to the price rise in the New Year is that the steel makers lifted up EXW prices in successive. It is expected that the market price will keep stable next week. Besides, low stock level is another reason.
(Sourced d from www.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
Poor ferrochrome demand delays price talks - ASA Metals - 15 Jan 2009 ASA Metals, the Chinese venture that produces ferrochrome in South Africa, said it talks to set first quarter prices will start later than normal because of poor demand that has forced rates down.
Mr Ernest Ives marketing manager at Polokwane said that “There’s no need to talk when there’s no demand. First quarter negotiations should have started by now.”
Mr Ives said that “Price talks may start in the next few weeks. Demand is definitely not anywhere near normal yet. China is showing some signs of enquiries. We hope China will lead a recovery.”
The European benchmark price fell 9.8% in the fourth quarter to USD 1.85 per pound, the first drop since 2006.
Fairfaxis IS Plc in a note said that “Spot high carbon ferrochrome prices are reported to be down by about 65% from July levels. There are still no signs of recovery in the ferrochrome market.”
Deutsche Bank AG estimated in a January 9th 2009 report said that prices may fall to USD 1 a pound in the first quarter and to 80 cents in the second. Investec last month estimated the first quarter price at USD 1.05 a pound.
Xstrata Plc and Samancor Chrome Ltd the world’s biggest producers, cut output in South Africa last year as demand for the metal, used to make stainless steel, collapsed because of the global recession. South Africa is the world’s biggest producer of ferrochrome.
(Sourced from Bloomberg.net)
Downsizing deals - US Steel offers early retirement package - 15 Jan 2009 According to wire reports, US Steel Corporation is offering a voluntary early retirement package to an undisclosed number of its non union employees across the country. US Steel operates a tubular steel plant in Lone Star, where more than 1,000 workers are employed.
On January 5th 2009, US Steel announced 50 layoffs at the plant’s drawn over mandrel pipe operation and said US Steel was exiting that portion of the business. It added that the move is part of its continuing effort to keep its costs in line with production levels and market conditions.
Mr John Armstrong spokesman at US Steel said that "Eligibility will be based on a combination age and of years of service." He declined to disclose details of the offer or the number of employees considered eligible or how many may be on the staff at the Lone Star plant.
In November 2008, US Steel had 26,840 US based employees, including about 25% not represented by unions. But it announced two rounds of layoffs. The first on November 13th 2008 affected about 500 workers, including about 78 at two Mon Vallley Works plants, Edgar Thomson in Braddock and Irvin in West Mifflin. On December 2nd 2008 it announced about 3,500 layoffs at mines and mills as part of a plan to temporarily consolidate steel production at its Mon Valley Works and mills in Indiana, Alabama and Ontario.
(Sourced from www.pittsburghlive.com)
Insteel Industries Q1 net sales down by 6.3% YoY - 15 Jan 2009 Insteel Industries Inc announced its financial results for the first quarter of fiscal 2009. For the first quarter ended December 27th 2008, Insteel reported a net loss of USD 5.6 million which included a pre tax charge of USD 6.8 million for inventory write downs compared with net earnings of USD 4.2 million. Net sales for the first quarter decreased 6.3% to USD 61.8 million from USD 66.0 million last year. Shipments decreased 38.0% while average selling prices rose 51.2%.
Insteel said that its financial results for the first quarter were also unfavorably impacted by the reduction in shipments, the consumption of higher cost inventory that was purchased earlier in the year and the escalation in unit conversion costs resulting from reduced operating schedules at its manufacturing facilities.
Operating activities used USD 15.8 million of cash for the first quarter while providing USD 17.2 million a year ago primarily due to the year over year changes in net working capital resulting from the decrease in shipments, the payment of USD 10.9 million of accrued income taxes and the reduction in accounts payable related to raw material purchases in the current year quarter together with the loss that was incurred. Capital expenditures for the first quarter were USD 0.9 million and are expected to total less than USD 5.0 million for fiscal 2009, although the actual amount will be determined based on future market conditions, Insteel's financial performance and additional investment opportunities that may arise. Insteel ended the quarter debt-free with USD 1.2 million of cash.
Mr H O Woltz III president and CEO of Insteel said that "Our level of visibility remains limited due to the ongoing tightness in the credit markets, the general downturn in the economy and the worldwide collapse of steel prices. Customers continue to be highly conservative with their purchasing activities in view of the weak outlook for construction markets and to minimize their inventories in this volatile pricing environment. Although the timing and magnitude remain uncertain, the substantial increase in federal infrastructure-related funding that is being contemplated by Congress and the incoming Administration could serve to offset the expected weakness in other categories of nonresidential construction, particularly in the commercial sector, which has been the most severely impacted by the economic downturn. As we move into the second quarter, we expect order levels to rise as the rebalancing of customer inventories is completed and demand for our products becomes more closely aligned with actual end user demand. We also expect margins to gradually improve over the remainder of the year as the lower replacement costs for raw materials begin to be reflected in cost of sales and through the cost reduction measures that have been implemented."
China facing 160 million tonnes excess steel capacity in 2009 - 15 Jan 2009 China Securities Journal quoted China Iron & Steel Association said 60% of its members have reported their production targets for the New Year with the combined tonnages up 30m tons from that in 2008.
The reports show that domestic leading mills are generally optimistic about the market this year. However, Mr Wu Xichun senior advisor to CISA warns that steel mills should be aware of the current market situations clearly, and the fact is that China's steel sector is plaguing with heavy excess production capacity at the moment.
The country's steel production capacity reaches 660 million tonnes by the end of last year, with output registering at some 500 million tonnes, resulting in a 160 million tonnes surplus. And in 2009, the steel production may merely achieve 500 million tonnes.
1. Shanghai-based Baosteel, the top steelmaker in China, has outlined its 2009 targets: 24 to 25 million tonnes of pig iron, 28 million tonnes of crude steel and 27 million tonnes of finished products, generally keeps flat with that in 2008.
2. Shandong Steel Group, a regrouping of Jinan Steel Group, Laiwu Steel Group and Jiling Mining, reports the group's sales revenue goes at CNY 119.5 billion in 2008 up by 3.9% YoY. Profit posts at CNY 3.5 billion down by 62%.
3. Shandong Steel Group plans to produce 22 million tonnes of pig iron, 21.6 million tonnes of crude steel and 22 million tonnes of finished steel products in 2009, with sales revenue of CNY 88 billion and profit of CNY 2.7 billion.
4. In 2008, Hebei Iron & Steel Group churns out 30.36 million tonnes of pig iron, 33.28 million tonnes of crude steel and 30.13 million tonnes of steel products; and the production figures are expected to reach 38 million tonnes, 41 million tonnes and 36m tons respectively in 2009.
Official from Angang Group also unveiled its 2009 production targets at 21.3 million tonnes of pig iron, 21.1 million tonnes of crude steel and 19.45 million tonnes of steel products. Exports this year are expected to reach 1.26 million tonnes with iron ore self-sufficiency declining to 50%.
Ferrexpo iron ore production in 2008 down by 4% YoY - 15 Jan 2009 It is reported that Ferrexpo production of iron ore in October 2008 reach 2,198,700 tonnes down by 10.4 YoY as compared to 2,454,800 tonnes in 2007.
| | Dec'08 | Dec'07 | Change | YTD'08 | YTD'07 | Change
| | Iron Ore | 2,198.70 | 2,454.80 | -10.4% | 27,762.20 | 28,933.80 | -4%
| | Concentrate | 785.6 | 895.4 | -12.3% | 10,458.80 | 10,651.60 | -1.8%
| | Pellets | 649 | 742.3 | -12.6% | 8,607.50 | 8,793.40 | -2.1%
| | 62% Fe | 308.3 | 448.9 | -31.3% | 4,593.50 | 5,092.50 | -9.8%
| | 65% Fe | 340.7 | 293.4 | 16.1% | 4,014.00 | 3,700.90 | 8.5%
| | Pellets Total | 673.3 | 753.2 | -10.6% | 9,035.10 | 9,072.30 | -0.4%
| | 62% Fe | 332.6 | 459.8 | -27.7% | 5,021.10 | 5,371.40 | -6.5%
| | 65% Fe | 340.7 | 293.4 | 16.1% | 4,014.00 | 3,700.90 | 8.5%
| | | | | | | |
In ‘000 tonnes
Vietnam steel industry hits by Chinese products - 15 Jan 2009 VietNamNet Bridge reported that Vietnam’s steel producers are having to face difficulties caused by demand decreases, input production cost increases and the overflow of China made products into Vietnam.
The Vietnam Steel Association has released a report about the steel industry’s results in 2008 and the prospects for the industry in 2009. The association has forecast that the industry will see inconsiderable growth in 2009 and will not recover until the end of the year.
According to VSA, 305,000 tonnes of steel were sold in December, a decrease of 20.5% from November and 10.4% less than in December last year. However, the decreases still represent satisfactory sale results in comparison with previous months. Yet, VSA said that the growth may be not sustainable, as steel is still being kept in the storehouses of trade companies, and not going to construction works.
The relatively massive purchase of steel in the last two months of the year, according to VSA, could be explained by the fact that buyers wanted to avoid the VAT increase from 5% to 10%. This means that further ups and downs may still be seen in the first months of 2009, especially as the world’s steel market has been gloomy since the end of 2008.
Many countries have been applying domestic demand stimulus measures, but the measures have not had marked effects yet. Other big steel export countries, which still have big stocks of steel, may cut down production or change export policies to sell excesses of steel to neighboring countries. This may be just the thing that China, a giant steel export country, will do in the time to come.
VSA said that since January 1st 2009 China has been applying the policy on refunding VAT for steel export items. The changes in the export policies of the nations will badly affect the production and consumption of steel of other countries, including Vietnam.
VSA has recommended that enterprises set up reasonable plans to clear big stocks in order to get back capital for re-investments.
VSA predicted that in the first forecast this year the total steel consumption in 2009 will be around 9 million tonnes. Of this amount, the local construction steel production will provide 4 to 4.5million tones while imports will provide 5-5.5mil tonnes. VSA has also predicted the export of 0.5mil tonnes this year.
In another prediction, VSA said that even if the government’s demand stimulus policy showed the designed effects, the steel industry would only grow by 2% to 5% in 2009 in comparison with 2008 before it could recover by the end of 2009.
According to Mr Pham Chi Cuong chairman of VSA, in 2009, the government plans to obtain the economic growth rate of 6.5%, and curb the inflation rate below 15%. The implementation of investment projects may slow down, therefore, the consumption of steel will not likely see big increases.
(Sourced from VietNamNet Bridge)
Chinese CRC import and export market situation - 15 Jan 2009 It is reported that Chinese domestic cold rolled steel coil price remain stable this week and this is also the case with export market. While there have been more reports of arrival of imported cargoes.
On Shanghai market, 1.0mm CR sheet by Anshan steel remain flat at CNY 4620 per tonne. That for 1.2-2.0mm material is unchanged at CNY 4530 per tonne. While that for 1.0 CR coil by Maanshan steel goes at CNY 4470 per tonne.
Export offer for DC01 1.0mm CRC goes at around USD 615 per tonne to USD 640 per tonne FOB, stable with last week. There is almost no export activity and most traders have been looking for opportunities to import something at competitive levels.
(Sourced d from www.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
Production pruning - Metalloinvest MGOK resumes production - 15 Jan 2009 Interfax reported that Mikhailovsky Mining & Processing a key upstream unit of Alisher Usmanov's Metalloinvest holding, resumed iron ore pellet production, which it halted at the end of November, in the middle of January.
Metalloinvest said "The pause in production was related to the decline in market demand amid the crisis situation in the mining and metals industry and in the global economy as a whole."
MGOK shipped stockpiled pellets to consumers while it idled. It plans to ship pellets and other iron ore commodities to Russia's Urals Steel, which is also part of Metalloinvest, and Kosaya Gora works, as well as to consumers in Slovakia, Iceland and China. MGOK used the pause in production to perform roasting machine maintenance.
Earlier reports said Metalloinvest slashed iron ore production 65% in November.
Metalloinvest's main assets are the Lebedinsky and Mikhailovsky iron ore mining and processing plants and steel producers Oskol Electrometallurgical Combine and Urals Steel.
Ukraine does not provide Russian gas transit to Europe - 15 Jan 2009 Russian gas giant Gazprom vide a release yesterday said that “Today at 2.00 OAO Gazprom sent a note to the NAK Naftogaz Ukrainy United Dispatching Center (ODU) with a new request for transit deliveries of 98.8 million cubic meters of gas per day via Sudja gas metering station, which was to begin at 10.00 daily. From this amount, 13.9 million cubic meters are allocated for the customers in Moldova, another 62.7 million cubic meters are destined to the Balkans via Orlovka gas metering station, while 22.2 million cubic meters intended for the customers in Slovakia via Uzhgorod gas metering station.”
The release added that “A negative answer to the request for transit of the Russian natural gas via Sudja gas metering station was given by the ODU shift team manager Alexander Sidorenko. Once again, the following prerequisites for startup of the gas transit were mentioned: arrangement of gas flow via Pisarevka and Valujki gas metering stations, covering the domestic consumption of Ukraine, along with a demand to replenish gas volumes in the transit gas mains of the Naftogaz Ukrainy in the amount of 140 million cubic meters.”
It also said that “Such systematic equivocation on the part of NAK Naftogaz Ukrainy corroborates the fact that Ukraine is unable to replenish the Russian gas siphoned off illegally from the gas transmission system and to restore transit gas flow.”
Gazprom added that “The Russian party keeps the gas taps open at Sudja gas metering station at the entry point to the Ukrainian gas transmission system, as well as maintains the operational pressure in the mains. OAO Gazprom is ready to resume gas supply for its customers in Europe at any moment.”
Baosteel group 2008 net profit down by 32% YoY - Paper - 15 Jan 2009 Shanghai Securities News reported that net profit at China's top steelmaker Baosteel Group dropped 32% YoY to some CNY 23 billion in 2008.
Mr Zhou Xizen analyst with CITICS said the drop comes as no surprise in light of the escalating contract iron ore prices for fiscal 2008 and the tumbling steel prices in the last quarter, which has fallen below its cost lines. And stainless business has kept in red for the steel giant.
Steel demand from contracting down-stream industries like shipbuilding have shrunk rapidly in the last few months of the year, forcing the group to idle some furnaces in the final quarter, with steel output in the period fell about 30%. The group shipped out 2.7 million tonnes of steel products last year.
Domestic leading steel mills also suffered loss more or less from falling demand and tumbling steel prices in the final quarter.
Pakistan shipbuilding industry to be developed on grand scale - 15 Jan 2009 Brecorder quoted Mr Yousuf Raza Gilani Prime minister of Pakistan as saying that the government has adopted a 'vision for new shipyards and development of shipbuilding industry on a grand scale.
Mr Gilani said that the government would move in this direction at a very fast pace and added that together, we will ensure that Pakistan becomes a leading shipbuilding country in the region, in line with its true potential and ideal location.
He was speaking at the launching ceremony of Stus No 1 first small tanker cum utility' ship being built by Karachi Shipyard and Engineering Works for Pakistan navy.
Mr Gilani further said that the shipbuilding is an industry which can act as a catalyst for overall industrial development, leading to economic development, large scale employment generation and poverty alleviation. He added that this is a labor intensive industry and is best suited for developing countries like Pakistan.
Mr Gilani also urged each and every individual, working in KSEW, or related with these activities, to work with dedication for the progress of KSEW and the shipbuilding industry in the country. He also congratulated Karachi Shipyard management for early achievement of launching milestone, and appreciated the efforts of its architects, engineers and workers involved to accomplish the prestigious task.
Mr Iftikhar Ahmed Rao MD of Karachi Shipyard and Engineering Works said that two ships of this type were being built by KSEW for Pakistan navy at a cost of USD 11 million each. The first ship of this series was already launched, while both ships would be completed by February, 2010.
The KSEW is the only heavy engineering industry of Pakistan that is catering for shipbuilding, ship repairing and heavy or general engineering requirements. It has played a historical role in transferring of technology and broadening the industrial base of the country. KSEW was established in mid-fifties as a project of PIDC, and was incorporated as a public limited company in 1957.
(Sourced from: Business Recorder)
Production pruning - Thai steelmakers cut output - 15 Jan 2009 Bangkok Post reported that Thai local steel manufacturers halved their production in the first quarter of 2009 as demand and prices are falling sharply amid the economic slump and persistent political uncertainties.
Mr Payungsak Chartsutipol president of the Steel Industry Club at the Federation of Thai Industries said that steel plants are now running at about 30% to 40% of their capacities on average in response to slowing orders from the automotive and electrical and electronics sectors.
He added that "Orders have fallen since the third quarter of last year resulting in high inventories. We have to adjust the production accordingly. I think the current unfavorable conditions will continue through the first half of this year. We cannot expect any project to be launched by the state agency, as well as large scale projects of private developers, in the foreseeable future."
He said that overall, the industry projects that demand in 2009 could decline by 10% from the estimate of 13 million tonnes for all types of steel a year earlier. He added that "We will probably produce 500,000 to 600,000 tonnes this year."
Kasikorn Research Centre forecasts that domestic consumption of steel will contract by 2-3% this year due mainly to the decline of the construction, automobile, and electronic and electrical appliance sectors. These sectors are facing problems from abroad, dampening demand. It added that the quickest the new government is able to kick off small construction projects is the latter half of this year.
Mr Payungsak said that government agencies should speed up the development of local upstream steel facilities to help existing manufacturer cut costs. He added that "So far, Thailand has yet to come out with a clear policy direction supporting the steel industry, partly because of the frequent changes of governments. Without the upstream facilities, we will not be cost-competitive in the global market."
(Sourced form www.bangkokpost.com)
CISA hopes to cease reselling contract ore imports with pact - 15 Jan 2009 It is reported that China Iron & Steel Association would require its members to sign a pact in a bid to prevent re-sell of imported iron ore, and a set of regulations will also be drafted to rectify domestic iron ore market trade.
As per report, the association members are to gather in Tangshan on January 15th for the Imported Iron Ore Conference, and all the members would ink a pact promising that they would never resell the imported iron ore to others.
Mr Wu Xichun said both state owned mills and private mills, either CISA members or non-members would be bound by the pact, adding that the imported contract ore must be used for self production, and they are allowed to sell the excessive part with a price premium of 3% to 5% as the agent service fee. He said that anyone who violates the pact will receive a warning for the first time and be revoked the import license for the second time."
He added that the iron ore trade market has to be rectified this year, and the contract ore would apply only one benchmark price, which is to be settled by Baosteel and the three biggest ore miners, Chinese mills have pinned their hope to end the losing streak on contract ore price returning to reasonable level.
Mr Wu said therefore, both sides must set up a pricing system that would benefit both buyers and suppliers in the long term, and the new contract should commence from January 1st.
The association has also suggested Beijing to fund domestic mills to acquire overseas ore mines with its hefty foreign exchange reserve, however, the proposal has yet been approved, according to Mr Luo Bingsheng, the vice chairman, who believes it's a good timing to acquire mines amid a market meltdown.
(Sourced d from www.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
|
