| Price Index - India | | | | 13-Jan | 12-Jan | Change | | IFPPI | 6736 | 6745 | -9 | | ILPPI | 7105 | 7116 | -11 | | INDSPI | 6929 | 6939 | -10 | | What is it? | | Currency | | AUD | 1.4873 | | BRL | 2.3116 | | CAD | 1.2222 | | CNY | 6.8251 | | EUR | 0.7532 | | GBP | 0.6816 | | INR | 49.4316 | | JPY | 89.3070 | | RUB | 31.1817 | | USD | 1.0000 | | ZAR | 10.0743 | | View Current Currency | | Metal Rates Cash Seller & Settlement | | Zn | USD 1181 | | | Ni | USD 10350 | | | Sn | USD 11300 | | | Al | USD 1440 | | | Cu | USD 3138 | | | View Current Metal Rates | | Steel Futures | | DGCX | 480 (12-Jan) | USD | 0 |  | | NCDEX | 23900 (19-Dec) | INR | 0 | | | LME-M | 345 (12-Jan) | USD | -5 |  | | LME-F | 345 (12-Jan) | USD | -5 | | | 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
Indian steel imports in 9 months dips by 16% YoY - 14 Jan 2009 Indian steel imports during April to December 2008 have dipped by 16% with the reduction coming from flat products and surge in long products.
| Category | A-D'07 | A-D'08 | Change | Share
| | Long Products | 700700 | 745210 | 6.4% | 17.1%
| | Flat Products | 4464800 | 3611080 | -19.1% | 82.9%
| | Total | 5165500 | 4356290 | -15.7% |
| | | | | |
Carbon Steel (including seconds/defective)
In tonnes
Source JPC
| Category | A-D'07 | A-D'08 | Change
| | Semis | 240680 | 315800 | 31.2%
| | Bars & rods | 383890 | 364850 | -5.0%
| | Structural | 66740 | 44330 | -33.6%
| | Railway materials | 9390 | 20230 | 115.4%
| | All | 700700 | 745210 | 6.4%
| | | | |
Semis include re-rollable scrap
In tonnes
Source JPC
| Category | A-D'07 | A-D'08 | Change
| | Plates | 1130180 | 771750 | -31.7%
| | HR Sheets | 22720 | 45880 | 101.9%
| | HR Coils | 2239430 | 1676580 | -25.1%
| | CR | 559650 | 573320 | 2.4%
| | HDG | 189450 | 231160 | 22.0%
| | Electrical | 171200 | 173540 | 1.4%
| | Tinmill | 152170 | 138850 | -8.8%
| | All | 4464800 | 3611080 | -19.1%
| | | | |
In tonnes
Source JPC
Indian domestic price indices continue to slip down - 14 Jan 2009 Indian domestic steel prices for long products remained weak on January 13th 2009.
| Category | 12-Jan | 13-Jan | Change
| | ILPPI | 7116 | 7105 | -11
| | IFPPI | 6745 | 6736 | -9
| | INDSPI | 6939 | 6929 | -10
| | | | |
ILPPI – Indian Long Product Price Index
IFPPI – Indian Flat Product Price Index
INDSPI – Indian Steel Price Index
Long products
| Class | 12-Jan | 13-Jan | Change
| | PI - TMT | 6938 | 6917 | -22
| | PI - WRC | 7516 | 7516 | 0
| | PI - Angle | 6743 | 6730 | -12
| | PI - Channel | 6839 | 6827 | -12
| | PI - Joist | 6496 | 6485 | -11
| | | | |
Flat products
| Class | 12-Jan | 13-Jan | Change
| | PI - Narrow Plates | 6406 | 6400 | -6
| | PI - Wide Plates | 7016 | 7016 | 0
| | PI - Hot Rolled | 6535 | 6519 | -16
| | PI - Cold Rolled | 7276 | 7276 | 0
| | PI - Galvanized | 7007 | 7007 | 0
| | | | |
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Indian import parity pricing for scrap at USD 300 - 14 Jan 2009 As per market prices prevailing at Mumbai on January 12th 2009, import parity pricing for scrap is about USD 300 per tonne on CNF basis.
Following expenses are factored in the calaculation
1. Port expenses at INR 400 per tonne for break bulk
2. Margin of INR 500
3. Conversion rate of 48.5
As per market reports, the import offers are in line with these levels at USD 300 per tonne to USD 315 per tonne on CNF Mumbai basis by containers
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(Sourced from www.steelprices-india.com)
Indian steel export in December surges by 36% - 14 Jan 2009 PTI reported that price stability in the global market has helped Indian steel manufacturers clear stockpiles through exports, which bounced back in quantity by an impressive 36% in December 2008, though sales realizations remained a big worry for the industry.
Official sources said that steel exports reached 2.29 million in December reversing from a negative trend in November when exports had dropped to 1.8 million from 2.4 million in October.
For the April to December period, steel exports have declined by 24% to 2.7 million tonne from 3.5 million tonne in the comparable period of last fiscal.
(Sourced from Press Trust of India)
POSCO war zone - Trade unions to protest ate parliament - 14 Jan 2009 Indopia.in reported that with the Orissa government recommending the Centre to grant prospecting license for Khandadhar iron ore reserve in favor of POSCO, several leftist trade unions today said that they would gherao Parliament House opposing the proposed steel plant.
Mr Souribandhu Kar state secretary of AITUC told reporters that "We will gherao Parliament House on February 18.”
The trade union leaders also demanded immediate release of POSCO Pratirodh Sangram Samiti President Mr Abhaya Sahu and other arrested anti-project activists.
An eight-member team of AITUC, CITU and AICCTU alleged that fundamental rights of the people opposing the plant were violated at Dhinkia, Patana and Govindpur villages.
Downsizing deals - 143 Essar Steel Algoma employees accept retirement proposal - 14 Jan 2009 The Sault Star reported that more than 140 Essar Steel Algoma Inc employees have agreed to enter the voluntary retirement incentive program.
According to Ms Brenda Stenta spokesperson, eligible employees had until Friday to submit a voluntary retirement incentive waiver and 143 hourly, salaried and non unionized personnel took advantage of the opportunity. She said that it’s an effort to mitigate the potential for layoffs and provide more employment security to junior employees.
The majority of participants retired January 1st with the remainder agreeing to stay on the job until such time as an adequate replacement has been trained or responsibilities are shifted, no later than March 31st.
Algoma was willing to accept as many as 200 applications for participation in the program.
While Mr Stenta declined to comment on incentives offered to participants to enter the program, Mr Ian Kersley President of United Steelworkers Local 2724 has said that it was a USD 20,000 package, USD 10,000 upon retirement and USD 10,000 on the first anniversary date of retirement.
Mr Kersley, who represents nearly 600 salaried technical and supervisory personnel inside Algoma said that 22 members of his bargaining unit had entered the program.
Meanwhile, this past weekend, Algoma laid off 130 hourly employees, members of USW Local 2251, as a result of a dramatic drop in demand for steel products in recent months.
(Sourced from The Sault Star)
TATA Steel steps up exports to cover increased availability - 14 Jan 2009 Market sources have informed that TATA Steel has become quite aggressive on steel export front during last month and has booked several large parcels.
As per unconfirmed reports, some of the major transactions inked are as under
1. About 50,000 tonnes of slabs at USD 397 CNF South Korea
2. About 7,500 tonnes of billets at USD 403 CNF Sri Lanka
3. About 25,000 tonnes of HRC at USD 450 CNF China
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(Sourced from www.steelprices-india.com)
Directory of Ferroalloys Industry in India - 14 Jan 2009 Published in November 2008, 'Directory of Ferro alloys Industry in India' has been comprehensively researched and prepared, to bring you a fully up to date guide to Indian ferro alloys industries.
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• Company name -60 entries
• Address-60 entries
• Email-60 entries
• URL-18 entries
• Phone number-59 entries
• Fax number -60 entries
Format: PDF File
Total no of pages – 39
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Price:
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POSCO war zone - Mr Oram protests against Khandadhar mines - 14 Jan 2009 Orissa Diary reported that Mr Jual Oram BJP national vice-president and senior MP has again challenged Mr Naveen Patnaik chief minister of Orissa’s decision to hand over the Khandadhar mines to POSCO
He told reporters that “Earlier, I had opposed the handing over of the mines to POSCO. Now also I am opposing and would continue to oppose it.”
He added that the local people’s interests are attached with the Khandadhar mines.
Earlier too, Mr Oram had challenged the decision of the state government in this regard.
Indian import parity pricing for billets - 14 Jan 2009 As per market prices prevailing at Mumbai on January 12th 2009, import parity pricing for billets is about USD 430 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
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(Sourced from www.steelprices-india.com)
Indian transporters called off strike - 14 Jan 2009 The transporters’ strike called by the All India Motor Transport Congress has been withdrawn unconditionally after its office bearers held detailed deliberations with Mr Thiru TR Baalu union minister of Shipping, Road Transport & Highways.
The State Transport Ministers’ meeting convened earlier in the afternoon by the Ministry of Shipping, Road Transport & Highways unanimously appealed to the AIMTC to withdraw strike immediately and restore normal movement of motor vehicles across the country. The meeting unanimously authorized Mr Thiru Baalu to deliberate with the representatives of the AIMTC to ensure withdrawal of the strike of the transporters.
Mr Baalu said that a high level committee under the chairmanship of Mr Brahm Dutt secretary (Road Transport & Highways) with representatives from the Finance and Transport Departments of various State Governments and various stakeholders including four members of the AIMTC will be constituted to look into the issues relating to the National Permit system and rationalization of motor vehicle taxes. The Committee would submit its Report within 8 weeks.
He quoted constitution of a Standing Committee, both at the Central and State Governments level, to ensure that there is a permanent mechanism for redressal of the grievances of the transporters. The minister clarified to the AIMTC that as agreed upon earlier between the Ministry and the AIMTC on July 4th 2008, there would be no increase in toll rates on Government funded National Highway projects for a period of one year from July 4th 2008, that is up to July 3rd 2009 and the rates that would be applicable would be those prior to 1st December 2007.
On the issues relating to Service Tax notices, non deduction of TDS from truck freight payments and reduction in prices of tyres by way of removal of import restrictions, reduction in duties, etc, the Union He added that a detailed representation on each of these issues would be submitted by the AIMTC to his Ministry also who would, in turn, take up the matter with the concerned Ministries and Departments.
Mr Baalu further added that the AIMTC representatives that on the issue of reduction in diesel prices, an appropriate decision would be taken at the highest level of the Government after considering all aspects. Consequent to the deliberations with the Union Minister, the AIMTC agreed to withdraw the strike unconditionally and assured that the transport services shall be restored forthwith.
Macroeconomic indicators - Indian industrial output up by 2.4% - 14 Jan 2009 Express India reported that after turning negative for the first time in 15 years in October 2008, industrial growth turned positive again, clocking 2.4% in November, despite the continuing global crisis, prompting analysts to say that the worst is over on the industrial front.
Industrial production, however, lagged behind the 4.9% recorded in the same month last year, but was encouraging in the context of poor infrastructure growth and the dismal performance of exports and the auto sector in November.
Manufacturing, having a weight of around 80% in the Index of Industrial Production grew by 2.4% in November against 4.7% a year ago. Industrial production figures were revised up to (-) 0.3% for October from (-) 0.4% estimated earlier. Industrial production had contracted in October, for the first time in 15 years.
Industrial production numbers were quite substantial as 6 infrastructure industries, which comprise more than one-fourth of the industrial data could manage to grow only by 2.2% in November from 3.4% in October.
For the first 8 months of this fiscal, industrial production grew by 3.9% against 9.2% in the year ago period.
The November data did not factor in the stimulus packages of December and January and industrial production is expected to show improvement from December onwards.
Mr Suresh Tendulkar Prime Minister's Economic Advisory Council Chairman said that "The numbers are above my expectations and in the coming days, I expect (them) to improve more. After the easing of monetary and fiscal policy, I expect urban consumers to spend more and industrial activities to improve."
(Sourced from Express India)
Moody places TATA Steel credit rating on watch - 14 Jan 2009 PTI reported that International agency Moody's placed the credit rating of India's blue chip company TATA Steel on watch with the possibility of a downgrade on increasing demands from its European subsidiary TATA Steel UK.
According to the Moody's Investors Service, the corporate family rating of TATA Steel has been placed on review for possible downgrade.
It added that the rating action follows the rating downgrade of TATA Steel UK to Ba1, indicating speculative grade rating.
Moody's said that the agency will assess the impact on TATA Steel's financial profile stemming from the requirement to continue supporting TATA Steel UK's liquidity and covenant compliance management in light of severe deterioration in market conditions.
It said that as TATA Steel UK accounts for a substantial proportion of TATA Steel's operations, continued deterioration in the financial profile of the European subsidiary could lead to further support requirement from the Indian operations.
It further added that the requirement of funds by the European subsidiary, adding that it may weaken TATA Steel's financial flexibility to levels below the Ba1 rating.
(Sourced from Press Trust of India)
TATA Power inks MoU with government of Gujarat - 14 Jan 2009 The TATA Power Company Limited recently signed a MoU with government of Gujarat to explore the possibility of setting up a 5 MW Geothermal Power plant in phase I, at a suitable location in Gujarat. The Company also signed a MoU for developing a 5 MW solar power plant in Gujarat.
Mr Prasad Manon MD of TATA Power said that "We are happy about this strategic partnership with Government of Gujarat. This partnership not only strengthens our renewable portfolio but also creates opportunities to expand our presence in the growing renewable energy market in India. We look forward to the synergistic opportunities that the alliance presents us."
Geothermal energy is the natural heat found within the earth, where temperature increases with depth, typically by 10 to 50 degree celsius per kilometer. In Enhanced Geothermal Systems (EGS) technology, heat is extracted from granites located at a depth of a more than 4000 meters by circulating water through them in an engineered artificial reservoir. The heated water returns to the surface under pressure and is converted into electricity via a heat exchanger and conventional geothermal power plant.
TATA Power's presence in solar includes ATA BP Solar India Ltd a JV with BP Solar, one of the largest solar companies in the world. TATA BP Solar is a market leader in Solar Photovoltaic technology in India with a turnover of INR 660 crore. Nearly 75% of its sales come from exports largely to Europe and USA. Its growth plans include expansion of its module manufacturing facility and thrust on domestic sales.
British MPs supporting Jaguar Land Rover cause - 14 Jan 2009 It is reported that MPs have demanded the government explain why it is taking so long to make a decision about support for Jaguar Land Rover.
Gordon Brown said that ministers were in talks with the carmaker’s Indian owners TATA Group over a request to make credit available.
Mr John Hemming (Lib Dem Yardley) has tabled written Parliamentary questions to the PM and the Department for Business and Enterprise asking whether the government planned to provide credit guarantees or not.
He said that “The government must engage now with the automotive industry and explain what is to be done about the problems caused by the credit crunch.”
CAPEX cuts - SCI expects ships to get cheaper - 14 Jan 2009 BS reported that the Shipping Corporation of India has decided to wait and watch before it acquired new ships as asset valuations had declined on account of the downturn.
Mr S Hajara CMD of SCI at the sidelines of Intaglio 2008-09, the annual business school meet of the Indian Institute of Management, Calcutta, said that "Last October when we were negotiating with shipyards for four Capesize vessels that would be delivered in 2012, for USD 93 million, it seemed like a good bargain. But, prices started falling thereafter and now we have decided to monitor the international prices till we strike a deal."
Mr Hajara however said that SCI not deferred its acquisition plans otherwise. It will take delivery of three ships during 2009.It has already placed orders for 29 ships with a net capacity of 2.2 million DWT for INR 8,000 crore. This apart, the state owned shipping major also planned to place orders for 40 new ships for USD 2 billion as a part of the Eleventh Plan period layout. The delivery would be taken between 2009 to 2012 and would take up SCI's tonnage to 10 million DWT from 5 million DWT now.
Mr Hajara said that "The tanker market is not that badly affected, as crude is the main source of energy for any country. Even during recessionary times there is compulsory usage of petroleum products for transportation and household purposes."
(Sourced from Business Standard)
Chinese steel exports in 2008 dip by 12% YoY - 14 Jan 2009 Chinese General Administration of Customs announced that China exported 60.52 million tonnes of finished steel products in 2008 down by 12.4% YoY.
| Export | 2008 | 2007 | Change
| | Semi Steels | 1.29 | 6.43 | -79.9%
| | Finished Steel Products | 59.23 | 62.65 | -5.5%
| | Total | 60.52 | 69.08 | -12.4%
| | | | |
Quantity in million tonnes
| Export | Quantity | Value | Average rate
| | Semi Steels | 0.02 | 14.09 | 705
| | Finished Steel Products | 3.17 | 3933.298 | 1241
| | Total | 3.19 | 3947.388 | 1237
| | | | |
Quantity in million tonnes
Value in USD million
Average rate in USD per tonne
Import
| Category | 2008 | 2007 | Change
| | Semi Steels | 0.25 | 0.24 | 4.2%
| | Finished Steel Products | 15.43 | 16.87 | -8.5%
| | Total | 15.68 | 17.11 | -8.4%
| | | | |
Quantity in million tonnes
Export
| Category | 2008 | 2007 | Change
| | Semi Steels | 1.29 | 6.43 | -79.9%
| | Finished Steel Products | 59.23 | 62.65 | -5.5%
| | Total | 60.52 | 69.08 | -12.4%
| | | | |
Quantity in million tonnes
Net figures
| Category | 2008 | 2007 | Change
| | Semi Steels | 1.04 | 6.19 | -83.2%
| | Finished Steel Products | 43.8 | 45.78 | -4.3%
| | Total | 44.84 | 51.97 | -13.7%
| | | | |
Quantity in million tonnes
US steel plate market in downward trend - 14 Jan 2009 Platts reported that the slowdown in US manufacturing and construction activity continues to put downward pressure on all grades of steel plate. The Platts reference price of standard grade A36 carbon plate moved down USD 60 per short tonne and settled at USD 900 per short tonne ex works US Southeast. Transaction prices have steadily lost traction since September, even as mills have reduced rolling schedules to try and balance supply with falling demand.
The current Platts reference price for plate shipped into the Gulf Coast is USD 740 per short tonne CIF Houston, although some Brazilian plate is being offered as low as USD 715 per short tonne for late March 2009 or early April 2009 delivery at Houston. No deals could be confirmed for the Brazilian material at the lower price, but one source speculated that a major plate distributor with a dock facility in Houston may be preparing to take a position.
Plate prices rose rapidly through the summer of 2008, fueled by a boom in demand from the energy sector, commercial construction and general manufacturing. But demand in all sectors has weakened considerably. Even the wind farm market has stalled.
Many steel traders and distributors see little chance of increased order activity until Washington passes an infrastructure stimulus package. In the interim, contractors and steel fabricators are holding off from restocking depleted inventories.
President elect Mr Obama said that he wants to save or create as many as 4 million US jobs through a series of tax incentives and spending on public infrastructure projects. He specifically said his plan would create 500,000 jobs by investing in improved energy efficiency and doubling the amount of alternative energy, including wind and solar, in the next 3 years. Budget estimates of Obama's plan range from USD 700 billion to USD 800 billion in total.
(Sourced d from platts.com)
Chinese iron ore import in 2008 surges by 16% YoY - 14 Jan 2009 Chinese General Administration of Customs announced that China imported 443.56 million tonnes of iron ore in 2008 up by 15.9% YoY.
| Item | 2008 | 2007 | Change
| | Iron Ore | 443.56 | 382.83 | 15.9
| | | | |
Quantity in million tonnes
Value in USD million
Imports in December stood at 35.53 million tonnes
December 2008
| Item | Quantity | Value | Av Rate
| | Coke & Semi-coke | 0.22 | 99.25 | 451
| | | | |
Quantity in million tonnes
Value in USD million
Average rate in USD per tonne
Billet prices witnessing increasing trends - 14 Jan 2009 It is reported that billet market scenario at Black Sea is quite unclear as of now as people have just come back from the holidays.
It seems like market which was at USD 390 per tonne to USD 400 per tonne on FOB basis as per last supplies from Black Sea and Caspian Sea has increased to the asking price to USD 420 per tonne on FOB basis.
As per market reports, the market firmed up by Turkish, Middle East and Chinese buying of semis.
Turkish market has also reported increase in domestic prices by USD 10 per tonne to USD 20 per tonne to USD 420 per tonne to USD 450 per tonne on January 9th 2009.
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(Sourced from www.steelprices-india.com)
Downsizing deals - US December 2008 job loss totaled 525,000 - 14 Jan 2009 Economists surveyed by Briefing.com had forecast a loss of 525,000 jobs in December 2008, bringing 2008's total job loss to just below 2.6 million. Last year's steep drop in employment marked the highest yearly job loss total since 1945, the year in which World War II ended.
According to the Labor Department's monthly jobs report, the unemployment rate rose to 7.2% in December 2008 from 6.7% in November and higher than economists' forecasts of 7%. The unemployment rate, which is compiled in a separate survey from the payroll number, was at its highest level since January 1993.
The vast majority of 1.9 million of last year's job losses came in the final four months of 2008, after the credit crisis began in September. November's job loss was revised up to 584,000 from 533,000 and October was revised up by 103,000 to 423,000. Job losses were spread across a wide variety of industries. Manufacturing lost 149,000 jobs, the leisure and hospitality industries cut 22,000 jobs, and construction employment shrank further by 101,000 jobs. Even in the midst of the holiday shopping season, retailers still slashed payrolls by 66,600 workers last month.
December's job losses were expected to be deep, as employers looked to slash payrolls to free up balance sheets for the New Year. But large scale cutbacks may continue throughout the first half of 2009, economists say, as the nation's economy continues on its slow path to recovery. The economy has lost more than 2.5 million jobs in the current recession, which began in December 2007, far surpassing the previous two recessions, and just below the 2.7 million jobs lost in the 1981-1982 recession, which had the deepest unemployment in the 70-year history of the report.
Mr Wilbur Ross billionaire steel tycoon in a recent interview with CNNMoney.com said that "The existing unemployment figures are greatly understated. They count as employed someone who used to have a high paid manufacturing job, and now is working at a Wal Mart or a Wendy's."
Mr Mark Zandi, chief economist of Moody's Economy.com said that "The country is losing half a million jobs in a month, and if the government doesn't act quickly, there's no reason that wouldn't intensify."
Mr Ken Simonson chief economist for Associated General Contractors of America said that "Putting money into highways won't by itself end the recession, but it will put a lot of skilled workers back on job."
(Sourced from CNNMoney.com)
Indian iron ore spot prices remain flat last week - 14 Jan 2009 The China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters has released the average reference prices for import transactions of Fe 63.5% Indian iron ore concluded last week on January 12th 2009.
| Delivery | This week | Last week
| | FOB Indian port | USD 66-USD 70 | USD 67 to USD 68
| | CIF Chinese port | USD 78-USD 83 | USD 75 to USD 80
| | | |
The change is with respect to prices posted on January5th 2008
The CCCMC reference prices are average prices for import transactions of Fe 63.5% Indian iron ore concluded the week prior to issuance date of such reference prices. The reference price practice is intended to regulate the domestic trading of Indian iron ore and avoid speculation on the raw material for China's booming steel industry.
Gazprom restores gas transit via Ukraine - 14 Jan 2009 Russian gas giant Gazprom announced yesterday that “In full accord with the recent agreements, Gazprom is resuming gas supplies to European customers via the Ukraine at 10.00 Moscow time, following a forced stoppage caused by improper actions of the Ukrainian party.”
It said that “The volume of the first gas shipment at the entry point of the Ukrainian gas transmission system via the Sudja Gas Metering Station will be 76.6 million cubic meters a day. These will include 62.7 million cubic meters to cover the contractual commitments to the Balkan states via the Orlovka Gas Metering Station as well as 13.9 million cubic meters destined for customers in Moldova.”
Production pruning - Update for major global steel firms - 14 Jan 2009 Following is a timeline of announcements of output reductions made by steel companies in recent weeks:
January 12th 2009
POSCO said that it may have to extend its first ever output cut through the current quarter
January 11th 2009
Nippon Steel Corporation said that it is likely to reduce output further, citing weak demand and pressures for price cuts from auto makers
December 29th 2008
Severstal said that it had idled a blast furnace at its Cherepovets Steel Mill blast furnace number 1 normally produces about 1.1 million tonnes of pig iron per year in line with previously announced cuts
December 25th 2008
JFE Steel Co and a unit of JFE Holdings said that it would cut its steel output by 26% in the October 2008 to March 2009 period. Halt will lead to total production output of 11.5 million tonnes in H2 from 15 million tonnes in H1.
December 23rd 2008
Thainox Stainless said that it planning to stop its production for one month due to weak global demand
December 19th 2008
ThyssenKrupp may slash crude steel output from February 2009 if demand remains weak. A decision on cutting production from typically 30,000 to 40,000 tonnes per day would come in January 2009
December 18th 2008
Mechel said that it plans to cut steel product output by 20% to 25% in 2009
December 18th 2008
POSCO said that it would cut steel production by 200,000 tonnes in December 2008 and 370,000 tonnes in January 2009
December 9th 2008
Nucor Corporation said that it has had dramatically lower production rates in the fourth quarter, while average steel mill utilization is expected to be only slightly above 50%
December 5th 2008
Dneprovsky steel plant cut crude steel output by 13% to 2.993 million tonnes in January to November 2008 period as compared with 3.437 million in the same period in 2007
December 4th 2008
Aceros Arequipa said that it has halted production for one month and will move up planned maintenance work
December 3rd 2008
Altos Hornos de Mexico is cutting 12,000 jobs and slashing production
December 3rd 2008
Azovstal cuts steel output in January to November 2008 period by 7.9% against 2007.
December 2nd 2008
United States Steel Corporation said that it would idle 3 plants over the next several weeks to bring production in line with weakened demand for steel
November 26th 2008
SSAB said that it would accelerate a plan to shut one of its blast furnaces for one month of repairs, part of a wider effort to scale back production as demand has fallen
November 25th 2008
Gerdau expects output to fall by a quarter in the last 3 months of 2008 amid cooling demand and maintenance at its plants
November 25th 2008
China Steel Corporation said that it planned to reduce output by about 10 percent next year on scheduled maintenance
November 25th 2008
ThyssenKrupp will extend the Christmas holiday break at its largest stainless cold rolled unit, Germany's Nirosta
November 25th 2008
Nippon Steel Corporation said that it would double its planned production cut for the October 2008 to March 2009 period to 12% from the first half in response to slowing demand
November 20th 2008
Voestalpine said that it expects to cut steel output by between 3% and 5% by March 2009 due to a slowdown in demand from the auto industry
November 20th 2008
JFE Steel Corporation said that it plans to cut output by 9.6% in the October 2008 to March 2009 period from the first half to cope with a decline in demand from automakers and other customers
November 14th 2008
Novolipetsk Steel said that it was idling two blast furnaces and reducing its planned investment program in the wake of the global financial crisis
November 11th 2008
AK Steel said that it has temporarily idled some of its operations in Ohio and Kentucky, citing the global downturn's effect on demand for its products used in the auto industry
November 10th 2008
SSAB has cut output at a top strip product site in Sweden and is considering other cuts as it grapples with a downturn in demand
November 7th 2008
Corus decided to extend the production cuts it announced last month beyond December
November 7th 2008
JSW Steel Limited said that it would cut total steel production by 20% from November
November 6th 2008
Salzgitter AG to cut output in flat steel and construction section by 30% in December 2008 and in January 2009
November 5th 2008
ArcelorMittal announced a temporary output cut of 30% from an initial 15% as it forecasts a weaker final quarter
November 4th 2008
Baosteel Group to cut output in December by delaying reopening a blast furnace that was shut for maintenance, as it faces weak demand
October 31st 2008
Welspun Gujarat Stahl Rohren trims its steel plate production target for 2009 fiscal by 43% and will not produce commercial grade plates for sale due to lower prices
October 30th 2008
Evraz Group to cut production at its domestic mills by about a quarter from November due to the global financial crisis
October 27th 2008
Bhushan Steel Limited has cut production of galvanized steel by 20% to 30% due to a slowdown in demand
October 23rd 2008
Nippon Steel Corporation considers output cuts from November due to weakening demand
October 13th 2008
Emirates Steel Industries halts its production in the third week of October, on account of oversupply in the market, even as the inventory in UAE stood at 2 million tonnes in excess
October 10th 2008
Severstal slashes its production for this month by 25% to 30% at plants in Russia, Italy and the US
October 9th 2008
Arcelor Mittal Ukraine reduces steel output by 10.5% to 5.471 million tonnes
October 9th 2008
Zaporozhstal reduces liquid steel output by 5.1% to 3.205 million tonnes
October 8th 2008
Shougang Group, Hebei Iron & Steel Group, Anyang Iron & Steel and Shandong Iron & Steel agree to cut output by between 10% and 20% due to a decline in steel prices
October 7th 2008
Magnitogorsk cuts its October schedule for rolled steel production by at least 15% to 850,000 tonnes
(Sourced from Reuters)
CAPEX cuts - Rio defers USD 371 million train automation plan - 14 Jan 2009 Bloomberg reported that Rio Tinto Group has delayed work on a USD 371 million program to automate trains at its Pilbara iron ore operations in Western Australia because of the global recession.
Rio Tinto in a statement said that “The easing of market growth caused by the economic slowdown has reduced the urgency of this project.”
The statement also added that “Substantial progress has been made towards implementation with the trials proving successful. The train automation program, designed to increase flexibility and reduce delays, was scheduled to be implemented in 2012.
Rio declined 3.4% to AUD 39.88 on the Australian stock exchange.
(Sourced from: Bloomberg)
Venezuela may offer Ternium 10% stake in Sidor - 14 Jan 2009 AP reported that Venezuela is mulling the possibility of offering Ternium SA, subsidiary of Argentine-Italian conglomerate Techint, 10% stake in its largest steel maker Sidor.
Mr Rodolfo Sanz mining minister of Venezuela said that Venezuela could offer Ternium minority ownership of Sidor as part of payment.
Mr Sanz said he expects negotiations with Ternium to conclude within 15 days.
Venezuela nationalized the Sidor steel maker last year, but the government is still negotiating compensation payment with Ternium, which owned 60% of Sidor.
Briefing on HRC exports and imports in China - 14 Jan 2009 It is reported that Chinese steel export market remain sluggish while there will be more HRC arrivals in the next three months. Many traders seem to be engaged in HRC import business and the total volume in February is expected to be 300,000 tonnes at least from Russia and Ukraine.
Domestic steel prices continue to rebound. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 3850 per tonne up by CNY 20 per tonne to CNY 30 per tonne from last Friday. That for 4.75mm to 12mm*1800mm remains flat at CNY 3900 per tonne. That for 2.75mm HRC keeps unchanged at CNY 4150 per tonne.
Prevailing export quotation for commercial HRC is at USD 550 per tonne to USD 570 per tonne FOB and most offers are between USD 550 per tonne to USD 560 per tonne FOB. The increase of export price is mainly contributable to further bounce in domestic market level. There are quite few transactions at moment and export tonnage for January is to see further drop.
At the same time, HRC imports prices have seen small increase on better demand. MMK is said to be offering its 08YU HRC at USD 470 per tonne CFR up by USD 20 per tonne to USD 30 per tonne. Prevailing quotations are at USD 450 per tonne to USD 460 per tonne CFR. ZAP of Ukraine is tagging at USD 440 per tonne CFR for 2.0mm and up HRC, March shipment.
(Sourced d from www.Mysteel.net)
Visit www.Mysteel.net for real time access to China steel news!
Iron ore price negotiations - China starts talks with Rio Tinto - 14 Jan 2009 Bloomberg citing company executives reported that Baosteel Group Corp, China's biggest steelmaker started annual iron ore contract talks with Rio Tinto Group January 12th amid expectations prices may plunge.
One of the executives said that companies exchanged views on the economy and industry outlook in a Shanghai meeting. The second executive said discussions with Brazil's Cia Vale do Rio Doce and BHP Billiton Ltd will start soon.
The two executives said typically the talks can last months before the companies agree on prices. The two companies didn't discuss prices.
Chinese steelmakers, the largest consumer of iron ore, may win the first price cut in seven years as the global economic slowdown led to losses and falling demand. Vale, Rio and BHP, which accounts for three quarters of traded iron ore, needs to stave off the cuts to support profits as metal prices plunged.
(Sourced from Bloomberg)
US ferrous scrap market evenly poised - Report - 14 Jan 2009 Platts reported that prime busheling prices showed some resilience in a thinly traded US market, while export activity helped prop up heavy melt tags as the ferrous scrap market trudged into the second week of January.
As per report, a Northeast scrap processor told Platts he sold his prime busheling for USD 260 per long tonne delivered including close to a USD 30 freight component. He added that "This stuff is traveling now. It's harder to place material. It's hard to place sales, but it's also hard to replace inventory. The manufacturing plants are not putting that much scrap out."
A Midwest mill scrap buyer said that "There's an odd sense of proportionality here. You do have some equilibrium developing at these prices. If steel prices are range bound, so is scrap."
One East Coast scrap processor said he sold his Heavy Melting Scrap for USD 215 per long tonne, delivered Eastern mill, for about USD 10 more than HMS is fetching in the Midwest.
(Sourced from platts.com)
Directory of Steel Pipe Makers in China - 14 Jan 2009 Welded pipe and seamless pipe are the two major categories of tubular products in China and are not only used domestically but are exported across the world.
China's seamless pipe enterprises began expansion from 2004. By end of 2006, the nation's capacity of this products reached 16.5 million tonnes. As the world's first producer, China has over 300 seamless steelmakers, a part of which possess first rate manufacturing technology and most advanced facilities, bringing domestic sufficiency close to 90%.
On welded pipe, the producers are distributed more scattered, bulk of which are privately owned and have a relatively big capacity. Yet, many productions are affected by seasonal factors and actual output can be less than the total capacity of 37 million tonnes. ERW accounts for around 80% of the total welded pipe production capacity.
Published in December 2008, 'Directory of Steel Pipe Makers in China ' has been comprehensively researched and prepared, to bring you a fully up to date guide to Chinese steel pipe industries.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
Content:
This report covers name and product details of 1208 steel pipe manufacturers of China in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Steel Pipe Makers in China'
• Company name -1208 entries
• Address-1208 entries
• Email-1193 entries
• Phone number-1207 entries
• Fax number -1203 entries
• Mob -487 entries
Format: PDF File
Total no of pages – 629
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Gindalbie gets China Development Bank funding for Karara Iron Ore Project - 14 Jan 2009 Gindalbie Metals Limited has report a further significant achievement in the funding process for the Karara Iron Ore Project in Western Australia with the announcement of conditional approval by the China Development Bank for up to USD 1.2 billion for the Karara Project Loan.
The commitment follows the completion of due diligence on the Karara Project by the CDB during 2008 followed by approval from CDB's Loan Review Committee. CDB is one of the most important and largest banks in China which has funded a number of major infrastructure projects in China including the Three Gorges Dam, railways, roads and Beijing's new airport.
The release added that “Another key component of funding for the Karara Project that is nearing completion is the AUD 534.1 million equity funding package. AnSteel have made three payments to date totaling AUD 228.4 million and Gindalbie one payment totaling AUD 18.38 million. The final payments of AUD 143.68 million each, are due to be made during the first half of 2009.”
Gindalbie's final equity contribution will be funded through a AUD 162.06 million share placement comprising 190.7 million shares at 85 cents each to AnSteel. This share placement is subject to approval by shareholders at a meeting which has been convened for 4 February 2009. At completion of the share placement, the Karara Joint Venture will have approximately AUD 400 million in cash.
In addition, CDB have formed a dedicated team working on syndication negotiations with a number of Chinese Domestic and International Banks. Gindalbie and Ansteel are working with CDB towards finalising the debt structure in the first half of 2009.
Mr George Jones chairman of Gindalbie said that the formal project loan approval represented a key milestone for the Joint Venture, reinforcing the strategic importance of Gindalbie's relationship with AnSteel and their commitment to secure project financing. He said that "The financial strength of AnSteel, which is owned by the Chinese Government, underpins this debt structure which is being provided by China's most important bank. Because of the size and scale of AnSteel, and their relationship with CDB, the joint venture is in a privileged and unique position in being able to receive formal commitment given the current global credit market."
Chinese steel product price index (Jan 5th to Jan 9th 2009) - 14 Jan 2009 China major steel product price index for the period of January 5th 2009 to January 9th 2009
| Product | size | Previous week | This week | Change
| | common wire rod | 6.5 | 104.24 | 107.17 | 2.93
| | rebar | 12-25 | 105.74 | 108.44 | 2.7
| | medium plate | 6 | 120.24 | 120.73 | 0.49
| | HR sheet | 1 | 103.25 | 104.88 | 1.63
| | HR coil | 2.75 | 99.11 | 104.79 | 5.68
| | CR sheet | 0.5 | 95.71 | 98.97 | 3.26
| | galvanized steel sheet | 0.5 | 94.6 | 96.96 | 2.36
| | seamless steel tube | 159*6 | 109.43 | 110.75 | 1.32
| | | | | |
(Size in mm)
(Sourced d from China Iron & Steel Association)
Fire under control at POSCO steel plant - 14 Jan 2009 POSCO said that fire at its new steel plant in Pohang was under control but details on the extent of damage were not immediately available.
It may be noted that coal processing facilities at POSCO's newest steel plant in its home town of Pohang caught fire but there were no reported casualties.
The plant, called FINEX, has annual production capacity of 1.5 million tonnes of crude steel and uses POSCO's latest technology.
(Sourced from Reuters)
Chinese coke exports in 2008 dip by 21% YoY - 14 Jan 2009 Chinese General Administration of Customs announced that China exported 12.13 million tonnes of coke in 2008 down by 20.7% YoY.
| Item | 2008 | 2007 | Change
| | Coke & Semi-coke | 12.13 | 15.30 | -20.7
| | | | |
Quantity in million tonnes
Value in USD million
Exports in December stood at 220,000 tonnes sharply down from 970,000 tonne in December 2007.
December 2008
| Item | Quantity | Value | Av Rate
| | Coke & Semi-coke | 0.22 | 99.25 | 451
| | | | |
Quantity in million tonnes
Value in USD million
Average rate in USD per tonne
ISSDA sees Indian stainless steel exports to drop by 25% - 14 Jan 2009 Dow Jones Newswires quoted Mr NC Mathur president of Indian Stainless Steel Development Association as saying that India is expected to see a 20% to 25% drop in exports of flat and long stainless steel products in the fiscal year to March 31st 2009 due to rising competition and slowing consumption.
Mr Mathur said that "Most of the local stainless steel companies are operating at 60% to 70% capacity in the October to December 2008 quarter." He added that however, overall production is expected to be marginally lower in the year to March 31st 2009 or at the same level as 2007-08.
He said that "But with export markets shrinking, there is a possibility India could turn into a net importer through increased imports of low nickel content steel. The imports are rising due to overcapacity in China, Taiwan and Europe."
Mr Mathur also expressed concern over a 25% rise in international nickel prices. The nickel is mainly used as an anticorrosive for stainless steel, comprising nearly 8% of the production cost. Nickel has risen in the last month to about USD 11,400 per tonne on the London Metal Exchange. It spiked to more than USD 13,000 per tonne earlier this month.
(Sourced from dowjones.com)
ArcelorMittal cuts Brazilian steel price by up to 10% - Report - 14 Jan 2009 Estado News Agency quoted Brazil's Steel Distribution Institute as saying that ArcelorMittal has cut its January 2009 prices for flat steel in Brazil by up to 10%.
Mr Christiano da Cunha Freire president of Inda said that Brazil steel prices in general were cut by 5% to 7% in December owing to cooling demand. January domestic steel sales were showing a slight recovery compared to December, despite continuing well below the sales of January 2008.
He added that "I believe that the weakest time for the market was reached in December."
(Sourced from Estado News Agency)
Ukrainian iron ore mines reduce output in 2008 - 14 Jan 2009 Interfax reported that Ukrainian mines reduced iron ore production in 2008.
Ukrainian iron ore production, by company:
Southern Mining (Yuzhny GOK)
| | 2008 | Changes | Dec ‘08
| | Sinter ore | 3,680,000 | -28.3 | -
| | Iron ore concentrate | 7,560,000 | -13.8 | 443,000
| | | | |
(In tonne)
Inhulets Mining (InGOK)
| | 2008 | Changes | Dec ‘08
| | Commercial iron ore concentrate | 12,632,000 | -7.6 | 663,000
| | | | |
(In tonne)
Poltava Mining (PGOK)
| | 2008 | Changes | Dec ‘08
| | Iron ore pellets | 9,021,000 | -0.6 | 659,000
| | Iron ore concentrate | 10,442,000 | -2 | 768000
| | | | |
(In tonne)
Northern Mining (Severny GOK)
| | 2008 | Changes | Dec ‘08
| | Iron ore pellets | 9,420,000 | -14.9 | 304,000
| | Iron ore concentrate | 12,560,000 | -6.2 | 748,000
| | | | |
(In tonne)
Central Mining (Tsentralny GOK)
| | 2008 | Changes | Dec ‘08
| | Commercial pellets | 1,959,000 | -12.6 | 112,000
| | Iron ore concentrate | 5,721,000 | -3.7 | 212,000
| | | | |
(In tonne)
Suha Balka
| | 2008 | Changes | Dec ‘08
| | Iron ore | 2,684,000 | -6 | 113,000
| | | | |
(In tonne)
Zaporizhiya Mining
| | 2008 | Changes | Dec ‘08
| | Commercial iron ore | 6,242,000 | 2.3 | 375,000
| | | | |
(In tonne)
Kryviy Rih Mining
| | 2008 | Changes | Dec ‘08
| | Commercial iron ore | 4,500,000 | 12.1 | 160,000
| | | | |
(In tonne)
(Sourced d from Inter Fax)
Downsizing deals - Kennametal to cut 1,200 jobs - 14 Jan 2009 Kennametal has announced that it is cutting more than 1,000 jobs.
It said that demand for its tools and advanced materials have been hurt by customers' actions to keep inventories low.
It earlier had planned to eliminate 400 jobs and decided to cut an additional 800 putting total cuts at 1,200.
Mr Carlos Cardoso chairman of Kennametal said that "We are implementing and accelerating restructuring in response to the current market challenges. While we will work to minimize the impact of these actions on our customers and employees, we will continue to monitor the economic environment and take further steps as warranted."
Mechel secures finance for rolling mill at Chelyabinsk plant - 14 Jan 2009 Mechel announced that it has entered into an agreement with Gazprombank OAO to arrange for the financing of a universal rolling mill installation project at its Chelyabinsk Metallurgical Plant OAO (CMP OAO) subsidiary.
In December 2008, Mechel Group-incorporated CMP OAO and Gazprombank OAO signed the agreement for arranging financing of the universal rail and structural steel mill construction under the contract between CMP OAO and Minmetals Engineering Co. Ltd, China.
Pursuant to the agreement, Gazprombank OAO provides fundraising services amounting up to USD 255 million. Financing will be provided in the form of credits.
Implementation of the CMP OAO investment project for construction of universal rail and structural steel mill includes the contract between RZD OAO and CMP OAO for rail products supply from 2010-2030 that was signed in November 2008. Annual capacity of the mill is over one million tons of rails and structural shapes. The total investment in the project will amount to more than USD 500 million. The commissioning of the mill is expected at the end of 2010. Danieli Company is the supplier of the main equipment.
Downsizing deals - Teck to cut 475 jobs in Peru and Chile - 14 Jan 2009 BNamericas reported that Canadian miner Teck will cut 475 positions in Chile and Peru as it announced global job cuts.
Ms Sarah Goodman director of corporate affairs at Teck said that "In terms of our copper mines in Chile, about 440 employee and contractor positions will be affected. In Peru, we are reducing our exploration office, affecting about 35 employee and contractor positions. There is no impact at Antamina."
She added that "In total, about 210 employees and 50 third party contractors associated with our exploration group globally are affected by the workforce reduction."
Teck said on January 8th 2009 that it would reduce its global workforce by about 1,400 positions, roughly 13%, by the end of the year as part of a strategy to cut costs and bolster competitiveness due to weakening commodities prices.
The workforce reduction is expected to generate annual savings of approximately USD 85 million. Teck also said it plans to reduce coal production in 2009 to 20 million tonnes due to declining global steel demand.
(Sourced from bnamericas.com)
Crude oil falls below USD 40 at NYMEX - 14 Jan 2009 Bloomberg reported that crude oil fell below USD 40 per barrel in New York on concern output cuts by the Organization of Petroleum Exporting Countries will fail to counter a slump in demand.
Crude oil for February 2009 delivery fell by USD 2.76 or 6.8% to USD 38.07 per barrel on the New York Mercantile Exchange.
Deutsche Bank AG said last week that oil consumption will drop by 1 million barrels a day in 2009 as the US, Europe and Japan face their first simultaneous recessions since the Second World War. OPEC members signaled last week they will curb sales to refiners in February 2009.
Goldman Sachs Group Inc said that weak underlying economic fundamentals will dominate the oil market. The bank maintained its forecast that oil will fall to USD 30 per barrel this quarter.
Oil prices also fell on speculation that OAO Gazprom, Russia’s natural-gas exporter, will resume fuel shipments to Europe. The European Union said Russia and Ukraine signed a natural gas monitoring deal that may pave the way for the resumption of flows.
(Sourced d from: Bloomberg)
Cliffs Natural update on NA iron ore sales in 2008 - 14 Jan 2009 Cliffs Natural Resources Inc has provided a 2008 sales volume update for its North American Iron Ore business segment.
Cliffs said that “It has received cash payment for nearly 24 million tons of iron ore sales in 2008. However, due to the timing of shipping schedules with certain customers, under accounting guidance for “bill and hold” sales, revenue recognition for approximately 1.2 million tons of iron ore will be deferred until the product is delivered in 2009.”
Cliffs said the accounting would have no impact on cash generated from operations, but pre-tax earnings in 2008 would be lower by approximately $50 million.
Cliffs Natural Resources Inc., headquartered in Cleveland, is an international mining company, the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry.
Readymade information to help you expand your reach in India - 14 Jan 2009 Last 6 months have spelt doom for almost all walks of life, more so for booming steel and consuming sectors in India. Now every company is taking various measures to remain afloat at these trying times and emerge as winner later
In addition to realigning business processes and improving efficiency to reduce costs, one can try to expand business by reaching out to more clients.
But Indian industry is by and far highly defragmented and thus it is quite difficult and time consuming to reach smaller players. Therefore SteelGuru has made an effort over last 12 months to collect the contact details of various segments and has published several directories.
The directories contain only the following details
1. Name
2. Address
3. Phone No
4. Fax No (Wherever available)
5. E Mai l(Wherever available)
6. URL (Wherever available)
They are delivered in PDF format through e mail
The list of such directories is as under
| Location | Nov'08 | Nov'07 | Change | J-N'08 | J-N'07 | Change
| | total | 0.457 | 0.351 | 30.0% | 3.908 | 3.199 | 22.2%
| | In Mongolia | 0.102 | 0.058 | 73.8% | 0.858 | 0.607 | 41.5%
| | Liaoning | 0.069 | 0.067 | 3.1% | 0.797 | 0.583 | 36.8%
| | Sichuan | 0.095 | 0.048 | 97.3% | 0.797 | 0.758 | 5.1%
| | Hebei | 0.076 | 0.139 | -45.8% | 0.657 | 0.781 | -15.8%
| | Hubei | 0.063 | 0.000 | | 0.278 | 0.028 | 910.2%
| | Anhui | 0.020 | 0.016 | 24.5% | 0.198 | 0.169 | 17.3%
| | Zhejiang | 0.010 | 0.006 | 56.5% | 0.115 | 0.109 | 5.9%
| | Heilongjiang | 0.011 | 0.007 | 41.9% | 0.085 | 0.059 | 44.1%
| | Henan | 0.008 | 0.005 | 58.5% | 0.073 | 0.056 | 30.4%
| | Hunan | 0.002 | 0.001 | 50.0% | 0.020 | 0.021 | -2.4%
| | Chongqing | 0.001 | 0.001 | 8.3% | 0.016 | 0.005 | 222.9%
| | Shanghai | 0.002 | 0.000 | 700.0% | 0.014 | 0.021 | -32.4%
| | Xinjiang | 0.000 | 0.002 | -100.0% | 0.000 | 0.005 | -98.0%
| | | | | | | |
Pl visit http://www.steelguru.com/reports/list.html or send a mail to reports@steelguru.com for further information
Nigeria invites Russian firm for audit of Ajaokuta Steel - 14 Jan 2009 Silobreaker reported that the Federal government has asked the Russian company that established Ajaokuta Steel Company to take a technical audit of the ailing steel plant to enable government know its extent of deterioration and how to revive it. This hint was dropped by Mr Alexander Polyakov the Russian Ambassador to Nigeria, in an exclusive interview with Sunday Trust.
Ambassador Mr Polyakov said that Mr Alhaji Muhammadu Gusau the former Minister of State for Steel had made requested the Russian company, PPE to do the audit, but it is still waiting for the current minister to renew the invitation.
He said that "The Nigerian government has called on the Russian company to come and do technical auditing, to re evaluate the plant. “
The request for the company to come in for the technical audit was made by former Minister of State for Steel, Mr Alhaji Muhammadu Gusau and we are waiting for the new minister to renew the invitation, or confirm if the Russian company can still come. We are waiting for the Nigerian government to make the right move and if Russia is invited to come it, we are prepared to revive Ajaokuta."
Mr Steve Kilebi, the chief press secretary to the former minister said that the ministry had, indeed, contacted a Russian firm to come and carry out technical audit of the plant to ascertain the level of damage done to it. He said that part of the mandate of the Russian company was to also conduct a valuation of the outstanding work left in the complex. He added that government was expecting the Russian company to commence the assignment.
The Federal government had, in April 2008, terminated the concession agreement on Ajaokuta Steel Company Limited and the National Iron Ore Mining Company, Itakpe, to the Indian company, Global Infrastructure Holding Nigeria Limited on account of irregularities. Following the termination of the confessional agreement, the Federal government thereafter set up an Interim Management Committee to among other things prepare the plant for technical audit and valuation of outstanding work.
(Sourced from Silobreaker.com)
Russia seeks to expand Blue Stream gas pipeline - 14 Jan 2009 Zaman Today reported that in a bid that many analysts are likely to interpret as a signal directed at Turkey, Mr Vladimir Putin, Prime minister of Russia, has expressed the possibility of working toward expanding the Blue Stream gas pipeline, which currently travels under the Black Sea to Turkey.
Mr Putin made these comments at a news conference after talks with Mr Mirek Topolanek, the prime minister of the Czech Republic, which is presently occupying the EU's rotating presidency. The talks were aimed at ending the stand-off between Russia and Ukraine over gas transit through Ukraine that has left a number of Eastern and Central European countries with acute gas shortages.
Mr Putin expressed interest in the construction of new gas pipelines, the Nord Stream, the South Stream and a possible expansion of Blue Stream and gas liquefaction, that is, the construction of a plant for gas liquefaction and the construction of a tanker fleet. The proposed expansion of Blue Stream would link to a Samsun Ceyhan pipeline currently under consideration and would also involve a branch to Southeastern Europe.
Russia supplies Europe with about 25% of the Continent's natural gas, most of which passes through Ukraine. A significant amount of Russian gas destined for Turkey travels through Ukraine as well. Another pipeline from Russia to Turkey travels under the Black Sea and is called Blue Stream, delivering 35 million cubic meters of gas daily. The pipeline is said to be operating well under capacity.
Russia's proposed expansion of South Stream, if actualized before the completion of Nabucco, estimated for 2013, would likely come at the expense of a Blue Stream expansion and the completion of Nabucco as it would bypass Turkey.
(Sourced d from: Todays Zaman)
Sundance subsidiary to develop Cameroon iron export terminal - 14 Jan 2009 Sundance Resources has announced that its operating subsidiary Cam Iron has been chosen to develop a USD 236 million iron ore export facility as part of a multi user deepwater port project in Cameroon.
Under a proposal by Cameroon’s government, the new port south of the coastal town of Kribi will be used by some of the largest resources, logistics and construction companies in the world.
Sundance said the new port is expected to become a major shipping hub servicing the Mbalam iron ore project as well as other emerging industries in the region.
Mr Gounoko Haounaye minister of transport of Cameroon also earlier announced the decision last week following a review of proposals from a range of international developers and port operators.
Cam Iron submitted its proposal to the Cameroon government both as an independent operator and as part of a consortium comprising Rio Tinto Alcan, the Bolloré Group and the Vinci Group. The iron ore export terminal will be built by Cam Iron as a stand alone facility but with provision for staged development of multi user operations by the other selected operators, allowing for sharing of common infrastructure and utilities.
Mr Don Lewis MD of Sundance said that the selection of Cam Iron as a core operator within the overall port development represented another important milestone for Sundance and the Mbalam Project. He added that “The government’s announcement gives us great confidence that construction of the new port can proceed in a timely and cost effective manner.”
HR imports threatening Chinese domestic market - 14 Jan 2009 It is reported that Steel products with low price from foreign countries swarm into China at the beginning of 2009.
Reporters was told that another 300,000 tonnes of HRC is to be imported from Ukraine and other foreign countries in end February with a price of USD 350 per tonne.
Among others, 120,000 tonnes will be shipped into East China; 80,000 tonnes are going to be delivered to Xinjiang and the rest 100,000 tonnes are to be imported into Guangdong.
According to the statistics by NBS of China all those imported HRC takes up 5% of China's monthly HRC production as the domestic production for November 2008 goes at 6,011,700 tonnes. Its price for those imported resource will be CNY 1000 per tonne lower than the present offer of CNY 3800 per tonne for domestic ones.
Domestic price for December is recorded to be CNY 500 per tonne higher than export price by CIS. "Imported resources from other countries would rush into China if the price difference continues to enlarge." At the same time, other important reasons are RMB's appreciation and the good anticipation of China's demand. China's steel industry will be heavily hit by imported steel products as its production is over supplied right now. Some traders may enlarge their imports for high profit. Therefore, some people advice Chinese government to work out restrictive policies for steel imports.
(Sourced from http://www.caijing.com.cn)
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