Steel Trade Today - Monday, Feb 16, 2009

Price declines took a U turn for a change during last week. The Indian Long Product price Index ILPPI improved by 233 points, whereas the Indian Flat Product Price Index IFPPI showed marginal correction of 54 points. The overall price index INDSPI improved by 148 points:

Class	06-Feb	13-Feb	Change
ILPPI	6467	6701	233
IFPPI	6488	6542	54
IDSPI	6477	6625	148

ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products

Category	06-Feb	13-Feb	Change
PI - TMT	6192	6490	298
PI - WRC	6975	7184	210
PI - Angle	6137	6318	181
PI - Channel	6169	6335	165
PI - Joist	5778	5899	122

Flat products

Category	06-Feb	13-Feb	Change
PI - Narrow Plates	6178	6187	9
PI - Wide Plates	6550	6562	11
PI - Hot Rolled	6300	6384	84
PI - Cold Rolled	7049	7092	42
PI - Galvanized	6771	6780	9

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

Input materials show marked improvement in Week 07

Melting scrap
80:20
HMS

Location	Change	%
Chennai	0	0.0%
Kandla	349	1.8%
Mumbai	1000	6.1%
Mandi	610	3.2%
Kolkata	2212	12.4%
Kanpur	1830	11.4%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Alang

Product	Size	Size	Change	%
Ships	Mixed	Mixed	1000	6.3%
Plate cuttings	1�	1�	900	4.9%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Pencil ingot

Location	Change	%
Mumbai	1000	4.5%
Mandi	1450	6.3%
Raipur	1307	6.5%
Kanpur	1830	8.7%
Kolkata	2264	10.9%
Ghaziabad	1500	6.7%
Muzzafarnagar	1133	5.0%
Ahmedabad	1100	5.1%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Pig Iron

Location	Change	%
Raipur	1500	8.5%
Kolkata	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Sponge iron

Location	Change	%
Raipur	1500	10.8%
Kolkata	1359	9.9%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Long products prices also rallied during last week

TMT
Fe 415
12mm

Location	Change	%
Chennai	0	0.0%
Mumbai	1377	4.6%
Mandi	1872	5.9%
Kolkata	1655	5.3%
Delhi	2170	7.1%
Kanpur	2700	9.1%
Ahmedabad	2638	9.3%
Indore	2000	6.4%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

WRC
SWR14
5.5/6

Location	Change	%
Chennai	100	0.4%
Raipur	1307	4.8%
Kolkata	1635	5.8%
Delhi	1360	4.5%
Kanpur	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

ANGL
GR A
65x6

Location	Change	%
Chennai	0	0.0%
Mumbai	1721	5.7%
Mandi	936	2.8%
Raipur	1664	5.8%
Kolkata	772	2.4%
Delhi	1040	3.4%
Kanpur	1900	6.3%
Ahmedabad	1377	4.8%
Indore	1000	3.3%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

CHNL
GR A
75/100

Location	Change	%
Chennai	0	0.0%
Mumbai	1721	5.7%
Mandi	1248	3.7%
Raipur	1768	6.1%
Kolkata	441	1.3%
Delhi	1040	3.4%
Kanpur	1300	4.2%
Ahmedabad	1377	4.8%
Indore	1000	3.2%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

JSTI
GR A
250x125

Location	Change	%
Chennai	0	0.0%
Mumbai	1721	5.5%
Mandi	208	0.6%
Raipur	1560	5.2%
Kolkata	552	1.7%
Delhi	832	2.6%
Kanpur	1600	5.1%
Ahmedabad	624	2.0%
Indore	1000	3.1%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Flat products price declining trend arrested in week 07

HRC
Tube
2.5x1250

Location	Change	%
Mumbai	453	1.6%
Ludhiana	317	1.2%
Kolkata	872	3.2%
Delhi	453	1.6%
Ahmedabad	-272	-0.9%
Indore	0	0.0%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

Patra

Location	Change	%
Ludhiana	906	3.4%
Mandi	1360	5.1%
Delhi	906	3.3%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

PLTS
GRA
8x1.5

Location	Change	%
Chennai	-500	-1.8%
Mumbai	0	0.0%
Kolkata	0	0.0%
Delhi	453	1.6%
Kanpur	436	1.6%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

PLTS
GRB
12-20x2.5

Location	Change	%
Chennai	0	0.0%
Mumbai	0	0.0%
Raipur	0	0.0%
Kolkata	0	0.0%
Delhi	453	1.6%
Kanpur	0	0.0%
Ahmedabad	0	0.0%
Indore	0	0.0%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

CR
DSK
0.63x1000

Location	Change	%
Chennai	0	0.0%
Mumbai	906	3.0%
Pune	906	2.9%
Kolkata	0	0.0%
Delhi	0	0.0%
Kanpur	436	1.4%
Ahmedabad	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

GC
100Gms
0.4

Location	Change	%
Chennai	-500	-1.4%
Mumbai	0	0.0%
Kolkata	-174	-0.5%
Delhi	0	0.0%
Kanpur	523	1.5%
Bangalore	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is in INR per tonne

To know exact prevailing steel prices in India in 22 locations on daily basis, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com. Please note that this is a paid service.

(Sourced from www.steelprices-india.com)

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TATA Corus targeting GBP 600 million cost savings

- 16 Feb 2009

Zee News reported that TATA Steel is targeting to save about GBP 600 million this year from production cuts at its UK subsidiary Corus.

Mr B Muthuraman MD of TATA Steel said that "Corus has cut production by 35% to 40% just like any other European steel company.”

Mr Muthuraman added that “But it has initiated several short term measures in terms of cost reduction, product mix, conserving cash and working capital reduction by which it would probably save GBP 600 million between now and end of the year."

(Sourced from zeenews.com)

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Radioactive metal found Indian steel castings in Germany

- 16 Feb 2009

According to a report by news magazine Der Spiegel German authorities have discovered more than 150 tonnes of radioactive metal imported from foundries in India in 12 federal states. According to the newsweekly, the material bearing traces of Cobalt-60 came from three Indian foundries.

Citing an internal memo from the federal environment ministry, the magazine reported that some 5 tonnes of high grade steel shavings exceeded the legally allowed contamination limits so greatly that they had to be handed over to the Association of Nuclear Service, which is responsible for the disposal of waste from nuclear power plants.

The report said the first contaminated delivery was discovered in 2008 in a container full of high-grade steel bars at the Hamburg port.

The steel products had been confiscated, the magazine said, but negotiations were still under way on what to do next.

The magazine quoted unnamed experts from the environment ministry saying the affair has a huge dimension.

A spokeswoman from the German environment ministry on Saturday confirmed the report but played down the severity of the incidents. She said that “You can not really speak of a dramatic situation. But we’re taking the problem very seriously also because it has significant economic ramifications for the affected companies.”

It said in a statement on Sunday that “The material posed no environmental or health threat and added that no consumer products in Germany were affected. Most of the steel deliveries contain contamination levels below the legally allowed limits.”

Radioactive products from India were also discovered last year in France, Netherlands and Sweden.

(Sourced from thelocal.de)

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Essar Steel Algoma air emissions control begin operation

- 16 Feb 2009

It is reported that a key component to Essar Steel Algoma Inc's USD 90 million air emissions control measure strategy has gone operational recently.

The Sault Ste Marie steel maker confirmed the successful startup of a new permanent bag house Friday on workhorse No 7 blast furnace. The bag house, a USD 25 million investment into air pollution control is among the cornerstone components to a strategy launched last spring to reduce annual particulate emissions dust by nearly 16% throughout the sprawling steelworks by this December.

The bag house, with a footprint equivalent to half an NHL rink surface, boasts a filtering capacity of 940,000 cubic feet per minute and a nearly 100% efficiency rate is powered by a pair of energy efficient 3,500 horsepower fan motors with variable frequency drives. It replaces 3 portable bag house units currently servicing No 7 since early summer.

The bag house was initially scheduled to go operational no later than December 31st but the Ontario Ministry of Environment granted a 6 week extension, until February 14th due a delivery delay in several key components.

Mr Armando Plastino COO of Essar Steel's in a statement regarding the commissioning said that "This technology is state of the art and has been designed with excess capacity. Even when production levels improve air quality will be protected both within the operation and beyond the steelworks."

An extensive study in the summer of 2007 estimated that Essar Steel produced 1,122 tonne of annual particulate emissions from its assorted operations. The intention is to reduce that output by 176 tonne to 946 tonne, by December 2009, despite the firing up of a second blast furnace, No 6, with 1 million tonne of molten iron capacity.

The certificate of approval for a second operational furnace stated that No 7 could only operate at 90% capacity and No 6 at 80% capacity, a reduction of 700 tonne and 600 tonne of daily molten iron respectively, until the permanent bag houses went operational. The permanent bag house on currently idle No 6 is scheduled to go operational by the end of this year.

The bag house installations and upgrades are among a host of measures the company is putting in place to reduce air emissions while increasing production. It has also invested into road dust management, including the paving of internal gravel roadways, coal pile dust management and additional air-monitoring stations.

(Sourced from saultstar.com)

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CAPEX cuts - Essar Steel to build on Sault hub when economy gets better

- 16 Feb 2009

Sault Star recently reported that the positioning of Essar Steel Algoma Inc in the global vision of Essar Steel Holdings Ltd is being hampered by the current global economic crisis.

Essar Global, the India based conglomerate which acquired then Algoma Steel Inc in a USD 1.85 billion cash transaction 18 months ago has invested substantially in its Sault Marie operation but output has not matched targets set. As per report, Essar’s immediate goal was a near doubling of production, from 2.4 million tonne to 4 million tonne by the end of 2009 and a further 1 million tonne shortly thereafter. However, demand has dried up.

Mr Jatinder Mehra CEO of Essar Steel Holdings said that “Algoma has not totally met our expectations. It has not been because of the people, or the management team, but an economic climate where people are simply no longer buying steel.”

Mr Mehra said that “We made a substantial investment in starting up another blast furnace only to shut it down 6 weeks after going operational.”

He said that the Sault plant has been operating at only 40% capacity since October, with expectations, the current downturn will be long and deep and a doubtful return to pre crisis production levels this year. The rolling out of massive global economic stimulus packages to kick start the economy won’t be of any immediate assistance.

He said that “It will be eight to nine months from the time the stimulus packages are announced until there is any actual spending. Stimulus is a good step and we are hopeful, but it will not improve things overnight.”

Mr Mehra said that “We remain committed to making Algoma the hub of our North American operations.”

(Sourced from www.saultstar.com)

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CAPEX cuts - JSW to decide on WB project after 3 months

- 16 Feb 2009

PTI reported that Mr Sajjan Jindal vice CMD of JSW Steel would review the status of the delayed steel project in West Bengal after three months.

The report cited Mr Biswadip Gupta join MD & CEO of JSW Bengal Steel as saying that "Mr Sajjan Jindal will take a call and make a review of the project after three months."

Mr Gupta said that the present situation is very bad and it is not possible to do the financial closure due to lack of credit availability.

Mr Gupta said that earlier, the debt equity ratio of the project was pegged at 2:1. But, the banks and institutions were now insisting on the debt-equity ratio of 1:1.

Initially, it planned to set up a 3 million tonne steel plant at an investment of INR 10,000 crore at Salboni in West Bengal in the first phase, labeled to be the largest single investment in the state in recent times.

(Sourced from Press Trust of India)

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Stimulus plans - Industry hoping for packaged deal from interim budget

- 16 Feb 2009

In-charge of Finance Portfolio, Mr Pranab Mukherjee is likely to unveil host of measures for farmers and common man to help them come out of present contraction in economy, offer equitable tax cuts to India Inc and revisit corporate tax rates, which remain unaltered for many years while presenting his Budget proposals on February 16th 2009.

In India Inc’s Pre Budget Expectations Survey conducted under aegis of The Associated Chambers of Commerce and Industry of India with participation from its 400 members in manufacturing, services, agriculture and allied sectors, over 70% exuded optimism saying that Mr Mukerjee is likely to announce packaged deal for manufacturing, agriculture, textiles, steel, cement, real estate and ITeS to significantly release their ongoing stress due to global slowdown.

The Finance Minister is also expected to announce increase in personal tax ceiling and introduce measures to hike subsidies, put in place series of low cost housing schemes and revamp public distribution system with special focus on rural employment and education, felt over 60% CEOs.

Mr Sajjan Jindal president of ASSOCHAM said that the major demand of India Inc for many years has been for reduction in corporate tax which remains unattended to India Inc, therefore, anticipates that Mr Mukherjee would revisit corporate tax rates in India and not only remove surcharge on it but bring it down at global average of around 26% to 27% especially at times of meltdown.

According to ASSOCHAM, corporate tax in European countries is around 23%, in Latin America it is 26% and that of Asia Pacific around 28%. China brought down its corporate tax from 33% in 2007 to 25% in 2008, Germany from 38% to 29% and in Hong Kong, corporate tax its nearly 17%, in Malaysia and Philippines it is between 26% to 27% against over 33% of India.

80% of CEOs that took part in ASSOCHAM survey felt the need for across the board reduction in excise with minimum 4% cut in it and urges the government to introduce goods and services tax by 2010 as promised by the UPA government. In addition, this percentage of CEO has also demanded imposition of heavy anti dumping duties on goods coming to India from many of its neighbor including those of China, Sri Lanka, Malaysia, Thailand and Philippines.

Nearly 55% of CEOs said that although inflation has fallen significantly and its impact is being reflected on prices of many commodities such as metal, zinc, copper, aluminum which is a good development since crude prices internationally have come down heavily. This lot of CEO is optimistic that the inflation will further moderate to help common man access commodities in near future at much cheaper rates.

However, the major challenge before the Finance Minister would be to explore ways so that prices further moderate which can happen provided supply demand mismatch is removed with fairer transportation and other transaction costs.

Mr Jindal said that a vast majority of CEOs have felt that manufacturing and agriculture are extremely stressed sector. The situation in cement and steel is still alarming. Despite demand, their consumption is not rizing because of cost factor and therefore anomalies in duty structure needs to be urgently revisited, adding that findings of ASSOCHAM Survey.

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Macroeconomic indicators - Indian GDP growth slides to 7.1%

- 16 Feb 2009

The Financial Express reported that the India government recently projected Indian economic growth to slow down to 7.1% in the current fiscal against 9% in 2007-08.

Even though economic growth is slowing down, it is on expected lines and the rate projected has been as predicted by the Prime Minister's Economic Advisory Panel.

While manufacturing, agriculture, power, construction and financial services are likely to pull down growth, services including trade and hotels as well as mining are projected to give a push to the economy.

As per report, agriculture is set to grow by 2.6% in 2008-09 against 4.9% in the previous fiscal, manufacturing is likely to expand by 4.1% against 8.2% and construction by 6.5% against 10.1%. Financial, insurance, real estate and business services are set to grow by 8.6% against 11.7%.

On the other hand, the category of trade, hotels, transport and communication is projected to grow by 10.3% against 12.4% and community, social and personal services by 9.3% against 6.8%.

The report added that these are advance estimates by the Central Statistical Organization and actual growth figures may not exactly be the same.

(Sourced from The Financial Express)

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SC admits TATA Steel appeal against tribunal order

- 16 Feb 2009

PTI reported that the Supreme Court has admitted an appeal filed by TATA Steel Ltd challenging the electricity tribunal's decision that denied benefit to its unit at Joda in Orissa.

TATA Steel is claiming 25% discount on energy charges it has to pay on producing 50% of the capacity of its ferroalloys unit at Joda for the financial year 2005-06.

Alleging that the denial of benefit was in violation of Section 62 of the Electricity Act, 2003, TATA Steel has challenged the Appellate Tribunal for Electricity's verdict on the grounds that its Joda unit had been discriminated against while similar incentives were given to 4 other ferroalloy units, including its other unit at Bamanipal.

The tribunal had held that the Bamanipal unit is getting the concession because it is a ferroalloy export oriented unit and TATA Steel cannot dispute its classification as a sub-category of the power-intensive industry.

The tribunal, while dismissing the TATAs' appeal on November 12th 2007, had held that in view of negative equality, the company cannot claim that it is entitled to the same favorable treatment as other EoUs who might be still receiving favorable treatment despite having ceased to be 100% EoU.

(Sourced from Press Trust of India)

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Macroeconomic indicators - India factory output falls most in 15 year

- 16 Feb 2009

BS reported that slowdown signals and the case for cutting interest rates grew stronger, India’s factory output contracted the most in 15 years and headline inflation fell below 5% for the first time in 1 year.

The Index of Industrial Production went into negative territory for the second time in the current fiscal owing to a combination of a high base effect and lower output by factories. IIP contracted 2% in December, 2008, compared to 8% growth in the year ago month.

IIP declined for the first time by 0.34% in October 2008, but recovered in the subsequent month.

Sector	Dec-07	Dec-08	Aprl'07-Dec'08	Aprl�08-Dec'-09
Mining	5	1	5.2	3
Manufacturing	8.6	-2.5	9.6	3.3
Electricity	3.8	1.6	6.6	2.7
Overall	8	-2	9	3.2

Meanwhile, the Wholesale Price Index based inflation rate fell to 4.39% for the week ended January 31st 2009, because of a decline in manufactured goods, which constitute nearly two-thirds of the index.

As per report, it was 5.07% in the previous week and 4.74% in the corresponding week a year ago. The latest numbers also add weight to arguments by economists who were projecting lower growth rate for the Indian economy against the government’s estimate of 7.1% in current fiscal.

However, contraction in industrial output is expected to bring down the overall growth rate as it contributes more than 25% to India’s output. The price index is expected to drop even further in the next week, given fuel prices were cut in the week ended February 7th 2009.

Experts said that all indicators industrial output, export growth, slowing tax collections and falling inflation rate point to economic slowdown and that RBI has room for another round of rate cuts.

(Sourced from Business Standard)

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The reports on steel, iron ore and projects from SNRSR are now cheap!

- 16 Feb 2009

We are pleased to inform that the prices of the reports from Steel and Natural Resources Strategy Research have been slashed as follows:

1. In depth analysis of steel projects in India
Author: Dr AS Firoz

Sep 2008 Edition: INR 10,000 or USD 200

Dec 2008 Edition: INR 15,000 or USD 300

(Original price: INR 50,000 or USD 1100)

This 115 page report with 35 tables, 12 charts, a number of annexure, three maps and an appendix looks at the steel industry’s future in India from a strategic point of view to guide the investors in the industry, capital goods industry, steel traders, raw materials suppliers and the policy makers in the government in their own individual planning for the future.

To know the details of contents
http://www.steelguru.com/reports/detail/Indian_Steel_Projects%253A_Ground_Reality%252C_Strategic_Issues_and_Opportunities.html

Report Summary
1. Published: Sep 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages - 115

2. Indian Steel: Opportunities and Strategic Options
Author: Dr AS Firoz

July 2008 edition: INR 5000 or USD 100

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(Original price: INR 50,000 or USD 1100)

Indian Steel: Opportunities and Strategic Options provides you the valuable information on Indian steel market and is scenario. The report covers the reviews of the developments in Indian steel industry.

This report critically looks at the current situation in the industry, potential of the steel market growth in the medium term, growth plans of the individual major companies, demand and supply issues related to raw materials like coal and iron ore, competitive positioning of steel production in the country, socio economic and political factors which may have direct and indirect impact on the growth dreams of the Indian steel makers, etc among a large number of other relevant issues of strategic importance.

This report is the product of extensive and in depth analysis with incredible amount of time spent to put the numbers in perspective. There are neutral and frank expert views on matters which have drawn attention of the industry in the recent period.

To know the details of contents
http://www.steelguru.com/reports/detail/Indian_Steel%253A_The_Emerging_Reality.html

Report Summary
1. Published: July 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages -178 (103 analytical perspective + 25 Tables + 50 Charts)

3. Iron Ore in India: The Present and the Future of It
Author: Dr AS Firoz

July 2008 edition: INR 5000 or USD 100

Sep 2008 edition: INR 7500 or USD 150

(Original price: INR 50,000 or USD 1100)

'Iron Ore in India: The Present and the Future of it', Dr AS Firoz provides you with valuable information on Indian iron ore market and the industry.

This report critically looks at the current situation in the industry, potential of the iron ore market growth in the medium term, growth plans of the individual major companies, demand and supply issues related to raw materials like coal and iron ore, competitive positioning of steel production in the country, socio economic and political factors which may have direct and indirect impact on the growth dreams of the Indian steel makers, etc among a large number of other relevant issues of strategic importance.

To know the details of contents
http://www.steelguru.com/reports/detail/Iron_Ore_in_India%253A_The_Present_and_the_Future_of_It.html

Report Summary:
1. Published: July 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages - 178 (103 analytical perspective + 25 Tables + 50 Charts)

(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

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Slowdown signs - No takers for Mumbai Metro Phase-II

- 16 Feb 2009

Projects Today reported that Mumbai Metropolitan Region Development Authority's INR 6,192 crore Phase II of the Mumbai Metro has been hit hard due to the ongoing credit crunch.

As per report none of 7 short listed bidders participated in the financial bids that were closed on February 13th2009. Now, the Maharashtra government has postponed the submission date to March 16th 2009.

Earlier, the bidding dates were extended as the State Government estimated cost of the 32.7 kilometer elevated line at INR 7,660 crore was considered very low by several bidders. Many bidders estimated the project cost at around INR 12,000 crore. Phase II project route stretch from Charkop to Bandra to Mankhurd.

However, the 7 short listed pre qualified bidders were
1. GE India, L&T, CA IDPL consortium
2. RIL Siemens Gammon consortium
3. TATA Power, Mitsubishi-TATA Realty's Pioneer Infrastructure consortium
4. GVK-Bombardier-YTL consortium
5. Essar-Alstom consortium
6. IL&FS-Soma Constructions-Punj Lloyd consortium
7. Reliance Energy SNC Lavalin consortium

(Sourced from Projects today)

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Monnet Ispat sees 30% revenue growth in next 2 years

- 16 Feb 2009

Mr Sandeep Jajodia executive CMD of Monnet Ispat during an interview with CNBC-TV18 said they expect 30% revenue growth in FY09 and FY10, and bottom line growth could be higher by may be 40% or so.

Mr Jajodia told that "We will end up this year with a cash flow of INR 300 crore and we have got already INR 450 crore of cash on our balance sheets. Every year from now on because these projects will be implemented in the next 2 to 3 years, so we expect every year INR 300 to INR 400 crore as free cash on the balance sheets, so we do not see any problem at all."

He added that "Our 1 million tonne steel plant should get completed by March 2010. So after that for 2010-11 we expect the revenues to jump up from the current level at about INR 4,300 crore that will be a jump of almost two times. We had about INR 1700 to INR 1800 crore right now. The power plant is expected to come around June 2011, that’s 1050 MW in Angul and that stands completely financially closed, we have signed all the debt required for the project and also the loan agreements and also the equities are also in place. So, that project is getting built right now and gets done by June 2011 and should have a revenue of about INR 2,000 crore, so it adds to INR 4,300 crore and Monet Ispat will continue to hold at that point in time about 80% of that company, so that’s how it will pan out."

Finally, about revenue growth expecting to post in 2009 and in 2010, he said that "We are expecting about 30% in 2009 as well as 30% in 2010 year, and maybe 40% in the bottom line. So, the bottom line could be slightly higher and that is what we are looking at."

(Sourced from CNBC-TV18)

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NMDC eyeing tie ups for coal block acquisitions

- 16 Feb 2009

BL reported that the public sector National Mineral Development Corporation Ltd is looking at forging partnerships for acquiring coal blocks within the country to feed its proposed steel, pellet and power plants.

Mr Rana Som CMD of NMDC said that “In the long run once the coal blocks are allotted in Chhattisgarh we want to get into power generation for captive use to feed our expansions. So we have felt that it will be better and convenient for us if we acquire, develop and manage these coal blocks through the public-private partnership mode.”

NMDC plans to secure raw material security as it goes expanding in the steel sector, it has announced setting up 3 million tonne per annum steel plant in Chhattisgarh and has applied for five coal blocks in the State. It has also proposed a 10 million tonne per annum Greenfield project in Karnataka, besides, setting up pellets plants which will be used by sponge iron manufacturers.

Mr Som said that there has been good response to the expression of interest issued by NMDC and 4 companies have been short listed and three more which have met the criteria are in the second list. He said that it should have a minimum net worth of INR 750 crore and be capable of setting up power plants.

He said that “We want to acquire coal blocks with the partner and jointly develop the property. We will look to share coal if our partner is in possession of the property and even develop his assets further.”

Mr Som said that “We have called for a meeting with the short listed companies on February 18th to have discussions regarding their business objectives etc and expect the whole process of identifying the partner or partners to be completed by March end.”

(Sourced from Business Line)

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NTPC to bid for imported coal based UMPPs

- 16 Feb 2009

The Hindu reported that NTPC is planning to bid for imported fuel based 4,000 MW Ultra Mega Power Projects after acquiring coal properties abroad.

Mr RS Sharma CMD of NTPC said that "Whenever we acquire coal mines abroad, we would bid for the imported coal based UMPPs."

NTPC has identified coal mines in Indonesia, Mozambique and South Africa to bridge the fuel supply shortfall from domestic sources.

However, it is looking at coal mines abroad that can produce up to 20 million tonne of fuel per annum. The dry fuel requirement of NTPC stands at about 125 million tonne per annum.

(Sourced from The Hindu)

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Slowdown signs - Car sales dip in US, EU and Australia

- 16 Feb 2009

It is reported that the credit crunch and global recession continues to destroy demand for cars in the US, Europe and Australia.

German car sales, registrations and exports all fell by 14% or more in January 2009, while Australian car sales fell by more than 18% in January 2009.

US car sales fell by 38% in January 2009, worse than expected and even worse than the terrible 36% plunge in December. Chinese sales are falling, 2008 sales rose 6.7% on 2007 when they jumped by more than 21%. They were supposed to hit an annual 10 million by the end of last year, but instead 9.5 million were sold.

Figures overnight from the US confirm a further slump in car sales last month, with the annual rate put at 9.8 million units, the lowest since 1963. The news from GM for January was terrible. Sales were down by 49%, while Ford saw a 40% plunge. Toyota was down 34%, Honda, 28%. Nissan was off 30%. But the worst was Chrysler with sales off a huge 55%. No wonder it needs the Government money.

All this means that for those getting bullish about steel, coal, iron ore and the like, think again. With construction down, white goods depressed and cars in a big mess, there's no sign of any concerted demand for steel or its raw materials.

(Sourced from www.aamfg.org)

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Monday Market Monitor - China (WEEK 7) - Euphoria vanishing

- 16 Feb 2009

Chinese domestic steel price decline commenced once again last week after rallying for 6 weeks in absence of any significant demand.

Post government stimulus package much hype was created about price rebounding and resuming of production by many mills, but the absence of illusive demand has lead to decline in prices.

During this period sizeable imports took place owing to lower international levels that those prevailing in Chinese domestic market.

On the other hand, mills struggling to get on stream led to a glut thereby exerting downward pressure on the prices across the products.

Billets
150 x 150
Q235

Location	CNY	USD	%
Jiangsu Province	-100	-15	-2.9%
Shandong Province	-50	-7	-1.5%
Hebei Province	-120	-18	-3.8%
Shanxi Province	0	0	0.0%
Shaanxi Province	0	0	0.0%
Tianjin	-100	-15	-3.1%
Fujian Province	-150	-22	-4.5%

Change on February13th is with respect to February 6th 2009
Change is per tonne

WRC
6.5mm
Common

Location	CNY	USD	%
Shanghai	-140	-20	-3.8%
Hangzhou	-150	-22	-3.9%
Nanjing	-20	-3	-0.5%
Hefei	0	0	0.0%
Changsha	-80	-12	-2.1%
Zhengzhou	0	0	0.0%
Chengdu	-270	-39	-6.8%
Guiyang	-90	-13	-2.2%
Kunming	-80	-12	-2.0%
Lanzhou	10	1	0.2%
Urumchi	0	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is per tonne

Rebar
20mm
HRB 400

Location	CNY	USD	%
Shanghai	-160	-23	-4.3%
Hangzhou	-150	-22	-4.0%
Nanjing	-120	-18	-3.0%
Jinan	-150	-22	-3.9%
Hefei	-50	-7	-1.2%
Fuzhou	-80	-12	-2.1%
Nanchang	-60	-9	-1.5%
Guangzhou	-180	-26	-4.4%
Changsha	-10	-1	-0.2%
Wuhan	-200	-29	-5.0%
Zhengzhou	-70	-10	-1.8%
Beijing	-170	-25	-4.5%
Tianjin	-130	-19	-3.4%
Shijiazhuang	-50	-7	-1.3%
Taiyuan	0	0	0.0%
Shenyang	0	0	0.0%
Harbin	0	0	0.0%
Chongqing	-350	-51	-8.5%
Chengdu	-300	-44	-7.1%
Guiyang	-100	-15	-2.3%
Kunming	-80	-12	-1.9%
Xian	-100	-15	-2.4%
Lanzhou	150	22	3.5%
Urumchi	0	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is per tonne

HRC
4.75mm
Common

Location	CNY	USD	%
Shanghai	-170	-25	-4.6%
Hangzhou	-220	-32	-6.0%
Nanjing	-200	-29	-5.3%
Jinan	-250	-37	-6.8%
Hefei	-130	-19	-3.3%
Fuzhou	-250	-37	-6.7%
Nanchang	-120	-18	-3.1%
Guangzhou	-200	-29	-5.3%
Changsha	-220	-32	-5.5%
Wuhan	-220	-32	-5.8%
Zhengzhou	-250	-37	-6.8%
Beijing	-230	-34	-6.3%
Tianjin	-300	-44	-8.5%
Shijiazhuang	-230	-34	-6.2%
Taiyuan	-220	-32	-6.0%
Shenyang	-120	-18	-3.3%
Harbin	-100	-15	-2.6%
Chongqing	-130	-19	-3.3%
Chengdu	-190	-28	-4.8%
Kunming	-100	-15	-2.5%
Xian	-200	-29	-5.1%
Lanzhou	-110	-16	-2.8%
Urumchi	0	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is per tonne

Plates
20mm
Common

Location	CNY	USD	%
Shanghai	0	0	0.0%
Hangzhou	-100	-15	-2.5%
Nanjing	-100	-15	-2.5%
Jinan	-140	-21	-3.6%
Hefei	-130	-19	-3.3%
Fuzhou	-100	-15	-2.5%
Nanchang	-60	-9	-1.5%
Guangzhou	-160	-23	-4.1%
Changsha	0	0	0.0%
Wuhan	830	122	17.2%
Zhengzhou	-50	-7	-1.3%
Beijing	-200	-29	-5.4%
Tianjin	-220	-32	-6.0%
Taiyuan	-100	-15	-2.6%
Shenyang	-100	-15	-2.6%
Harbin	-100	-15	-2.6%
Chongqing	-150	-22	-3.7%
Chengdu	-150	-22	-3.8%
Kunming	-50	-7	-1.2%
Xian	-100	-15	-2.6%
Lanzhou	-20	-3	-0.5%
Urumchi	100	15	2.5%

Change on February13th is with respect to February 6th 2009
Change is per tonne

CR
1.0mm
Common

Location	CNY	USD	%
Shanghai	-150	-22	-3.3%
Hangzhou	-150	-22	-3.3%
Nanjing	-150	-22	-3.3%
Jinan	-200	-29	-4.4%
Qingdao	-150	-22	-3.3%
Hefei	-150	-22	-3.3%
Fuzhou	-100	-15	-2.2%
Nanchang	-40	-6	-0.8%
Guangzhou	-200	-29	-4.3%
Changsha	-100	-15	-2.1%
Wuhan	-180	-26	-3.9%
Zhengzhou	-100	-15	-2.1%
Beijing	-200	-29	-4.4%
Tianjin	-250	-37	-5.6%
Shijiazhuang	-150	-22	-3.2%
Taiyuan	-200	-29	-4.3%
Shenyang	-150	-22	-3.3%
Harbin	0	0	0.0%
Chongqing	-30	-4	-0.6%
Chengdu	-70	-10	-1.5%
Kunming	0	0	0.0%
Xian	-200	-29	-4.2%
Lanzhou	-50	-7	-1.1%
Urumchi	0	0	0.0%

Change on February13th is with respect to February 6th 2009
Change is per tonne

HDG
0.5mm
Common

Location	CNY	USD	%
Shanghai	-100	-15	-2.0%
Hangzhou	0	0	0.0%
Beijing	-150	-22	-3.1%
Tianjin	-150	-22	-3.1%
Boxing	-130	-19	-2.8%
Guangzhou	-170	-25	-3.3%
Zhengzhou	0	0	0.0%
Xian	0	0	0.0%
Shenyang	-100	-15	-2.0%
Harbin	-100	-15	-2.1%
Nanchang	0	0	0.0%
Fuzhou	-50	-7	-1.0%
Chongqing	-50	-7	-1.0%
Wuhan	-80	-12	-1.6%

Change on February13th is with respect to February 6th 2009
Change is per tonne

The export levels remain unchanged although without much transactions

Item	Grade	Size	Change
Billet	Q235	150x150	0
Rebar	HRB400	12-25mm	0
Wire rod	Q195	5.5-12mm	0
HRC	SS 400	4.5-11mm	0
Plates	SS 400	12-40mm	0
CRC	SPCC	1.0x1250	0
HDG	SGCC	1.0x1250	0

HDG is in DX 51D 140gms
Change on February13th is with respect to February 6th 2009
Change is per tonne
Delivery FOB China port

To know exact prevailing steel prices in China on daily basis, subscribe to services of www.steelprices-china.com by registering or sending a mail to admin@steelprices-china.com. Please note that this is a paid service.

(Sourced from www.steelprices-china.com)

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Rio investors express concerns on Chinalco deal

- 16 Feb 2009

Bloomberg reported that Rio Tinto Group minority shareholders are deeply concerned by Aluminum Corporation of China’s USD 19.5 billion investment.

Mr Peter Montagnon director of investment affairs at Association of British Insurers said that “Investors are deeply concerned. This deal ignores the pre emption principle and seems to favor the Chinese shareholder.”

Mr Andrew Keen, an analyst at London based Sanford C Bernstein said that “The deal is positive for the stock as it solves the funding issue and preserves Rio Tinto’s key asset mix and strategy. The deal solves Rio Tinto’s current financing risk with relatively little impact on shareholder value.”

Mr Hugh Dive at Investors Mutual Limited in Sydney noted that shareholders would have preferred the option of a rights offer.

Mr Richard Dennis, a fund manager at Wessex Asset Management in England, who holds Rio shares, said he would have preferred a rights offer.

Goldman Sachs JBWere Pty analysts led by Mr Neil Goodwill said that “We don’t like this deal. Rio is still in a weak position in terms of its balance sheet and would be unable to easily participate in expansions, acquisitions or increase dividend payments for some time.”

Goldman Sachs JBWere, the Australian affiliate of the US broking firm, has a hold recommendation on Rio Tinto, saying, there is value in the asset base even if the strategic position of the company is irreversibly damaged in its current form.

Mr Nick Cobban, spokesman of Rio said that “Our priority is to listen to shareholders and thoroughly discuss their concerns and we are actively engaged in doing so. The Chinalco package gave us much greater protection against further potential downside risk than a rights issue that would have raised a lot less money.”

(Sourced from Bloomberg)

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Chinese domestic steel HRC prices weaken - CISA

- 16 Feb 2009

Platts quoted the latest survey on domestic prices by the China Iron and Steel Association showed that China's hot-rolled coil prices fell over the first 10 days of February.

On February 10th both 3 mm thick and 4.75 mm HRC prices were mostly lower across 23 major cities, compared with February 1. HRC of 3 mm thickness saw an average fall of CNY 77 per tonne to CNY 4,090 tonne and 4.75 mm material averaged CNY 3,890 per tonne down CNY 104 per tonne.

Prices for the 3 mm HRC were, however, higher in Hefei and Kunming by CNY 50 per tonne to CNY 4,100 per tonne and CNY 4,150 per tonne respectively and by CNY 100 per tonne to CNY 4,350 per tonne in Lanzhou. Prices in Nanjing, Zhengzhou, Xian and Urumqi remained unchanged at CNY 4,150 per tonne, CNY 4,100 per tonne CNY 4,400 per tonne and CNY 4,240 per tonne respectively.

The largest fall was in Tianjin and Shijiazhuang where prices dropped CNY 250 per tonne each to CNY 3,750 per tonne and CNY 3,950 per tonne respectively. Price ranged between CNY 3,750 per tonne and CNY 4,440 per tonne across the 23 cities February 10 compared with CNY 3,930 per tonne to CNY 4,380 per tonne February 1st.

For the 4.75 mm material, prices were mostly weaker across 23 major Chinese cities, except in Kunming, Xian and Lanzhou. Prices in these cities gained CNY 50 per tonne to CNY 110 per tonne to CNY 4,100 per tonne, CNY 4,050 per tonne and CNY 4,060 per tonne respectively. Prices at Harbin and Urumqi held steady at CNY 3,850 per tonne and CNY 4,100 per tonne respectively. Tianjin saw the largest drop of CNY 300 per tonne at CNY 3,650 per tonne. Prices of 4.75 mm HRC were CNY 3,650 per tonne to CNY 4,100 per tonne as compared to CNY 3,820 per tonne to CNY 4,200 per tonne on February 1st

(Sourced from Platts)

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Brazil to raise tariffs on steel imports in March

- 16 Feb 2009

BNamericas quoted Mr Christiano Freire president of steel distributors association Inda as saying that Brazil is about to raise tariffs on steel imports.

He said that the idea is to increase rates of numerous non taxed products to 12% as of March 2009. Mr Freire said that "The expectation is for the government to start levying hot and cold rolled products."

He added that the volume of Brazilian steel imports will drop substantially also because of the high value of the US dollar versus the Brazilian real and tight credit. He said that "Buyers do not know how much the dollar is going to be worth against the real four months from now. Obtaining lines of credit are also difficult. When you combine all these factors, activity diminishes."

He mentioned that diminishing imports benefit Brazilian distributors because it cuts down excessive steel in the market. He added that "These imported materials came in at a very expensive price, 30% higher than regular prices."

(Sourced from www.bnamericas.com)

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India iron ore miners optimistic about prices

- 16 Feb 2009

Platts reported that spot prices for Indian iron ore could start to rise in March and continue their uptrend until end May

Mr Atul Kaamath CEO of Raiseore said that the past 5 years data showed the iron ore market typically experiences a mild post Chinese new year rally, followed by a short calm period until March.

He said that "However, the iron ore market will enter peak season from March to June."

Mr Kaamath said that the South Asia monsoon season, which starts from June and will last for 3 to 4 months, will force most of the ports on the West Coast of India to close. Moreover, iron ore mined at that time will suffer from high moisture level, up to 10% to 12%, whereas in normal times it is around 8% to 9%. Thus, buyers tend to order and arrange deliveries in the H1 of each year to avoid the inconvenience and high moisture.

He said that "The west coast of India is shut for 4 months, so traders pick up large quantities before the monsoon." Although lump material continues to be exported during the monsoon, there is no iron ore fines exported.

(Sourced from Platts)

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Monday Market Monitor - CIS (WEEK 7) - Prices remain unchanged

- 16 Feb 2009

The prices of various steel products at Black Sea were more of less stable as sellers were reluctant to reduce prices despite very low levels of transactions.

The demand was reported to remain weak during last week and the general mood of the market was subdued. The buyers are reported to be making purchases in spurts, just to cover their immediate needs, and that too after scanning the prices for all available sources. The usual frenzied mood of transactions was missing.

Item	Grade	Size	Change
Billets	3-5 sp/ps	125-150 mm	-2
Rebars	A300C-A500C	12-32 mm	0
Wire rod	mesh	5.5-6.5 mm	0
HRC	ST1-ST3 kp/sp/ps	2-8 mm	10
HRC	ST1-ST3 kp/sp/ps (Rus)	2-8 mm	0
Plates	A36	8-30 mm	-5
CRC	08 kp (Ukrainian origin)	0.5-1.5 mm	5
CRC	Russian origin	0.5-1.5 mm	0

Change on February13th is with respect to February 6th 2009
Change is in USD per tonne
Delivery FOB Black sea

The gap between Black Sea port prices and Chinese Main port prices remain unchanged due dormancy in global prices.

Item	23-Jan	30-Jan	06-Feb	13-Feb
Billet	-115	-115	-130	-132
Rebar	-95	-95	-105	-105
Wire rod	-105	-105	-120	-120
HRC	-175	-160	-165	-155
Plates	100	100	65	60
CRC	-135	-130	-130	-125

To know exact prevailing FOB prices at Black Sea, as they change, subscribe to services of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com. Please note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Production pruning - US Steel halts production at Lone Star and Bellville plants

- 16 Feb 2009

Bloomberg reported that US Steel Corporation has halted production at tubular products subsidiaries in Texas, where it laid off more than 1,200 employees.

Ms Courtney Boone spokeswoman of US Steel said that US Steel Tubular Products Inc has idled facilities in Lone Star and Bellville and plans to resume production when demand rebounds.

She added that the plants make a combined 1 million tonnes of tubular products annually.

She said that "The significant change in the market and a high level of dumping in the tubular steel industry has resulted in the need to take these steps."

She added that production will resume when market conditions and customer orders improve.

(Sourced from www.bloomberg.net)

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Indian thermal coal imports may rise by 9% in 2009

- 16 Feb 2009

BS reported that the country’s thermal coal imports are likely to shoot up by 9% in 2009, on huge demand from planned mega power projects.

According to the latest findings by the Citigroup, thermal coal imports into the country may rise to 36.7 million tonne in 2009 as against 33.7 million tonne during last year.

Thermal coal imports estimates

Year	Quantity
2007	27.7
2008	33.7
2009	36.7
2010	39.7
2011	45.7
2012	60.0

(In million tonne)

(Sourced from Business Standard)

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Production pruning - ArcelorMittal 2008 shipments dip by 7% YoY

- 16 Feb 2009

ArcelorMittal has announced that its total steel shipments fell to 102 million tonnes in 2008 as compared with total steel shipments of 110 million tonnes for the 12 months ended December 31st 2007. It reduced shipments during the fourth quarter in response to unfavorable market. The output of steel was 103.3 million tonnes.

Shipments of finished products decreased by 33.2% QoQ in October to December 2008 period as compare with Q3 and by 39% YoY to 17.1 million tonnes. The plants of the Group produced 15 million tonnes of crude steel in Q4 of 2008.

Shipments of steel products in 2008

Long Carbon	Q1 '08	Q2 '08	Q3 '08	Q4 '08
North America	1.563	1.447	1.295	0.79
South America	1.496	1.595	1.434	1.094
Europe	4.321	4.565	3.559	2.572
Others	0.4	0.49	0.399	0.095

In million tonnes

Flat Carbon	Q1 '08	Q2 '08	Q3 '08	Q4 '08
North America	5.937	5.793	5.148	3.044
South America	1.666	1.605	1.73	0.887
Europe	9.399	9.882	8.211	6.02

In million tonnes

AACIS	Q1 '08	Q2 '08	Q3 '08	Q4 '08
Africa	1.377	1.306	1.418	0.89
Asia, CIS and Other	2.518	2.57	1.917	1.3
Stainless Steel	0.528	0.578	0.487	0.365

In million tonnes

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Colombia coal mine explosion leaves 3 injured and 4 missing

- 16 Feb 2009

LAHT reported that at least 3 miners were injured and 4 more were missing down the shafts of a coal mine in the Colombian town of Socota that collapsed in a methane gas explosion.

Mr William Eusebio Correa, mayor of Socota said that the accident took place at the La Esperanza mine, located a few kilometers from the main street of this town in the northeastern province of Boyaca.

Mr Correa added that the accident was caused by an accumulation of gases in the mine. He also noted that at the time of the explosion 7 miners were in the mineshafts, 3 of them managed to get out injured but alive.

The other 4 were trapped and are being sought by the local miner rescue group from the state run Colombian Institute of Geology and Mines.

(Sourced from www.laht.com)

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Production pruning - US Steel to cut production at Smederevo

- 16 Feb 2009

Serbia & Montenegro Today reported that US Steel has decided to reduce production in its Smederevo plant due to the international financial crisis.

In order to adapt to the current situation, US Steel Serbia has decided to consolidate production in Europe, which means temporarily halting certain production lines in Serbia.

Mr Richard Vietch MD of Smederevo plant said that the crisis has affected significantly the steel industry and market, resulting in lower demand.

He added that "We have brought our production into complete harmony with the needs of our buyers. The crisis will certainly impact on us to the extent that we will not export as much in this period as we did in the best of times."

(Sourced from Serbia & Montenegro Today)

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BHPB bid for Rio - BHP urged to mount new bid

- 16 Feb 2009

Daily Mail reported that the rebellion over Rio Tinto's botched fundraising took a sensational twist after it emerged that British investors are urging the BHP to launch a new takeover bid.

As per reports, they are also seeking to convince former Mr Jim Leng to return to Rio and lead a rights issue and sell off of key assets to BHP and others. Rio's chairman designate Mr Leng resigned over the deal this week but some institutions want to convince him to return.

Rio provoked an unprecedented revolt by agreeing to an alliance with Chinalco that would raise GBP 13.5 billion. The deal was greeted with a storm of protests because it railroads over exiting shareholders' rights to buy shares, known as pre emption rights, and grants an 18% stake in Rio to Chinalco.

Mr Tom Albanese CEO of Rio Tinto also handed Chinalco the keys to his boardroom as part of the deal, offering Chinalco two non executive directorships.

Many are calling for Albanese's head, saying he has been guilty of a series of blunders, including the top of the market purchase of Alcan in 2007, the refusal to engage with BHP's hostile bid last year, and now the Chinalco deal.

The Association of British Insurers expressed serious concerns and, Legal & General has joined the list of investors voicing their opposition.

(Sourced from Daily Mail)

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Yenakiyevo Steel plant introduces new steel grades

- 16 Feb 2009

It is reported that Yenakiyevo Steel Plant is trying to master production of five new steel grades using innovative technology.

YeMZ developed a comprehensive steelmaking and deoxidation program that makes it possible to increase the range of finished products for construction such as reinforcing and round steel bars with diameter of 5.5 millimeter to 12 millimeters. The innovations are introduced within the comprehensive development program of Metinvest Group enterprises.

Technologies are implemented according to the pattern converter ladle furnace continuous casting machine and are used to cast billets on continuous casting machine-1.

Within the chain converter ladle furnace YeMZ has developed a new technological process for low carbon steel grades SAE 1006-1010. It replaces traditionally used aluminium with ferro calcium to deoxidize low-silicon steel. In addition, YeMZ specialists managed to receive the best manganese silicon ratio in the chemical composition of steel to be used for low alloy 25G235Gsteel grades. Ground breaking solutions make it possible to cast billets with an open jet; as the result the plant has reduced production costs without damaging the quality of the output.

Mr Aleksandr Podkorytov CEO of YeMZ said that “National and international mining and metals companies do not practice casting of rimming low carbon steel grades on continuous casting machines with an open jet as it is quite a complicated process. To master new technologies our steelmakers developed optimal alternatives of billet casting. Continuous casting machines are equipped with modern systems allowing to quickly changing metering nozzles, that’s why we can now regulate the casting speed."

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Stimulus plans - AISI praises House passage of bill

- 16 Feb 2009

American Iron & Steel Institute has praised the House passage of the stimulus bill that is aimed at revitalizing America's economy and putting our workers back to work.

The bill totals USD 789 billion and includes both tax cuts and program funding and spending. Key spending items included in the bill and of note to the industry are spending on transportation and infrastructure, including industry supported Buy America language and energy projects, along with a mix of tax cuts.

Mr Thomas J Gibson president & CEO of AISI said that "We thank President Mr Obama for his efforts and Congress on their expedient action to pass this stimulus package, which will help to put Americans back to work and get America’s economy back on track. We are pleased that the bill recognizes the importance of investing in transportation infrastructure projects and energy programs, which will lead to the creation of thousands of jobs in the manufacturing industry. Our industry would also like to thank the Members of the Congressional Steel Caucus for their support of the Buy America provision in the stimulus package, including their vital leadership in hosting a timely House Steel Caucus Hearing in February that attracted national media attention."

Included in the transportation and infrastructure spending in the bill are
1. USD 27.5 billion for highways and bridges
2. USD 8.4 billion for public transportation
3. USD 1.3 billion for aviation
4. USD 9.3 billion for high speed rail and other rail investment
5. USD 22 billion in school construction bonds

Funding for energy programs in the bill totals USD 37.5 billion and includes upgrading the energy grid, research into clean coal technology and USD 6 billion in loan guarantees for renewable energy projects. It includes a 3 year extension of the production tax credit for wind energy. In addition, the bill expands and extends Trade Adjustment Assistance benefits and includes language barring the Bureau of Customs and Border Protection from demanding repayment of duties collected under the Continued Dumping and Subsidy Offset Act on NAFTA goods between 2001 and 2005.

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Ukrainian ferroalloy output to increase in February

- 16 Feb 2009

Ukrainian Journal reported Ukraine plans to increase ferroalloy output in February from the previous month as demand for the commodity has been growing.

The association said that Ukraine’s biggest ferroalloy producer, Nikopol Ferroalloy Plant plans to increase ferroalloy output by 64% on the month to 30,100 tonnes in February up from 18,300 tonnes produced in January.

(Sourced from Ukrainian Journal)

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US Congress introduces Secondary Metal Theft Prevention Act

- 16 Feb 2009

Ms Amy Klobuchar US Senator and US Representative Erik Paulsen have introduced bipartisan federal legislation that addresses metal theft. The bill was introduced on February 12th 2009 in the Senate by Senators Mr Klobuchar and Mr Orrin Hatch. The Secondary Metal Theft Prevention Act of 2009 is aimed at thieves who steal metal from a variety of vulnerable targets and sell it as a scrap for a quick profit.

Ms Klobuchar said that "The vast majority of scrap metal dealers are perfectly legitimate and law abiding. This law is designed to deter the thieves. The harder it is for them to sell the stolen goods, the less likely it is they’ll steal in the first place. This common sense legislation will reduce crime and drug use and address the growing epidemic of metal theft in our area. The thefts of these materials have important economic and homeland security implications and we need to do everything we can to help ensure this problem is solved."

The Klobuchar Paulsen legislation would make it much tougher for thieves to sell stolen metals to scrap metal and other dealers. It contains a "Do Not Buy" provision which bans scrap metal dealers from buying specific items unless sellers establish, by written documentation, that they are authorized to sell the secondary metal in question.

The bill calls for enforcement by the Federal Trade Commission and gives state attorneys general the ability to bring civil action to enforce the provisions of the legislation.

Under the Secondary Metal Theft Prevention Act of 2009, scrap metal dealers would:

1. Be required to keep records of secondary metal purchases, including the name and address of the seller, the transaction date, the amount and description of the metal purchased, and the number from the seller’s driver’s license or other government issued ID card

2. Maintain these records for a minimum of two years and make them available to law enforcement agencies to assist them in tracking down and prosecuting metal thieves

3. Perform transactions of more than $75 by check instead of cash

4. Not pay cash to the same seller within a 48-hour period to dissuade sellers from trying to circumvent the check payment requirement

While acknowledging there is a significant problem with scrap metal theft, Mr Robin Wiener executive director of ISRI said that the bill has a host of provisions that would make it difficult for scrap metal recyclers to survive. He added that "Additionally, the bills would inappropriately attempt to regulate recyclers without any relationship to metal theft. Worse still, the bills are strangely silent regarding the real problem, metal thieves."

(Sourced from www.recyclingtoday.com)

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Two rescue workers killed in coal mine blast in Siberia

- 16 Feb 2009

RIA Novosti reported that two rescue workers were killed on last Saturday in an explosion at a coal mine in southwest Siberia.

An official from the Kemerovo region administration said that a team of rescue workers descended in the Voroshilov mine in the town of Prokopyevsk in the Kuznetsk coal basin or Kuzbass, to investigate the cause of a high concentration of carbon monoxide underground.

The official said that "The accident occurred at about 10:14 AM Moscow time on last Saturday after 172 mine workers were evacuated from the mine following a gas leak warning."

The work at the mine has been suspended until the end of an investigation into the accident.

The Voroshilov mine and other mines in Kuzbass have recently underwent safety inspections following a minor methane gas blast at the Voroshilov mine last June, when 7 miners received burns of varying degrees.

(Sourced from RIA Novosti)

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Top 6 crude Chinese steel producers in 2008

- 16 Feb 2009

Given below are the crude steel output by top 6 Chinese steel groups during 2008.

Steel Makers	2008	2007	Change
Total	500.49	494.90	1.1%
Total of key steel makers	392.09	391.75	0.1%
Shanghai Baosteel Group Co	35.44	35.81	-1.0%
Hebei Iron & Steel Group Co Ltd	33.28	31.08	7.1%
Wuhan Iron & Steel Co Ltd	27.73	25.99	6.7%
AnBen Iron & Steel Group Co Ltd	23.44	23.59	-0.6%
Jiangsu Shagang Group	23.30	22.89	1.8%
Jinan Iron & Steel Group Co Ltd	21.84	23.82	-8.3%

(In million tonnes)

The top 6 steel makers however accounted for only 33% of total Chinese crude steel output in 2008.

Steel Makers	2008	Share
Total	500.49
Total of key steel makers	392.09	78.3%
Shanghai Baosteel Group Co	35.44	7.1%
Hebei Iron & Steel Group Co Ltd	33.28	6.6%
Wuhan Iron & Steel Co Ltd	27.73	5.5%
AnBen Iron & Steel Group Co Ltd	23.44	4.7%
Jiangsu Shagang Group	23.30	4.7%
Jinan Iron & Steel Group Co Ltd	21.84	4.4%

(Sourced from MySteel.net)
Visit www.Mysteel.net for real time access to China steel news!

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ANDRITZ wins EUR 85 million order from Bahru Stainless

- 16 Feb 2009

It is reported that ANDRITZ has received an order worth EUR 85 million from Bahru Stainless SHN BHD in Malaysia for the supply of stainless steel strip processing equipment including acid regeneration. Production is scheduled to start by the end of 2010.

The order comprises a continuous annealing and pickling line for hot-rolled and cold rolled stainless steel strip, a skin pass mill and a mixed acid regeneration plant.

ANDRITZ will supply the mechanical equipment, furnace and pickling section including ancillary equipment, electrical equipment and automation.

With a capacity of approximately 540,000 tonnes per year, the plant will process strip in the thickness range from 0.7mm to 10 mm and up to 1,600mm wide.

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Downsizing deals- TMK IPSCO to lay off 75

- 16 Feb 2009

It is reported that TMK IPSCO will lay off approximately 75 employees.

Mr Rarey VP & chief HR officer at TMK said that "The effected employees were spoken to earlier this week, but they do not really take effect until this weekend."

Mr Rarey attributed this decision to a downturn in the market that the plant supplies. He said that the downturn is caused by the economy and a higher number of imported products.

He said that these layoffs are not the norm for the Camanche plant. He added that "Just as recently as last summer we were hiring at that plant."

Mr Rarey said that the employees at the plant are a talented, experienced work force that truly is a team. It is unfortunate that the layoffs had to occur, but such an event can be expected when the economy has gone as far down as it has.

He added that "The hope is that the market will turn back up and we will be able to recall all of these people."

(Sourced from www.clintonherald.com)

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Production pruning - ArcelorMittal USA operating at 26%

- 16 Feb 2009

Platts quoted Mr Loren Hanson president of United Steelworkers Local Union 1011 as saying that some major ArcelorMittal USA plants are operating at rates as low as 17% to 18% of capacity.

Based on Mr Hanson's table titled "What is happening at other plants" the average operating rate for the 14 listed plants is 46%, but ArcelorMittal's four key flat rolling mills at East Chicago, Burns Harbor, Cleveland and Riverdale, are operating at a combined 26% of capacity.

Mr Hanson reports that both East Chicago West and East Chicago East are operating at 30% of capacity.

Mr Hanson further noted in his table that AM's Burns Harbor mill, with 3,300 employees, was operating at 35% of capacity.

According to the union, operating at 18% of capacity was ArcelorMittal's Riverdale mill which generally ships about 600,000 tonnes per year of HRC.

Mr Hanson also reported that the ArcelorMittal mill in Weirton was operating at 90% capacity. Largely now a roller of tinplate, Weirton's product mix may be benefiting from somewhat stronger demand than other steel sheet products.

(Sourced from www.platts.com)

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Chinese 2009 coal export quota unlikely to exceed 49 million tonnes

- 16 Feb 2009

It is reported that the first batch of Chinese coal export quota for 2009 covering 26 million tonnes has been released in last December end including 10.7 million tonnes for China Shenhua Group and China National Coal Group each, 2.65 million tonnes for Shanxi Coal Import & Export Group and 1.95 million tonnes for China Minmetals.

According to the exporter, railway transportation capacity of 49 million tonnes has been allocated to coal exports hence total quota in 2009 will not stay far away from this figure. Several insiders have agreed China's coal imports and exports will remain basically balanced in 2009.

An official from China Minmetals on February 10th said the first batch of quota was published earlier than expectation. By convention the first batch should be made public in Mar since in January and February exporters will exhaust the remaining quota in last year. However, the second batch of export quota released in last November would be invalid in 2009, thus Beijing issued quota of 26 million tonnes for 2009 ahead of schedule.

The official said the early release will help enterprises to arrange export plans. In view of gloomy domestic coal market, National Development and Reform Commission may relax control on coal exports than last year when the issue of the second batch of quota was postponed to November from July and August so as to ensure domestic supply.

Mr Huang Teng GM of Beijing Changmao Consulting Co Ltd who once spent years in China National Coal Group said the adjustment of issue date is not a green light for coal exports. This is only for the convenience of the statistics and the control of actual export volumes in every year. He said that by convention China would issue the quota in two batches, with the first batch accounting for 60% of the year's total quota, which would be in line with the actual export volume in a year earlier. China exported 45.43 million tonnes of coal last year, hence Huang forecasted total quota for 2009 would be approximately 45 million tonnes.”

Mr Huang said given domestic oversupply, the second batch of quota will come out in July or August. It is unlikely to be postponed dramatically.

The issue date and the volume of the second batch are still unknown, according to the above-mentioned coal exporter. NDRC may handle the second batch in the middle of this year according to the utilization of the first batch. Supply and demand relationship as well as price at that time will decide coal export situation in the second half. It is almost uncontested that domestic coal market will witness an oversupply in 2009.

Mr Huang Qing board secretary of Shenhua Group has asserted that China's coal industry would maintain loose balance in this year. Spot price will keep falling in the first quarter and then rise along with reviving economy due to the CNY 4 trillion bailout package.

Mr Huang Teng said coal output in this year may increase 2%-3% from last year's 2.716 billion tonnes. Given stagnant power and steel industries domestic coal market might report a 100-million tonnes surplus. He noted this would boost the momentum for exports. "Export volume of less than 50 million tonnes is acceptable."

According to Mr Wang Shuai an analyst with Oriental Securities, there are still uncertainties in coal supply in 2009. The effect of the 4 trillion bailout package will emerge in the second half of this year. Mr Wang believed the government would remain cautious towards coal exports before the market turns clear. Actual coal export volume will not exceed that in last year unless domestic coal market is extremely weak."

As six major power groups fail to reach an agreement with domestic coal enterprises, China is expected to increase coal imports this year. In fact the six power groups are busy preparing for the first international power coal ordering meeting in anticipation of getting cheaper coal from international market. However, Mr Huang Teng pointed out this is not a long-term measure. Once China starts bulk coal imports, coal price in international market will consequently rise and the price gap will narrow. By that time coal consuming enterprises may turn back for domestic spot coal."

China's coal imports and exports have maintained relative balance in recent years. The country imported 51.02 million tonnes with net exports of 2.16 million tons in 2007. Figures in 2008 recorded 40.4 million and 5.03 million respectively. Wang Shuai disclosed that annual coal trade volume worldwide stays at approximately 800 million tonnes, and tens of millions of coal can easily influence international coal price.

(Source: 21st Century Business Herald)

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Stimulus plans - Congress criticized for Buy American clause

- 16 Feb 2009

Reuters reported that leading US business groups criticized Congress for including a 'Buy American' requirement in its USD 787 billion economic stimulus package, warning it would dilute the bill's impact and invite other countries to keep American goods out of their stimulus programs.

Mr Gary Shapiro president of Consumer Electronics Association said that "The Buy American provisions will signal to our trading partners around the world that the United States is returning to the bad old days of protectionism and economic nationalism."

It also requires that it be done in a manner consistent with US trade pacts giving Canada, the European Union, Japan and a short list of other trading partners some comfort they could share in the expanded US public works market created by the stimulus bill. US steel companies and many small to medium sized manufacturers lobbied hard for the measure in the face of strong opposition from other business groups.

Mr Pete Visclosky representative of Congressional Steel Caucus said that "The provision ensures that the economic stimulus efforts will have a broad impact that includes our steel and manufacturing sectors."

Opponents argue that the Buy American measure allows the cost of a project to be increased by as much as 25% over what it would be if imported materials were allowed. They also predict it will delay the start of projects because of the need for regulations to be drafted to ensure companies are complying with the requirements.

Mr Cal Cohen president of Emergency Committee for American Trade said that "The new Buy America provisions are a missed opportunity to re energize the US economy in a cost efficient and timely fashion."

Mr Ed Gresser director of the Progressive Policy Institute's trade project said that "The president personally said the basic principle of policy here is, don't launch into a trade war and do not violate our commitments under existing agreements. And that's actually kind of a major precedent. I have sympathy for the idea that we need to very pure and set the highest example we can. But the really important thing for me is to honor the obligations we have. And that's a principle, having been said once, that will probably carry on into the future."

(Sourced from www.reuters.com)

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Production pruning - Hernic to keep ferrochrome furnaces shut

- 16 Feb 2009

Bloomberg reported that Mitsubishi Corporation's Hernic Ferrochrome Limited, which shut the last of its four furnaces in January 2009, will keep the plants closed in the second quarter if the stainless steel raw material's price drops further.

Mr Jasper Pieters operations director at Hernic Ferrochrome said that while Hernic has yet to cut jobs, it may be forced to do so. Hernic, which can produce about 380,000 tonnes of ferrochrome annually, has 550 permanent employees and 2,000 contract workers.

Hernic and bigger rivals Samancor Chrome Limited and Xstrata Plc have idled plants because of plummeting demand for the material, of which South Africa is the main producer. Contract prices for ferrochrome fell 57% to 79 US cents a pound for the first quarter and may slide another 5 cents in the second quarter.

Mr Pieters said that "The longer this goes on, the more difficult it gets. We are not going to produce if we are going to drain our cash flow."

Hernic's furnaces can consume 200 MWs of power in total when fully operational.

(Sourced from www.bloomberg.net)

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Readymade information to help you expand your reach in India

- 16 Feb 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 Mail (Wherever available)
6. URL (Wherever available)
They are delivered in PDF format through e mail

The list of such directories is as under

Sl	Name	Month	USD	Entries	E mails
1	Indian Steel Makers	8-Feb	1250	723	446
2	Stainless Steel Manufacturers in India	8-Mar	350	55	55
3	Electrical Steel Users in India	8-May	800	431	300
4	Tin Plate Users in India	8-May	625	147	90
5	Autopart Manufacturers in India	8-May	625	431	403
6	Cement Manufacturers in India	8-Aug	200	186	157
7	Machine Tool Manufacturers in India	8-Aug	600	389	381
8	Transport Companies in India	8-Aug	350	176	130
9	Refractory Manufacturers in India	8-Aug	350	74	68
10	Tube and Pipe makers in India	8-Aug	350	208	129
11	Overseas Scrap Suppliers to India	8-Sep	500	1191	1074
12	Indian Marine Industry	8-Oct	150	49	35
13	Forging Industry in India	8-Oct	350	121	82
14	Indian Galvanizers	8-Nov	350	203	150
15	Induction Furnace based steelmakers	8-Nov	300	399	283
16	Indian Ferroalloy Producers	8-Nov	250	60	60
17	Alloy steel Manufacturers in India	8-Dec	250	56	50
18	Wire Drawing Manufacturers in India	9-Jan	200	70	59
19	Mining Industry in India	9-Jan	350	162	141
20	Steel Pipe Makers in China	16-Dec	500	1208	1193
21	Fastners Units in India	25-Jan	250	274	157
22	Re-Rolling Industry in India	29-Jan	300	825	113
23	Construction Companies in India	8 Aug	950	1000	749
24	White and Yellow Goods	2-Jan	150	107	46
25	Stainless steel supply Chain in China	8-Jul	800	246	246

Pl visit http://www.steelguru.com/reports/list.html or send a mail to reports@steelguru.com for further information

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Monday Market Monitor - Middle East (WEEK 7) - Market static

- 16 Feb 2009

The domestic prices of various steel products in MEA remained static during last week after a huge fall in the week before.

Class	05-Feb	12-Feb	Change
MLPPI	4074	4074	0
MFPPI	5964	5964	0
MEDSPI	4647	4647	0

MLPPI - Middle East Long Product Price Index
MFPPI - Middle East Flat Product Price Index
MEASPI - Middle East Steel Price Index

Long products

Category	05-Feb	12-Feb	Change
PI – Rebar	3501	3501	0
PI - WRC	4126	4126	0
PI - Angle	5004	5004	0
PI – Structural	4941	4941	0
PI – HEA	5759	5759	0

Flat Products

Category	05-Feb	12-Feb	Change
PI - Narrow Plates	5773	5773	0
PI - Wide Plates	7887	7887	0
PI - Hot Rolled	4970	4970	0
PI - Cold Rolled	5565	5565	0
PI - Galvanized	5467	5467	0

To know more about these indices please visit
http://steelprices-middleeast.com/spi_services/spi.html

To keep tab on steel prices in Middle East on daily basis, subscribe to services of www.steelprices-middleeast.com by registering or sending a mail to admin@steelprices-middleeast.com. Please note that this is a paid service.

(Sourced from www.steelprices-middleeast.com)

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Update on thermal coal deals

- 16 Feb 2009

It is reported that a spot deal of 75,000 tonnes for delivery in November 2009 was finalized last week at the South Africa at USD 74.50 FOB. At the same market, a similar spot deal of 75,000 tonnes for delivery in March 2009 was settled at USD 75 fob.

Also in February 13th 2009, a spot deal of 15,000 tonnes for delivery in March 2009 was realized on February 11th 2009 at the Australian thermal coal market by loading at Newcastle globalCOAL at USD 79.25 fob.

8 deals of 15,000 tonnes each were settled in the price bracket of USD 79 to USD 82.50 fob for delivery in March 2009 with three deals, in April 2009 with two deals and in May 2009, three deals.

(Sourced from Tex Reports)

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USD 200 million steel plant to come up in Massena

- 16 Feb 2009

Watertown Daily Times reported that a steel company will locate a USD 200 million plant with 200 permanent jobs in Massena, but only if it can get 35 MWs of low cost power from the New York Power Authority.

Mr John P Correnti chairman & CEO of Steel Development Co LLC said that "Everything else could be perfect. You could have thousands of acres of free land, free gasoline, free labor, tax abatements for 30 years, but if the power rate is not right and the availability is not there, it's not happening."

Mr Correnti said that 35 MWs is the minimum amount of electricity the company needs to operate the mill. The mill would annually produce 350,000 tonnes of rebar, steel rods used to reinforce concrete, from recycled iron. He added that the company has applied for that much power from NYPA's Preservation Power & Expansion Power programs.

Mr Michael A Saltzman spokesman of NYPA said that under state law, expansion power is available only to Western New York industries. He added that "The 12 MWs would become available when GM closes that facility. There are limited amounts of St. Lawrence-FDR power available outside of preservation power."

Mr Correnti said that the company is also considering a Western New York location, in addition to sites in Arkansas, Missouri, Texas and the Carolinas. He added that "The local community up there really wants the jobs, and I think they are doing everything they can, but it comes down to where we can find the power."

(Sourced from www.watertowndailytimes.com)

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Indonesia to merge public mining companies by Q3 2009

- 16 Feb 2009

The Jakarta Post reported that the Indonesia government has vowed to establish a holding company of state mining firms before the present administration ends its term on October 20th 2009.

Mr Sahala Rajagukguk, deputy state minister for Indonesia enterprises said that "The holding company will be established this year, it's just a matter of paperwork."

He added that the holding company, which would be named Indonesia Resources Company, would be fully up and running at the beginning of the third quarter of 2009, before the current administration ends its tenure.

He also said that the holding company would manage gold producer PT Aneka Tambang, tin producer PT Timah and coal producer PT Tambang Batubara Bukit Asam, plus manage minority ownership in gold producer PT Freeport and aluminum producer PT Indonesia Asahan Aluminium.

The merging of the three companies, he said, was relatively easy to do since all three were already governed using international best practices, which the companies adopted when they first went public.

The merger of the three publicly listed companies is expected to create a global player in mining with a total market capitalization of USD 10 billion.

(Sourced from Jakarta Post)

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GCC oil income may hit USD 4.7 trillion by 2020

- 16 Feb 2009

Ernst & Young said at its Global Mega trends 2009 report that at the OPEC targeted floor price of USD 50 per barrel, GCC states will cumulatively earn USD 4.7 trillion by 2020. This will be 2.5 times their oil earnings over the last 14 years.

The report noted that Middle East economies are predicted to be a real growth story for the next few years, even as the region has not been immune to the effects of the global downturn.

Mr Phil Gandier, analyst at Ernst & Young Middle East said that "Regional economies are well placed to capitalize on opportunities emerging from the crisis, despite the fact that there are some concerns over issues related to the tightening of the credit markets and softening of property prices.”

He added that "These increased earnings will allow GCC economies to buy additional assets globally or finance local infrastructure developments. Their relatively moderate regulation and tax regimes will be even bigger attractions as European and US business environments tighten under the pressure of the ongoing global recession."

The study indicates that the global economic landscape is changing and emerging markets are playing an increasingly significant role. Economic power is moving from developed to emerging economies, from west to east and north to south.

Emerging economies accounted for 44 per cent of global GDP in 2007. While projected GDP growth rates for major developed markets this year are now predicted to lie between 0.2% and 0.5%, emerging markets are expected to grow at 6.1% on average, with China 9.3% and India 6.9% performing even better.

(Source from Gulf Daily News)

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