Nieuws en info hier plaatsen (deel 4)

1. voda 6 maart 2015 16:08

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   South Korea automakers pressuring steel mills to lower prices
   
   South Korea’s POSCO and Hyundai Steel are in a tug of war with carmakers seeking to lower the price of automotive steel sheets, adding more pressure to the steel manufacturers’ prolonged slump.
   
   Hyundai Motor and Kia Motors are reportedly pushing POSCO and Hyundai Steel to mark down steel plate prices by KRW 70,000 per tonne this year. The move comes less than a year after the steel firms cut prices by KRW 130,000 to KRW 140,000 per tonne.
   
   Mr Jang Young shik spokesman of Hyundai Steel said that “It is true that the company’s sales department is currently in talks with carmakers, but we cannot reveal the details.”
   
   Mr Kim Sang young spokesperson of POSCO said that “The Company cannot confirm the price information due to confidentiality reasons.”
   
   Car manufacturers claim that POSCO and Hyundai Steel should slash the prices of steel products due to lowered costs of raw materials such as iron ore. Iron ore prices have collapsed about 50 percent in the past year to sit at about USD 60 per tonne.
   
   The steel industry, however, argues iron ore trade deals were made in the past over the long term, so the international price and actual price may vary. The price cuts are likely to hurt the steelmakers’ earnings this year, further deepening their worries with the industry’s lackluster performance.
   
   POSCO’s net profit tumbled 58.9% to KRW 557 billion last year compared with the previous year. Hyundai Steel posted a 10.1% increase in its net income to KRW 751 billion over the same period, largely spurred by the takeover of its affiliate Hyundai Hysco’s core business.
   
   Source – Korea Herald
   
2. voda 6 maart 2015 16:09

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   Chinese local authority shuts steel mills in pollution fight
   
   Reuters reported that local authorities in China have closed a number of steel mills after they failed to meet environmental standards, as the central government toughens its fight against pollution.
   
   Premier Mr Li Keqiang said that his government would do everything it could to fight pollution, which has become a lightning rod for public discontent. There was no official estimate on how much production was affected by the mill closures in the eastern province of Shandong but the news sent Dalian iron ore futures slumping 4% amid fears the crackdown would spread to other mills, potentially cutting demand for the steel-making commodity.
   
   China's vast steel sector is at the centre of the government's war on pollution. But complying with stricter standards would raise production costs and producers are similarly hit by tepid demand.
   
   Inspectors from the Ministry of Environmental Protection last week summoned mayors from the cities of Linyi, and Chengde in the northern province of Hebei, urging them to crack down on firms that have violated environmental laws.
   
   An official with Linyi Yuansheng Casting Company Limited said that almost all the steel-making production in Linyi has closed, and there is no date for when to resume production.
   
   Analysts estimate the annual crude steel capacity in Linyi at about 7 tonne to 8 million tonnes. China's total annual steel capacity is between 1.1 billion and 1.2 billion tonnes.
   
   Mr Cheng Xubao, an analyst with industry consultancy Custeel said that "Beijing's battle against pollution will increase costs for steel mills and force those uncompetitive ones to go bust eventually.”
   
   Source – Reuters
   
3. voda 6 maart 2015 16:13

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   Port Hedland iron ore exports to China up in Feb
   
   Reuters reported that exports of iron ore to China through Australia's Port Hedland terminal rose 0.3% in February from January though the month had fewer shipping days.
   
   According to Pilbara Ports Authority, shipments to China from Port Hedland, which handles about a fifth of the world's seaborne trade in iron ore increased marginally MoM to 30.25 million from 30.15 million.
   
   With February having only 28 days, tonnes shipped per day rose to 1.08 million from 0.97 million in January. Shipments to China were 42% higher than in February last year as mining companies using the port expanded production.
   
   Overall shipments of iron ore amounted to 35.7 million tonnes in February versus 36.8 million tonnes in January and 37.1 million in December.
   
   BHP Billiton and Fortescue Metals Group ship from Port Hedland. Rio Tinto uses two ports in the Pilbara iron ore belt, Dampier and Cape Lambert.
   
   Source - Reuters
   
   
   
4. voda 6 maart 2015 16:14

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   Ukraine steel output down 29pct so far in 2015
   
   Reuters reported that steel production in Ukraine, hit by a separatist conflict in the east, fell by 29% to 3.46 million tonnes in the first two months of 2015 compared with the same period last year.
   
   Producers' union Metalurgprom gave no reason for the fall but some major Ukrainian steel mills located in the eastern provinces of Donetsk and Luhansk suspended production due to fighting there between pro Russian separatists and government forces.
   
   Metalurgprom said that pig iron output fell by 31% to 3.15 million tonnes, while rolled steel production fell by 30% to 3.06 million tonnes. In 2014, Ukrainian steel plants reduced annual steel production by 17% to 27.16 million tonnes.
   
   Source – Reuters
   
5. voda 6 maart 2015 16:15

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   Saudi Arabia sovereign fund to invest in POSCO E&C
   
   Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction. The deal is included in a comprehensive partnership agreed between PIF and POSCO.
   
   Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Mr Park Geun hye’s visit to Saudi Arabia with leaders of South Korean businesses.
   
   The deal is valued at around KRW 1.5 trillion as there is speculation that the steelmaker is seeking to sell 40% stake in its construction arm to raise funds to improve its financial health.
   
   The partnership with the state run fund will reach out to other sectors beyond the construction sector, including the automotive, energy and information and communications technology. Both firms had similar understandings to prepare for the post oil era.
   
   For partnership in the auto sector, Daewoo International, a trading subsidiary of POSCO, agreed with PIF to invest KRW 60 billion to acquire 15% stake in Saudi Arabia’s state run carmaker that will be established in the near future. If the deal is realized, POSCO will be the third largest shareholder in the car company.
   
   POSCO officials said that the project is part of the MOU but nothing has been confirmed as of yet. If the deal proceeds as planned, POSCO expects to improve its financial soundness and secure new growth engines from the construction and automobile segments.
   
   Source – Korea Herald
   
6. voda 6 maart 2015 16:16

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   Fortescue seeks to extend AUD 4.9 billion debt as iron ore slumps
   
   Bloomberg reported that Fortescue Metals Group Limited is seeking to extend the maturity on AUD 4.9 billion of debt beyond 2021 as the plunge in raw material prices curbs profits.
   
   The Perth based producer will begin a new AUD 2.5 billion debt issue and has made an offer to holders of notes due to mature between 2017 and 2019 to tender them for repurchase, subject to a cap on 2019 notes.
   
   Mr Nev Power CEO of FMG said that “The refinancing will extend Fortescue’s debt maturity profile while maintaining flexibility and minimizing interest cost. This initiative complements the great work done in reducing costs and improving productivity and efficiency.”
   
   Fortescue, which has already lowered spending plans by half and reduced staff, is targeting additional savings as iron ore has declined 47 percent in the past year. Net income fell 81% in the six months ended December 31 to AUD 331 million.
   
   Source – Bloomberg
   
7. voda 6 maart 2015 16:17

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   Mr Pierre Lapointe becomes president and CEO of ArcelorMittal Mining Canada GP
   
   Mr Pierre Lapointe is appointed President and CEO of ArcelorMittal Mining Canada GP, effective March 1st 2015. He also becomes Head of the Management Committee of ArcelorMittal Infrastructure Canada GP Mr Pierre reports to Kleber Silva, Executive Vice President of ArcelorMittal and Global Head of Iron Ore.
   
   Mr Pierre joined ArcelorMittal in 2012 as General Manager, Head of Operational Excellence for ArcelorMittal Mining Canada and was until recently Vice President and Chief Technology Officer.
   
   Mr Lapointe has more than 20 years of experience in the aluminium and mining industries, from the start up of new operations to their integrated management. Over the years, he has held various positions in operations management and operational excellence. Beginning in 2006, as Manager, Centre of Excellence, he structured the sharing of best management and operations practices for all of Alcoa Primary Metal's worldwide sites.
   
   In 2008, Mr Pierre became General Manager of the Deschambault Smelter, Quebec, seat of Alcoa Primary Metal's Centre of Excellence. In 2010, he was named President and CEO of Becancour Smelter, a joint venture between Alcoa and Rio Tinto Alcan.
   
   Mr Pierre holds a Master of Business Administration (MBA) degree from the University of Sherbrooke and a bachelor's degree in mechanical engineering from the same university.
   
   Source – Strategic Research Institute
8. voda 6 maart 2015 16:19

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   Chinese steel market remains in negative trend post holidays
   
   Global steel sector, whose health depends a lot on trends in China, has been watching the post vacation steel price movement in Chinese domestic market. But the prayers for recovery seem unanswered as the steel prices remain in negative spiral posing threat of cheaper export levels in coming times although Chinese steel mills are attempting hike of USD10-15
   
   The misery in Chinese steel sector is unlikely to vanish as the negative trends were seen during last 7 days after Chinese market reopened on last Wednesday. Domestic prices of semis, long products and flat products posted WoW losses at most places setting the post-holiday tone
   
   High inventory levels with steel mills coupled with subdued steel demand due to severe winter in North China are continuing to exert downward pressure on steel prices as the activity is resuming.
   
   It is expected that the construction activity will pick up in coming weeks giving boost to steel demand. But the overcapacity hang is likely to prevent any serious recovery in steel prices
   
   Source - Strategic Research Institute
9. voda 6 maart 2015 16:20

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   UK Steel issues safety warning on Chinese imports
   
   UK Steel, the trade body for the UK steel industry, has issued a further safety warning about the use of Chinese steel.
   
   Mr Ian Rodgers director of UK Steel said that “For the last few months it has become increasingly clear that some imported steel plates and sections from China are being supplied into the UK market which are not fully compliant with the requirements of the relevant standard.
   
   The EU specification for structural steel explicitly states that it applies only to non alloy steels. To qualify as non alloy a steel must comply with strict limits on the quantity of other metallic elements it contains. This non alloy classification among other things, ensures that the steel is readily weldable without the need to apply any special welding parameters. However instances have been reported of Chinese steel containing elevated levels of elements such as boron and chromium.
   
   Chinese producers add these elements in order to qualify the steel as alloy because alloy steel exports benefit from a tax rebate. However alloy steel plates and sections do not comply with the European standard for structural steel.
   
   More importantly, these alloy additions can significantly affect the steel when being welded. Additions at these levels can cause the steel to crack on welding, a problem which may not show up until 48 hours later. A similar problem can arise with copper alloyed steel. Again, Chinese imports have been discovered with elevated levels of copper.
   
   Mr Rodgers said that “It is imperative that structural steel plates and sections with elevated alloy levels are treated with great care and where possible avoided totally for applications where welding is required, as there is a heightened risk of catastrophic failure. Our advice is that customers should carefully check the alloy content of Chinese structural steel before processing it.”
   
   Source - The Manufacturer
   
10. voda 7 maart 2015 15:53

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    China environment is caught in a steel trap
    
    Business Spectator reported that one of the hottest topics for discussion is China’s pollution problem. An anti smog documentary film named Under the Dome has been viewed more than 100 million times since last Friday night has galvanised public opinion. Citizens are demanding action from the government to clean up China’s toxic air, soil and water.
    
    The challenge is formidable. The debate about the environment goes to the heart of China’s current development dilemma. Do you want to have blue skies or GDP growth? For the past three decades, the government, the business and citizens have opted for economic growth. Environmental costs have been ignored.
    
    Officials get promoted for building more factories and churning out more steel. Businesses dump toxic waste into rivers without ever turning on their expensive waste treatment equipment. Citizens have learned to just cop it.
    
    If you want to understand why it is so hard to tackle the pollution problem in China, you need to look no further than the country’s steel industry. It is by far the largest producer and consumer in the world. The production capacity of just one province Hebei is larger than the combined output of Japan and South Korea. In 2014, Hebei produced 185 million tonnes of steel.
    
    Many of these steel mills sprung up during the heyday of China’s industrialisation. A lot of them were built without official approvals let alone any environmental impact assessment.
    
    Mr Xiong Yaohui, the director general of technical standards at the Ministry of Environmental Protection said that 60% of steel mills were built without environmental approvals. We don’t want to touch these illegal operations. How can we shut them down? 10 million tonnes of steel equals 100,000 jobs. Hebei steel has reached a point where it is impossible to get rid of it.
    
    What he said goes to the heart of the problem. How do you convince local governments to shut down steel mills that they rely on for creating jobs and generating much needed revenue? Beijing has been trying to slim down the industry for years without much success.
    
    In fact, the industry has been growing rapidly despite a government clampdown and razor thin profits. Consider this: the profit margin for the whole industry last year was only 0.9% the lowest among all industrial sectors in China. And yet the industry invested another CNY 64.8 billion in new capacity. 2037 new projects started construction last year, according to the Ministry of Industry and Information Technology.
    
    Source – Business Spectator
11. voda 8 maart 2015 14:30

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    India wants early scrapping of US penal duties on HR steel
    
    Business Line reported that India has indicated to the US that it should remove restrictions on imports of its hot-rolled steel products at the earliest in line with a recent ruling of the World Trade Organisation, so that domestic companies can start exporting again.
    
    New Delhi has informed Washington that while it is willing to give it the maximum period of 15 months allowed by the WTO to change its legislation in line with the WTO ruling, it should not ask for more time to implement the new rules.
    
    A Commerce Ministry official said that companies such as Essar, Tata Steel and Jindal, which had stopped exporting to the US because of the steep penal duties, as high as 577% in some cases, could regain their foothold in the market once these duties are removed.
    
    A Commerce Ministry official said that “We want the US to simultaneously work on implementation of the changed rules and removal of penal duties wherever required. This will ensure that at the end of 15 months, the US will not take more time to decide how the new rules should be applied on the ground.”
    
    The WTO, late last year, had ruled against the US’ imposition of countervailing duties (anti-subsidy duties) on hot-rolled steel products from India.
    
    It said that the US’ practice of ‘cumulation’ or addition of subsidised and dumped (exports at prices lower than those prevailing in the domestic market of the seller) imports while calculating the injury suffered due to subsidised imports alone was faulty.
    
    It also ruled that state-owned enterprises such as NMDC cannot be categorised as a public body on the grounds that it did not have governmental authority or discharged governmental function.
    
    Source – Business Line
    
12. voda 8 maart 2015 14:33

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    No scope for further cuts in iron ore prices - NMDC
    
    India’s biggest iron ore miner NMDC sees no scope for further reduction of its ore prices when it revises the rates for April, even as globally the ore prices tumbled to a six-year low this week.
    
    If anything, the miner feels that domestic ore prices will only firm up from the next month, signalling that it may not be able to accommodate the demand of the steel industry for further reduction in prices anymore.
    
    For the current month, the miner had slashed its rates by 11% to 13%, reducing the prices by INR 300 per tonne for lumps and INR 500 per tonne for fines to INR 3,250 and INR 2,460 a tonne respectively, in tune with the plunge in the global prices of the ore and frail domestic demand.
    
    Last month too, the miner had bowed to the pressures from the steel industry, cutting the rates by INR 450 and INR 300 a tonne for lumps and fines respectively.
    
    Apart from the steady fall in global prices of the ore in the last six months, the tepid demand of this raw material from the domestic steel industry, which is saddled with relatively higher inventory levels, had prompted NMDC to cut prices in December, February and March.
    
    Mr Narendra Kothari CMD of NMDC did not think that there would be another round of price cut next month, as demand is likely to rise in the coming months.
    
    Mr Kothari said that “As things stand today, the (ore) prices could only firm up from April.”
    
    Source – Business Line
    
13. voda 8 maart 2015 14:38

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    EU to impose duties on CR stainless steel from China and Taiwan
    
    According to two sources familiar with a European Commission proposal, the European Union will impose anti dumping duties later this month on imports of stainless steel cold rolled sheet from China and Taiwan.
    
    The EC plans to set tariffs of about 25% for imports from China and of about 12% for Taiwanese product, following a complaint lodged in May 2014 by the European steel producers association, Eurofer.
    
    The EC will present its proposal to EU member states next week and by March 26 will put in place the duties, which are provisional pending the outcome of an investigation due to end in September.
    
    Eurofer said that China and Taiwan shipped EUR 620 million worth of cold rolled stainless steel into the EU in 2013, some 17% of the overall market, and were guilty of dumping, or selling at unfairly low prices. A parallel investigation into alleged illegal subsidies for Chinese producers is also due to end in September.
    
    Europe's largest stainless steel producers are Acerinox, Outokumpu and Aperam. Chinese and Taiwanese producers include Shanxi Taigang Stainless Steel Company, Baosteel and Yusco.
    
    The EC, prompted by Eurofer, is also investigating alleged dumping of grain-oriented flat-rolled electrical steel, typically used in transformers, by producers in China, South Korea, Japan, Russia and the US.
    
    Eurofer is also seeking to prolong existing duties on Chinese imports of wire rod. Despite a lower euro and a slow pick up of European demand, European producers were still confronted with a massive increase of imports from Asia, and from China in particular.
    
    Eurofer said that total Chinese steel exports rose to a historic peak of 93 million tonnes in 2014 equivalent to 60 per cent of total EU steel consumption. Chinese steel exports to the EU increased to 4.5 million tonnes last year from 1.2 million tonnes in 2009.
    
    Eurofer believed the large expansion of China's steel industry does not reflect cost advantages but is based on state-owned enterprises raising capital on preferential terms, as well as other forms of subsidy. China's exports include not just basic products, such as hot rolled steel but also high end coated sheets.
    
    Source – Reuters
    
14. voda 8 maart 2015 14:40

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    Italy saw heavy fight between mills buyers and scrap suppliers
    
    The slump of iron ore and crude oil prices (followed by other commodities) has influenced the BRICS economies in different ways. Some of them like India, but also South Korea and Taiwan, are maintaining a high growth rate, taking advantage of the low prices of raw materials and energies. Others, like Russia, Brazil and South Africa are suffering for the fast and heavy cut on the value of their main export flows. And finally there is China, today near to a possible hard landing, due to the sudden cooling of the real economy.
    
    The steel makers are involved in this scenario in different ways. There is better demand in India and another few countries, where however several barriers are conditioning the fair and free trading of among others the metallic raw materials, but also a lower steel consumption in the other BRICS.
    
    China, the main steel producer, user and exporter, is showing some difficulties in the domestic growth with the result of some cuts in the steel production capacity. The USA, which are rewarded by the strong job done by the Federal Reserve, are increasing their steel production and consumption (always protected by the Buy American act), while in Europe the first positive but fragile signals of recovery are driving the steel production towards a slow increase.
    
    At the beginning of February, Italy saw a heavy fight between the mills buyers and the scrap suppliers. The buyers’ will, to reduce their purchase prices following the international market trend, collided with the South Europe dealers’ lower scrap availability and the better demand of some domestic and German mills. At least the domestic prices moved down 5€ twice in two weeks while the monthly contract from the European suppliers was settled with EUR 5/15 reductions, depending on the grade and on the end-user. It means that these prices do not follow the fall of the Turkish mills purchase prices in USD, even if the gap is now reduced at about EUR 15 assuming the EUR/USD rate.
    
    It is important to point out that the lower scrap collection is due not only to the winter conditions, but also to the reduced generation, especially for the low grades. Stefana, Lucchini Piombino and Ilva Taranto are always out of the market. The deliveries to the mills are still late from the foreign suppliers, due to several disruptions of the railway services. The arrivals at the Italian ports have been abt 32 Kt for scrap, abt 125 Kt for pig iron and abt 48 Kt for HBI. At the end of the month the inventories of some mills are well recovered, but others are short.
    
    The forecast for March is oriented towards further prices reductions to balance the international prices. Some better signals in the economies and steel demand, the coming end of the winter, some bounces in the Turkish steel and scrap prices will soften this trend.
    
    Today the Italian Parliament passed the legislation over the new Ilva, making available more than two billion Euro for the cleaning up operations and for revamping the company production and profit margin, before the future sale to a new buyer (within 36 months). Several suppliers of the old Ilva are still fighting to get their money, making the day by day activity at the Taranto, Genoa and Novi plants difficult.
    
    The general maintenance of the blast furnace n 5 (scheduled in the next weeks) and the delayed revamping of the BF1 are reducing the steel production at a foreseen output of 10/11 kton per day, instead of the current 16 Kton. It means that less metallic raw materials is needed, a temporary standby of about 5.000 workers and more space for the coils import in our Country.
    
    Source – Recycling Portal
    
15. voda 8 maart 2015 14:43

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    ILVA decree to clear EC scrutiny
    
    ANSA reported Mr Gian Luca Galletti environment minister of Italy did not expect the European Commission to balk at Italian measures passed this week to save the insolvent and pollution-plagued ILVA steel plant in southern Italy. A decree rescuing the ILVA plant at Taranto in Puglia was converted into law by the House Tuesday with 284 ayes, 126 nays and 50 abstentions.
    
    Mr Galletti said that "I expect there won't be any findings on the part of the European Commission. We have done everything in line with European rules so that ILVA can return to being a leading company in the (steel) sector, with a very high environmental standard."
    
    Mr Gian Luca Galletti on the sidelines of a meeting of EU environmental ministers taking place in Brussels. We maintain that (the measures) can not be construed as state aid.
    
    Mr Gallati reiterated the will to respect guidelines communicated in the past by the European Commission. We have made a highly detailed environmental plan. The document presented in Brussels calls for all the requirements to be carried out by August 2016.
    
    The ILVA decree saiud that that 80% of the requirements must be done by August 2015, while the other 20% must respect the date established of August 2016. Last month the cash strapped steel manufacturer got 400 million euros in State backed loans from the national government's Cassa Depositi e Prestiti.
    
    The cabinet also approved EUR 260 million bridge loan. Extraordinary commissioners are now managing ILVA as the troubled plant goes through a massive environmental cleanup and financial turnaround project.
    
    ILVA also recently agreed with unions to make 4,074 instead of 4,459 workers redundant as of March 2. Those workers will remain on the books another 12 months under so-called solidarity contracts, or subsidised short time working schemes.
    
    Source – ANSA
    
16. voda 8 maart 2015 14:44

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    China steel industry reform needs govt support - Anshan Steel
    
    Reuters reported that Chinese steelmakers are facing more headwinds this year as economic growth slows and need government support to tackle long term overcapacity, the chairman of Anshan Iron & Steel Group said.
    
    China's steel sector has been struggling with tepid growth in demand, increasing environmental protection costs and persistent overcapacity, forcing many uncompetitive producers to have closed since last year.
    
    Mr Zhang Guangning, chairman of Anshan Steel Group said that "The government should strengthen the elimination of outdated capacities, and particularly those enterprises that have failed to meet environmental standards in terms of the new environment law."
    
    However, local Chinese authorities have always been desperate to strike a balance between shutting down outdated steel mills to address overcapacity and shielding themselves from surging unemployment and shrinking tax revenue. China's total annual steel capacity is between 1.1 billion and 1.2 billion tonnes.
    
    Mr Zhang said that "There are three issues to be solved for the shutdown: how to settle (unemployed) workers, how to deal with debt and they also need capital for restructuring and upgrading. The government to cut taxes for domestic miners as the tax duty has resulted in high-cost miners being unable to compete with top global miners.”
    
    He said that "If the taxes are not cut, Chinese domestic miners will have to shut down, which will cause unemployment and bank debt, and the crucial thing is the big three miners will further monopolise the market after squeezing out others, which will be very serious to the steel industry."
    
    Source - Reuters
    
17. voda 8 maart 2015 14:46

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    Gladstone's USD 6 billion steel plant progressed
    
    Plans for Gladstone's USD 6 billion steel plant have progressed, with a group of Malaysian investors actively seeking foreign investment approval from the Federal Government.
    
    Despite being one of the biggest proposed projects in the state, Euroa Steel Plant Project did not get a mention in the Queensland Major Contractors Association and Construction Skills Queensland report released this week.
    
    Mr David Simpson CEO of Gladstone said that if the investors were approved, construction is on track to begin next year just two months behind schedule. The company's environmental impact study is in its final stages. But the company still needs to start negotiations with the new State Government to gain access to the land in Yarwun to conduct soil testing.
    
    Mr Simpson said that "We want to line everything up to ensure it's more tangible, so that people can have confidence that the project is really happening. Our original aim was to have all of this year (2015) planning to commence construction in 2016. As soon as we get Foreign Investment Review Board approval the initial funding can commence and we can get to 'construct ready.”
    
    Source – Gladstone Observer
    
18. voda 8 maart 2015 14:46

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    Iron ore at record low on China mill closures
    
    Reuters reported that iron ore hit a record low below USD 60 per tonne and posted its biggest weekly fall since mid November as China's anti pollution battle threatens to shut more steel mills, cutting demand.
    
    The closure of steel mills in an industrial city in eastern China, which sparked fears of a wider crackdown, fuelled the latest selloff in iron ore, now at its weakest level since March 2009 and only cents away from the lowest since records began.
    
    Australia and New Zealand Bank said that further downside risk for iron ore is likely as the market comes to terms with pollution control and overcapacity measures in China.
    
    Iron ore for immediate delivery to China's Tianjin port .IO62-CNI=SI tumbled 1.9% to USD 58.20 per tonne, its lowest level since The Steel Index began compiling daily prices in late 2008. On Thursday, it fell 4.5% on the day its steepest single day loss since falling more than 8% in March last year. It has fallen more 8 percent this week.
    
    The slide followed a 4 percent fall in Dalian iron ore futures on Thursday with the closure some steel mills in Linyi in Shandong province for failure to meet stricter environmental standards.
    
    The most traded September iron ore on the Dalian Commodity Exchange fell another 2.6% to close at CNY 447 per tonne on Friday, after touching a contract low of CNY 444 per tonne.
    
    In the physical iron ore market, buying interest in China was subdued although there was talk of a 62% Australian iron ore cargo being sold at USD 58 per tonne in a private deal.
    
    Source – Reuters
    
19. voda 8 maart 2015 14:48

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    Concerns mount over Chinese iron ore imports
    
    The price of iron ore fell to a six year low yesterday on the back of fears of weaker than expected economic growth in China, while the ongoing decline in the link between the growth and steel production there raises further concerns for dry bulk shipping.
    
    Mr Erik Nikolai Stavseth and Kurt Waldeland at Arctic in Oslo said that “Ore with 62% iron content dropped below USD60 on Thursday, a level last seen in 2009. The fall came as a consequence of Chinese government indicating a growth in 2015 of "around 7%" and an additional push to reduce emissions through shutting down older steel mills.”
    
    The analysts revealed that while the large iron ore miners continue to be relatively optimistic on demand, Chinese steel production grew by 3.5% last year versus a GDP growth of 7.4%, and the multiplier on GDP growth versus steel production growth has been steadily declining over the past 15 years. Should steel production [on the back of waning domestic demand and increased constraints on steel exports] decline to only 0.25 x GDP it would mean steel production of about 830 million tonnes in 2015.
    
    They said that our estimates suggest iron ore imports in 2014 were sufficient to produce about 71% of all Chinese steel and keeping this flat YoY in 2015 would imply an import growth in iron ore of 1.6% to about 950 million tonnes. Our current assumption is 5% growth in Chinese iron ore imports but if it turns out to be only 1.6% this would shave off a full 1% on our underlying tonne mile demand taking it down to only 2.6% assuming everything else is equal.
    
    Source – IHS Maritime360
    
20. voda 8 maart 2015 16:05

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    Geinig, vandaag dus post 4,000 sinds 13 augustus 2013.
    Het aantal views van 285 K, is enorm. Het Staalnieuws wordt nog steeds goed gelezen. Ik blijf nog doorgaan!