The final determinations were issued on the trade cases against Turkey and Mexico this afternoon. The result of these determinations closely mirrored the preliminary rulings. Mexico was assessed duties ranging from 20.58% to 66.70% while Turkey was assessed a minimal duty of 0% – 1.25%. The likely result is that Mexico will continue to be unable to sell its product in the US while Turkey was able to “dodge the bullet” and will likely remain a major exporter to the states.
There may be short-term holes in import inventories as a result of the recent absence of new offers pending this announcement. New offering will begin this week only for 4th quarter arrivals. Domestics will likely still try to seek some sort of a smaller bump on the back of a very strong order book further proving the import and domestic markets seem to be operating independently recently.
Iran was the biggest producer of crude steel in the Middle East in 2013, according to the World Steel Association’s latest press release.Iran produced 15.4 million tons of crude steel in 2013, 6.6 percent rise compared to 2012. This year, ıts been planning, 16.5 million tons of crude steel will be produced even there is a annual crude steel capacity of 24 million ton.
If we look at current Iranian local market situation , domestic scrap prices are %8 VAT included between 380-390$/mt exworks. Local billet prices are %8 VAT included 520$/mt exworks. However market demand is weak because of the goverment’s low budget arrangements for constructional projects. In addıtıon to that, raw materıal prices are too hıgh for Iranıan producers. They were mostly purchasing DRI and ıron ore from China, however after Chına started to ımpose %25 export tariff, that caused pressure on Iranıan steel producers. Local rebar offers are approxiametly %8 VAT included 580$/mt exworks.
In export market, Iranian billet offers are like 514$/mt FOB however, producers maınly use semı-fınıshed products for their own steel productıon. Their rebar export prices for 16-25 mm is as 560$/mt FOB that Iranian maın rebar export markets are Afganistan,Turkmenıstan..etc. Turkısh billet producers are also offering 530-540$/mt FOB to that region, however ıts somehow hard to sell Iran because of higher offers of Turkey ın contrast local offers and Iranian steel capacity enhancement on steel.
A stimulus package estimated at RMB 4 trillion ($570 billion) initiated by Premier Wen Jiabao in 2008 has become an object of public denunciation as it has been a trigger to stimulate a rapid inflation, despite some economists mentioned this package successfully help China avoid a global recession. Through spending such a big package in 10 major areas, More…
By Eric J. Stuart
Vice President, Environment & Energy
Steel Manufacturers Association
Recycled ferrous scrap typically constitutes over 90 percent of the material input of electric arc furnace (EAF) steel producers, aka “minimills.” The recycling of steel scrap in EAFs plays an important role in the conservation of energy. On a per-ton basis, steel produced from melted scrap requires roughly one-third of the energy consumed in the production of steel from iron ore. The recycling of steel scrap also reduces the burden of disposal in landfill facilities and prevents the accumulation of otherwise abandoned steel products.
US minimills are America’s largest recyclers. Steel is recycled five times more than the sum of all other metals combined, including aluminum, copper, lead, nickel, chromium and zinc. The high rate of recyclability of steel in EAFs is one of North America’s best environmental success stories.
Steel is recycled five times more than the sum of all other metals combined, including aluminum, copper, lead, nickel, chromium and zinc.
Minimills are the major growth component of the North American steel industry. While much of the industry has shrunk over the past three decades, the minimill share of US steel production has continued to grow, from 10 percent in the 1960s, to roughly two-thirds of US production today.
It wasn’t all that long ago that Brazilian mining company Vale S.A. decided to enter the global shipping market. The move made sense; instead of hiring global shipping companies to transport iron ore from Brazil to Chinese steel mills, Vale would construct its own fleet.
Up until then, the most commonly utilized iron ore carriers, Capesize ships, capped out at an approximate capacity of 180,000 tons. Contracting them was not cheap; the average transport time from Brazil to China is about 45 days and the cost to get shipments from point A to point B came at a cost of just over $100,000 per day. Then came 2007: the year Vale’s ship chartering costs increased by nearly 80 percent. It was time for a change, and the Valemax ships were conceptualized to be a world-wide game changer.
Valemax ships were conceptualized to be a world-wide game changer.
Vale’s plan involved the construction of 35 ships that would have the capacity to carry up to 400,000 tons of iron ore per trip, well surpassing the previous record holder, the Berge Stahl, which was rated at 364,000 tons. From a mental imaging perspective, these ships would be nearly four times the length of a football field. They would be big, lean, iron ore transporting machines. More…
On January 29, news broke that Big River Steel, LCC planned to build a new steel mill in Mississippi County, Arkansas. The man behind the new venture is none other than John D. Correnti, the former president and CEO of Nucor Corporation. Expectedly, news of the project drew a myriad of speculation, concerns and excitement.
John Correnti has decades of experience in the steel industry working for various corporations, but many know him best as the ousted executive of Nucor Corp. From 1991 to 1999, Correnti served as the President of Nucor, and was the steelmaking giant’s CEO from 1996-1999. He joined Nucor in 1980 and became Nucor’s Vice President in 1984 and served as the company’s COO from 1991-1996. A press release from Nucor at the time of Correnti’s departure simply stated: John D. Correnti has resigned as vice chairman, president, chief executive officer and director. However, industry rumblings indicated that Correnti did not resign so much as he was “let go,” and the decision followed a vicious boardroom battle. Forbes later said Correnti believed his departure from Nucor was “an ego-driven power play.”
But Correnti did not simply pack up his bags and go into early retirement—by the end of 1999, he was serving as the CEO and Chairman of Birmingham Steel Corporation, a position he held until December 2002. Then, from 2002-2005, Correnti was the Chairman and CEO of SteelCorr, LLC, and also served as the company’s president. In 2005, Correnti founded SeverCorr, LLC—later to become Severstal Columbus—and served as the company’s president until January 2008, at which point industry sources say he was bought out by Severstal NA. More…
The 68th meeting of IREPAS (International Rebar Exporters and Producers Association) was held in Doha on March 3-5, 2013. There were 76 producer representatives amongst the 210 registered delegates from 60 different countries.
You can watch the first session here:
The first week of July was anticipated to be a quiet one in terms of activity in the US steel market given the mid-week Independence Day holiday, making Severstal North America’s price increase letter on Monday, July 2, that much more of a surprise.
The Financial Times reported last week that China had warned its banks of rampant illicit borrowing by steel companies, a development that underscores the financial dangers for the country as the government mulls a new stimulus effort to support the slowing economy. More…
Risks and Price Volatility at the Steel Markets Panel at SteelOrbis Spring ’12 Conference & 66th IREPAS Meeting with Jeff Kable from JP Morgan, Phillip Killicoat from Credit Suisse, Martin Evans from CME Group, Michael Zeitler from BNP Paribas, and moderator Phillip Price from Stemcor
To watch the video please click on the below link