Announcement

Wednesday, July 1, 2015

Nikkei India Manufacturing PMI at 51.3 - Production growth eases as new orders rise at weaker rate

Brief :- The health of the Indian manufacturing economy improved further in June, but output growth eased on the back of a weaker rise in new business inflows. Workforce numbers were, once again, unchanged during the month, reflecting firms efforts to keep expenses stable. Encouragingly, inflation rates softened, with both input costs and output charges rising at below-trend rates.


















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Wednesday, January 15, 2014

Tata Steel service centre in UK

Tata Steel opens UK's largest plate service centre

TATA Steel has today opened the UK’s largest profiling centre for steel plate in the West Midlands, increasing its plate processing capacity in the region by up to 50 per cent.

The new Profiling Centre, at Steelpark in Wednesfield, transforms steel plate into a multitude of shaped and machined components, from high-volume production runs for off-road vehicle wheels and booms for earth-moving equipment, to large one-off components for construction projects and specialist engineering applications.

The £3.1 million facility provides a step change in Tata Steel’s capability to supply plate that has been cut and finished to exact size, shape and quality specifications. Steelpark’s profiling capacity will be increased to 47,000 tonnes per annum.

Paul Steele, Managing Director at Tata Steel Distribution UK and Ireland, said: “This investment is one of a series of developments that is strengthening Steelpark’s position as one of the key foundations for UK manufacturing. We are transforming the UK’s largest steel service centre into an operation that is entirely focused on meeting customer requirements and supporting their success.”

The development amalgamates Tata Steel’s plate cutting and machining capability into a single facility able to offer a comprehensive suite of tailored processing services to meet customers’ specific requirements.

The investment will shorten order and delivery times, enabling Tata Steel to offer a range of benefits to customers in the lifting & excavating and construction sectors, including greater consistency of quality and a single point of contact for the purchasing process.

(www.steelguru.com)

Spot iron ore prices

Spot iron ore holds near 5 month low

Reuters reported that spot iron ore prices stayed near their weakest level in more than five months, reflecting slow demand from top importer China where steel mills are in no rush to snap up cargoes amid a soft market.

Chinese iron ore futures bounced back slightly after plumbing a fresh contract low and Shanghai steel edged up but not far above a record trough reached last week.

According to data compiled by Steel Index, ore with 62% iron content for immediate delivery to China .IO62-CNI=SI was little changed at USD 130.90 a tonne on Monday versus Friday's USD 130.70, its weakest level since August 5.

High stockpiles of iron ore at Chinese ports after recent brisk shipments show there is limited appetite for the raw material among mills. Inventories of imported iron ore at major Chinese ports stood at 91.4 million tonnes last week, up more than 2 million tonnes from the previous week, based on data from industry consultancy Mysteel.

Chinese mills have in past years restocked heavily on iron ore ahead of the week long Lunar New Year break, sending spot prices to near USD 160 in January last year ahead of the holiday that fell in February. But traders say the appetite is more limited this year ahead of the holiday that begins on January 31st 2014.

An iron ore trader in Shanghai said that there is still some restocking going on, but people are buying in small volumes of 5,000 tonnes to 10,000 tonnes. Persistently high borrowing costs, lower winter construction demand, nervousness over property market changes and the upcoming Chinese holidays are reducing demand for steel and iron ore in China, the world's biggest consumer of the commodities.

China's interbank rates have eased from recent highs although banks remain uneasy with the approaching Lunar New Year holiday which puts massive pressure on cash supply.

The most-traded rebar contract for May delivery on the Shanghai Futures Exchange was up 0.5% at CNY 3,487 per tonne by midday. It touched a record low of CNY 3,441 on Friday amid weak demand for the construction steel product.

(www.steelguru.com)

World's largest steel trader

Lenders extend Stemcor debt standstill to end-Feb

Reuters reported that Lenders to Stemcor, formerly the world's largest steel trader, have extended its debt standstill agreement to the end of February, allowing it more time to restructure a USD 1.25 billion debt.

The private British firm, controlled by members of the Oppenheimer family which includes opposition Labour Party lawmaker Mr Margaret Hodge is under pressure to sell its iron ore assets in India in order to repay its debt.

The assets, which include an iron ore mine and processing facilities in Odisha, have been valued by an industry source at USD 700 to 750 million, though that number is subject to change if the state beefs up its mining laws.

Output from Odisha the largest iron ore-producing state could be affected after a government-appointed panel, the Shah Commission, submitted a report highlighting illegalities in mining.

India's iron ore exports are down by about 85% or 100 million tonne over the past 2 years as the government imposed export bans in Karnataka and Goa in an attempt to clamp down on illegal mining.

India's second largest lender by assets has lent Stemcor INR 5.87 billion, with Stemcor's Indian assets as a collateral and is worried that a sale could jeopardise a payback.

Like many steel companies, Stemcor was hit hard by the global financial crisis. The company failed to refinance an $850 million syndicated loan that was due to mature last May, and has since concluded four standstills. Under a standstill, lenders agree not to ask for repayment and work with the company to restructure the debt. Lenders to Stemcor include ABN AMRO Bank, HSBC, ING, Natixis and Societe Generale.

(www.steelguru.com)

US challenges China

US challenges China non compliance in WTO CRGO steel dispute

Mr Michael Froman US Trade Representative announced that the United States is requesting that China enter into consultations regarding China's claim that it has brought its duties on US exports of grain oriented flat-rolled electrical steel (GOES) into compliance with WTO rules. AK Steel Corporation, based in Ohio, and Allegheny Ludlum, based in Pennsylvania, manufacture GOES.

China's actions cut off more than USD 250 million in exports of this high tech steel product and in 2012 the United States won a dispute at the WTO that China broke WTO rules with its imposition of antidumping and countervailing duties on GOES. The United States continues to pursue this dispute to ensure that China follows through on its obligations under the ruling and does not further harm US exports and the American workers and firms that make them, by abusing trade remedies. This is the first time the United States has initiated a proceeding in the WTO to challenge a claim by China that it has complied in a WTO dispute.

Ambassador Froman said that "Supporting American jobs is our number one job. And to ensure that Americans see the full benefit of the rules and market access we have negotiated in our international trade agreements, the President put enforcement of America's rights in the global trading system on a par with opening markets for US Exports. The WTO found that China's duties are inconsistent with WTO rules. We were right, and China was wrong. Unfortunately, it appears that China has not corrected those inconsistencies. Today's action shows that when the United States steps up to the plate on trade enforcement, we will follow through."

(www.steelguru.com)

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Steel Guru continues to be the most popular English based steel portal globally with more than 40 million page views during 2013 and in the top 30,000 web sites in the world as per Alexa.com. SteelGuru was started in 2005 as an attempt to create a distinctive place to help individuals and companies in the business of steel and allied materials to do better by utilizing information. SteelGuru has achieved this goal by engaging such a large number of people from steel industry globally

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Anyone, using internet, can find out what is happening all over the globe from hundreds of sources, but is it worth the effort? That's why SteelGuru team aggregates content from various news wire services, press releases from companies, partner news service portals and own correspondents, modifies to make them easier to read and than publishes 130 to 150 articles on the website every day without any break for last 9 years.

We started monitoring prices of various steel and raw materials in mid 2008 in India, China, Europe and Middle East and have become provider of reliable pricing information in these regions to a large number of steel mills, users, government bodies and analysts etc. To keep up with the changing behavior of user ie shift to smart devices, we have re launched our pricing services in September 2014 by leveraging the latest advancements in IT

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