May, 13 2007
TATA Steel expects to get clearances for Bastar project by March 2008
It is reported that TATA Steel is expecting to get all clearances for its proposed 5 million tonne per annum steel plant in the Lohsinghguda block of Chhattisgarh's Bastar region by March 2008.
Mr Varun K Jha VP of Chhattisgarh project of TATA Steel while speaking to reporters at the sidelines of National Metallurgical Laboratorys Technology Day function said that "All clearances, including land acquisition for the project should be over by March 2008.
Mr Jha said that "Though land is a very contentious issue today, the Chhattisgarh government has a well defined and progressive rehabilitation policy. The land acquisition process is on and Section 4 & 6 notices have been issued.
Mr Jha informed that the Chattisgarh administration has completed public hearings of the gram sabhas of the 10 villages that will be affected and these villages have agreed subject to certain conditions that are now being woven into the company's rehabilitation package.
Chattisgarh government is acquiring the 5,000 acres that the company needs for the project, covering the plant, township, reservoir and other facilities.
The first stage of the INR 10,000 crore projects would be of 2.5 million tonne per annum and would take about 3 years to get commissioned after the work starts.
CILs CCL post record profits for 2006-07
It is reported that Coal India Limiteds Jharkhand based subsidiary Central Coalfields Limited has maintained its 5 year profit run in financial year 2006-07 with a record profit of little over INR 1,164 crore and its net worth rose to INR 1641 crore against the paid up capital of INR 940 crore.
CCLs production has increased from 37 million tonnes in 2004-05 to 40.5 million tonnes in 2005-06 and to 41.35 million tonnes during 2006-07.
Mr RP Ritolia CMD of CCL said that During last few years, CCL has improved beyond imagination of many mining and financial pundits. A question often asked is what has brought this transformation that a company which was written off a few years ago earlier has not only turned around but it has left behind many well established coal companies in terms of growth in production and profitability. The answer is not very straight forward since there has been neither any new capacity addition nor new projects or mines have started in last few years.
Sinosteel to build the steel plant with or without iron ore access
Chinas Sinosteel Corp, which recently made an announcement for setting up a 5 million tonne steel plant in Jharkhand, would like the Jharkhand government to grant it access to 300 million tonnes of iron ore for 30 years but would go ahead with the project without it also.
Mr Hongsen Wang MD of Sino Steels Indian operation said the company would propose that the state government allocate it iron ore mines when an initial agreement on the plant is signed next month, but Sinosteel would not shelve its Indian plans if this did not happen. Mr Wang said In my opinion, of course captive mine is important. But even without captive mines, I think a steel plant can also be operated.
Mr Wang said that Sinosteel would need 2 to 3 million tonnes of iron ore annually to feed a 1.5 million tonne plant, but the requirement would increase as the steel-making capacity was raised to 5 million tonnes.
Although it is well known that both Indian and overseas investors are making announcements for securing Indian iron ore reserves, Sino Steels willingness to go ahead without iron ore could be stemming out of the opposition being faced by players who made such announcements earlier.
Centre and Jharkhand may agree on HEC revival issue
It is reported that the Jharkhand Government and the centre has reached a broad understanding last week, which could lead to an out of court settlement between the two over the issue of long pending revival of Heavy Engineering Corporation.
The understanding related to two major issues vacant land and financial package including net cash outflow and book adjustments was reached between a Mr Madhu Koda chief minister of Jharkhand and Mr Santosh Mohan Deb union heavy industry minister.
The reports mention that the Jharkhand Government showed its willingness to water down its demand of seeking the transfer of 3098 acre of vacant land in the possession of HEC and gave indications of accepting a proposal for the transfer of 2300 acre.
Creative Port & Orissa to sign concession agreement for Kirtania Port
It is reported that Chennai based Creative Port Development Private Ltd and Orissa government are expected to sign a concession agreement in June 2007 for the development of the Kirtania port project on the mouth of the River Subarnarekha in the Balasore district. Creative Port had signed a MoU with the Orissa government on December 18th 2006 for the development of the port.
Mr Jayanarayan Mishra transport and commerce minister of Orissa said The concession agreement for the Kirtania port is expected to be signed some time next month.
CPDL had submitted a detailed project report on March 14th 2007 and the government is studying it. Orissa government has engaged RITES to prepare the draft concession agreement.
The port project will be developed under the built, own, operate, share and transfer scheme in three phases with a total investment of INR 2,000 crore on 1018 acres in the village of Chaumukh in the Balasore district. While the first phase will be completed by 2010 with 4 berths and facilities to handle 14 million tonne of cargo, the third phase will be completed by 2031 with facilities to handle 50 million tonne of cargo and vessel size of 180,000 DWT.
Apart from this, Creative Port will build a 36 kilometer rail line from Rupsa railway station to the Kirtania port and a road connecting the port with the Kolkata Chennai NH No 5.
Mr S Rangarajan and Mr R Ramaswami joint MD of Creative Port said that the port would handle mostly bulk cargoes like iron ore, coal, and limestone but facilities will be created to handle container traffic.
Orissa to develop 13 small ports by 2013
Exim News Service has reported that the Orissa government may invest INR 10,500 crore for the development of up to 13 small ports by 2015.
Orissa is aiming to create cargo handling capacity of at least 60 million tonnes per annum in the non major port sector by the beginning of 2011 as against the national port capacity target of 1.5 billion tonnes by 2012.
RINL organizes program to assist physically challenged
Rashtriya Ispat Nigam Limited, which under its Corporate Social Responsibility Policy has identified rehabilitation of disabled persons as one of its major focus area of activity, in association with State Disabled Welfare Department organized a program recently for disabled persons from surrounding Rehabilitation Colonies and peripheral villages who have been identified by Andhra Pradesh State Disabled Welfare Department for rehabilitation.
230 physically disabled people which included children were provided with free supply of assisting devices including 35 tricycles, 16 wheel chairs, 15 artificial limbs, 120 hearing aids and 40 crutches. RINL also presented Girl Child Educational Scholarship for deserving girl students in 17 Zilla Parishad schools and Municipal Schools in Visakhapatnam. The occasion was also marked by launching of Self-Employment program for residents of Rehabilitation Colonies through Jana Siksha Samsthan of Government of India.
Mr PK Bishnoi CMD of RINL while inaugurating the program said that about 600 million people live with disabilities of various types and the number is rapidly increasing due to population growth, malnutrition etc. He said Out of this, 80% of people with disabilities particularly in the child population live in low income countries. In a country like India where there is widespread poverty, malnutrition, the magnitude of the problem of disability is quite high. This makes it a must to integrate these people through proper rehabilitation measures so that they become important contributors to the society.
Mr Bishnoi added that Allocation of resource for rehabilitation of disabled is an investment in society in which corporate entities can play a major role.
Indian Railway to experiment with 30 tonne wagons got iron ore
FE reported that Indias railway ministry is planning to expand its capacity for carrying iron ore.
As per report, railway ministry is thinking of running wagons with 30 tonnes axle load on iron ore carrying routes and is planning to manufacture or acquire at least a few wagons with carrying capacity of 30 tonne for the project.
Indian Railway is already building a rail link connecting Banspani to Daitari in Orissa, which will be able to carry 30 tonnes wagons. The line has lessened the distance between Orissas iron ore rich Keonjhargarh region and Paradip port by about 340 kilometers and would be a part of the heavy mineral loading rail network in Orissa and Jharkhand, apart from having a feeder route to the dedicated rail freight corridor.
The report cites a railway ministry official as saying that This is only a test run. Depending on how well it does, we are likely to upgrade major iron ore carrying routes to 30 tonnes axle load in the future.
The Haridaspur Paradip Railway Company Ltd which is a special purpose vehicle set up with Rail Vikas Nigam Limited, government of Orissa, Paradip Port Trust, Essel Mining Industries Ltd, Rungta Mines, Jindal Steel and Power, MSPL Ltd, SAIL and POSCO India is constructing the Banspani to Daitari line.
Modest shipyard lays keels for 3 vessels
Modest Infrastructure Private Limited's yard at Bhavnagar in Gujarat has come into news recently for holding a record 3 keels vessel in 3 days in the May first week.
The 1,450 DWT product tankers for 2 sister vessels were laid on May 2nd to be built for a UK based client. Both vessels are Twin Screw bunkering tankers and the vessels will be delivered in March and May 2008, respectively.
The keel for a geo technical survey vessel for a Mauritius based client was laid on May 4th. A 64 meter Twin Screw 2,600 BHP (DPS1) vessel with the Moon Pool will be delivered in June 2008.
MIPLs shipyard has a waterfront of 200 meters for constructing vessels having maximum specifications of up to 100 meters in length, 20 meters breadth and a launching draught of 3.5 meters. The facility also has a dry dock of 80 meters x 16 meters and depth 4.2 meters, with lock gate, for new construction or for repairs. Vessels with a maximum light draught of 2.5 meters can be taken in or out of the dry dock.
Founded in 1986, the Modest Group was initially into the shipping agency business, subsequently expanding its activities to include ship owning, ship managing, chartering, ship repair, supply of bunkers & fresh water, ship stores as well as shipbuilding.
5 automobile SEZs approved
Indias central government has approved setting up of 5 sector specific special economic zones for automobiles and automobile component manufacturing with an investment of INR 3,593.95 crore.
Union government has given formal approvals for 2 auto SEZs, one each in Jharkhand and Maharashtra while it has granted in principle approvals for setting up another 3 SEZs in Haryana, Maharashtra and West Bengal.
US auto majors gearing for HRC trade case
Platts reported that USs auto industry led by Motor & Equipment Manufacturers Association and its wide swath of OEMs are mobilizing again over a pending trade case on hot rolled carbon steel imports. Their target is the upcoming major flat rolled steel trade case at the International Trade Commission concerning a sunset review of antidumping and countervailing duty order on hot rolled carbon steel.
Platts cited a memo of MEMA as saying that "This action was taken after members identified hot rolled steel as critical to the manufacturing process if your company purchases hot rolled steel, I urge you to review this memo and become involved in this case."
The memo was sent to members of the Automotive Aftermarket Suppliers Association, the Heavy Duty Manufacturers Association, the Original Equipment Manufacturers Association and others. MEMA in this memo informed them it has filed for an appearance in the sunset review of antidumping and countervailing duty order on hot rolled steel.
The products in question are defined as certain hot rolled carbon steel flat products of a rectangular shape, of a width of 0.5 inch or greater, neither clad, plated, nor coated with metal and whether or not painted, varnished or coated with plastics or other non metallic substances in coils regardless of thickness and in straight lengths of a thickness of less than 4.75 mm and of a width measuring at least 10 times the thickness.
Japanese shipbuilders to increase capacity after 30 years
Nikkei, without citing sources, reported that Japanese Ishikawajima Harima Heavy Industries Co and other major Japanese shipbuilders are hiking production capacities for the first time in about 30 years.
Nikkei added that IHHI plans to resume building bulk carriers for handling iron ore and other materials within the year at its facility in Aichi Prefecture, where production was suspended in 1996. This move is expected to cost about JPY 3 billion and raise its output capacity by about 10% from the current gross tonnage of some 1.1 million.
Mitsubishi Heavy Industries Ltd has earmarked JPY 40 billion to install cranes at shipyards in Nagasaki and Hyogo prefectures by 2010 in order to boost production capacity by more than 10% from the 2006 level when it built ships whose gross tonnage totaled 1.56 million.
Kawasaki Shipbuilding Corp a subsidiary of Kawasaki Heavy Industries Ltd plans to spend some JPY 10 billion over the next two years at its Kagawa Prefecture shipyard to increase LNG carrier production.
The Japanese shipbuilding industry had downsized twice since the second half of the 1970s under the guidance of the old Ministry of Transport.
BHP & Rio rumors slow down
By the end of this week, the prospect of BHP Billiton lodging a hostile bid for Rio Tinto was deemed unlikely after the market had a day to digest the rumors that sparked a huge run on Rio shares on Wednesday. Rio shares closed AUD 3.62 lower at AUD 91.88 well short of the record high of AUD 99.69 the miner's shares hit during frenzied trading on Wednesday.
Although several analysts and fund managers noted a merger between BHP and Rio would make sense and could produce more than USD 1 billion a year in cost savings for the combined company.
Mr Glyn Lawcock UBS analyst said that "The fact that the market pushed up BHP Billiton stock also on Wednesday suggests to us that the market believes it to be a good idea. But he told the Herald the preferred option for both companies should be a nil premium friendly tie up like BHP's merger with Billiton rather than the rumored hostile bid.
This isn't the first time there has been speculation of a BHP & Rio tie up. Former BHP CEO Mr Brian Gilbertson was sacked in part over plans for a friendly merger with Rio in 2002 and it is believed there have been on and off talks about merging their respective Pilbara iron ore businesses over the years.
Tire scrap joins the ranks of acceptable ferrous scrap grades in US
Platts reported that recycled steel tire wire has come up from a highly contaminated, limited use scrap grade just a few years ago, to a far cleaner product that is now routinely found in the scrap blends of many mills.
Rubber contamination levels in some cases are still too high for certain mills to want to use tire wire, but those levels have come down dramatically due to better processing equipment and a better appreciation for mills needs. Some processors even boast that contamination levels are lower than those found in standard shredded or heavy melt scrap grades.
The potential supply of tire wire is small in relation to the overall scrap pool. If every tire discarded in the US each year were recycled, the amount of steel recovered would amount to no more than 340,000 long tons less than 1% of the total ferrous scrap generated. Currently only about half that amount is actually being processed.
Prices vary greatly for tire wire, however, depending on contamination levels, processing methods and regional demand. Mills also typically pay less for tire wire scrap. Prices recently have been averaging roughly USD 160 per long tonne to USD 170 per long tonne for clean material and significantly less if contamination levels are on the high side. This compares with prices for top scrap grades well in excess of USD 300 per long tonne.
Mr Mark Bielicki president of Bi Metal Corp while at the Institute of Scrap Recycling Industries conference in New Orleans said that US based processors now generally produce a product with a rubber and fiber contamination level of no more than 5% and as low as 1%. This compares with contamination rates as high as 30% in the dark days of tire wire. He added that tire recyclers initially were more interested in recycling rubber. The emphasis was on producing steel free rubber.
SSAB would not keep Ipsco on Canadian & US stock exchanges
SSAB Svenskt Stal AB said that it will not pursue a stock listing on any US or Canadian exchanges if it completes a USD 7.66 billion takeover bid for steel maker Ipsco Inc, which is currently listed in Canada and the US.
Mr Olof Faxander president and CEO of SSAB during an interview with The Wall Street Journal said that "We are listed in Stockholm and that is sufficient for us."
Stelco completes refinancing USD 270 million term loans
Stelco Inc announced last week that it has completed a USD 270 million (CAD 297 million at closing) funded term loan refinancing with GE Corporate Lending Canada which was arranged by GE Capital Markets Inc. Significant market interest for the term loan allowed Stelco to increase the amount of the facility from the USD equivalent of CAD 275 million, as previously announced on April 9th 2007, to USD 270 million.
The new facility refinances Stelco's CAD 375 million revolving term loan with a more traditional facility that has significantly lower interest rates and fees. The new facility has a six year term and bears interest at a floating rate equal to a US base rate + 1 % or LIBOR + 3.5%, depending on the nature of the loan instrument incurred. The new term loan is secured by a first priority interest in the fixed assets of Stelco and a second priority interest on the working capital assets. The term loan includes typical covenants as well as a financial covenant based on achieving a minimum EBITDA threshold for Stelco's
Mr Rodney Mott President and CEO said "We are very pleased with the confidence that our lenders have shown in Stelco. The completion of the second phase of our debt refinancing positions us well for the future and we will continue to pursue opportunities to enhance our capital structure."
Mr Gottschalk Jr named new chairman of MSCI
Mr Norman E. Gottschalk Jr, president of Marmon and Keystone Corporation of Butler Pennsylvania, has been named the new chairman of the Metals Service Center Institute effective July 1st 2007.He succeeds Mr Donald R McNeeley president and CEO of Chicago Tube and Iron whose 2 year term is expiring.
Mr Gottschalk has been president of Marmon and Keystone since March 1989 and before that was VP and controller. He has been with the company since 1968 when he began his career as an accountant, and later was an accounting supervisor assistant controller and controller. In addition to his operating duties Mr Gottschalk was responsible for operations of a subsidiary trucking company MK Express.
Mr M. Robert Weidner III president and CEO of MSCIs said I am delighted that Norm Mr Gottschalk has agreed to serve as our chairman for the next two years. His career and volunteer work on behalf of MSCI and its predecessor the Steel Service Center Institute, exemplify the very best business practices innovation and dedication that our industry has to offer. Leaders like Norm Mr Gottschalk are one of the most important reasons for the growth of MSCI and the value we now offer our members.
It addition 9 metals industry leaders have been elected directors of the Metals Service Center Institute and six directors have retired from the board.
The new directors include
1. Mr Roy Berlin president of Berlin Metals LLC
2. Mr Paul J Labriola, president & CEO of Robinson Steel Co Inc
3. Mr Holman Head executive VP & COO of ONeal Steel Inc
4. Mr Noel Briscoe VP of Valley Iron Inc
5. Mr Thomas J Sharpe president of Bergsen Inc
6. Mr Jack Elrod president & CEO of TW Metals
7. Mr Robert N Keeler VP steel sales of The Timken Company
8. Mr Howard C Smith director business development & engineering of Earle M Jorgensen Company
9. Mr Mike Taylor VP of Cargill Steel Service Centers
The retiring as directors are
1. Mr Michael F Petersen president of Petersen Aluminum Corporation
2. Mr Richard H Erickson president of Erickson Metals Corporation
3. Mr Lawrence J Bo Burr president & CEO of Atlas Steel Products
4. Mr James D Hoffman COO of Earle M. Jorgensen Co
5. Mr Thomas W Muth VP sales of Atlas Tube Inc
6. Mr Frank M Walker president & CEO of Feralloy Corp
MSCI is founded in 1909 and has more than 420 members operating from about 1,200 locations in the US Canada Mexico and elsewhere in the world. Together, MSCI members constitute the largest single group of metals purchasers in North America, amounting each year to more than 65 million tons of steel, aluminum, and other metals, with about 300,000 manufacturers and fabricators as customers. MSCIs membership also includes almost all ferrous and non-ferrous industrial metals producers in North America. Metals service centers inventory and distribute metals and provide first-stage fabrication services.
Arcelor Mittal unlikely to b id for AK Steel due to antitrust issues
The Wall Street Journal, citing a person close to Arcelor Mittal, reported that it is unlikely that Arcelor Mittal is bidding for AK Steel as such a deal would have serious US antitrust concerns related to steel produced for the auto industry and possibly other markets.
JP Morgan concurs with the WSJ by saying that It is skeptical about this deal going through since it would shrink the number of coated sheet auto suppliers from three to two.
The remarks came in the wake of an FT Alphaville report that Arcelor Mittal would bid for AK Steel, which sent AKs shares surging by 8.8%.
Tunisian rebars prices in Q1 up by 36% YoY
According to Mr Al Hashimi Dakhil president of Tunisian steel manufacturing company Societe Tunisienne d'industrie De L'acier (El-Fouladh) the selling price of bars and wires has increased in the domestic market by 36% in Q1 of 2007 as compared to Q1 of 2006. The price of one ton of bars amounted to TND 813 and of wires TND 888 as compared to TND 597 and TND 652 respectively
According to Tunisian Steel's sources the company has increased the volume of its sales of bars and wires to the domestic market during the first quarter. The total sales were close to 71.000 tons as compared to 48.000 tons during the same period in 2006.
Production of bars and wires which amounted to 28.000 tons during the Q1 constitutes a basic portion of the sales while covering the remaining portion is being made by imports from the world market. Around 34.000 tons was imported during the Q1 of 2007 compared to 14.000 tons in the same period in 2006. This increase in the imports volume is due to the increasing demand for the steel products in the Tunisian market.
Societe Tunisienne d'industrie De L'acier is one of the largest steel producers in Tunisia. New expansions have been incorporated, which are expected to boost the company's production capacity of steel billets to 100,000 tons as from April 2007 and to 200,000 tons as from the beginning of 2008 through incorporating new investments amounting to USD15.3 million.
Aricom's UK listing raises USD 550 million
It is reported that Aricom has raised about USD 554 million by placing new shares and said it wanted to move to a full listing on the London Stock Exchange this year.
Mr Jay Hambro CEO of Aricom said "We are delighted with the market's positive response to our fundraising and the proceeds would be used to start construction2006 at two mining projects in the Far East K&S and Garinskoye that will supply iron ore across the border to China. With the funds in the bank, we can begin to make serious commitments to both contractors and equipment suppliers."
Aricom said it hoped to raise around USD 500 million for a placing of 351 million new shares and 117 million warrants, each allowing the holder to buy one new share, but had had an option to increase the size of the placing.
Aricom currently listed on London's Alternative Investment Market, said in a statement that a total of 133 million units comprising 399 million new shares and 133 million warrants had been successfully placed at 210 pence per unit.
Kunshan Daekyung to make 3048 mm wide plates
It's learned from market source that Chinese SS maker Kunshan Daekyung has finished construction of the 150,000 tonnes per annum project, which includes 70,000 tonnes of heat treatment capacity. This enables the stainless maker to produce 80 mm thick and 3048 mm wide plates.
At present, Kunshan-Daekyung can make 80,000 tonnes per annum medium and heavy plate, thickness in the range of 8mm to 80mm in width between 1500mm and 2500mm.
(Sourced from MYSteel.net)
Kazakhstan may join Caspian to Europe pipeline project
RIA Novosti reported that Kazakhstan's government could join a proposed gas pipeline linking the energy rich Caspian to Europe, bypassing Russia if the project meets the country's economic interests. The 2,113 mile pipeline across the Caspian is scheduled to be built beginning from 2008 and go on stream in 2011.
Mr Karim Masimov PM of Kazakhstan said that any transportation of energy resources must be to the benefit of the nation and in a direction that suits our country and this is where the government will start from adding that there was no politics involved in the issue. Mr Masimo said "We will develop the Caspian fields together with Russia which are expected to yield large amounts of gas and if Russia joins the project to build the pipeline across the Caspian it could bring vast profits."
The USD 6 billion pipeline project is an extension of the South Caucasus pipeline linking Azerbaijan, Georgia and Turkey and is expected to run from Turkey to Austria via Bulgaria, Romania, and Hungary. The project would transport Central Asian gas to Europe and is seen by the European Union as a way of diversifying energy supplies away from Russia and reducing risks of disruption.
Mr Andris Piebalgs EU Energy Commissioner has also said the EU was prepared to support the project and accepted the possibility of Russia joining it too. Turkmenistan and Uzbekistan have also voiced their support for the project that would give them direct access to European markets, bypassing Russia.
The pipeline with an estimated annual capacity of 30 billion cubic meters is seen as a rival to Russian Gazprom's Blue Stream 2 which will use Turkey as a transit point for exports to the EU and have a capacity of 8 billion cubic meters and a commissioning date of 2012.
Macarthur Mineral updates on Giles iron ore project
Macarthur Minerals Limited announced the following update on its exploration activities at its 100% owned 1155 KM Giles magnetite iron ore and base metals project in Western Australia.
Highlights from this release include
1. Further high grade drill results from Stage 3 drilling including Hole 41 which achieved 191 meters 62.07% Fe and 5.98% Si02
2. Scoping study on magnetite project due June 07
3. Initial JORC resource estimation due in May 07
4. Mining lease to be granted in May 07
5. Discussions with strategic partners progressing
The Lake Giles Project is located in the Yilgarn iron ore province, an emerging area that is attracting substantial interest from Asian markets. The Yilgarn province is not a significant producer of magnetite at this time but there exists a number of large magnetite iron ore projects in the area that are in the early development stage.
Magnetite iron ore projects have largely been overlooked because of the preference for hematite.
Nickel miner Talvivaara aims for EUR 200 million IPO
Mining Journal reported that Finlands nickel miner Talvivaara has decided to list its shares on the London Stock Exchange, aiming to raise at least EUR 200 million.
Mr Pekka Pera CEO of Talvivaara said that it hoped trading in its shares on the main list of the exchange would start in two weeks time.
Mr Pera said the company had concluded a 10 year deal with Norilsk Nickel to sell all its nickel and cobalt output. Its annual cobalt output is seen at 1,000 tonnes, while the mine would also produce 60,000 tonnes of zinc and 500,000 tonnes to 600,000 tonnes of copper. The mine would open in late 2008, and reach full output in 2009.
Talvivaara's annual nickel production is forecast to be about 34,000 tonnes more than 2% of world supply. Its deposits also include copper, zinc and cobalt. It also said it had signed a EUR 240 million loan agreement with Standard Bank, Societe Generale and Nordea.
Sumitomo Metals to increase seamless pipe price by 10%
Sumitomo Metal Industries recently announced that it has increases the selling price of seamless steel pipe by 10% for domestic market for May 2007 order or July 2007 production.
The attempt, the first hike since April 2006 and 7th hike since 2001, lifts the price by total more than 70% during this period.
Carpenter develops low nickel SS rebar
Carpenter Technology Corp has developed a new stainless reinforcing bar with lower nickel compositions as an alternative for those who traditionally purchase high priced stainless rebar.
Carpenters new product is with better corrosion protection in construction projects, especially for applying in bridges and highways.
The grade for this less nickel rebar contains only 2% nickel and other chemicals. Carpenter is optimistic with the market feedback about this new product.
South Korean seeking to raise prices for coated products
YIEH reported that South Korean steel mills are looking for a price raise for steel sheet products including galvanized steel sheet and pre painted steel sheets as steel price goes up.
From March 2007 South Korean cold rolled steel makers have continuously raised the export price. The report cites that the main suppliers for CR and galvanized steel sheets such as Union Steel have already increased their export price in May 2007. From March 2007 to May 2007 the export price has been increased by USD 60 per tonnes to USD 70 per tonnes and if the price is up again, it will reach USD 70 per tonnes to USD 80 per tonnes. Besides, POSCO announced to raise their exports price in the second quarter by USD 30 per tonnes to USD 40 per tonnes.
Incidentally the export quotation for July to August shipment has also been raised by USD 20 to USD 30 per million tonnes compared to last month.
Since the HR coil and the zinc price are up, the price increase is unavoidable. It is said that in order to meet the cost increase, the steel makers have to raise the export price.
Chusovoy's spring production up by 35% YoY in 4 months
FIS reported that in April 2007 Chusovoy Metallurgical Plant produced 7,600 tonnes of car springs, 36% more than in April 2006. Since year beginning spring production has amounted to 25,800 tonnes up by 35% YoY as compared to January to April 2006.
In April 2007, the plant produced 38.7 thousand tons of finished roll up by 1% as against April in 2006. During January to April 2007 period ChMZ produced 142,700 tonnes of roll. Steel smelting totaled 46,100 tonnes in April 2007 up by 17% YoY. Since year beginning Chusovoy Metallurgical Plant has made 170,000 tonnes of steel.
