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voda 8 mei 2017 16:34

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Lawmakers hit legality of AK Steel tax credit transfer

The Detroit News reported that two House Democrats and two House Republicans are questioning whether it was legal for the Michigan Strategic Fund board to transfer tax credits from the former owner of a Dearborn steel factory to AK Steel.

On Friday, the four legislators asked Michigan Attorney General Bill Schuette for an opinion on the legality of the public-private economic development board’s transfer of $60 million in Severstal North America’s tax credits to AK Steel.

In the transfer, the board reduced the value of the Michigan Economic Growth Authority and brownfield tax credits to USD 20.4 million and shaved six years off the period when the West Chester, Ohio based company could cash in the credits. The Michigan Economic Development Corporation, which oversees the Strategic Fund, said the deal reduced the state’s liability by about USD 23 million.

Other conditions on the MEGA tax credits include the company keeping at least 500 jobs at the Dearborn factory, 1,000 full-time positions in Michigan paying an average wage of $820 a week, the The company also will have to retain at least 500 jobs at its Dearborn plant, 1,000 full-time jobs in Michigan and pay an average weekly wage of $820, according to the MEDC.

Democrat Reps. Stephanie Chang of Detroit and Abdullah Hammoud of Dearborn along with Republican Reps. Peter Lucido of Shelby Township and Martin Howrylak of Troy argued in a letter to Schuette that the Legislature last session failed to approve two bills that would have let the company claim the tax credits from Severstal North America.

An AK Steel spokesman was not immediately available for comment.

The lawmakers said the company’s end run around the Legislature may violate Michigan’s Income Tax Act and may be helping AK Steel to avoid answering questions about pollution issues for surrounding neighborhoods.

Howrylak rapped the Strategic Fund board for setting “a dangerous precedent by allowing a specific company to acquire a tax loophole” without legislative approval.

Lucido said in a statement that “First, AK Steel wanted legislative approval, which is the proper venue for this request. However, when they couldn’t get it done through the Legislature, they go around us and get a dubious approval from the MEDC. With the implications in the business tax filings, and the jumping around the state government looking for what they wanted, it is proper for the attorney general to review this matter to see if the law was broken.”

Source : Detroit News

voda 8 mei 2017 16:35

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Vallourec launches new drill pipe connection for challenging environments

Vallourec has launched a new drill pipe connection designed to drill in the most challenging environments. The new connection is called VAM X-Force, and it was developed to push the limits of existing technologies to reach deeper, more remote hydrocarbon reservoirs.

Oil and gas companies are continuously looking to mitigate drilling risks and reduce total drilling costs, and according to the company, its goal was to design a connection to achieve higher rates of penetration and lower non-productive times which are essential parameters to improve efficiency and operational performance of a drilling program.

By combining the traditional double shoulder design with a new thread profile, the new connection was developed to improve mechanical, operational and economic performance. Mechanically, the connection is designed to provide higher torque and longer fatigue life without degrading the tensile strength of the connection, according to Vallourec. Operationally, it was designed to increase the speed of make-up, saving time on the rig, without degrading break-out torque. Economically, the connection is designed to maintain the characteristics of VAM Express, while also making it easy and cost-efficient to repair.

VAM X-Force was jointly developed in the company's R&D centers in Houston and Aulnoye-Aymeries, France, with the support of the engineering and commercial teams across the group. The connection is currently in use by several major oil and gas operators, according to Vallourec.

Source : World oil

voda 8 mei 2017 16:39

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China iron ore imports ease in April - Russell

Reuters reported that heat came out of China's iron ore imports in April, with vessel-tracking and port data suggesting a decline of several million tonnes from the near-record levels recorded in March. According to data compiled by Thomson Reuters Supply Chain and Commodity Forecasts, a total of 83.27 million tonnes of the steel-making ingredient was discharged at Chinese ports in April, down 3.7% from March's 86.46 million.

It's worth noting that the vessel-tracking and port data typically comes in below the official Chinese customs data, which reported 95.56 million tonnes of iron ore imports in March, the second-highest on record.

Nonetheless, the ship data does point to lower imports in April, most likely in the order of 3 million tonnes. Apart from a weak month in February, most likely related to the Lunar New Year holidays, the vessel-tracking figures show April to be the weakest month for iron ore imports since September last year.

It also appears that much of the decline in iron ore imports was borne by Australia, China's largest supplier, with the data showing imports of 53.9 million tonnes in April, down from 58.9 million in March.

In contrast, number two supplier Brazil saw Chinese imports of 18.48 million tonnes in April, up from March's 16.54 million. The lower imports from Australia in April are most likely the result of earlier weather-related disruptions in the main producing area of Western Australia state that affected both mines and rail networks.

This means imports from Australia are likely to recover again in May, which may be a bearish signal for prices if miners such as Rio Tinto, BHP Billiton and Fortescue Metals Group decide to chase volumes over prices.

This can already partly be seen by the 11 percent jump in iron ore shipments from Port Hedland, the terminal used by BHP and Fortescue, to 34.86 million tonnes in April from 31.5 million in March. This tallies with the Chinese import numbers from Thomson Reuters, given the sailing time of around two weeks between northwest Australia and China.

Source : Reuters

voda 8 mei 2017 16:40

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Odisha gets 28 technical bids for two iron ore blocks

Business Standard reported that Odisha has drawn encouraging response to the technical bids invited for Netrabandha Pahar and Kalamang iron ore blocks lined up for auctions. In all, 28 bidders including Tata Steel, Jindal Steel & Power Ltd, JSW Steel, Vedanta, Essel Mining & Industries Ltd, Bhushan Power & Steel Ltd and National Mineral Development Corporation (NMDC) submitted the technical bids for the two blocks.

While the Netrabandha Pahar block meant for merchant mining attracted 16 bids, the Kalamang block reserved for an integrated steel plant got 12 offers. The technical bids were opened on Wednesday. Those who qualify the technical bids would be eligible for the financial bidding.

The companies who have submitted bids for Netrabandha Pahar are Serajuddin and Company, Shri Bajrang Power and Ispat Ltd, NMDC, MSPL Ltd, Maithan Ispat Ltd, Feegrade & Company Pvt Ltd, JSPL, Bhushan Power & Steel Ltd, JSW Steel Ltd, Essel Mining & Industries Ltd, Vedanta Ltd, Rashtriya Ispat Nigam Ltd, Shri Jagannath Steels & Power Ltd, Orissa Metaliks Pvt Ltd and Tata Metaliks Ltd.

Both the blocks have been explored to the G2 level, meeting the eligibility criteria for auctions under Mineral Auction Rules, 2015.

The Netrabandh Pahar block located in Sundargarh’s Koira sector has geological reserves of 77.25 million tonnes of which 61.9 million tonnes are high grade deposits. The total concession area is spread over 139 hectares with forest land making up 112 hectares. The onus would be on the successful bidder to obtain all regulatory clearances.

The Kalamang iron ore block got offers from Tata Steel Ltd, Tata Sponge Iron Ltd, Bhushan Steel Ltd, JSW Steel Ltd, Vedanta Ltd, Rashmi Metaliks Ltd, Thakur Prasad Sao and Sons Ltd, JSPL, Shyam Metaliks & Energy Ltd, RINL and Shri Jagannath Steels & Power Ltd.

Apart from the two iron ore blocks, Odisha had also invited technical bids for Garramura limestone block which drew a blank. Previously, two limestone blocks have gone under the hammer in the state with Dalmia Cement and Thriven Earthmovers emerging as the preferred bidders.

Odisha was also the first state to auction an iron ore block the Ghoraburhani-Sagasahi block bagged by Essar Steel. Essar Steel has proposed a production capacity of 7.16 million tonne per annum (mtpa) run of the mine product from the iron ore block. As part of the project, the steel company is also setting up a crushing & screening plant and a beneficiation plant with a capacity of 6.7 mtpa over an area of 139.16 hectares (ha) at Ghoraburhani, Sagasahi and Kalmang villages situated in Sundargarh district.

Source : Business Standard

voda 8 mei 2017 17:05

1

Staking bij Arcelor in Canada afgewend

Gepubliceerd op 8 mei 2017 om 16:46 | Views: 117

ArcelorMittal 16:42
7,15 -0,06 (-0,82%)

QUEBEC (AFN/BLOOMBERG) - Het in Amsterdam genoteerde staalbedrijf ArcelorMittal heeft een principe-akkoord bereikt over een nieuwe cao voor circa 2000 werknemers in fabrieken in de Canadese provincie Quebec. Daarmee is een staking door de werknemers voorlopig van de baan.

De vakbond United Steelworkers had vrijdag nog een ultimatum van 72 uur gegeven om tot een deal te komen, anders zou worden overgegaan tot een staking. Een van de onderwerpen bij de onderhandelingen draaide om het pensioensysteem. De vorige arbeidsovereenkomst liep op 1 maart af.

[verwijderd] 9 mei 2017 04:37

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AB, Voda voor al het nieuws weer.

"This means imports from Australia are likely to recover again in May, which may be a bearish signal for prices if miners such as Rio Tinto, BHP Billiton and Fortescue Metals Group decide to chase volumes over prices."

Geen goed nieuws dit; de staalgerelateerde bedrijven struggelen al zo´n drie maanden na de top. De vraag is hoe lang de downtrend nog duurt; vaak lijkt het alsof 0 de uiteindelijke koers wordt voor de meeste bedrijven en opeens slaat het om en is het slechte nieuws vergeten.

Ik heb nog 40% belegd en had allang een rebound verwacht; de staalindex is al zo´n 21% gedaald, terwijl de toonaangevende indices tegen de all time highs staan, de AEX tegen het jaarhoog. Dit laatste kán betekenen dat wanneer de staalaandelen toe zijn aan de rebound, ze weer mee omlaag gehaald worden door de algehele bearische stemming.

Zit nog long in MT met LT calls.

Success,

Ozzy

voda 9 mei 2017 16:17

1

Wederom, hartelijk dank voor de attentie. Zouden meer posters moeten doen! :-)

'Duidelijke verbetering cijfers ArcelorMittal'

Gepubliceerd op 9 mei 2017 om 10:52 | Views: 3.925

ArcelorMittal 15:54
7,20 +0,08 (+1,17%)

AMSTERDAM (AFN) - Het in Amsterdam genoteerde staalconcern ArcelorMittal heeft in het eerste kwartaal waarschijnlijk beduidend betere resultaten behaald dan een jaar eerder, geholpen door de stijgende staalprijzen en een toenemende vraag. ArcelorMittal opent vrijdag voorbeurs de boeken.

Volgens een consensus van analistenschattingen opgesteld door Bloomberg is het bedrijfsresultaat (ebitda) in het eerste kwartaal gestegen naar ruim 1,8 miljard dollar, van 927 miljoen dollar in de eerste drie maanden van 2016. De omzet wordt in doorsnee geraamd op 16,5 miljard dollar, tegen 13,4 miljard dollar vorig jaar.

's Werelds grootste staalfabrikant zag in het vierde kwartaal de resultaten al sterk aantrekken door de verbeterde marktomstandigheden.

Voor 2017 rekent het in de AEX genoteerde bedrijf op een stijging van de wereldwijde staalvraag met 0,5 tot 1,5 procent, na een groei met 1 procent in 2016. De investeringen van het concern komen naar verwachting met 2,9 miljard dollar een half miljard hoger uit dan in 2016.

voda 9 mei 2017 16:35

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NSP to help steel demand stay steady at 6% for 5 years - CRISIL

Press Trust Of India quoted a report by Crisil as saying helped by government-led initiatives, including National Steel Policy, domestic steel demand is expected to grow by 6 to 6.5% in the next five years, but the target reaching 300 tonne steel capacity by 2030 under NSP seems unlikely. Noting that the government envisages domestic steel consumption to grow 7 per cent through 2030 under the NSP,the rating agency said the consumption of the alloy has grown at a steady pace of 6 per cent, during the last decade (2006-07 to 2016-17).

The report said that “Over the next five years, steel demand is expected to register 6-6.5% growth driven by various government led initiatives in affordable housing and infrastructure sector, coupled with robust growth in automotive and capital goods segments.”

It added that “A similar trajectory of growth in expected to continue even in long run, subject to continuation of government’s initiatives. Also, NSP is expected to encourage in house production of flat and alloy steel products, reducing their share in overall imports.”

As per the rating agency estimates 24-26 MT of steel capacities could be added over the next five years, leading to aggregate steel capacity to rise to 140-145 MT by 2021-22. “Beyond this, the trajectory of demand growth, continued government support, and pricing environment in backdrop of global over-capacity led by China would be key determinants of pace of capacity addition,” the report said.

Source : Press Trust Of India

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voda 9 mei 2017 16:36

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South Africa has no choice but to impose emergency steel tariff- Minister

Reuters reported that South Africa’s Minister of Trade and Industry, Rob Davies said that South Africa had no choice but to impose emergency safeguard tariffs on imports of certain flat hot-rolled steel products to protect local industry,

He told Reuters "We'll indicate what the quantum is when those processes are complete. We got to defend to ensure that we maintain the primary steel manufacturing in South Africa. We got no choice actually, if we let it go then there will be a huge knock-on effect for the industry as a whole because we don't have the capacity to import anyway."

Davies said the tariff would be imposed in a way that it also accommodates the downstream industry, where the main jobs are. He said "The levels of protection we've deployed in South Africa are modest by global comparison.”

South Africa is proposing to put on the safeguard duties from July, it said in a filing published by the World Trade Organization in April. The tariff would be in place for three years, and is proposed to fall from 12 percent in the first year to 10 percent in the second year and 8 percent in the third.

Domestic steel producers have said China, which produces half the world's steel, has been dumping excess output locally as consumption at home wanes and these low-priced imports have resulted in low sales volumes for the domestic firms.

Source : Reuters

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voda 9 mei 2017 16:37

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Hyundai Steel fined KRW 312 million for obstructing FTC's probe

Korea Herald reported that South Korea's corporate watchdog has imposed a combined KRW 312 million (USD 275,600) on Hyundai Steel Co, the country's second-biggest steelmaker by sales, and its employees for obstructing an investigation and refusing to present evidence.

Investigators of the Fair Trade Commission carried out on-site investigations into Hyundai Steel's alleged violations of the local fair trade law in December 2016 and February 2017, according to the watchdog.

During the period, two company workers deleted related emails and data and concealed USB devices, while 11 rejected the FTC's request to submit documents.

Under the current South Korean law, those who disrupt an official FTC investigation could face a prison sentence of less than three years and a fine of up to 200 million won.

The FTC said it will take a firm stance on future instances of probe obstruction and refusal to submit related evidence.

Source : Korea Herald

voda 9 mei 2017 16:38

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Bhushan Steel in talks with banks for debt resolution

PTI reported that Bhushan Steel said it is in talks with banks to find long-term solutions with regard to the company's debt. Bhushan Steel said in a filing to BSE “The company is in discussion with banks for arriving at long-term solutions for the debt but nothing is finalised so far. There is no other discussion being done with any other bank for refinancing.”

The company's reply was in response to a clarification sought by the bourses on media report which said that "Bhushan Steel may be brought under S4A; likely to close refinancing from German bank; due diligence underway".

Bhushan Steel further informed the bourses that it has no role in increase in price of company's script whatsoever and added that market forces are deciding factor for the same.

Source : PTI

voda 9 mei 2017 16:38

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Rising global steel prices make Indian anti-dumping duty redundant

Business Line reported that the protection against imports given to domestic steel companies has become redundant with international prices rising above the base price prescribed in the anti-dumping duty. The development has exposed steel companies, reeling under high debt, to competition from international producers, at a time when demand is set to grow on the back of the government’s plans to spend INR 3 lakh crore in infrastructure this fiscal.

The Directorate General of Foreign Trade recommended a base price of USD 489 a tonne on HR coil imports. If the imported steel price is above the base price that triggers an anti-dumping duty, Indian buyers have to pay only the import duty of 12.5 per cent.

Mr Nikunj Turakhia, President, Steel Users Federation of India, said imports can now be made for specific products from select countries if Indian producers kept prices artificially high. He said “We expect steel prices to come down in the coming months as prices of coking coal and iron ore have eased. India, which has an excess of HR steel coil production, has exported 7 lakh tonnes at USD 430-440 a tonne to Vietnam in the past few months due to weak domestic demand.”

Source : Business Line

voda 9 mei 2017 16:39

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Khorasan exports first consignment of steel billets to UAE

IRNA reported that head of Sales and Export Department of Khorasan Steel Complex Hamid Reza Shenavaei said that the first consignment of crude steel was exported from the complex to the United Arab Emirates.

Given the company’s aim to develop exporting markets and considering launching second steel making unit of the complex, marketing for exporting billet is on the department's agenda.

He pointed to constant consultations and follow-up and foreign markets studies, and said an agreement was reached with the UAE for export of 1200 tonnes of billet, the first consignment of which was dispatched last week. He said that ‘’In case of approval of the quality of the exported consignment, more sales contracts will be signed with the country.'’

The second steel making unit of the complex by capacity of 620,000 tons billet annually was set up on April 27, 2017 in Neyshabour city, 120 kilometers west of Mashad.

Source : IRNA

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voda 9 mei 2017 16:40

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Russians managing seized Ukrainian factories in militant-occupied Donbas - Report

Kommersant-Vlast magazine reported that former vice governor of Russia’s Irkutsk region Mr Vladimir Pashkov is believed to be a general director of Vneshtorgservice, the company overseeing several Ukrainian enterprises located in the eastern Ukrainian territory temporarily controlled by de facto authorities of the so-called "DPR" and "LPR." .

According to the publication, in early April, "DPR" leader Alexander Zakharchenko signed a decree, appointing Vneshtorgservice the "temporary administrator" of Ukrainian factories in the occupied territories, including DonetskStal steel-making plant, Yenakieve and Makiyivka steel-making plants, Yenakieve Coke Plant, Yasinovsky Coke Plant, Makiyivkoks, and Khartsyzsk Pipe Plant.

The report notes that over the past month, Vneshtorgservice has not launched a website, and neither has it opened up an office. The magazine wrote that "None of the documents issued by the self-proclaimed republics indicated who is in charge of this company and who it belongs to." However, the name of the company’s likely CEO was mentioned once.

Source : Unian.info

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voda 9 mei 2017 16:42

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US Steel leak more than 580 times allowable limit

The Associated Press reported that a US Steel plant in northern Indiana spilled nearly 600 times the amount allowed of a potentially carcinogenic chemical into a Lake Michigan tributary last month, and the company has committed to testing lake water on a weekly basis to ensure it is safe through the swimming season.

The (Northwest Indiana) Times reported documents from the Indiana Department of Environmental Management show that the plant spilled nearly 300 pounds of hexavalent chromium into the Burns Waterway on April 11 and April 12. That was more than 580 times the daily maximum limit allowed under state law. The department says a multi-agency investigation is ongoing.

A spokesperson with the Environmental Protection Agency said that US Steel must take part in long-term water monitoring for hexavalent chromium. The agency has reviewed and approved US Steel's monitoring plan and the National Park Service will oversee the monitoring. The plan also requires an independent third-party laboratory to conduct sampling once a week at four beaches during the May 29 through Sept. 4 swimming season, documents show.

The chemical spill sparked outrage from environmental groups against the backdrop of massive budget cuts that have been proposed for the Indiana Department of Environmental Management and at the EPA under President Trump.

The company's major industrial spill "illustrates the need we have for a robust EPA to prevent and respond to situations like this," said Cindy Skrukrud, Clean Water program director for Sierra Club Illinois.

The spill forced a temporary closure of several beaches and Indiana American Water's intake in Ogden Dunes. They were reopened April 17, after EPA water samples failed to uncover the chemical.

Mr Bruce Rowe a spokesman for the National Parks Service, said the agency is "encouraged that there has been no detectable amount of the material found in the waters or on the beaches at Indiana Dunes National Lakeshore. We are looking forward to a normal beach season this summer."

Lake Michigan is the main source of drinking water for many residents of Lake, Porter and LaPorte counties.

Source : The Associated Press

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voda 9 mei 2017 16:43

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Vietnam become a major hub for scrap steel

VietnamNet reported that Vietnamese steel manufacturers are importing more and more scrap steel for domestic production, as this is the easiest and most profitable way to make steel. According to Bui Van Muu from the Metallurgy and Material Technology Faculty of the Hanoi University of Technology, the steel production from upstream must follow a closed process, from exploitation and iron ore processing to finished product production.

Mr Muu commented, it is not a surprise that Vietnam’s steel industry mostly relies on making ingot steel from scrap steel with electric furnaces.

Vietnamese steel manufacturers are importing more and more scrap steel for domestic production, as this is the easiest and most profitable way to make steel.

A report of GDC shows that in the first three months alone, Vietnam imported more than 1 million tonne of scrap steel, worth $276 million. The import volume is 11,000 tons a day, higher by 1 ton than in 2016.

Muu said as Vietnamese steel manufacturers choose to follow the easy way, the demand for input materials, i.e. scrap steel, is becoming higher.

Most of the scrap steel imported to Vietnam is low quality, difficult to be treated and likely to cause serious pollution. Meanwhile, scrap steel with higher quality cannot arrive in Vietnam.

Experts warned that domestic scrap steel sources can provide input materials to steel mills for about 10 more years.

After that time, the domestic supply will be short, while manufacturers would depend on material suppliers.

By that time, even if Vietnam wants to make steel from coke, it won’t be able to do so because of the limitations of the production lines.

Source : VietnamNet

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voda 9 mei 2017 16:45

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US Raw Steel Production in Week 18 - AISI

In the week ending on May 6, 2017, domestic raw steel production was 1,737,000 net tons while the capability utilization rate was 74.5 percent. Production was 1,732,000 net tons in the week ending May 6, 2016 while the capability utilization then was 74.1 percent.

Source : Strategic Research Institute

voda 9 mei 2017 16:45

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Atlas Iron faces uncertain road ahead if iron ore prices slump further

ABC NET reported that iron ore prices have slumped to around the lowest level since January which could mean big trouble for Australia's small iron ore miners like West Australian company Atlas Iron. Atlas Iron hit the big time when iron ore prices reached nearly USD 200 a tonne in 2011, during the mining boom. But the Pilbara-based producer almost collapsed two years ago when iron ore prices plunged below USD 50 a tonne.

When the price started climbing again last November, Atlas returned to profit and paid down debt.

Atlas Iron managing director Mr Cliff Lawrenson said it was a near-death experience. He said that "It's never easy to come back from where Atlas has been but there is a great spirit in the company, always has been. We do see ourselves as a niche player in the iron ore space."

However, during the March quarter of 2017, Atlas only made about $8 for every tonne of iron ore it mines.

It has a higher cost of production because it has to truck iron ore to port and its iron ore attracts a lower price than the higher grade premium material mined by the big players, Rio Tinto, BHP Billiton, Vale, and Fortescue Metals.

Mr Lawrenson said the company's iron ore was discounted by about 25 per cent over the quarter despite benchmark prices above $US90. He said that "Our realised price was much lower than we would have liked. Our view is if we can get the margin to the $10-15 range then that's very admirable."

That could be hard if China's demand for steel wanes. Chinese steel prices slumped in mid-March because of record steel production which sent both steel and iron ore prices tumbling.

Benchmark iron ore prices peaked at nearly USD 95 in February and have fallen by around one third since then to just above USD 60 a tonne.

MineLife resources analyst Gavin Wendt expects another shakeup of the iron ore industry if the price of the steel making ingredient falls further. He said that "I think there is a likelihood that the price will pull back to the USD 50 to USD 60 per tonne range by the end of year perhaps even lower."

He said that "The critical level for most iron ore players, particularly the independent ones, is around $US60 a tonne mark."

Source : ABC NET

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voda 9 mei 2017 16:48

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2nd review of Philippine mines to continue - DOF

Reuters reported that Philippine government will move forward with a second review of the country’s mines despite the removal of Regina Lopez as secretary of the Department of Environment and Natural Resources.

A finance official said that the Mining Industry Coordinating Council, an inter-agency panel that includes the finance and environment departments, ordered a review in February of the operations and the environmental and social impacts of the country’s mines.

Finance Undersecretary Bayani Agabin said in a statement that “Definitely it will continue because it’s the mandate of the MICC to do just that regardless of who’s in the DENR.”

The review will cover all 41 mines operating in the Philippines, including the 26 that Lopez had earlier ordered closed or suspended in February after a months-long audit last year led by the DENR.

She also canceled dozens of contracts for undeveloped mines in the world’s top nickel ore supplier.

The MICC ordered the review following criticism from miners that Lopez’s decision was baseless and lacked due process.

The Commission on Appointments rejected Lopez as environment secretary on Wednesday, ending her 10 month mining crackdown which was backed by President Rodrigo Duterte but led to demands for her removal.

The Chamber of Mines of the Philippines has said it would seek to undo Lopez’s moves when a new DENR head is appointed.

Agabin said the review will also include contracts for undeveloped mines.

Lopez earlier asked President Duterte to halt the second mine review, challenging its legality despite initially supporting it.

The MICC is still in the process of selecting who will comprise the team that will inspect the mines, which is expected to take three months.

Source : Reuters

Bijlage:

voda 9 mei 2017 19:06

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Southern European rebar exporters still await Algerian licences

10 Views

The South European rebar market continues to face difficulties as the Algerian authorities have not yet issued import licences to enable export the product to the country. Some mills in Southern Europe are now starting to feel the pinch, Kallanish learns from sources.

Traders active in Algeria say that licences should be announced "... anyday", but note that this has been the case since March and giving a real deadline is now impossible. Meanwhile one source confirms that, given the lack of rebar imported in Algeria, the local suppliers, mainly the Turkish group Tosyali, have increased prices to almost €850-1000/tonne ($926-1090/t) for 8mm rebar.

Italian mills are reported to be struggling due to the lack of exports. “I have heard of mills lowering their production to 8 shifts per week, from 15 a few months ago. Many producers have their stores completely full as they await the licences to export,” a trader notes.

According to the European steelmakers' association Eurofer, longs exports to third countries dropped -23% year-on-year in January-February, mainly due to the Algerian situation. Traders now say that as soon as the licences are issued, there is a likelihood that freight costs will also increase significantly as all mills will try to sell as much as possible.

During recent weeks South European rebar suppliers have tried to look for alternative export markets. Some sales have been concluded in North America, but lately the price has dropped to as low as €390/t fob due to the lack of substitute markets available.

Source: Kallanish.com

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