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voda 10 februari 2023 07:37

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Mr Abhijit Narendra Appointed as Government’s Director of NMDC

Strategic Research Institute
Published on :
10 Feb, 2023, 5:11 am

India’s leading state owned iron ore miner NMDC has announced that Ministry of Steel’s Joint Secretary Mr Abhijit Narendra has been appointed as Government Director on the Board of Directors of NMDC Limited with immediate effect. Mr Abhijit Narendra is an officer of 1993 batch of Indian Railway Traffic Service and is presently posted as Joint Secretary in Ministry of Steel since March 2022.

He has served in different areas of railways including operation, commercial and safety management which gave him rich experience of production and sales management of Indian Railways. His tenure in Railway Board gave him a broader perspective of transportation business and railways modal share. He has also worked in Centre for Railways Information System the IT arm of Indian Railways which gave him the insight of development, execution and running of IT applications. He has also worked in Ministry of Railways in the area of infrastructure development through PPP, project structures and financing, logistics etc. He has also been associated with planning & execution of big ticket railway infrastructure projects like High Speed Rail and Dedicated Freight Corridor. He has also represented the organization and nation in various international meetings and conferences.

He holds a degree in BSc and LLB.

voda 10 februari 2023 07:38

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ArcelorMittal Reports 39% Shrinkage Operating Income in 2022

Strategic Research Institute
Published on :
10 Feb, 2023, 5:13 am

World’s leading steelmaker ArcelorMittal has reported operating income of USD 10.3 billion in 2022 down 39% YoY, EBITDA of USD 14.2 billion down 27% YoY & EBITDA per tonne of USD 253 down 18% YoY with sales of USD 79.8 billion up 4% YoY. ArcelorMittal Chief Executive Officer Mr Aditya Mittal said “Despite the challenges that emerged as the year unfolded, our full year results demonstrate the benefits of our strengthened asset portfolio and the improvements we have made to our cost base in recent periods. This, alongside the mitigatory actions we took in the second half of the year to adapt production levels and optimize energy consumption, has added resilience to our business.”

Crude steel production – 59.0 million tonne, down 15% YoY

Steel shipments - 55.9 million tonne, down 11% YoY

Total group iron ore production - 45.3 million tonne, down 11% YoY

Mr Aditya Mittal added “Our delivery of consistently positive free cash flow and balance sheet strength has allowed us to grow and develop the business, capturing growth opportunities in faster growing markets while also making good progress in our ambition to be a leader in low-carbon steel production. The acquisition of Texas HBI helps us secure high-quality metallics for low-carbon steelmaking. We celebrated the commissioning of the European steel industry’s first carbon capture and re-use project in Belgium. Our two low-carbon customer products, XCarb® green steel certificates and XCarb recycled and renewably produced continue to gain momentum with customers and the XCarb Innovation Fund made a series of investments in compelling new low-carbon technologies.

Regarding outlook, ArcelorMittal said “World ex China apparent steel consumption in 2023 is expected to recover by 2-3% YoY as compared to 2022 & the company expects its steel shipments in 2023 to grow by 5% YoY. As we look ahead, evidence suggests that the customer destock we saw in the second half of 2022 has peaked, hence providing support to apparent steel consumption and steel spreads. Although geopolitical uncertainty remains high, we remain confident in the strength and resilience of ArcelorMittal, and in our ability to successfully execute our strategy of growth, decarbonization and sustainable returns through all aspects of the cycle.”

voda 10 februari 2023 07:38

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SMI Researchers at Swansea Study Hydrogen Based Steel Making

Strategic Research Institute
Published on :
10 Feb, 2023, 5:12 am

UK’s s steel experts have been taking a virtual look inside a shaft furnace, as part of a new project to test how well hydrogen would work as a reductant for steelmaking. The team used laboratory simulations to get an accurate picture of how hydrogen and other materials behave in the extreme conditions of a furnace, as a first step towards piloting a new type of hydrogen-fuelled process. The team examined how materials behaved in the hydrogen reduction process. To do this, they used unique technology based at Swansea University’s Steel and Metals Institute. Known as the reducibility rig, it simulates what happens to materials at very high temperatures in gas-laden environments.

Steel & Metals Institute Facilities Manager at Swansea University Dr Mike Dowd said “Switching to hydrogen as a reducing agent for steelmaking would slash carbon emissions. Our work tested how this technology could work, before we start the next phase of this project. The reducibility rig in Swansea allows us to take a virtual look at the hydrogen reduction process could work on an industrial scale. It means we get a full picture of how materials behave in extreme conditions. We also compare hydrogen with carbon-heavy fuel sources. The tools we are using and our links with industry mean that this project could scale up these technologies for commercial use quite quickly. This is crucial as we all know that time is of the essence in the drive to cut carbon emissions.”

This is a collaborative project, with the Steel & Metals Institute based at Swansea University and the Materials Processing Institute based in Middleborough, working directly with global metals and mining companies. The project was funded by the BEIS Industrial Fuel Switching Program.

voda 10 februari 2023 07:39

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Nippon Steel Reports USD 4 Billion Profit for Apr-Dec’22

Strategic Research Institute
Published on :
10 Feb, 2023, 5:12 am

Japan’s largest steelmaker Nippon Steel has posted a 2% increase in April-December net profit to JPY 517 billion (USD 4 billion) on sales of JPY 5.7 trillion up 21%. Nippon Steel said “While overseas steel market is expected to stay sluggish going forward, by H2 FY2022 we aim to improve steel price spread by JPY 400 billion in annual basis compared to H2 FY2020 as we secure appropriate level of margin and improve order mix in direct contract-based sales which account for over half of our shipment.”

Nippon Steel has updated forecast for FY2022 consolidated underlying business profit at JPY 690 billion, upward revision by JPY 60 billion from the previous guidance and remaining at the record-high level as last year, even in the prolonged sluggish business environment. However, Nippon Steel’s forecast for FY2022 consolidated business profit is unchanged at JPY 870 billion, as the forecast for total amount of inventory valuations etc is revised downward by JPY 60 billion due to fluctuations in raw material prices and forex rates.

Nippon Steel said “The revenue and profit in FY2022 are expected to increase YoY due to robust sales in environment and energy sectors such as overseas marine business, waste to energy plants business and offshore wind power business. However, business profit outlook has been revised downward from the previous outlook, reflecting valuation losses for accounts receivable due to stronger yen. The revenue in FY2022 is expected to increase YoY due to increase in sales price reflecting depreciated yen and raw materials cost inflation. However, the business profit is expected to decrease YoY due to rapid slowdown in semiconductor market, S&D adjustment in needle coke market, calmed market prices of chemical products, etc and the outlook has been revised downward from the previous outlook. The revenue in FY2022 is expected to increase YoY, capturing needs for DX needs mainly from platformers and Nippon Steel as well, expanding provision of digital workplace solutions and implementing government projects. While G&A cost is also expected to increase due through medium-term growth measures, so does business profit outlook along with the increase in revenue.”

voda 10 februari 2023 09:14

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Indian HRC export offers gain amid euro-dollar volatility
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The recent volatility of the dollar versus the euro helped Indian hot rolled coil exporters conclude deals in Europe last week at fairly high prices. Indian mills now aim to further hike HRC prices to Europe, contrary to the sluggish market sentiment prevailing in the eastern hemisphere, sources tell Kallanish.

Last week, a tier-1 Indian mill sold 10,000 tonnes of structural grade HRC to Italy and Antwerp at $800-805/tonne cfr, netting back to $750-760/t fob India for end-March/April shipment. "This deal was done last week when USD depreciated to around 1.10/EUR and European buyers accepted this offer, with India considering no marginal loss in EUR realisations," informs a source. "However, since this deal, Indian sellers are mulling a further hike, but this is tricky as the majority of European buyers have done their restocking."

This week, Indian HRC offers have surged to $810-815/t cfr Europe; however, no new deals have been confirmed.

Offers to the Gulf Cooperation Council are meanwhile being heard at $740/t cfr GCC. However, the sluggish sentiment developing in China has made buyers cautious, and they are now preferring to wait and watch the market. Last week, a deal for 20,000-25,000 tonnes of re-rollable grade HRC was concluded by an Indian major at $745-750/t cfr Abu Dhabi for March shipment.

"Falling Chinese futures have confused buyers in the GCC as they were expecting a price hike by China after the New Year holidays but, conversely, the opposite happened in the market," opines a mill source. "We were expecting a lot of buying activity to happen in the GCC market, but now a majority of buyers have postponed their purchases and are observing the market trend."

Last week, Indian mills raised their domestic HRC offers to INR 59,500-60,000/t ($720) ex-Mumbai for E-250 grade HRC and INR 62,500-63,000/t ex-Mumbai for E350.

However, market participants are questioning whether the attempted price hike to Europe will be accepted by buyers now amid sluggish sentiment in China and not-so-aggressive demand in Europe following the recent restocking.

The recent hike in coking coal prices to around $350/t fob Australia and strong iron ore sentiment are anticipated to offset the sluggishness in Chinese futures and hence support HRC prices. The majority of participants nevertheless do not feel the market will go up as the Indian price hike is not demand-oriented but sentiment-oriented, which is not expected to sustain for long.

Lastly, the recent hike by mills in India’s domestic market indicates they still have an option to sell HRC in India, if exports do not work out. Moreover, sources also inform that Indian mills do not have much export allocations remaining for this fiscal year ending 31 March 2023, so they will try to sell small quantities at higher prices.

Sayed Aameer India

voda 13 februari 2023 06:41

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Alleima Develops Sanicro 35 Stainless Steel for Harsh Applications

Strategic Research Institute
Published on :
13 Feb, 2023, 4:48 am

World’s leading supplier of steel for challenging applications Alleima, formerly Sandvik Materials Technology, which already has a large portfolio of super specialty steels, has developed super-austenitic corrosion-resistant grade stainless steel alloy Sanicro® 35 as a response to requirements from the market for a stainless steel alloy that would be able to combine high corrosion properties with high mechanical strength. Alleima embarked on the research project in 2012 and in 2020 Sanicro® 35 was launched globally. This super-austenitic stainless steel, which combines high yield strength, resistance in severe acidic conditions, excellent pitting and crevice corrosion resistance, bridges the properties gap between super austenitic steel grades and nickel alloys. It provides a new, high performance alternative to conventional materials to support more cost effective and efficient operations. Sanicro® 35 has received two awards to date, the Sandvik Innovation Prize in 2019 and MP Corrosion Innovation of the Year Awards 2021.

Alleima’s Lead Scientist Mr Rohit Ojha in an exclusive interaction with SteelGuru shared “The biggest challenge we faced in the process of developing Sanicro® 35 was to translate the market requirements of stainless steels and nickel alloys, into an alloy composition that has excellent corrosion resistance. The second challenge was the use of a method to test the localized corrosion properties that also allowed ranking of the different alloys. Traditionally, different test methods have been used for stainless steels and nickel alloys. For Sanicro® 35, we had to enhance the standard ASTM G150 test to achieve an optimal critical pitting temperature. It took years of testing and full production using recycled steel and melting done in a furnace powered by 100% fossil-free electricity to develop Sanicro® 35. Recycled-based stainless steel production has a substantially smaller CO2 footprint compared to a traditional iron ore-based steel production.”

While answering to “Which properties differentiate it with grades offering similar solutions” Mr Ojha said “Sanicro® 35 was developed using the right combination of Cr, Mo, Ni and N, which enables it to combine two things: mechanical properties comparable to duplex grades, and corrosion resistance comparable to nickel alloys. These differentiate our new product from existing 6Mo super-austenitic grades.”

Mr Ojha added “Sanicro® 35 is designed for extremely corrosive environments (i.e., acidic environments) and seawater applications, where it can be used for either cooling or heating. It is an ideal material for heat exchangers and hydraulic and instrumentation tubing applications in maritime and oil & gas industries.”

While answering to “How is Alleima addressing increasing focus on tougher environment in downstream” Mr Ojha underlined “Alleima is committed to being a technology leader and a progressive customer partner. Our technical marketing and sales teams pay attention to challenges and opportunities faced by customers and help them select the best grades for their applications based on years of knowledge and experience. We are not just a provider; we take the time to understand our customers and work with them to solve their downstream challenges. We are also constantly innovating our products and services to meet new and evolved issues in the market. Sanicro® 35 is a proof of that. And with the expansion of our Mehsana Mill in India, we will continue to be there for our customers through thick and thin.”

Alleima, formerly Sandvik Materials Technology, is a global manufacturer of high value-added products in advanced stainless steels for the most demanding applications and industries and special alloys as well as solutions for industrial heating. Alleima’s business concept is to be the world’s leading provider of advanced stainless steels and special alloys, as well as products of industrial heating, without compromising Alleima’s goals in sustainability.

We are committed to meeting the challenge, as our high value-added products are made with higher quality materials, and we ensure our developed innovative solutions are designed for our customer’s success, while reducing their carbon footprint.

voda 13 februari 2023 06:42

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Chinese Steel Plant Disco Accused of Exploiting Worker in Zimbabwe

Strategic Research Institute
Published on :
13 Feb, 2023, 4:50 am

The Sunday Times has reported that workers, backed by the Zimbabwe Congress of Trade Unions, building the steel plant for the Chinese-owned Dinson Iron & Steel Company in Manhize in Mvuma, about 192km south of Harare, in Zimbabwe claim that they are exploited, forced to work in inhumane conditions, and sleep crammed eight to a small room on the construction site. They told Sunday Times, on condition of anonymity, that “They are not provided with safety equipment, have no proper toilets, and are forced to lie to get a day off to see their families.”

They told “Nothing good is coming out of the steel plant; we live like animals. Eight workers sleep in one tiny room. We have no basic sanitation. Sewage overflows at the plant because of blocked plumbing. We defecate in the bush because they are no working toilets at the plant. The sewage overflow is next to the kitchen where the food for workers is prepared. We are not allowed to cook our own food. The food we are given by the company is badly prepared. We are paid $4 a day and the money comes as half in local currency and other half in US dollars. We work for 30 days, with no off day.”

China’s largest stainless steelmaker Tsingshan Holdings subsidiary Disco has denied the allegations and said that these are attempts to smear the good name of the company, and Chinese investments in Zimbabwe.

Production is expected to begin in August and the plant is expected to manufacture more than 1.2-million tonnes of steel a year.

More than 800 workers are employed at the plant, with most of them living on the site. Disco said the integrated steel plant will create 2,000 jobs by the end of 2023. Last year, at a breaking ground ceremony, President Emmerson Mnangagwa hailed the project as a paradigm-shifting milestone for Zimbabwe.

voda 13 februari 2023 06:42

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Nippon Steel & Del Monte Celebrate 60 Years of Tinplate Supply

Strategic Research Institute
Published on :
13 Feb, 2023, 4:49 am

Nippon Steel held a ceremony to commemorate 60 years of supplying tinplate to Del Monte Philippines in Manila in September 2022. Since Nippon Steel began working with Del Monte in 1962, it has delivered a cumulative total of more than 1.2 million tonnes of tinplate. At the commemorative ceremony, Nippon Steel and Del Monte reflected on the companies' shared history, such as the development and adoption of advanced technologies, including those for thinner plates for can containers, environmentally friendly chromate-free tinplate EZP and easy open ends for can lids.

With the aim of further strengthening relationship, both companies have agreed to enhance joint initiatives to achieve carbon neutrality, and ultimately to realize a sustainable society, in addition to ensuring stable supply of high-quality tinplate, developing products utilizing Nippon Steel's technologies, and reducing costs for both companies.

voda 13 februari 2023 06:43

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Nippon Steel Starts Pilot for Injecting Hydrogen in BF

Strategic Research Institute
Published on :
13 Feb, 2023, 4:50 am

Nippon Steel has started to launch a demonstrative facility to inject gas containing hydrogen to the BF 2 in Kimitsu area in East Nippon Works, aiming at demonstrating thorough process of gas injection to the actual large-scale BF with 4500 cubic meters in size, which is the first trial in the world

Control of the temperature and the reduction reaction in BFs is one of the technological challenges. Since the result of the development conducted from 2008 on a 12 cubic meters test plant has been proven favorable, Nippon Steel decided to undergo a demonstration by utilizing an actual BF under operation, which is approximately 400 times as large as the test plant.

voda 13 februari 2023 06:44

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POMINI Long Rolling Mills to Revamp Celsa Armeringsstal Mill

Strategic Research Institute
Published on :
13 Feb, 2023, 4:51 am

POMINI Long Rolling Mills has been awarded a contract for the modernization of Celsa Armeringsstal, located at Mo I Rana in Norway. The scope of the project includes the replacement of four G1 finishing stands with the latest generation RedRing Series 5 stands. The new stands will reuse the existing rolls and related change devices in the workshop. Similarly, the new rest bars will be compatible with existing rolling guides.

The supply will also include the documentation required by the Machinery Directive of the European Union, and will be completed by 2023.

The existing rolling mill has been in operation since the 1980s. It was designed and supplied by Pomini SpA, predecessor of POMINI Long Rolling Mills.

Celsa Nordic consists of Celsa Armeringsstål, Celsa Steel Service in Norway, Sweden, Finland and Denmark, and Celsa Recycling. A leading producer of steel in the Nordic countries, Celsa Armeringsstål AS consists of a melting and rolling mill, located in Mo i Rana.

voda 13 februari 2023 06:44

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Aperam & Econick JV Botanickel to Extract Nickel from Soil

Strategic Research Institute
Published on :
13 Feb, 2023, 4:51 am

Leading stainless steelmaker Aperam together with Econick, a spin-off of France’s University of Lorraine that specializes in the phytoextraction sciences, have formed a new joint venture. Called Botanickel, the company seeks to become a world leader in the responsible and sustainable production of bio sourced nickel for the stainless steel industry. To accomplish this goal, the company is leveraging the incredible power of hyper accumulator plants. Using plants to extract nickel from soil and then turning that nickel into stainless steel may sound like science fiction, but that’s exactly what Botanickel is doing.

Hyper accumulator plants are unique in that they can grow in specific metalliferous soils that are often inhospitable for cultivating traditional crops. These plants have developed the ability to safely accumulate extraordinarily high amounts of heavy metals in their aerial parts, including cobalt, cadmium, manganese, zinc, and of course nickel.

With nickel being a key raw material in the production of stainless steel, Botanickel will leverage the Alyssum murale plant’s hyper accumulator capabilities to extract the metal from the soil. The native plants will be cropped in soils that are naturally rich in nickel and allowed to grow to full maturity. Once harvested, the plants are dried and their energy is recovered and used by local communities. Nickel is then concentrated and transferred to Recyco. Aperam's European recycling unit initially dedicated to recovering and treating the metallic content from melting shop dusts.

Botanickel’s innovative, circular and bio sourced nickel production process is the outcome of decades of research happening at the University of Lorraine, which is globally renowned for its role in developing the field of phytoextraction.

voda 13 februari 2023 06:45

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EUROFER Expects Mechanical Sector Decline in 2023

Strategic Research Institute
Published on :
13 Feb, 2023, 4:52 am

European Steel Association EUROFER in latest Economic & Steel Market Outlook 2023-24 has outlined that European Mechanical Engineering activity is set to grow by 6.5% in 2022, but in 2023 it is expected to experience a mild recession of minus 0.2% as a result of the continued disruptions due to the ongoing war and high energy costs. Their negative effects on the sector's output will be particularly visible in the first two quarters of 2023. Conditional on overall positive developments in the economic cycle in the second half of 2023, the sector is expected to achieve growth again in 2024 by 3.1%.

EUROFER said “The persisting downside factors affecting the industrial outlook, particularly the unprecedented rise in energy prices and production costs since the summer of 2022, are set to take their toll on the sector's output over the course of 2023, at least over the first two quarters of the year when output is expected to contract for two consecutive quarters. Eventually, the sector is expected to return to positive territory in the second half of 2023.”

After a sharp fall of 11.8% in 2020 due to the pandemic, which had followed a tiny drop of 0.1% in 2019 due to global trade tensions and the downturn in manufacturing sectors, mechanical engineering output rebounded robustly by 16.0% in 2021, thanks to the sharp recovery of industrial sectors in the EU, particularly over the first half of the year.

voda 13 februari 2023 06:45

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MMK Reports 14% Shrinkage in Production & Sales in 2022

Strategic Research Institute
Published on :
13 Feb, 2023, 4:52 am

Russia’s leading steelmaker Magnitogorsk Iron & Steel Works has reported that its steel output fell by 14.0% YoY to 11.687 million tonnes driven by overhauls at blast-furnace facilities and unfavorable conditions on export markets amid the last year’s high base and sales of metal products amounted to 10.703 million tonnes, down by 14.2% YoY, due to existing restrictions on export markets, overhauls of main equipment at the beginning of the year and a significant slowdown in business activity on international markets.

Steel segment Russia - 10.794 million tonne, down 19% YoY

Steel segment Turkey - 0.892 million tonne, up 184% YoY

Pig iron production -9.078 million tonne, down 13% YoY

Coal concentrates production - 3.512 million tonne, up 2% YoY

Iron ore production 2.393 - million tonne, down 18% YoY

Finished products sales - 10.703 million tonne, down 14% YoY

Domestic market + CIS - 9.176 million tonne, up 1% YoY

Exports - 1.526 million tonne, down 55% YoY

voda 13 februari 2023 06:46

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Accident Injures 11 in Accident at RINL VSP’s SMS 2

Strategic Research Institute
Published on :
13 Feb, 2023, 4:53 am

Eleven employees, while clearing the track for the movement of stuck-up slag pot, are injured at Rashtriya Ispat Nigam Limited’s Vizag Steel Plant’s Steel Melting Shop 2’s Converter E on 11 February 2023 as slag splashed on four employees and five contract workers causing burn injuries. All the injured persons were given first aid treatment at Visakha Steel General Hospital and later shifted to Seven Hills Super Specialty Hospital for further treatment.

As per media reports, two of the workers sustained 607 burn injuries and their condition is said to be serious.

The injured RINL employees have been identified as DGM Mr Anil Pahiwala, Senior Manager Mr Jay Kumar, Technician Mr Eswar Naik and Chargeman Mr Panda Sahu. Contract workers injured are Mr Bangarayya, Mr Suribabu, Mr Appalaraju, Mr Srinivas and Mr Pothayya.

CPM City Secretary Mr B Ganga Rao has accused RINL management of ignoring safety by not recruiting qualified permanent staff. He said “As a result, 103 workers have been injured during last two years, with five of them losing their lives.”

voda 13 februari 2023 06:46

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Welspun Corp Appoints Mr Neeraj Kant as CEO Steel Vertical

Strategic Research Institute
Published on :
13 Feb, 2023, 4:53 am

Welspun Corp has announced the appointment of Mr Neeraj Kant as CEO Steel Vertical to lead the business expansion in existing markets and in addition, to establish and develop the B2C segment. The product portfolio in the Steel Vertical consists of Ductile Iron Pipes, Pig Iron, TMT Bars, Billets and Direct Reduced Iron. Mr Kant will report to Welspun Corp’s Managing Director & CEO Mr Vipul Mathur.

Mr Kant has over 37 years of extensive experience in the steel and steel products industry with three companies - SAIL, Tata Steel and The Indian Steel & Wire Products Ltd. Prior to joining Welspun Corp, he was the Managing Director of ISWP since 2013.

Mr Kant graduated from 1IT in Kanpur in 1985 and completed his MBA from Edinburgh University Management School in 1996.

voda 13 februari 2023 06:47

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Tata Steel to Merge Seven Subsidiaries by 2023-24

Strategic Research Institute
Published on :
13 Feb, 2023, 4:54 am

PTI has reported that Tata Steel, as announced earlier in September 2022 expects to complete the merger of its seven subsidiaries with itself in the next financial year depending on regulatory approvals, including that from the National Company Law Tribunal. Tata Steel will first work to complete the merger of these seven companies before it plans for merger of more subsidiary companies with itself. The seven subsidiaries to be merged with Tata Steel are

Angul Energy

Indian Steel & Wire Products

S&T Mining Company

Tata Metaliks

Tata Steel Long Products

Tata Steel Mining

The Tinplate Company of India

TRF

Tata Steel CEO & MD Mr TV Narendran told PTI “However, the company has no plans to merge the recently acquired Neelachal Ispat Nigam Ltd, which it acquired last year for about INR 12,000 crore. According to the terms of purchase with the government, a new asset has to be run as a separate legal entity for three years. Tata Steel will decide on NINL later.”

voda 13 februari 2023 06:51

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FMG Signs Convention for Belinga Iron Ore Project in Gabon

Strategic Research Institute
Published on :
13 Feb, 2023, 2:49 am

Australian iro ore giant Fortescue Metals Group, through its incorporated joint venture company Ivindo Iron, has signed the Mining Convention for the Belinga Iron Ore Project in Gabon with the Gabonese Republic. This will see first mining planned for the second half of calendar 2023 and open growth opportunities for Fortescue Metals and Fortescue Future Industries throughout Africa.

The Mining Convention governs all the legal, fiscal and regulatory regimes for the 4,500 square kilometres which comprises the Belinga Project, including early development for production of up to two million tonnes per annum, while studies advance potential designs of a large scale development.

The capital estimate for the early stage mining development is approximately USD 200 million (100% basis) with investment over calendar 2023-24. The development involves conventional open pit mining methods to produce the ore which will be trucked and railed over existing roads and rail infrastructure, and will be shipped from the Owendo Mineral Port, near Libreville.

Ivindo Iron is the operating entity for the Belinga Project. It is held 90 per cent by the Belinga Joint Venture Company, established by Fortescue (80 per cent interest) and its joint venture partner, the Africa Transformation and Industrialization Fund (20 per cent). In accordance with the Gabon Mining Code, the Gabon Government will have a free carry interest of 10 per cent in Ivindo Iron.

The Belinga Iron Ore Project is located in the northeast of Gabon. The deposit was initially discovered in 1955, and subsequent exploration in the 1970s identified high iron and low contaminant mineralisation. The deposit sits in Archean aged rocks of the Congo Craton. The lithology and structure are typical of other greenstone belts that commonly host banded iron formations and itabirites found in other parts of West Africa such as the Simandou project. The Belinga geology and iron ore potential is similar in scale as Simandou in its early stages of exploration, with its multi-billion tonne potential and high grades. The Belinga Iron Ore Project has been progressively assessed by Fortescue since 2018.

voda 13 februari 2023 07:40

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Philippines buyers order regional position, Russian billet cargoes
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The unwinding of position cargoes has cooled down the Philippine billet market, Kallanish notes. A booking of Russian billet in the week through 10 February signals the market could see more Russian supply.

Traders’ position cargoes of ASEAN blast furnace 5sp grade billet for March shipment were booked at $595/tonne cfr Philippines in the middle of last week. These included a 30,000-tonne cargo of Vietnamese 150mm, as well as Indonesian 130mm billet. Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $595/t cfr Manila, down $5 on-week.

A 2,000t Chinese-origin Q235 120mm billet cargo for April shipment was meanwhile offered at $602/t cfr Manila, with some hearing it was finally settled at $590/t cfr Manila.

A leading Philippine re-roller also ordered 26,000t of Russian 125mm 5sp grade billet for March shipment during the week at $550/t fob Vanino. The order attracted attention because Russia has largely been absent from the market since the outbreak of war in Ukraine. "The Russian mill is shipping billet without prepayment or any opening of LC. That is why buyers in the Philippines are interested,” a trader says. “Buyers will pay only when the material arrives.”

As the Russian mill is a non-sanctioned company, more of its cargoes are expected to make their way to the country. The mill’s 125mm billet will cater to the smaller mills in the Philippines. But the trading of Russian material, in general, is difficult, so other Russian mills, particularly those sanctioned, will not be returning to the country anytime soon, the trader says.

With freight estimated at $30-35/t for the bought Russian cargo, there is a $10-15/t discount compared to ASEAN billet trades, which is “fair”, another Manila trader says. He considers the price gap to be a “risk premium”. The Russian mill whose cargo was booked used to sell close to 500,000 tonnes/year of billet to the Philippines before the war in Ukraine, he notes.

Another regional trader reports market chatter that Russian billet, declared as Chinese billet, was previously booked at $560-570/t cfr Manila last month. “The supply of Russian billet will certainly create a two-tiered [price] situation,” a regional trader notes. Another Russian mill was heard to have sold 30,000t of vanadium-added billet at $615/t cfr Taiwan in the past week.

Anna Low Singapore

voda 14 februari 2023 06:48

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Tata Steel’s Noamundi Iron Ore Mine Bags 6 Awards at MEMC Week

Strategic Research Institute
Published on :
14 Feb, 2023, 5:34 am

Avenue Mail has reported that Tata Steel’s Noamundi Iron ore mine in Jharkhand has won six awards at the 29th Mines Environment and Mineral Conservation week, 2021-22 organized under the aegis of Indian Bureau of Mines Ranchi region at Ranchi. Noamundi Iron Ore Mine was declared winner in Overall Segment, Afforestation and Mineral Beneficiation under A-1 Group of mines. Similarly, the mine was Runner-up in Waste Dump Management and, Systematic and Scientific Development under A-1 Group of mines. Besides, Noamundi Iron Mine received second prize in Stall Exhibition.

A total of 79 awards were given away on the occasion in various categories including Mineral Conservation, Environmental Monitoring, Sustainable Development and Publicity and Propaganda.

voda 14 februari 2023 06:48

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Shipbreaking Markets Builds Up in Week 06

Strategic Research Institute
Published on :
14 Feb, 2023, 5:34 am

World’s leading buyer of old ships for recycling GMS said “An increase in the flow of tonnage has begun to buoy recycling markets and all potential locations are increasingly trying to secure vessels, in order to satisfy a progressively rampant demand that has built up over a record low influx of tonnage during a dreadfully quiet 2022. Of course, India continues to remain the primary focus due to their far more stable market conditions and ability to finance new LCs regardless of vessel size. Bangladesh and Pakistan continue to struggle with liquidity issues amidst a dire lack of U.S. Dollars in each country, despite continued hope that ongoing negotiations with regards to their respective IMF loans may bring some sort of relief to their respective ship recycling sectors.”

GMS said “Lastly, the Aliaga market was understandably quiet after massive earthquakes rocked the Turkey and Syria this week that resulted in the tragic passing of over 10,000 souls.”

GMS added “Overall, the main supply of tonnage continues to arrive from the feeder container sector with few Panamax containers yet to arrive, whilst there is also an increase in the flow of dry bulk vessels, as charter rates sink to fresh lows, especially after the Chinese New Year Holidays. There seems to be little chance of seeing tankers this year, especially as charter markets push on to new highs, something which is long overdue, following the bloodletting witnessed in this particular sector over the last few years.”

GMS concluded “2023 has commenced in an overall positive fashion for the international ship recycling markets, with an increased flow of deals and a positive market with a healthy demand across nearly all locations and it would seem that as soon as LC issues are sorted in both Pakistan and Bangladesh, the industry can be sure of a busy and vibrant year ahead.”

GMS demo rankings – India/Pakistan/Bangladesh – Week 06 Unchanged WoW

Dry Bulk – USD 525-545 per LDT

Tankers – USD 535-555 per LDT

Containers - USD 545-565 per LDT

Vertraagd	30 apr 2024 17:39
Koers	23,590
Verschil	-0,460 (-1,91%)
Hoog	23,960
Laag	23,540
Volume	2.340.129
Volume gemiddeld	2.501.715
Volume gisteren	2.081.041

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