Seaborne coking coal prices ended the week lower amid
aggressive offers from traders over the past five days.
Metal Bulletin's fob Australia premium hard coking coal index
fell $3.58 per tonne to $139.33 per tonne.
The cfr China hard coking coal index shed $5.43 per tonne to
$135.01 per tonne while the fob Australia index lost $5.34 per
tonne to reach $129.85 per tonne.
Early in the week, Nippon Steel & Sumitomo Metal Corp (NSSMC)
said it was moving to an index-based system to price quarterly
of premium coking coal.
The new system will involve using a three-month average of a
basket of indices to price each quarter’s
But NSSMC will retain one-to-one price
negotiations with producers for quarterly contract cargoes of
pulverized coal injection (PCI) materials
And Teck Resources has revised its second-quarter
metallurgical coal sales guidance to 6.80-7.00 million
after confirming a contract price of "approximately
$190 per tonne" for the period.
Meanwhile, iron ore prices continued to edge up on Friday with
the seaborne market seeing some improvement in demand, with Metal Bulletin’s 62% Fe Iron Ore
Index reaching $55.75 per tonne cfr Qingdao
, up by $0.52
per tonne on a daily basis.
In the scrap market, Turkish steel mills accelerated their deep-sea
purchases with strong domestic demand
and expectation for a
better export market after the Ramadan period, while
the Taiwanese scrap market
and the US
market were also enjoying increasing trade activity.
The Shanghai Futures Exchange is considering
launching a ferrous scrap contract
in the near future, its
product director Chen Ye said.
The decision stems from the Chinese government’s
encouragement of the use of scrap to reduce emissions and
conserve energy as part of its commitment to the Paris
Agreement to address climate change
Eastern China’s steel major Shagang lowered the list prices of its long
for mid-June amid a weakening spot
And nearby, Baosteel has lowered the list prices for its
cold rolled coil (CRC) and hot dipped galvanized coil (HDG) for
, but is keeping those for hot rolled coil (HRC)
and plate unchanged, while Central China’s Wuhan Iron & Steel is keeping the list
prices for its HRC, CRC, HDG and plate unchanged
Export prices for CIS flat steel moved up
slightly over the past week,
with some higher offers
announced by Russian steelmakers – although no deals
have been done as yet.
Prices in the CIS export billet market were stable over the
past week, supported by firm buying activity in North Africa
The import market for steel billet in Southeast
Asia continued to be under pressure
from low booking
activity over the past week and competitive offers from
Import prices for slab in Asia have slipped
below $400 per tonne cfr
with market sentiment
remaining bearish among buyers due to a seasonal slowdown in
Turkish long steel producer Kardemir opened its domestic long steel and
semi-finished sales book at lower prices
In Europe, prices for domestic heavy steel plate have
been under pressure from declining slab prices
and competitive imports over the past seven days.
Northern European domestic rebar prices
over the past week as producers 'lose
And falling ferro-chrome prices and nickel falling below $9,000
per tonne are expected to "meaningfully weigh on [EU]
stainless transaction prices
in the coming months as alloys
In the USA, Nucor increased its steel plate prices by at
least $30 per ton
, with immediate effect. Along with
Kesytone, it has also raised wire rod prices between $20 and $25 per
The European Commission (EC) has set definitive anti-dumping duties of 10.60% on
rebar imported from Belarus
for five years.
Europe's anti-dumping duty on imports of certain
organic coated flat steel products from China will expire on
March 15, 2018,
unless a review is initiated, according to
India has called for World Trade Organization (WTO) action
after the USA failed to meet an April 2016 deadline to
drop countervailing duties on hot-rolled carbon steel flat
products from India
India also reduced its basic import duty on some flat
steel products used to manufacture cold-rolled grain oriented
, the country’s Ministry of
Mexico has renewed a voluntary agreement with South Korean
steelmaking companies Posco and Hyundai Hysco to limit imports of CRC
And in the USA, certain duties on Mexican and Turkish rebar were
revised down to almost zero
last week in administrative
reviews by the US Commerce Department.
Around the world
During the 12th Asian Stainless Steel conference in Hong Kong,
China’s Tsingshan Group said that its Indonesian stainless steel plant will be put
into operation in the second half of this year
Baosteel also said at the event that it is planning
to convert 1 million tpy of its carbon steel
capacity to stainless steel
at its Meishan plant in
Nanjing city, Jiangsu province.
In addition, stainless steel prices in China may rebound in
the fourth quarter
of this year, according to
representatives of several producers who attended the
Finnish stainless steelmaker Outokumpu has increased peeled stainless steel bar
production output to around 15,000 tpy at its Degerfors
Indian steelmaker JSW Steel plans to increase the annual
production capacity of the largest blast furnace at its
Vijayanagar site in Karnataka
, south-west India, by more
A consortium including South Korean steelmaker
Posco has been named as the preferred bidder for Arrium
according to the Australian steelmaker's administrator
Liberty House, which missed out on that deal, will raise bar production to 137,000 tpy by the end
of this year at its newly purchased speciality steels business
, northern England.
UK long products steelmaker British Steel has registered an "official
interest" in acquiring troubled Italian steelmaker Acciaierie e
Ferriere di Piombino (Aferpi)
, according to Italian media
Metal Bulletin also published a special report on British Steel.
Brazilian steel and iron ore producer Usiminas plans to restart operations at two
iron ore processing facilities at its mining subsidiary,
, by September.
And finally, Cliffs Natural Resources has picked Toledo,
Ohio, as the site for a $700-million hot-briquetted iron (HBI)
– only the third such facility in