Ferrous Metal recycling

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Baosteel raises prices of some carbon steels

shadowlu — Fri, 03 Jul 2009 08:36:45 GMT

China's largest steel maker Baoshan Iron & Steel Co announced Wednesday to raise ex factory prices of some carbon steel products by CNY 150 to CNY 200 per tonne for August, but keep its billet and seamless tube prices unchanged. This is the second time Baosteel has raised its carbon steels prices since it lifted July prices in June.

Baosteel has adjusted up its ship plate price by CNY 150 per tonne and the price of carbon wide thick plate by CNY 200 per tonne for the next month. However, the company hasn't covered its mainstream products such as hot-rolled steels and cold-rolled steels in the price adjustment list this time.

An official with Baosteel told the reporter that its August prices of mainstream products will be announced later to get closer to the market prices by then.

Japan to boost minor metal stockpile as prices dip

shadowlu — Tue, 30 Jun 2009 08:34:06 GMT

Japan aims to take advantage of a price decline to roughly double its national stockpile of minor metals, but it does not expect its purchases to be a factor in driving up prices in the long term given current slow demand and high stocks.

The move is part of a broad review of the nation's stockpile, set up in 1983, which will add two new metals -- indium and gallium -- to the seven currently held.

Japan has earmarked 5.8 billion yen ($60.68 million) from this year's budget to buy and boost its stockpile to an average of 42 days worth of metal, a target it has always had but never achieved due to worries that buying at a high price would disrupt the market. It currently has an average 19.5 days worth of metal in the stockpile. "It would be timely to buy now because prices have come down," Yoshinori Yajima, director at the Ministry of Economy, Trade and Industry's Mineral and Natural Resources Division, said in an interview with Reuters.

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Steel prices should rebound by year end -Macquarie

shadowlu — Mon, 29 Jun 2009 08:46:16 GMT

Macquarie Securities Group in London believes steel prices should rebound by the end of 2009 from their massive decline during the recession, as Chinese demand picks up, Chinese exports slow and users in the United States and Europe resume buying.

Steel's longer-term outlook remains strong, said Jim Lennon, executive director at Macquarie, citing a slow rebuild of shuttered production capacity outside China relative to demand.

Speaking this week at American Metal Market's Steel Survival Strategies conference, Lennon forecast 2009 world steel demand at 1.214 million tonnes compared with 1.352 million tonnes consumed in 2008. Excluding China, demand should fall 19.9 percent this year to 702 million tonnes.

Biggest user China, should consume far more steel this year than any other region at 511 million tonnes, a 7.6 percent jump above its 475 million tonne demand last year.

China's demand will be 25 to 30 million tonnes higher than actual consumption, because buyers have undergone a heavy inventory restocking after a deep destocking period last year.

'That explains why we can come up with a production number of 540 million tonnes compared with 500 million tonnes last year, despite the fact that it will no longer be exporting 50 million tonnes. But the 540 million has upside rather than downside risk,' the analyst said.

Construction should dominate Chinese demand, with more than half of the total going to that sector. While export-oriented sectors should fall, China's domestic industries, like autos, shipbuilding, railways, oil and gas will all grow, he said.

So far this year, motor vehicle production was up 20 percent, shipbuilding rose 40 percent, and construction activity grew by 10 percent compared with last year.

By contrast, he said, he sees North American steel demand at 88 million tonnes this year, a steep 28.7 percent decline below the 123 million tonnes used in 2008.

Unlike the United States, where little government stimulus money has made it to infrastructure rebuilding, the Chinese government has devoted massive funds to infrastructure.

China's long steel product demand rose most sharply. Through May, it went up 23 percent year-on-year, whereas flat product demand was up only 2 to 3 percent, he said. Output also rose for long products, but fell for flat steel products.

'This suggests demand growth was very much been driven by construction, rather than flat product segments,' he said.

In anticipation of future growth, Lennon said, 'China has realized this is a once-in-a-lifetime opportunity to purchase cheap commodities and raw materials to modernize its economy.'

Imports of raw materials like oil, coal, and iron ore have soared. And it has been restructuring its domestic industries by closing many small, high-cost and dangerous coal and iron ore mines and replacing them with new ones.

'The risk is that when the rest of the world starts to pick up we get a renewed tightness in iron ore again,' said Lennon.

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Chinese steel cut worries Aussie mining companies

shadowlu — Tue, 14 Oct 2008 09:12:52 GMT

FIVE Chinese steel mills have revealed plans to cut production by up to 20 per cent over October.

Evidence has emerged that real-economy stresses are being created in emerging markets by the Western credit crisis.

The prospect of wide-ranging and unexpectedly deep cuts in Chinese steel production have surprised Australia's major iron ore and coal producers and fed fears that China is more closely "coupled" to the global economy than anyone has wanted to believe.

While confidence in China's medium and long-term economic prospects remains very strong, there are fears of a material drift in demand for Australia's key raw materials over coming months.

As the leaders of the western economic world bashed our rescue packages -- which many now maintain could prove the turning point in the swirling financial crisis -- four of China's domestic steel producers were reported to have instituted production cuts of 20 per cent in the hope of driving a recovery of steel prices.

As that prospect was being digested by Australian iron ore exporters, Reuters started carrying reports that China's biggest steelmaker, the mighty Baosteel, was going to follow the juniors' lead and reduce output by a million tonnes, or nearly 10 per cent, over the next quarter.

Just a month ago, speculation about material cuts in China's December quarter steel production would be have been greeted with considerable and justified scepticism by our iron ore miners.

Back then there was a view that, while the September-October numbers might be below trend, China's economy would ramp up very quickly after theOlympic induced capacity shutdown.

Only two weeks ago the president of BHP Billiton's China operations, Clinton Dines, delivered a series of investor briefings in Sydney in which he emphasised the resilience of China's domestic economy.

The Dines thesis is that China is less dependent on export markets than many believe, that core raw materials demand is driven by domestic infrastructure investment, which is funded by private savings rather than imported capital. So, China will be resilient in the face of external frailty.

That all sounded OK until Mt Gibson revealed last week that some customers had asked for delays to iron ore deliveries.

Mind you, there was comment even then that China was merely indulging in a little bit of price negotiation theatre. Revelations by Fortescue yesterday that some of its September revenues has been recorded as debt in its quarterly cash statement will reinforce worries creeping through the mining sector.

Fortescue's issue is that "cash has not yet been received from confirmed bank letters of credit". And that would seem to indicate some of its customers are having trouble getting their hands on the US dollars necessary to support their credit lines.

If that is the case, Fortescue's customers are not alone. Around the globe, the deep freeze in capital markets is constraining the normal processes of business, be it securing currency swaps, raising commercial paper funding or securing interbank lending.

The thing is though we thought China might well be immune from these problems. It is not.

That said, it would seem that, for strategic and political reasons, Fortescue is unlikely to feel the brunt of any production cuts. Its status as the new force in iron ore is treated most seriously in China and it is expected to remain a supplier of choice for that reason.

Similarly, BHP's determination to meet all its contract requirements rather than use loopholes to shift tonnage into spot markets is likely to see it rewarded.

But there are rumours in the market that Brazil's Vale could well lose tonnage in the wake of its ill-timed attempt to win mid-year price hike of up to 12 per cent. And there is speculation, too, that Rio Tinto, which has played contract hardball and sold tonnage into the spot markets, might yet pay a price.

Needless to say, there is irony aplenty in what is a broadly coordinated cutback in Chinese steel output and that its stated aim is to manipulate higher domestic steel prices prices -- remember China Inc objects to BHP's takeover of Rio on the ground of market power.

Credit is due

THE the first thing to observe about the weekend's concert of government intervention in the global banking system is that it has been received extremely positively here and around Asia.

Confidence, or its utter destruction, is an elemental force driving the now terrifying erosion of the global financial system.

So, yesterday's relatively exuberant welcome to this extraordinary government intrusion into the workings of capital markets is, of itself, a potential means to an end.

The hope is that the cohesive but purpose built collection of plans to rehabilitate banking systems across the globe will set a foundation first for stability and then, more distantly, for recovery.

The second thing to note is that, give credit where it is due, the federal Government's decision to guarantee all bank deposits is as brave and unprecedented as it is correct.

And it is also a portent of the potential of this crisis to yet rip a black hole into our financial infrastructure.

As the nature of the threat to the international financial system became dreadfully apparent through 2008, Australians have been well served by its government and regulators.

Yes, this latest jump into the unknown flies in the face of 30 years of financial market deregulation and it has the free-marketeers pondering the principles of moral hazard and the idea that failure is essential to a thriving economy.

There are valid questions raised, too, about the duration of the Rudd Government's guarantee and how and when the banks and their customers will be weaned off their comforting new security blanket.

And, anyway, haven't the banks, regulators and government been telling us for the past 12 months that our banking pillars are well capitalised, well-operated and prudently provisioned? So why is the guarantee necessary?

Fair points all. And the Rudd Government has been expedient in ignoring them and opting instead to protect the effective operation of our financial system ahead of the crisis which would make this policy necessary.

The problem for government, regulators and industry alike is that pretty much no one has been able to accurately anticipate the path of this creeping crisis.

There is a view that with the US, Britain and Europe either partially nationalising or directly underwriting their banking systems, Australia had little choice but to match the guarantees now implicit in those banking markets. There are two very practical roots to this view.

One is a fear of the sort of capital flight, which has been seen in Europe when retail deposits have been shifted from un-secured banking markets to those where deposits have been guaranteed.

The other is that our four well-managed members of the world's rapidly diminishing class of AA banks would unfairly lose their competitive advantage in sclerotic term funding markets, as the now government-backed, recapitalised Euro-banks go looking for funding.

Ultimately, though, the big issue in banking is that trust is dead. As banks have been left insolvent by losses in the withering trans-Atlantic property markets, faith in the broad system has evaporated and resulting credit-freeze has left economies around the globe in a collective suspended animation.

The illiquidity of the banks only further undermined the already fragile economies of the US, Britain and Europe.

And now even the economies of robust outposts of the OECD, like Australia, are being sabotaged, as the developing nations driving our prosperity start coming to terms with the reality that they remain as coupled to the world as ever they were.

The final point here is that, as one leading banker said yesterday: "Even the Europeans have now recognised that the problem is their's, as well, and that their inaction is amplifying the danger. Now everyone is doing their best to deal with all four areas of the banks' issues, liabilities, assets, capitalisation and funding.

"So really, if this doesn't work, then what will?"

And that is a scary thought indeed.

information from worldscrap.com

Raw material prices dip, but steel costlier

shadowlu — Wed, 17 Sep 2008 08:31:22 GMT

Despite the unabated fall in raw material costs, steel prices rebounded in the physical market with ingot prices rising 5 per cent in the last fortnight. Currently quoted at Rs 35,700 a tonne in Punjab’s Mandi Gobindgarh, India’s largest steel selling market yard, ingot jumped sharply from Rs 34,000 a tonne early this month on healthy resumption in post-monsoon demand.

Anil Suraj, a ferrous metal analyst in Mandi Gobindgarh, believes that the current spat of demand would support the steel prices to rise further between 10-15 per cent next month. Following suit, other varieties also jumped 5-10 per cent.

The prices of hot rolled (HR) coil and HR sheet were at Rs 44,220 a tonne and Rs 43,520 a tonne respectively while cold rolled (CR) coil and CR sheet are currently prevailing at Rs 48,400 a tonne and Rs 48,500 a tonne respectively. Similarly, billet also perked up to Rs 43,500 a tonne against Rs 41,500 a tonne a fortnight ago.

Demand for all the steel products including construction, flat and long steel was dull during rainy season between June-August which suddenly resumed in September.

Long products, like bars, plates are in high demand, and are sold with a 5-10 per cent premium to the current price of Rs 43,500 a tonne (5 - 10 mm plate). Primary producers of these products already have advance orders for four months.

Specialised steel is always in demand in India and is currently an import substitute. Hence, even government does not intervene in the price movement of such steel products. Apparently, all major primary steel producers, produce specialised long and flat products to sell at a premium constituting slightly above 10 per cent of India’s total steel output of 52 million tonnes.

“It is difficult to say that steel prices would increase further especially in the wake of falling input costs including metallurgical coke (met coke), pig iron etc,” said Nitin Johri, chief financial officer of Bhushan Steel. According to N Mohapatra of KIC Metaliks, a pig iron producer, met coke prices have fallen marginally by $50 to $800 while iron ore remained rangebound at Rs 5,500 a tonne in the last one month.

Poor demand from China softened 23 per cent during the period on China’s dis-interest in resuming operations on closed steel units due to weak global sentiment. Pig iron, the valued raw material for steelmaking, is currently quoted at Rs 27,000 a tonne from Rs 35,000 a tonne a month ago.

Another secondary steel producer, Suresh Kumar Bhuwalka, MD, Bhuwalka Steels Industries was quick to comment that steel prices are unlikely to go further up as scrap prices are falling globally. Steel scrap slumped $125 to $475 in a month on weak global demand.

“Chinese demand was expected to begin this month post-Olympic Games. But, the impact of Games is still continuing. As long as Chinese demand continues to remain under pressure, the impasse for pig iron producer would not waive,” said Mohapatra. To make met coke costlier, China levied 15 per cent additional duty to the existing 25 per cent export duty on met coke, a key ingredient of pig iron, which India imports.

http://www.worldscrap.com/modules/news/article.php?aid=8718

Chinese steel export in August hits all time high of 7.68 million tonnes

shadowlu — Thu, 11 Sep 2008 08:29:01 GMT

It is reported that China's export of finished steel products surged to 7.68 million tonnes in August, setting a fresh all time high after hitting 7.21 million tonnes in Jul up by 6.5% MoM.

Reliable industry source told Mysteel that China also imported some 1.33 million tonnes of finished steel products and 37 million tonnes of iron ore in the same month.

All figures above are still subject to official confirmation by the China customs, which usually releases monthly trade results around 10th of each month.

http://www.worldscrap.com/modules/news/article.php?aid=8666

Steel exports dip 25% in Apr-July, import up 20%

shadowlu — Tue, 26 Aug 2008 09:31:13 GMT

The country’s steel export in the April-July period of the current year dipped about 25 per cent to 2.75 million tonnes due to the export duty imposed by the government in May.

However, import during the same period has jumped over 20 per cent to 3.5 million tonnes. Accordingly, this has helped in increasing the domestic steel supplies by nearly 1.5 million tonnes.

BENDING DOWN
Finished steel production in Q1 (April-June)
Period In '000 tonnes % growth
2000-01 7,508 12.18
2001-02 7,430 -1.04
2002-03 7,916 6.54
2003-04 8,430 6.49
2004-05 9,387 11.35
2005-06 10,159 8.22
2006-07 11,599 14.17
2007-08 12,226 5.41
2008-09 12,777 4.51
Finished (carbon) steel production grew by 4.51 per cent during
the first quarter of 2008-09 to touch 12.7 million tonnes.
Finished steel has a weightage of 5.13 per cent in the index of industrial production
Source: Ministry of Steel/PTI

“The improved domestic availability owing to a dip in export is a positive development and it has helped the consumer industries,” said steel secretary P K Rastogi. Steel export stood at 5 million tonnes in 2007-08 while import was 6.9 million tonnes. For the first time in 2007-08, the country became a net importer of the commodity as demand outstripped supply.

On May 10, the Government had notified export duty on steel and steel products ranging from 5 per cent to 15 per cent. About a month later, it decided to withdraw the duty on flat products while raising the duty on long products such as bars, rods and angles from 10 to 15 per cent. Earlier this year, it had brought down the import duty on steel from 5 per cent to nil.

“Steel companies had decided to control export on government’s request so that domestic availability is augmented. This is having a positive impact on the domestic consumption though we have lost the opportunity to take advantage of better price realisation internationally,” said Jayant Acharya, president (sales and marketing), JSW, country’s third biggest steel producer and a major exporter.

The export duty was imposed to boost domestic availability and check prices. Steel along with iron has a weight of 3.64 per cent in the wholesale price index (WPI) and has been a major contributor in driving inflation to double digits. The WPI-based inflation for the week ended August 9 stood at a 16-year high of 12.63 per cent.

Flat steel product prices had jumped 17 to 24 per cent since April 2007 while long products like bars and rounds have appreciated 50 to 60 per cent over the same period. In May, the government persuaded steel producers to hold prices for a three-month period. Companies, however, have continued the freeze even beyond this period to help government fight inflation.

http://www.worldscrap.com/modules/news/article.php?aid=8467

Small scale ferrous metal recycling

10cents — Tue, 31 Jul 2007 03:40:46 GMT

Hi! :)

Are there any specific machinery that can be used to recycle steel at the community or city level. All I see here are industrial-sized steel producing plants. A smaller system could boost recycling at the grass-roots level. Thanks. :)

Why is the recycling of Ferrous Metals so Important?

joshuk — Mon, 30 Jul 2007 16:53:04 GMT

Well, I happen to know a small amount on the subject and I noticed that there is nothing as of yet in this part of your forum, so here is some information that everyone should take on board as recycling is becoming a more important factor of life every day.

Ferrous metals (Derived from the Latin name for Iron ("Fe" as you may recognise it in the periodic table)) now account for more than 90% by weight of the metallic materials used by companies and individuals across the world. This fact alone places other categories such as Plastics, Electronics and Non-Ferrous Materials deep in the shade. When it comes to running a recycling business there is no doubt that the majority of jobs your company deals with involves ferrous metals, and because of this it is one of the areas I like to focus upon most.

I would be interested to see how others on here have dealt with Ferrous Metal recycling, and whether or not it is the prime focus of your company.