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voda 8 mei 2023 10:57

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A Breakthrough in Sustainable Steel Production, Electra Steel

US start up Electra Steel Technology has recently unveiled a groundbreaking development in the field of iron refinement that promises to revolutionize the industry. The technology is based on electrochemical and hydrometallurgical processes that refine low grade iron ores to high-purity iron at a mere 60°C, comparable to the temperature of coffee.

This remarkable advancement is expected to significantly reduce the energy consumption required for iron refinement, leading to a significant reduction in carbon emissions.

The primary challenge in refining iron has always been its slow dissolution rate and the instability of iron ions in the solution. However, Electra Steel Technology's innovative approach overcomes these hurdles and facilitates the extraction of iron with remarkable efficiency. The technology offers a sustainable alternative to traditional blast furnace methods, which are responsible for a significant proportion of greenhouse gas emissions globally.

Moreover, the high-purity iron produced by this technology is an essential component for the production of steel, which is currently produced using electricity-powered arc furnaces in the US. By combining these two technologies, Electra Steel Technology can provide a low-carbon alternative to traditional steel production methods.

voda 8 mei 2023 11:00

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Revitalizing Spain's Steel Industry with State Aid Schemes

Spain’s Ministry of Economy is all set to implement two state aid schemes to provide assistance to energy-intensive consumers and steel industry units in Spain. This move aims to promote sustainable development, which is a vital aspect of modern-day economic growth.

The first scheme is meant to provide aid to companies that are classified as energy-intensive consumers. Such companies consume a significant amount of energy, and this scheme aims to reduce their electricity bills by compensating for the high energy costs incurred. This will not only boost the economic growth of such companies but will also promote the sustainable utilization of energy.

The second scheme is focused on the steel industry, which is a vital component of Spain's economy. The steel industry faces a host of challenges, ranging from high production costs to high carbon emissions. This scheme aims to mitigate these challenges by providing assistance to steel companies that adopt sustainable and eco-friendly practices. By reducing the carbon footprint of the steel industry, this scheme will not only promote sustainable development but also enhance the competitiveness of the industry.

It is noteworthy that these schemes are being introduced as a part of Spain's commitment to the European Union's Green Deal, which aims to achieve climate neutrality by 2050. The schemes will encourage companies to adopt eco-friendly practices and reduce their carbon emissions. This will help Spain in achieving its climate targets and will pave the way for a greener future.

voda 8 mei 2023 11:00

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AM/NS India to Acquire Essar Vizag Terminals

AM/NS India is set to acquire the iron terminal of Essar Vizag Terminals, a wholly owned unit of Essar Ports, at Visakhapatnam Port for a staggering ?800-1,000 crore. The terminal, which comprises three berths, has a combined capacity of 23 million tonnes and can accommodate super Capesize vessels.

The terminal is integrated with AM/NS India's 8 million tonne iron ore pellet plant in Vizag through a fully mechanized conveying facility with a 6.7 km shipping conveyor system.

Essar Vizag Terminals had acquired the Iron Ore Handling Complex at Visakhapatnam Port in May 2015 through a privatisation programme of the government. After taking over the terminal, Essar invested around Rs 800 crore to upgrade the outer harbour berths (OB I & II) and mechanize the inner harbour berth (WQ-I).

The mechanized facility at the terminal includes wagon tipplers for receiving cargo by rakes, transferring cargo through conveyor systems to the stackyard having multiple stackers and reclaimers, and loading into vessels through ship loaders.

voda 8 mei 2023 11:01

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DeAcero Joins Global Steel Climate Council

DeAcero, the leading Mexican producer of long steel and reinforcement steel, has joined the Global Steel Climate Council, which launched the Climate Standard, a proposal for measuring and reporting carbon emissions in steel. DeAcero has committed to the United Nations Global Compact and the Paris Agreement and joined the GSCC in February 2023.

By joining the GSCC, DeAcero will be able to measure its carbon emissions and help promote a global standard for reducing emissions in the steel industry.

The GSCC aims to establish a global standard for reducing greenhouse gas emissions from the global steel industry, independent of the technology and production methods used.

The GSCC is working to reduce carbon emissions and encourage investment in low-emission technology as part of global efforts to decarbonize economies and societies.

The Climate Standard offers a unique protocol applicable to steel producers worldwide that allows consumers to compare the level of carbon emissions of steel products.

voda 8 mei 2023 11:01

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SteelAsia Starts Trials for Rebar Mill in Philippines

SteelAsia Manufacturing has reached the final stages of commissioning the largest steel mill in the Philippines, located in Compostela, Cebu. The facility utilizes the latest technology available, making it the most efficient and eco friendly mill in the country. The mill will be able to produce 1 million metric tons of high strength rebars annually and will begin commercial operations in June.

The project was funded by the Development Bank of the Philippines with $1022 million in long-term loans, and construction was completed in just 30 months despite the pandemic and supply chain disruptions.

With the addition of the Compostela mill, SteelAsia can now produce a total of 3 million metric tons annually, making it the largest producer of rebars in Southeast Asia.

voda 8 mei 2023 11:01

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Iran's Steel Industry Suffers Due to Electricity & Gas Shortages

The steel industry in Iran is facing a tumultuous time, with reports indicating that the country is struggling to maintain its position as one of the top steel producers in the world. Despite ambitious plans to become the seventh largest steel producer globally, the industry has been grappling with severe shortages of electricity and gas, both essential for running the plants.

Businessman Mr. Zakaria Nayebi, who is active in the steel industry, noted that the shortage of electricity and gas led to a decrease in steel ingot and direct reduced iron production for three months. The winter season in Iran further worsened the situation, with offices and schools being shut down for days due to a natural gas shortage.

Iranian industrialist Mr. Reza Shahrestani predicted that the gas and electricity shortage would lead to a two-million-ton decrease in steel production.

The steel industry requires 40 million cubic meters of gas daily, and the current consumption has reached only 15 million cubic meters per day, with almost 50% of the electricity supply for industries being cut off.

The severe gas shortage has led to a shortage of electricity, as the current amount of natural gas does not meet the needs of power plants to produce electricity. As a result, the steel industry is facing a significant decline in production, which is likely to impact all industries. The World Steel Association has removed Iran from the list of the ten largest steel producers globally, with Italy replacing Iran.

voda 8 mei 2023 11:02

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Olympic Steel's First-Quarter Results Hit

Olympic Steel, a prominent national metals service center in US, has recently announced its financial results for the first quarter of 2023. The company's net income for the first quarter of the year was $9.9 million, which is a significant decrease compared to the same period in 2022, where it was $37.3 million.

Despite the decline, the company's Chief Executive Officer, Mr. Richard T Marabito, expressed satisfaction with the outcome, citing the strategy to diversify and strengthen Olympic Steel as working.

One of the contributing factors to the company's success is the record access to capital, which enables investments in automation, organic growth, and strategic acquisition targets. Additionally, Marabito acknowledged that the Metal-Fab business, recently acquired by the company, performed well and that the synergistic benefits should begin in the second half of 2023.

voda 8 mei 2023 11:02

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SSGCL Disputes with Pakistan Steel Mills' Audited Accounts

In a surprising turn of events, the Sui Southern Gas Company has accused the audited accounts of Pakistan Steel Mills of violating the approved scheme for the mill's revival by the federal government and the PSM board. The Karachi-based gas utility has raised questions regarding the financial statements for the year 2021-22, which is an unusual move for companies.

The external auditors of PSM, Crowe Hussain Chaudhry & Co, reported that the management of PSM claimed that SSGCL should waive the late payment surcharge, which the gas utility refused and stopped gas supply, leading to a lawsuit against PSM. The SSGCL contested this claim and confirmed that the auditors had fairly reported their position.

Furthermore, the SSGCL argued that a significant sum of PKR 87 billion was recoverable from PSM and it has been making partial payments after the release of budgetary grants. The gas company stated that it iss supportive of the government's revival plan and still providing 2mmcfd of gas amounting to PKR 80-85 million per month to keep the mill's coke oven batteries operational.

Earlier, the SSGCL had offered to issue its no-objection certificate for PSM land and core operating assets to Steel Corp based on a jointly appointed land valuator's evaluation. However, the PSM board refused to accept the evaluation and expressed concern over the delay in the issuance of NOC and non-withdrawal of litigation. The management of PSM deemed the land evaluation price offered by SSGCL as one-sided and precariously low, and the working for liabilities was unfair, with unacceptable strings attached to the offer.

voda 9 mei 2023 08:20

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JFE Steel to Revolutionize the Steel Industry with JGreeX™ Green Steel

JFE Steel Corporation, one of the world's preeminent integrated steel producers, has announced that it will commence supply of JGreeX™ green-steel products in the current fiscal year, which began in April. These products, which will be produced using highly advanced steelmaking processes, will have significantly lower CO2 emissions than conventional steel products.

The JGreeX™ brand is expected to have an annual supply capacity of 200,000 metric tons per year in the first year, with JFE Steel utilizing the mass balance approach to determine the CO2 emissions reduction levels for each product.

JFE Steel will strive to reduce CO2 emissions across its entire supply chain and accelerate the decarbonization of society by expanding its capacity to deliver stable supplies of JGreeX™ green-steel products. The independent organization ClassNK will perform third-party certifications of JGreeX™ products to confirm their respective CO2 emissions-reduction levels.

voda 9 mei 2023 08:20

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India’s Steel Exports Surge Close to Million Metric Tons

The latest data of JPC showed a modest increase of 1.2% YoY in crude steel production in April 2023, to reach 10.507 million metric tons. However, the figures for individual companies varied greatly, with some recording significant gains while others saw steep declines. Sail, for instance, reported a robust increase of 6%, while RINL saw a staggering surge of 38%. On the other hand, Tata Steel suffered a sharp decline of 10%, while others recorded a marginal dip of 0.2%. AM/NS India, JSW & JSPL fared relatively better, with a modest increase of 4%.

However, the finished steel market saw a more positive result, with production increasing by 4% to reach 9,983 million metric tons. This was accompanied by a notable rise in consumption of 7.2% to 9.8775 million metric tons, indicating that demand for steel in India is on the up.

Exports also increased by 12.5% to 0.88 million metric tons, pointing towards international demand for Indian steel products. Unfortunately, the import market showed a significant increase of 38.2% to 0.46 million metric tons, indicating that foreign steel is becoming more competitive with Indian products.

voda 9 mei 2023 08:20

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JFE Holdings Expects Auto Sector Recovery in 2023/24 FY

Japan's JFE Holdings plans to post a 17% increase in its net profit for the current fiscal year, driven by the expected recovery in the auto sector. The company's net profit is expected to reach a substantial S1.4 billion, which is a positive development in light of the significant decline in profits it experienced during the previous fiscal year. JFE's 2022/23 fiscal year net profit had dropped by a staggering 44% to $1.2 billion, primarily due to weaker demand both domestically and internationally, combined with rising costs and a shortage of semiconductors that are essential to the auto sector.

The steelmaker's crude steel output had also taken a hit, falling to 25.5 million tonnes from 27.3 million tonnes a year before.

Despite the challenges faced by JFE in the previous fiscal year, the company is now looking forward to a more optimistic future, with strong hopes for the recovery of the auto sector. The company's financial projection for the current fiscal year reflects its positive outlook, with a focus on meeting the increased demand for steel in the auto industry, which is essential for economic growth.

voda 9 mei 2023 08:21

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MCX Ventures into Steel Rebar Futures Contracts

Multi Commodity Exchange of India has received the green light from the Securities & Exchange Board of India to launch futures contracts in steel rebars. The contracts will have a trading unit of 5 metric tons with a quotation value for one metric ton.

The maximum order size would be 200 tonnes, and the tick size will be ?10 per tonne. The price quote, excluding GST, will be ex-warehouse at Raipur district, Chhattisgarh, with additional delivery centers in Thane, Palwal, Chennai, and Durgapur.

The launch date of the contracts will be announced separately. The daily price limit is of 4%, and once this is reached, it will be relaxed to 6% without any cooling-off period in the trade. Once the 6% limit is breached, then after a cooling-off period of 15 minutes, the daily price limit will be relaxed up to 9%. In case the price movement in international markets is more than the maximum daily price limit (of 9%), the same may be further relaxed in steps of 3%. The initial margin will be 8%.

The maximum individual client open position has been fixed at 120,000 metric tons or 5% of the market-wide open position, whichever is higher for all Steel Rebar contracts combined. For a member collectively for all clients, the open position will be 1.2 million metric tons or 20% of the market-wide open position, whichever is higher for all Steel Rebar contracts put together.

voda 9 mei 2023 08:21

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JFE Steel's Chiba Facility to Cut Emissions with EAF

JFE Steel, a prominent integrated steel producer, announced the installment of a new electric-arc furnace at its Chiba District facility. The facility's No. 4 steelmaking shop will now be able to produce stainless steel using substantial amounts of scrap metal, enabling it to reduce CO2 emissions. The installation of the electric-arc furnace will cost about 15 billion yen and is expected to be commissioned in the latter half of the fiscal year beginning in April 2025.

Currently, the shop uses feedstocks primarily consisting of molten iron from blast furnaces, self-generated scrap, chromium ore, and chromium-containing dust to manufacture stainless steel. With the new furnace, the facility can increase the use of scrap by up to sixfold (about 300,000 metric tons per year) instead of molten iron, which could potentially reduce CO2 emissions by a maximum of about 450,000 metric tons per year.

voda 9 mei 2023 08:21

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India's Coal Imports Witness a Phenomenal Surge in FY23

India’s total imports of various types of coal, including anthracite, pulverized coal injection, met coke, and pet coke, reached 249.06 million metric tons in FY23, a 24% increase from 200.71 million metric tons in the previous year. The rise in coal imports has been driven by the high demand for steam coal, along with weakened seaborne prices, according to mjunction MD & CEO Vinaya Varma.

The import of coking coal alone increased by 5%, reaching 54.46 million metric tons from 51.65 million metric tons in FY22

voda 9 mei 2023 08:22

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Can Makers Denounce US ITC Probe on tin plate Import

The imposition of hefty tariffs on imported tinplate steel from eight countries by the US’s International Trade Commission could result in a significant increase in the cost of canned food and products by up to 30%. Furthermore, more than 40,000 US manufacturing jobs could be at risk if the proposal is given the green light, according to the Consumer Brands Association, which commissioned two new economic impact studies from Trade Partnerships Worldwide and Juday Group.

The flat-rolled steel producer Cleveland-Cliffs proposed the tax on tinplate steel imports, which could reach up to 300%, and has teamed with the United Steelworkers to petition the US International Trade Commission. However, the CBA argues that the proposed tariff is a bad business decision and could result in a massive loss of manufacturing jobs and be utterly devastating to consumers already struggling with inflation.

The research conducted by the Trade Partnership Worldwide reveals that if the tariffs go into effect, manufacturers who are already grappling with high inflation and intermittent packaging supply chain challenges will need to increase the price of their products.

The increase in product prices could result in a drop in domestic output of tin cans and place approximately 2,800 manufacturing jobs at risk. Additionally, if the cost of US-made tin cans becomes less competitive due to the tariff, there will be a reduction in output and an increase in consumer substitution to imports, placing an additional 37,000 jobs at US food manufacturers "under pressure."

Overall, while an estimated 66 workers will ultimately benefit from the imposition of the duties, nearly 40,000 manufacturing jobs will be placed at risk. In short, for every steel worker who gains from the duties, more than 600 other manufacturing jobs in downstream industries will be threatened, as the CBA study concludes.

voda 9 mei 2023 08:22

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Numsa & ArcelorMittal SA Reach 3 Year Wage Agreement

National Union of Metalworkers of South Africa and ArcelorMittal South Africa have reached an agreement after wage talks that have been underway for some time. The three-year agreement is binding on all permanent employees in various locations across the country and includes a 6.5% increase in the first two years and inflation-linked raises up to 6.5% in the third year.

The deal also features a medical aid subsidy, with the employer contribution starting at 60% and increasing to 70% in the third year. All allowances will see a 6.5% increase in year one, followed by an increase linked to the consumer price index. Furthermore, the paternity benefit has increased from 10 to 12 days, and the funeral benefit from R10,000 to R20,000 in the first year.

The agreement is retroactive from April 1, 2023, until March 31, 2026.

Numsa's general secretary, Irvin Jim, lauded the agreement, as the talks were close to the brink of a strike. ArcelorMittal South Africa is the largest steel producer in sub-Saharan Africa and the second-largest globally, after China’s Baowu Group.

voda 9 mei 2023 08:23

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Black Sea pig iron prices, trade slump
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The Black Sea pig iron market has been quiet between the 1 and 9 May holiday period in Russia, with buyers adopting a wait-and-see attitude amid falling scrap prices and a stronger rouble, sources tell Kallanish.

Kallanish assessed Russia-origin pig iron at $380-405/tonne fob Black Sea, compared to a week earlier when it was at $390-410/t fob.

According to a Russian mill source, pig iron prices are expected to keep sliding down, following falling scrap import prices; however, without any deals, it is difficult to determine workable price levels.

Turkish buyers are refraining from import buying amid falling scrap prices, with the upcoming election on 14 May contributing to the slowing of business activity. This situation could persist until June if the presidential election in Turkey goes to a second round.

Russian suppliers were unable to sell at $380/t fob to Turkish buyers, with customers in Turkey assessing a workable PI price at $400/t cfr Turkey.

In Italy, scrap prices have dropped over €30/t ($32) on-month in May, with mills pushing for lower values because of slow finished steel orders. PI offers from the Black Sea ranged from $465-480/t cfr Italy, with the high side offered to foundries. Bids from Italian buyers did not exceed $450/t cfr. A mill source evaluates the Italian market at $440-450/t cfr. Italian pig iron distributors are offering at $510/t cfr to local mills.

Russian-origin material offers were heard in India at $450/t cfr, but bids at $425-430/t cfr did not result in deals. A market participant predicts that prices in India will fall as mills there have experienced a drop in steel export orders and will be oversupplied.

In the US, the market anticipates bushelling contract settlement this coming week, with negative sentiment prevailing. Based on the most recent transactions, pig iron prices would still be assessed at the $550/t cfr Nola level, according to a market participant. However, one trading source reports that buyers in the US would expect $520-530/t cfr, considering the Federal Reserve’s interest rate hike and falling scrap prices. Another trading source mentions that $510-520/t cfr Nola is "in the air”.

Elina Virchenko UAE

voda 10 mei 2023 07:02

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07:00
*Nippon Steel nettowinst huidig boekjaar JPY694,02 mrd Vs winst JPY637,32 mrd
07:00
*Nippon Steel omzet huidig boekjaar JPY7,98 bln Vs JPY6,81 bln
07:00
*Nippon Steel operationele winst huidig boekjaar JPY883,65 mrd Vs winst JPY840,90 mrd
07:00
*Nippon Steel winst voor belasting huidig boekjaar JPY866,85 mrd Vs winst JPY816,58 mrd

voda 10 mei 2023 08:51

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Vale & GravitHy Join Forces for Carbon-Neutral Steel Production Study

Brazil's esteemed mining giant, Vale, has forged an entente with the French purveyor of sustainable iron ore, GravitHy, in a pursuit to unravel the enigma of carbon-neutral steel production. Vale disclosed the signing of this momentous agreement, highlighting its commitment to harnessing cutting-edge methodologies in a bid to mitigate the ecological footprint of the steel industry.

The focal point of this collaboration revolves around a comprehensive study aimed at constructing a state-of-the-art facility, dedicated to the production of briquettes derived from Vale's superlative-grade iron ore. Employing the technique of direct reduction, a renowned method of steelmaking, Vale's briquette serves as agglomerate that yields a substantial reduction in emissions during the steel production process within the blast furnace route, emitting considerably lower quantities of CO2 when juxtaposed with conventional pellets.

The envisaged briquette factory is set to grace the landscapes of Fos-sur-Mer in France, nestled in close proximity to GravitHy's inaugural DRI plant.

Emboldened by the utilization of hydrogen as a reducing agent, GravitHy's pioneering plant promises a substantial reduction in carbon emissions throughout the steelmaking supply chain, effortlessly surpassing the carbon output attributed to the traditional blast furnace route.

This groundbreaking product stands as a testament to the Vale's resolute ambition to curtail scope 3 net emissions by an impressive 15% before the year 2035.

voda 10 mei 2023 08:52

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S&P Global Commodity Insights Introduces Carbo Accounted Steel Evaluations

S&P Global Commodity Insights, the eminent independent purveyor of data, analysis, and benchmark prices for commodities, energy, and the transition towards sustainable energy, has launched a pair of groundbreaking daily evaluations for European carbon-accounted hot-rolled coil steel. These novel assessments, known as the Platts European HRC Carbon-Accounted Steel Premium and the Platts Northwest Europe HRC Carbon-Accounted Steel Price, aim to bestow a heightened level of transparency upon the metallurgical market's arduous journey towards decarbonization.

The Platts European HRC Carbon-Accounted Steel Premium assessment encapsulates the differential value attained through on-the-spot sales of HRC, predicated on an ex-works foundation, while meticulously taking into account a total carbon emission of 2.1 metric tons of CO2 or less for each metric ton of steel manufactured. Moreover, this evaluation necessitates the involvement of market participants who trade in HRC backed by certifications of carbon emissions that are internationally accepted and authenticated by independent organizations. Such participants are expected to furnish substantiation of said certification should it be requisitioned.

On the other hand, the Platts Northwest Europe HRC Carbon-Accounted Steel Price evaluation epitomizes a comprehensive price for carbon-accounted HRC exclusively in the aforementioned region. This price assessment amalgamates the Platts European HRC Steel Carbon-Accounted Emissions Premium with the existing Platts HRC ex-works Ruhr price assessment. Furthermore, it aligns itself with the quality specifications enshrined in the European Norm EN 10025-2:2004/Grade S235J, all while reflecting ex-works Ruhr consignments comprising a minimum of 100 metric tons, with delivery expected within a span of 4-10 weeks, and the pricing denominated in Euros per metric ton.

Mr. Christopher Davis, the distinguished Global Lead for Carbon-Accounted Metals at S&P Global Commodity Insights, affirmed that the realm of carbon-accounted metals is rapidly evolving, yet it suffers from an absence of transparency and relevant pricing benchmarks akin to those provided by Platts for standard metals. In light of this predicament, these innovative assessments will undoubtedly illuminate the intricacies of value and pricing trends, effectively bringing lucidity to a market that has hitherto been opaque.

These newly introduced price references incorporate emissions emanating from an array of direct, indirect, and associated upstream and downstream activities, encompassing the mining and processing of raw materials used in steel production, the hot metal manufacturing process, steel rolling, and the accompanying transportation and logistics. Consequently, these assessments duly account for carbon emissions-related surcharges or upcharges implemented by participants within the market. However, it is important to note that trades involving steel products utilizing offsets to mitigate overall emissions profiles, such as credits procured from voluntary carbon markets, shall not be taken into consideration for inclusion within these assessments.

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