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voda 5 februari 2019 19:32

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GMS Market Commentary on Shipbreaking in Pakistan in Week05 - LOWEST PLACED!

Pakistan remains mostly out of the bidding, with local sentiment and overall demand still positioned some ways apart from their Indian sub-continent competitors. Gadani has endured a tough end to last year and start to this, with very few vessels arriving locally and a virtually blank port report that backs the ongoing dire situation presently brewing in Pakistan.

There is, however, a sense of gradually firming demand from local Recyclers and it may be that end users finally start to get back to the buying post Chinese New Year holidays.

Source : Strategic Research Institute

voda 5 februari 2019 19:32

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BPCL knocks NCLT doors seeking Essar Steel’s liquidation

Bharat Petroleum Corporation in its capacity as operational creditor on Monday sought liquidation of Essar Steel before the Ahmedabad bench of National Company Law Tribunal, as it felt that the ongoing resolution would fetch it nothing. BPCL counsel in his submission to two-member Bench of NCLT comprising adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari “Let the company be taken into liquidation as there is possibility that buyers may pay full to all the creditors. As per the plan passed by CoC, Operational Creditors wouldn’t get anything.”

The PSU’s counsel went on to say that Resolution Professional for Essar Steel is acting beyond his statutory powers and behaving like an adjudicating authority. He blamed that RP had misled CoC by providing faulty information.

BPCL counsel further stated that when the former promoter was ready to pay the entire debt of INR 54,000 crore as against what ArcelorMittal has offered, there is no reason that liquidation won’t fetch a lower amount. However, he expressed inability to ascertain the quantum of recovery from the liquidation either. He told “The liquidator will also invite bids and as an operational creditor I am willing to take that chance as I may get my full due.”

Responding to the contention of BPCL’s counsel, the resolution professional’s counsel told NCLT that there was a thin possibility for the creditors getting paid in case of full liquidation as liquidation value is just INR 15,000 crore.

Notably, as per ArcelorMittal’s resolution plan, as an OC, BPCL having recoverable dues of INR 500 crore from ESIL for supply of liquefied natural gas, was not entitled to get anything.

Source : Strategic Research Institute

voda 5 februari 2019 19:33

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Mr Ruia and Essar Steel former directors Mr Oommen and Mr Bhatnagar move NCLT to squash ArcelorMittal's bid

Essar Group director Prashant Ruia has moved a fresh application before NCLT here seeking to set aside the ArcellorMittal bid to take over the crippled company citing a Supreme Court judgment. The new petition before the National Company Law Tribunal here was moved on February 1 by former managing director of Essar Steel Mr Dilip Oommen along with its former project director Rajiv Kumar Bhatnagar, as well as Mr Ruia. They claimed that the resolution professional has not followed the process set out by the Supreme Court

The petition says though Oommen and Bhatnagar were removed after the insolvency proceeding began, they still “continue to be part of the day-to-day management of Essar Steel and hold the designations of managing director and director (projects), respectively”.

The applicants also urged the tribunal to direct the resolution professional of Essar Steel to “convene a meeting of the committee of creditors, wherein the resolution plans submitted by the potential resolution applicants be deliberated and discussed afresh and thereafter voted upon.”

This fresh move by the Essar Steel directors came after the NCLT-Ahmedabad had on January 29 rejected the debt settlement proposal put forth by the Essar Steel Asia Holdings

Source : Strategic Research Institute

voda 5 februari 2019 19:35

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China steel industry sees profits in 2018 up 39pct

China Org reported that China's steel industry reported profits of CNY 470.4 billion (USD 70 billion) in 2018, an increase of 39.3% YoY. According to the National Development and Reform Commission, crude steel output grew 6.6% to 928.26 million tons, whereas steel production hit 1.1 billion tonnes, up 8.5% YoY. Steel exports dipped 8.1% to reach 69.34 million tonnes, while imports slid 1% to hit 13.17 million tonnes. Coke exports jumped 20.8% YoY to 9.75 million tonnes.

The steel industry is likely to maintain reasonable profit margins this year, as industry overcapacity has largely eased over the past three years.

Source : China Org

voda 5 februari 2019 19:36

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EU Total imports in Q3 - EUROFER

Total imports – including semi-finished products – rose by 5% year-on-year over the first eleven months of 2018. When SURV2 data for December are taken into account, finished product imports rose by 12% over the whole year 2018, due to a 33% year-on-year increase in long product imports and a 6% rise of flat product imports. After a temporary moderation in August and September, finished product imports reached a post crisis peak of 2.8 million tonnes per month in October before tapering off again in November and December.

Imports by country of origin
Over the first eleven months of 2018, the main countries of origin for finished steel imports into the EU market remained Turkey, Russia, South Korea, India and China. These five countries represented 65% of total finished steel imports into the EU.

Imports from Turkey and Russia remained on a strongly rising trend over this period.

Imports from Turkey rose by 65% year-on-year, driven by a 57% increase in flat product imports and an 80% rise in long product imports. Imports from Russia rose by 53% year-on-year, owing to a 69% rise in flat products and a 29% increase in long product imports.

Imports from South Korea increased by 9% year-on-year over the first eleven months of 2018, as a result of 7% year-on-year rise in flat products imports and a 59% increase in long product imports.

Meanwhile, imports from China fell by 18% year-on-year and those from India by 26% year-on-year over this period, following sharp increases in imports in 2017.

Other Asian countries that stepped up their exports of finished products to the EU in 2018 were predominantly Vietnam with a 63% rise and Taiwan with a 42% increase.

Imports by product category
Total imports of flat products grew by 6% in 2018; import volumes were slightly lower in the second half compared with volumes in the first half of 2018 when third country exporters were pushing extra volumes to the EU market in anticipation of safeguard measures to be announced by the European Commission. Nevertheless, import volumes of flat products in the third and fourth quarter were up 12% and 19% respectively on the same quarter of 2017.

Hot-rolled wide strip and tin mill product imports registered in 2018 the strongest rise (by 18% and 17% respectively) compared with the volumes that were shipped to the EU market in 2017. Imports of quarto plate and organic coated sheets registered a mild decline compared with 2017.

The rise in long product imports was much more pronounced in 2018. Having grown by 50% over the first half of 2018, the year-on-year rise was 20% in the third quarter and 17% in the final quarter despite monthly volumes in the second half being slightly lower than in the first half. The rise in total long imports was 33% in 2018.

With a growth rate of 58%, imports of heavy sections registered the strongest increase in 2018, followed by rebars with 51%. The increase in wire rod (20%) and merchant bar imports (36%) was slightly less pronounced.

Source : Strategic Research Institute

voda 5 februari 2019 19:45

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Tenova HYL will supply a DRI Micro-Module to Sinosteel for Empresa Siderurgica del Mutun, Bolivia

Tenova HYL, a Tenova company leader in Direct Reduction, was recently chosen by China's Sinosteel Equipment and Engineering as the Technology provider for a Direct Reduction Micro-Module for “Empresa Siderurgica del Mutun" at Puerto Suarez, municipality of Santa Cruz Department in Bolivia. Tenova HYL’s Direct Reduction technology will be used for the first stage of the project, which will include a 250,000 metric t/year DRI facility, a 650,000 metric t/year concentration plant, a 400,000 metric t/year pelletizing facility for Mina El Mutun and a steel plant with a continuous caster and rolling mill with a total capacity of 190,000 metric t/year of long products.

This cost-effective Micro Module will use the state-of-the-art ENERGIRON Zero-Reformer (ZR) Process and will be capable of supplying the melt shop with high quality Direct Reduced Iron (DRI) with metallization levels of 94% and an adjustable high carbon content in the range of 3% to 4%.

The 250,000 metric t/year Micro-Module Plant is expected to be in operation in mid-2021.

Source : Strategic Research Institute

voda 5 februari 2019 19:46

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NCLT to decide on Essar Steel insolvency plea by 11 February

National Company Law Appellate Tribunal directed the Ahmedabad bench of the National Company Law Tribunal to decide on the insolvency plea filed against Essar Steel (India) Ltd by 11 February. A two member NCLAT bench headed by its chairperson Justice SJ Mukhopadhaya said only after the matter had been heard at NCLT, Ahmedabad, would the appellate tribunal hear it on 12 February. NCLAT said “If no order is passed by 11th February, 2019, this Appellate Tribunal may call for records and pass appropriate order under Section 31 of the I&B Code,” said NCLAT.

The appellate tribunal also asked the operational creditors to choose one representative as the bench will not be hears all of them individually.

The NCLAT’s directive was issued while it was hearing a petition filed by the committee of creditors of Essar Steel, through State Bank of India, against resolution professional Satish Kumar Gupta and others.

Last week, the Ahmedabad NCLT had turned down the bid by Essar Steel Asia Holdings Ltd to regain control over the debt-laden Essar Steel.

Source : Strategic Research Institute

voda 5 februari 2019 19:47

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Thyssenkrupp Q1 in line with outlook, shares rise - CEO

Reuters reported that Thyssenkrupp said that its Q1 earnings would fall but be in line with its outlook, giving its ailing shares a much-needed jolt ahead of an ambitious plan to spin off its capital goods businesses. “Traditionally, the first quarter is the weakest for Thyssenkrupp. But we are fully in line with our guidance, which means down from the prior-year quarter,” CEO Mr Guido Kerkhoff told shareholders at the group’s annual general meeting.

The steel-to-elevators group, which is scheduled to present first-quarter results on Feb. 12, confirmed its outlook for 2018/19, saying it was still expecting adjusted operating profit from continuing operations of more than EUR 1 billion.

Thyssenkrupp, whose shares have suffered a 30 percent decline since it announced the spin-off in September, rose to the top of Germany’s blue-chip DAX index, gaining 5 percent at 0922 GMT.

Source : Reuters

voda 5 februari 2019 19:47

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Mr Sanjay Singal makes one last bid for Bhushan Power & Steel

Economic Times reported that Bhushan Power & Steel’s promoter, Mr Sanjay Singal, has unveiled a last-minute bid to save his company from going under the hammer by offering creditors a proposal to repay their entire dues of INR 47,151 crore. In a formal January 29 letter to the two main creditors of the company, State Bank of India and Punjab National Bank, Mr Singhal sought the withdrawal of the insolvency proceedings invoking provisions of Section 12 A of the IBC it allows for the withdrawal of such proceedings if an expression of interest has not been issued to a prospective buyer. ET has seen a copy of the letter.

His proposal seeks conversion of Bhusan Power’s debt of INR 47,151 crore from banks into cumulative redeemable preference shares, to be issued to the lenders which they can start redeeming from the beginning of next year.

Mr Singhal promised payment to operational creditors over a period of three years and said claims that were disputed in courts would be cleared once they had been adjudicated upon by the courts. He also promised full payment of arrears to the government, workers and of statutory dues.

The unexpected turn of events comes a day before a judgment is expected in one of the keenly watched insolvency proceedings that began 18 months ago.

Mr Singhal has become the second promoter after the Ruias of Essar Steel to make such an offer post the introduction of the Insolvency and Bankruptcy Code, considered a remedy for the ballooning bad debt problem in the banking industry.

Source : Economic Times

voda 5 februari 2019 19:48

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Merger between South Africa two largest steel drum manufacturers has been stopped

IOL reported that a proposed merger in South Africa between Greif International Holding and Rheem South Africa, the two largest steel drum manufacturers in the country, has been prohibited by the Competition Tribunal. It is the second proposed merger prohibited by the tribunal in two days after it on Wednesday prohibited a proposed merger between Mediclinic Southern Africa and Matlosana Medical Health Services in the North West province.

The tribunal said that the full reasons for its decision to prohibit the proposed merger between the two steel drum manufacturers would be issued in due course. The proposed merger, in terms of which Greif would acquire a majority interest in Rheem, was previously notified to the Competition Commission and prohibited in 2004.

The basis for the commission's prohibition were materially the same in the current matter, with the commission finding it was likely that the merged entity would be able to unilaterally increase prices and remove an effective competitor from the market. Greif and Rheem are both suppliers of industrial packaging products, including knock-down drums for export, large steel drums and steel pails.

Rheem has manufacturing facilities in Prospecton in Durban, Alrode in Johannesburg and in Cape Town, while Greif’s main production sites are in Vanderbijlpark and in Mobeni in Durban. The two companies notified the commission in March last year about the proposed intermediate merger. After investigating the matter, the commission in June last year prohibited the proposed merger on the grounds that the merger would constitute a near-monopoly in the market for the manufacture and supply of large steel drums.

The proposed merging parties applied to the tribunal in July last year for the matter to be reconsidered.

Greif and Rheem argued the merger would not lead to substantial lessening of competition and there were alternative suppliers in the market.

They further argued that any potential competition concerns would be cured by the behavioural and/or structural remedies they had proposed.

The tribunal heard evidence from a number of witnesses, including experts, and engaged extensively with Greif and Rheem on whether a potential remedy could be found to address the commission's competition concerns. The proposed remedies were also canvassed with various stakeholders in the market.

Despite the different remedies proposed, no appropriate remedy was proposed that would cure the substantial lessening of competition that would arise as a result of the proposed transaction.

Source : IOL

voda 5 februari 2019 19:49

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EU real steel consumption in Q3 up by 1.9pct - EUROFER
Steel News - Published on Tue, 05 Feb 2019
Image Source: twimg.com
Real steel consumption rose by 1.9% year-on-year in the third quarter of 2018 and amounted to 39 million tonnes. Driven by continued but slower production growth in EU steel-using sectors, real steel consumption grew by 1.9% year-on-year in the third quarter of 2018. Although the year-on-year growth in real steel consumption remained in positive territory, its growth rate is much more moderate than the quarterly growth registered in 2017 and the first half of 2018.

Estimates for the fourth quarter of 2018 signal a further mild deceleration in year-
on-year real steel consumption growth, on a par with the slowdown in production activity in the key downstream steel-using sectors registered over that specific period. On balance, total real steel consumption in the EU is estimated to have risen by 2.7% in 2018.

Real steel consumption forecast 2019-2020
Taking into account that activity growth in the steel-using sectors will moderate over the 2019-2020 period, real steel consumption growth is also expected to continue to lose momentum. The average growth of real steel consumption amounted to 2.7% per annum over the years 2014 to 2017. From an economic perspective this growth rate does not appear to be sustainable in 2019 and 2020.

EU real steel consumption is forecast to grow by 0.8% in 2019 and by 0.9% in 2020. This will result in real steel consumption reaching 165 million tonnes in 2019 and 166 million tonnes in 2020. The expected slowing trend in real steel consumption growth means that final steel use in the EU market will only be 3 million tonnes higher by the end of 2020 compared to 2018. Despite this growth, final steel use in 2020 will still be 14% down on the pre-crisis level. Moreover, over the past five years third country suppliers captured 95% of the increase in final steel use.

Source : Strategic Research Institute

voda 5 februari 2019 21:06

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SSAB Europe carries out repairs and brings forward maintenance work at blast furnace 2 in Raahe

SSAB Europe will carry out repairs and maintenance work at one of the two blast furnaces at the Raahe site in Finland. This means that the operations at blast furnace 2 will be stopped for around 8 weeks and the total cost is estimated to be around SEK 200 million in the first quarter of 2019. The background is the minor break out in blast furnace 2 that occurred on January 22, when some molten iron leaked through the hearth wall from a hole. The blast furnace was stopped temporarily and repair work started. In addition, an extensive analysis of the condition of the blast furnace was initiated. The conclusion from the analysis is now that, aside of the repairs, maintenance work planned for the summer of 2020 will be brought forward to reduce the risk of further disruptions. This means that the operations at blast furnace 2 will be stopped for around 8 weeks in total. The production loss will partly be compensated by the other blast furnaces of SSAB Europe and by the blast furnaces of SSAB Special Steels in Oxelösund. SSAB Europe also has the possibility to source external slabs.

The negative result effects are mainly lower capacity utilization and increased cost for logistics and repairs, which is estimated to be around SEK 200 million in total in the first quarter of 2019. As the production loss partly will be compensated, the impact on shipments during the first quarter will be limited.

The maintenance work being done will mean that the refurbishment of blast furnace 2, scheduled for the summer of 2020, will be postponed until 2022 or 2023. The production at blast furnace 1 in Raahe is running according to plan.

Source : Strategic Research Institute

voda 5 februari 2019 21:07

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GMS Market Commentary on Shipbreaking in India in Week05 - WAITING AND WATCHING!

Indian Buyers have missed out on much of the market tonnage of late, but this seems to suit them just fine as they continue to monitor market movements from the sidelines. Even though the currency continues to trade at a weakened level in the low-to-mid INR 71 against the US Dollar, it is the far more fragile state of local steel plate prices that have been a greater source of frustration for Alang Recyclers, not only with their endless volatility week in and week out, but also their share of overall declines since the onset of 2019.

Notwithstanding, with the annual budget announcement of February 1st, which is not expected to bring any changes to the ship recycling sector, some stability on prices is being anticipated, rather than constantly worrying about potential declines.

Source : Strategic Research Institute

voda 5 februari 2019 21:08

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Iran steel exporters will weather sanctions storm?

Financial Tribune reported that new round of US sanctions against Iran is being felt across the entire spectrum of Iran's economic sector. One such sector is the strategic steel industry, which is currently dealing with the threat of losing its export markets a crucial avenue through which Iran's aggressive expansion plans are being pursued.

According to Deputy Minister of Industries, Mining and Trade, and Chairman of Board of Iranian Mines & Mining Industries Development & Renovation Khodadad Gharibpour, Iranian steel industry is an export-oriented on in that the country exports more than 40% of its steel productions.

Iran aims to become the world’s sixth largest steel producer as per the 20-Year Vision Plan, which targets annual production capacity expansion to 55 million tonnes and 20-25 million tonnes of exports per year by 2025. Iranian steel mills have so far realized just over 30 million tonnes of the capacity target.

Source : Financial Tribune

voda 5 februari 2019 21:08

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US Steel to restart Electric-Weld Pipe Mill at Lone Star Tubular Operations

United States Steel Corporation announced that it will restart the No 1 Electric-Weld Pipe Mill at Lone Star Tubular Operations in Lone Star, Texas. The No 1 Mill was permanently idled in 2016 due to challenging market conditions for tubular products created by fluctuating oil prices, reduced rig counts and high levels of unfairly traded imports. The Lone Star No 1 Mill will provide full body normalized electric welded pipe in size ranges 7” to 16” outside diameter for customers across the US, including the very active Permian Basin.

The Lone Star No 1 Mill has an annual capacity of approximately 400,000 tons. US Steel anticipates hiring 140 new employees. The restart process will begin immediately and will be completed in early third quarter 2019. Restart costs are not expected to be material.

Source : Strategic Research Institute

voda 5 februari 2019 21:09

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NCLAT rejects Tata Steel's move to block rival bids for Bhushan Power & Steel

The National Company Law Appellate Tribunal has ruled against Tata Steel’s effort to dismiss rival bids for Bhushan Power and Steel Limited, boosting JSW Steel Ltd’s offer to buy the indebted steel maker. NCLAT said that the plea by Tata Steel was not maintainable as it was up to the committee of creditors of Bhushan Power and Steel to accept a debt resolution plan that could maximize asset value.

The tribunal said it would not interfere with JSW Steel’s bid because more than 97 percent of the indebted firm’s creditors had approved the plan.

Tata Steel said it was reviewing Monday’s court order and had no further comment.

Source : Strategic Research Institute

voda 5 februari 2019 21:10

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Thyssenkrupp boss defends breakup as skepticism persists

Reuters reported that thyssenkrupp boss Mr Guido Kerkhoff sought on Friday to drum up support among small shareholders for a plan to break up the steel-to-elevators group, facing criticism about the lack of concrete details over how the move will lead to better results. Mr Kerkhoff, 51, told shareholders at the group’s annual general meeting that “This gives us the strategic clarity we urgently need. In this way, we enable the businesses to develop faster and more dynamically.”

Mr Guido Kerkhoff, CEO of steelmaker Thyssenkrupp AG after a tumultuous summer that saw the resignation of both the CEO and chairman, is planning to spin off Thyssenkrupp’s elevators, car parts and plant engineering units to become more efficient.

Shareholders are expected to vote on the plans at the next general meeting in a year’s time and are awaiting further details on the transaction including the organisational set-up and capital markets day during the course of the year.

voda 5 februari 2019 21:11

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Mexico does not renew safeguard for steel imports

Reuters reported that Mexican government decided not to renew a 15 percent safeguard for steel imports from countries with which it does not have trade agreements.

The safeguard was established in 2015 to protect the Mexican steel industry from increasing imports from Asia, particularly from China. Since then, the measure had been renewed every six months and on Thursday the deadline to update it again expired.

Source : Reuters

voda 5 februari 2019 21:11

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GMS Market Commentary on Shipbreaking in Turkey in Week05 - MAKING A DIFFERENCE?

As reported last week, local Recyclers are now refraining from selling recycled ships steel to the domestic steel mills, in an effort to reinvigorate local steel plate prices - and their efforts certainly seem to be making a difference. This week, local steel plate prices jumped nearly USD 20/MT (reportedly ending the week at USD 305/MT) and local offerings followed suit by improving about USD 10/MT. Although their (local Recyclers) actions seem to be paying dividends rather quickly, this may not entirely be a situation of their making as reportedly, with the upcoming elections on March 31st, the government too is taking steps to improve the exchange rate (against the U.S. Dollar) in addition to domestic interest rates.

This has certainly furthered the standing of local fundamentals, helping the Lira gain some ground against the Dollar, ending the week just below TRY 5.20.

Whether this, as a long term strategy, help the Turkish ship recycling sector get out of the rut they have found themselves in for much of 2018, remains to be seen. However, at least in the short run, the spiking fundamentals will more than likely drive prices up and help Ship Owners and Cash Buyers cash in on some firmer levels on any units opening up in the area.

Source : Strategic Research Institute

voda 5 februari 2019 21:12

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GPI Textiles seeks cancellation of ArcelorMittal plan for Essar Steel

In yet another twist to the case, the counsel of resolution professional of Mr LN Mittal’s brother Mr Pramod Mittal-led GPI Textiles approached the NCLT Ahmedabad Bench seeking to quash ArcelorMittal’s resolution plan claiming that the former has outstanding dues to GPI Textiles worth INR 300 crore. The NCLT Ahmedabad has asked the RP of GPI Textiles to appear in-person before it on Tuesday and clarify his stance.

However, counsels of ArcelorMittal and Essar Steel RP objected to GPI Textiles’ plea, stating that its committee of creditors, in a written submission before NCLT Ahmedabad, had agreed to not seek such a quashing.

Source : Strategic Research Institute

Vertraagd	17 mei 2024 14:24
Koers	24,230
Verschil	-0,110 (-0,45%)
Hoog	24,430
Laag	24,120
Volume	800.183
Volume gemiddeld	2.557.654
Volume gisteren	3.937.932

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