16 January 2019

Latest Steel Market News

WindEurope says imports tariffs on steel can endanger the 2030 EU renewable energy target

(Europe): The EU is going to decide in the coming few days on a proposal to restrict steel imports to the EU until 2021. WindEurope claims that it would increase the prices of wind turbines up to 18%.

SBI to auction its loans in the bankrupted Essar Steel assets

(Asia Pacific): Due to delays in recovery of Essar Steel’s loan, State Bank of India (SBI) has now put on sale its Rs154.3 billion loans in the steelmaker on a full-cash basis.

Associated British Ports (ABP) to handle more steel at the Port of Immingham

(Europe): ABP has signed a deal with R.M Maritime to handle 40,000 tonnes of steel annually at the Port of Immingham, the largest port in the UK. R.M Maritime, which is a freight forwarding company, has awarded the contract to ABP to handle its steel imports into the UK.

Luigang expands into the stainless steel business

 (Asia Pacific): Guangxi Liuzhou Iron and Steel Group Co (Liugang), the largest integrated carbon steel producers in South-west China, is to enter stainless steel business. It is going to open a new stainless steel plant with a capacity of 5 million tonnes/year under its subsidiary Liugang Zhongjin Stainless Co in Yulin. The plant is expected to be operational by 2020.

Renaissance Technologies LLC acquires 2.52% of Synalloy Co.

(North America): Renaissance Technologies LLC (a hedge fund) has acquired 2.52% of Synalloy Co (a holding company operating in metals and chemical) through increasing its share by 3.6%.