22 February 2019

Latest Steel Market News

India tries to provide equal opportunities to primary and secondary steel producers

(Asia Pacific): The Indian government has announced to stop the practice of steelmaker classification into integrated, primary and secondary in tenders. The government instructed all relevant departments to avoid such classification restrictions in tenders published by the government departments in infrastructure, commercial and defence projects.

 

Canada changes quota for Mexican steel tubes and wire rod

(North America): Canada has made two main amendments in the provisional duties rule on Mexican steel products. It imposes a volume quota for the tubular products and wire rods for 200 days, once crossed surtax of 25% will be applicable, while exempted re-imports of Canadian origin steel from tariffs.

 

Hyundai starts assembly plant in Ethiopia

(Africa): South Korean auto manufacturer, Hyundai, started an assembly plant in Ethiopia in a joint venture with Marathon Motors. The plant has the annual capacity of assembling 5,000 cars. The factory will initially hire 200 workers which can increase up to 1,000 once fully operational.

 

ArcelorMittal develops advance grade steel for autos

(North America): ArcelorMittal R&D centre in East Chicago has developed high strength steel known as GI TRIP 690, used in the manufacturing of Fiat Chrysler Automobiles vehicles like Ram pickup truck, Pacifica minivan, Jeep Wrangler. Previously, it was being imported from Europe.

 

European stainless steel surcharges to rise in March

(Europe): Surcharges on austenitic grade flat-rolled stainless steel products are expected to rise in Europe after a seven-month continuous decline, indicating the first month-on-month increase since July 2018. Finland’s Outokumpu has announced the price rise for March by €123/tonne.

 

Higher prices of chrome ore to support ferrochrome prices

(Asia Pacific): Costs of chrome ore are expected to drive the ferrochrome prices, in the short term as Chinese buying activity resumed after the Chinese holiday.