China plans to slash 20 million tonnes of steel capacity in 2019

30 January 2019

Latest Steel Market News

SpaceX plans to build a stainless steel rocket

(North America): SpaceX, a private American aerospace manufacturer based in California, plans to build a rocket ship which would be made of stainless steel substituting the more expensive carbon fibre composites. The rocket is expected to endure 1500 degrees Fahrenheit as stainless steel can withstand high temperatures without developing cracks, making it durable.


 Kelvion adds two products to its portfolio

(Europe): Kelvion, a German-based heat exchanger manufacturer, has introduced two new products: exhaust gas heat exchanger and EcoMi modular economiser. The exhaust gas heat exchanger is made from high-alloyed stainless steel and can withstand temperatures up to 550 degrees Celsius. The products will convert waste heat into useful energy, minimising emissions and increasing efficiency.


China plans to slash 20 million tonnes of steel capacity in 2019

(Asia Pacific): China plans to cut around 20 million tonnes in 2019. This new capacity cuts would be in provinces which have not achieved their five-year plans for capacity cuts.


Nucor has registered record earnings in a decade

(North America): Nucor Corporation has reported 2018 profit of $2.36 billion, the highest since 2008. The earnings increased 69% year-on-year from $646.8 million from 2017. The company stated steel import tariffs as a reason for its record earnings in 2018.


Korean shipbuilders expect new orders from Qatar

(Middle East): Qatar plans to add around 60 LNG carriers, out of which 30-40 are expected to be super-sized, to meet its LNG capacity by 2023. Qatar Petroleum, which is Qatar state-owned oil company,  has visited local shipyards in South Korea to make an initial assessment for the new orders.


Harley plans to shift production out of the US

(Europe): Harley-Davidson plans to relocate its majority of production out of the US to Thailand to secure its access to the EU market. Production shift would help avoid the EU retaliatory tariffs on the US made motorcycles from 6-31% as well as Trump’s new tariffs on raw materials.