4 February 2019

Latest Steel Market News

Nickel Mines Limited produces its first nickel pig iron

(Asia-Pacific): Australia-based Nickel Mines Limited has produced its first nickel pig iron from Hengjaya project. It owns 60% stakes in the project with Shanghai Decent which owns the remaining 40%. Nickel pig iron is a source of nickel and a key ingredient in stainless steel production.

 

EU levies definitive safeguard duties on steel imports

(Europe): European Commission has imposed definitive safeguard duties on steel imports effective from 2nd February for three years. The duties replaced the provisional duties which remained effective since July 2018. The new safeguard measures consist of 25% duty above the defined quotas for 26 categories of steel.

 

Steel Dynamics acquires 75% stakes in United Steel Supply

(North America): Steel Dynamics, Inc. agreed to acquire 75% shares worth of $134 million in United Steel Supply, LLC. a leading distributor of colour coated steel. The deal consists of $92 million in cash and $42 million in apportioned debt.

 

Vale seeks out-of-court settlement following Brazil dam disaster

(Central and South America): The mining giant, Vale, trying for out-of-court compensation settlements regarding its recent dam disaster in Brazil. Judicial authorities froze the company’s assets worth of $3.46 billion so far and fined $136.5 million in connection with the accident.

 

Chinese steel industry earnings surged 39.3% in 2018

(Asia Pacific): China’s steel industry earned around $69.7 in 2018 with an increase of 39.3% year-on-year from 2017. Crude steel production rose 6.6% to 928.26 million tonnes in 2018, according to the National Development and Reform Commission.

 

Thailand bans on new steel capacity expansion

(Asia Pacific): The Thai Industry Ministry has banned expansion of steel bar capacity in the country for five years to reduce oversupply in the country.