21 January 2019

Latest Steel Market News

Tsingshan Holding is to set up a battery plant in India in parallel with its construction of a stainless steel plant

(Asi-Pacific): The Chinese steelmaker and electric vehicle battery maker, Tsingshan Holding is set to build $3 billion electric battery plant in Gujarat, India in partnership with Chromeni Steel.

Tsingshan Holding has already been developing a stainless plant at Gujarat, India. The stainless steel project is in partnership with other parties including Cromo Steels Private Ltd Co (CSPL). With the investment of $2.3 billion, once completed the integrated plant would consist of hot and cold rolling lines as well as smelting facilities. It is expected that the plant crude stainless steel capacity would be around 2 million tonnes/ year while cold rolling capacity around 600k tonnes/year.

Tariffs on South Korean steel products potentially to reverse 

(North America): The US Court of International Trade (USCIT) has restrained the US Department of Commerce (DOC) regarding the use of Particular Market Situation (PMS), a specific method used by DOC to impose high duties on South Korean steel particularity oil country tubular goods (OCTG). Commodity Inside understands that the decision is likely to lower tariffs on Korean steel exports to the US.

Harsco signed a multiyear contract with JSW

(Asi-Pacific): Harsco Corporation has entered a long term contract with JSW to provide mill services. In a ten year agreement, Harsco will provide JSW Dolvi plant with on-site slag handling services.

The Philippines steel watchdog takes notice of substandard Chinese steel

(Asi-Pacific): The Philippines Iron and Steel Institute (PISI) found through its survey that local suppliers are selling low-grade Chinese rebar in the market. PISI also previously appealed the government to ban imports of induction furnaces from China for their low-quality steel production.

Crude steel production in China fell nine months low in December

(Asi-Pacific): Chinese crude steel production in December declined 1.9% to 76 million tonnes on a month-on-month basis, the lowest since March 2018. However, crude steel production increased 8.2% year-on-year due to relatively fewer restrictions during the winter season.