Steel Times International News
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Chinese steelworks oversupplying in tumbling prices
Some Chinese steel companies plan to cut output to reduce losses as the country’s steel price has tumbled by some RMB500/t (US$78.6) in the past two months, nearing the sharp decline at the end of 2008. Spot prices of hot-rolled coil steel in China were quoted at RMB 4380/t ($689) on Oct 24, down 7% from the proceeding week. This marks the sixth straight on-week decline for Chinese steel prices.
02 November 2011 -
Chinese steel profits rise
China’s steel industry made profits of RMB 180.3bn ($28.362bn) in the first seven months of 2011, a surge of 29.2% year on year, according to a report released by the National Development and Reform Commission (NDRC) on Oct. 10.
02 November 2011 -
Raw material prices decline on slowdown in steel demand
The US dollar denominated ferrous scrap selling prices declined in October as the global steel market turned down. The uncertain economic climate has created doubt in the minds of steel buyers about the short term prospects for the industry. Very few are prepared to build inventories. Mill order books are weakening. This has translated into lower demand for ferrous scrap.
01 November 2011 -
Arcelor idles sites
ArcelorMittal will temporary idle its EAF and two rolling mills at its long steel production site in Rodange and Schifflange, Luxembourg.
31 October 2011 -
UK Iron & Steel statistics compilation
UK’s Iron and Steel Statistics Bureaux (ISSB) has published its compilation of UK steel industry statistics for 2010.
31 October 2011 -
China steel output rises on price hike
China’s output of crude steel may reach around 706Mt in 2011, far exceeding the prediction of 660Mt forecast at the beginning of the year, according to the China Iron and Steel Association (CISA).
30 October 2011
