By CRU Analyst Kevin Bai from CRU’s Steelmaking Raw Materials Monitor China has announced that it will remove the value-added tax (VAT) rebate it has historically applied to steel exports, alongside changes in import and export tariffs. This will increase the cost of exporting and discourage export volumes, which will help loosen a tight domestic […]
China’s July crude steel output jumped 1.9 percent from June and 9.1 percent from a year ago to 93.36 million metric tons, according to the National Bureau of Statistics. Steel demand rallied after declining during the pandemic-induced shutdowns and is now benefiting from Chinese stimulus measures that include infrastructure building and housing construction. Average daily […]
By CRU Principal Analyst Josh Spoores and CME Group Commodities Research Analyst Gregor Spilker The CME Group recently launched a new steel futures contract which follows the U.S. hot-dipped galvanized (HDG) coil market. The U.S. Midwest Domestic Steel Premium (CRU) Futures is financially settled against the difference between U.S. Midwest hot-dipped galvanized coil (base) steel […]
Canadian steel company Stelco announced a new CEO and defied U.S. tariffs with a strong earnings report for the fourth quarter. David Cheney, formerly chief business development officer, will assume the mantle of CEO from Alan Kestenbaum who will continue to serve as Executive Chairman. Cheney will have executive responsibility for the company’s day-to-day business, […]
Ternium has extended its agreement to supply steel slabs to AM/NS Calvert for an additional 12 months, until December 2020. During Ternium’s fourth-quarter earnings call, CEO Daniel Novegil said Ternium Brazil will deliver the remaining 3.5 million metric tons of slab in annual increments of 1.2 million tons per year instead of 2.0 million tons […]
Mexico announced it will enforce tariffs on imports of cold-rolled coil (CRC) from China with boron greater than or equal to 0.0008 percent. Antidumping duties will range between 65.99 percent and 103.41 percent. The Secretariat of Economy added the cold rolled steel with added boron to the existing antidumping duties on CRC after Altos Hornos […]
There have been a number of questions about whether steel prices have the staying power to continue to move higher from here. We thought we would bring in another opinion on the subject. MetalMiner published an article on the subject just yesterday and they have allowed us to reproduce the article in tonight’s newsletter. Lisa […]
January steel exports from China in rose to an all-time monthly record of 10.29 million tons, surprising analysts who were expecting reduced shipments this month. Steel shipments were expected to fall after China canceled the export tax rebate for Boron-added steel on January 1. Analysts predicted steel export volume would drop as much 30 percent […]
The following information was in a press release received by SMU from CRU. We have requested more information from CRU regarding the audit, how it has impacted their data providers and any other pertinent information they were able to gather through the process. We will follow up with another article when we receive information from […]
Written by: Sandy Williams Severstal NA sales of rolled products rose 17 percent in 2012 to 4.46 million tonnes (4.9 million net tons), up from 3.8 million tonnes (4.18 million net tons) in 2011. Fourth quarter sales were at 967,265 tonnes (1.06 million net tons), down 10 percent from the previous quarter. In 2012, Severstal […]