Turkish long producer Kardemir yesterday increased its rebar prices by TRY 59/tonne ($37/t). Prices for sections also increase by €10/t. The increases are the second this week from the integrated steel producer.  Rebar of 12-22mm is now priced at TRY 890/t ($540/t). The company had already increased its 
 

Dow Jones reported that global iron ore prices may drop a moderate 20% in the 2009 contract year but a collapse of the market is unlikely despite the current pessimism in the industry. It quoted Mr Alexander Molyneux head of Asian metals and mining for Citigroup as saying that "We are generally quite robust on commodities. We think this crisis will be a 12 to 18 month thing. By the time negotiations are completed

Reuters reported that ArcelorMittal is closing 3 production lines near the city of Liege for 6 months.As per report, the measures did not represent a cut in output because production would be transferred to other sites. It added that the move would affect around 40 workers at each of the sites concerned. ArcelorMittal a reduction in debt.
 

After continuous fall on week on week basis for last 17 weeks, the steel price movement this week has shown signs of revival as the billet prices at Black Sea witnessed a jump of USD 150 per tonne, no slide reported for other products and surge in scrap prices. As per market reports following changes have taken place during the week  1. Scrap prices, which were reported to have reached bottom of USD 150 per tonne surged to about USD 300 per tonne on CFR basis at Turkey 2. Ukrainian and Russian billet majors 
 

Zawya.com reported that Turkish steel plants have notified Saudi importers that they will halt construction steel exports to Saudi Arabia in the coming period due to unstable prices, especially the recent hike in scrap prices in global markets. The reports citing Mr Ali Al Dayekh a Saudi steel importer state that the steel plants have halted deals for 40,000 tonnes of construction steel at last week"s price of USD 450 a 
 

It is reported that domestic hot rolled steel prices rebounded this week and some traders believe that current level is quite close to the bottom. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 2950 per tonne to CNY 2980 per tonne up by CNY 80 per tonne from last Friday. That for commodity grade 2.75mm HRC remains stable at CNY 3450 per tonne. Taking Shanghai price for

Purchasingdata.com reported that wide flange beams may be selling as low as USD 777 per tonne in December 2008, down from an average USD 1,060 in October 2008, now that domestic producers Nucor Yamato Steel, Steel Dynamics and Gerdau Ameristeel have intensified their price-reduction derby. The mills have cut FOB mill list prices by USD 283 per tonne in a series of reductions of USD 120, USD 80 and USD  

It is reported that Chinese local CRC price decrease ceased this week and it is expected to level off or seen some rebound. On Shanghai market, 1.0mm CR sheet by Anshan steel goes at CNY 4000 per tonne down by CNY 100 per tonne from last Friday; 1.2mm to 2.0mm material at CNY 3850 per tonne a decrease of CNY 100 per tonne. While that for 1.0 CR coil by Maanshan steel are down by CNY 100 per tonne to CNY

China"s steel imports to the United States in October fell 36 percent from the previous month as U.S. domestic demand for steel and steel products continued a free fall.  China accounts for about 40 percent of global production, although it is the world’s highest cost producer. China has accounted for roughly 70 percent of the growth in global steel production during the last three years, a growth rate far in excess of

Following a period of falling rebar and billet prices, the scrap price in Taiwan has started to pick up in line with rebounding rebar and scrap prices. Scrap price is being traded at NT$4,700~5,000 in southern Taiwan, and is expected to continue its upward movement. Some mills are looking to buy at NT$3,600~4,000/ton, but can’t find suppliers.

Corus Group, which last month announced plans to reduce its third-quarter crude steel production by 1 million metric tons, roughly 20 percent of the company’s output, has opted to extend the production cuts beyond December. Corus expects to produce about 30 percent less crude steel than planned during the two quarters to the end of March 2009. To accomplish this task, Corus will temporarily idle one blast furnace at each of its Scunthorpe, IJmuiden and Port Talbot works and will also adjust output levels on its downstream

It is reported that India"s government is alert to the danger of Chinese steel being dumped at various ports in India. According to Union steel secretary Pramod Kumar Rastogi, it is likely to dump its products in

Reuters reported that Indonesia"s steel output may fall up to 50% this year as manufacturers have slowed production to cut loses due to falling steel prices. Mr Anshari Bukhari director general of metals, machinery, textile and miscellaneous industries at the ministry told reporters that Indonesia normally turns out about 4

It is reported that both export price and domestic prices see further decrease for steel plate On Shanghai market, commercial 16mm plate by Yingkou steel is being quoted at CNY 3800 per tonne, commodity grade 14mm to 16mm plate by tier two steel are tagged at CNY 3200 per tonne down CNY 150 per tonne

SteelBenchmarker reported that the US hot rolled band spot price for October 27th 2008 dropped by 9.7% to USD 886 per ton, FOB the mill for the sixth consecutive, world export HRB price dropped by 12.1% to USD 702 per tonne FOB the port of export, for the sixth consecutive time, Chinese HRB ex works price dropped

Tokyo Steel Manufacturing is cutting its domestic product prices for December contracts but the reduction – ¥5,000/tonne ($52/t) – is far lower than the range the mini mill announced last month for current month contracts.  “We believe this price update for December will be the pivotal price for demand recovery. We will continue to produce to match demand and will keep trying to adjust the supply and demand balance,”

American flat product prices dropped again this week; it’s said that the prices is going to reach bottom soon. With scrap price slowly increasing, many steel mills are starting to refuse the discount requirements. Recently, steel mills have not been very eager for each order because of the reduction in output. American

It is reported that China"s domestic market prices of steel products are headed downward again toward a second bottom after they have changed little for the past two weeks or so. Take market prices in the Shanghai area. The going prices after value-added tax indicate falls by CNY 100 to CNY 3,550 per tonne for HR coils by CNY 130 to CNY 4,270 per tonne for CR coils and by CNY 110 to CNY 4,350 per tonne for hot-dip .

Tex reported that Japan"s Kanto Tetsugen cooperative association of ferrous scrap dealers has sold 2 trading houses a total of 20,000 tonnes of number 2 HMS at an average JPY 14,163 per tonne FAS Tokyo Bay in the tender the association held on November 11th 2008 to export locally available ferrous scrap from the Kanto area for December 2008 shipment. The average price indicates a fall of JPY 30,137 from the

Bloomberg citing UBS AG reported that commodities will be under pressure for as long as 18 months, with lower prices expected in 2009 for all bar four of the 28 raw materials it forecasts following a collapse in credit for industry. Mr Dan Brebner a UBS analyst wrote in its quarterly report that “Credit is now incredibly scarce and capital is being hoarded by commercial lenders. We find it difficult to envision that the contraction in credit availability and associated demand correction will be a short lived process."" Mr Brebner

It is reported that recently in Datong area, Shanxi province, the ex mine price of thermal coal falls back by a large extent. The ex mine price of 5,500 calorie thermal coal has dropped to CNY 430 per tonnes from the previous CNY 530 per tonnes. And that of thermal lumps also declined sharply. The ex mine price of 6,000 calorie 38 lumps stumbled from CNY 600 per tonnes to current CNY 450 per tonnes. The price drop in

Last week, billet prices in Turkey and CIS jumped up by US$100/ton to US$420～440/ton FOB. However, some mills are reluctant to offer under the continuous rising market. Scrap price hike, increasing demand and mill’s production cut contribute mostly to this wave of price increase of billet and finished products.

It is reported that domestic hot rolled steel prices rebounded this week and some traders believe that current level is quite close to the bottom. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 3000 per tonne to CNY 3050 per tonne up by CNY 80 per tonne to CNY 100 per tonne from last Friday. That for commodity grade 2.75mm HRC remains flat at CNY 3450 per tonne. Taking

In October 2008, steel prices plunged by more than 31% for the third consecutive month. The fact remains that construction sectors has slowed down in wake of current financial crisis and an availability of capital. Cement prices dropped by another 8% besides falling prices of oil. There is a surplus supply of steel in the market. This is the third consecutive month during which steel prices fell making record of large declines.

Indian government announced that in the wake of the recent fall in the international prices of commodities and with a view to safeguard the interests of domestic producers, government have carried out certain changes in the customs duty rates. The details of these changes are as under Withdrawal of the full exemption from customs duty granted earlier on specified iron and steel items such as Pig iron,

Shihua Financial Information reported that Chinese move to remove the export duty on 67 steel products may do little help to stem the falling steel market, since the export demand has dried up amid worldwide economic downturn. Chinese government has scrapped the export tariff on 67 steel products, including HR coil, HR medium plate, section and some alloy steel as of December 1st 2008. The affected products take 
 

It is reported that Chinese local CRC price have seen rebound this week and they are believed to be close to or even have touched the bottom. On Shanghai market, 1.0mm CR sheet by Anshan steel goes at CNY 4100 per tonne up from CNY 100 per tonne from last Friday; 1.2mm to 2.0mm material at CNY 4000 per

Spokesman of Saudi basic industries Corporation said that the company reduced asking prices of rebars by 800 Saudi Riyal per ton. Since September, the company has made a total of 60% reduction in its asking prices. This attempt is aimed at supporting local markets which are dull. Reinforced steel by Sabic shall be priced at SAR 1956/ton in Riyadh, SAR 1995/ton in Jeddah and SAR 1925/ton in Dammam.