Luxembourg-based steelmaker ArcelorMittal said it had agreed a $5 billion deal with Japanese banks, including the Japan Bank for International Cooperation. The mortgage agreement will provide loans to a joint venture between ArcelorMittal Inc. and India’s Nippon Steel Co. The agency will use the financing to expand the annual capacity of its Hazira metal plant from 9 million heaps to 15 million tonnes. In addition, the business will realize its potential to produce value-added metals for defense, automotive, infrastructure and other industries. The expansion, which began last October, will create more than 60,000 additional jobs. In addition, ArcelorMittal and Cooper...

Although the demand for steel in Vietnam has been slower than expected this year, with the country’s GDP expected to increase by 6.47 to 6.83% in 2023, there is a chance that it will pick up. The recovery of post-Covid civil construction activities and higher public infrastructure investment spending will both contribute to a rise in domestic steel consumption. Vietnam does, however, encounter difficulties, such as slower macroeconomic development, difficulty restructuring state-owned businesses and credit institutions, and the presence of bad debt. Vietnam confronts an oversupply of some steel products, including construction, cold-rolled, and galvanized steel, as well as a...

While Vietnamese steel demand has so far been slower this year, it has the potential to improve on the back of the country’s GDP growth forecast of 6.47-6.83% in 2023. Domestic steel consumption is expected to grow amid increased public investment disbursement on infrastructure and the recovery of post-Covid civil construction activities. Vietnam does, however, encounter difficulties, such as slower macroeconomic development, difficulty restructuring state-owned businesses and credit institutions, and the presence of bad debt. Vietnam confronts an oversupply of some steel products, including construction, cold-rolled, and galvanized steel, as well as a heavy reliance on imported raw materials and...

“Therefore, the group calls on the authorities, diplomats, and international partners of Ukraine to make every effort to open the sea to Ukrainian steel,” he says in an interview with Forbes. “The group speaks on behalf of the entire industry.” This will produce about $600 million in export revenue each month and preserve hundreds of thousands of jobs, which will increase the state’s economic power. If Ukraine is successful in opening the ports for the export of mining and steel products in addition to the current grain export corridor, Nikolayenko adds, the country’s steel industry has the potential to rapidly...

Since early last week, Chinese 3SP grade 150mm billet has been reported to be sold at $610/tonne cfr Manila. A trader in Manila claims that there are no buyers. Another person learned on Friday that Chinese 3SP 150mm billet was available for $605/t cfr. 5sp/ps or Q275 120/125/130mm square billet was evaluated at $610–615/t cfr Manila, down $10 on-week. According to a trader in Manila, “there is a confidence deficit in the market,” which prevents steel prices and demand from rising significantly. According to him, recent financial problems in the USA and Europe were a major factor in this. But he...

A reduction in the procurement price for H2 grade scrap trucked to Tokyo Steel’s Utsunomiya steelworks was revealed at the same time by the industry’s largest electric arc furnace operator. Prices were reduced by JPY 1,000/t to JPY 54,000/t as of March 25. Previously, it paid JPY 55,000/t from March 17 to 24. On March 10–16, its purchase price reached a recent high of JPY 55,500/t. Prior to this, prices remained at JPY 53,500/t from 10 February to 9 March.

For a maximum of five years, Brazil placed countervailing duties and AD measures on Chinese HRC in 2018. However, these were never used for the public interest considerations, which Brazil has made obligatory in anti-dumping or subsidy investigations as of April 2019. The trade chamber believes that the study of earlier public interest assessments has not revealed any material changes in the recent years of the suspension of such measures. Contrarily, Camex says, “alternative sources relevant to the Brazilian market, imports from China that became more significant relative to the total at the end of the analyzed period, and there...

Market leader Ezz Steel has increased its ex-works domestic rebar price by 9.7% to EGP 32,135 ($922), with 14% VAT included. The prior price was EGP 29,285/t. In comparison to last week, mills’ new domestic market ex-works net rebar rates, which include 14% VAT, are EGP 32,050/t ($917) for Suez and Egyptian Steel (El Masryeen). Conversions to dollars do not include Egypt’s 14% VAT. Cash only, or within seven days of arrival. While banks trade at roughly EGP 30.85 per dollar, the black market exchange rate has hit EGP 35.8. The lack of foreign money has made Egypt’s economy difficult,...

According to Turkish market news, last week China’s May delivery hot coils were quoted at USD 730-735/ton (CFR) for Turkey’s mainstream exports, an increase of USD 20-25/ton from the previous week, and the actual transaction price of an order was USD 730/ton (CFR). Last week, Vietnam’s hot coil export quotation to Turkey was 730-740 US dollars / ton (CFR); last week, the Russian MMK steel mill’s hot coil export quotation to Turkey was 750 US dollar / ton (CFR). Last week, the mainstream export price of Turkish HRC was 840-850 US dollars/ton (FOB), which was 830-850 US dollars/ton (FOB) in...

According to reliable sources, ArcelorMittal increased its price hints this week by an additional €20/tonne ($21), raising HRC offers to €870/t ex-works for all of Europe and hot-dip galvanized tubing to €990/t ex-works base. This week, offers from import sources, like India, have increased once more, allowing European suppliers more room to increase their quotes. Additionally, sources point out that the availability of coils in Europe is still impacted by some production restrictions. At the end of February, Tata Steel declared force majeure at its Ijmuiden plant. It is believed that other European suppliers of cold rolled coil and HDG...