Steel Strip

EUROFER said that in line with earlier projections, the EU economy held up well in the first quarter of 2008 amidst weakening global fundamentals. However, indications that the EU economy will lose momentum heading into the second half of the year have become stronger. Confidence indicators cooled significantly in recent months due [...]

The Indian Steel industry could be in for another shock with the government now considering banning exports of flat steel products with a view to check rising inflation. "If the prices of flat steel products are not being kept in check, either the export duty could be increased or a ban on exports could be [...]

Evraz Group SA, the steelmaker partly owned by Russian billionaire Roman Abramovich, bought a 16 percent stake in Australian iron-ore company Cape Lambert Iron Ore Ltd., potentially derailing a bid to sell the company’s mine to China.
“It is Evraz” that bought the holding, Tony Sage, a director in Perth-based Cape Lambert, said today by [...]

Indian steel firms may seek to raise prices when a self-imposed moratorium ends early next month, but the government is likely to oppose any hefty, inflation-fuelling increase.
Tata Steel’s Managing Director B. Muthuraman said on Wednesday Indian steel prices were ruling 15,000-20,000 rupees ($350-$450) a tonne below global rates at a time when rising input costs [...]

I came across the following article from Tim Huber at associated press, at signOnSanDiego.com. Anyone who has followed this blog for  a length of time will know my views on the speed at which the western economies abandoned coal mines in favour of cheap imports. It’s ironic that the industry that abandoned domestic resources should [...]

Germany’s biggest steel consumers banded together on Wednesday to send a warning to producers that high prices are driving a dangerous wedge between them.
"In the past, the partner-like relationship between our members and the steel industry was an element of our mutual success," a group of seven German industry associations said in a joint statement.
"This [...]

In an effort to curb the relentless rise in steel prices and bolster their own frail finances, some auto makers are beginning to push back on price increases, saying they won’t pay surcharges on agreed-upon supply contracts.
The resistance is one of the first strong signals to steelmakers that their hardest-hit customers have reached a tipping [...]

Although it’s been known "unofficially" for a week or two, Corus have announced that it will increase the basis for it’s flat rolled products in the UK.
The price increases will be at least 150 pounds per tonne for hot rolled steel, 175 pounds per tonne for cold reduced steel and 200 pounds for hot dipped [...]

With construction activity down by about 3% this year, demand for carbon steel reinforcing bar is down by 6.5%, yet the rebar sales-price average of $867/ton in May is higher than some analysts had expected. Now, because of still-high scrap prices, Nucor is seeking to raise rebar prices to $920 for deliveries in July from [...]

Two steel makers in North China were scheduled to formally merge on Wednesday in a deal that would supplant Baosteel as the country’s largest steel firm, state media said. Hebei Iron and Steel Group was expected to launch operations with a capacity of 31.75 mn tonnes of steel a year, overtaking Baosteel [...]