ISRI rebrands to ReMA, drops scrap from name

Spanish Market: Metals
18/04/24

The Institute of Scrap Recycling Industries (ISRI) has rebranded to the Recycled Materials Association (ReMA).

The new name and rebrand better reflect the evolution within the recycling industry and its member companies, ReMA said at the group's annual convention and exposition in Las Vegas today.

Washington, DC-based ReMA represents recycling industries including ferrous and nonferrous metals, electronics, glass, paper, plastics, textiles and tires and rubber.

It is a member-driven trade organization that provides advocacy, education, safety and compliance training, and promotes public awareness of the vital role recycled materials play in the US economy, global trade, the environment and sustainable development.

ISRI was formed in 1987 when the Institute of Scrap Iron and Steel merged with the National Association of Recycling Industries. Over the last 35 years, the association has seen tremendous growth in size and diversity of its membership, particularly in electronics, consumer brands and EV battery sectors.

The trade association has around 1,700 member companies across the US and other 40 countries.

By Brad MacAulay

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11/10/24

Turkey levies HRC anti-dumping duties on four countries

London, 11 October (Argus) — Turkey's ministry of trade announced that it is implementing anti-dumping duties on Chinese, Indian, Russian and Japanese hot-rolled coil (HRC) ranging from 6.10-43.31pc, effective immediately. Turkey had launched an investigation that found imports from China, India, Russia and Japan have damaged domestic production. The anti-dumping duty will be paid as a percentage of the CIF value, in addition to the existing 13-15pc tax on steel products for local consumption. The investigation was launched just after a petition was submitted by Turkish steelmakers' association TCUD on behalf of producers Colakoglu, Erdemir, Habas and Toscelik. Turkish customers, though, remain exempt from the measures if products are imported using the inwards processing regime, with a promise to process and re-export the finished product. Turkish authorities are currently to change to the inward processing regime measure. "Right now, 84pc of the exports are import-dependent," a re-roller told Argus in August. "If you prevent the inward processing regime, imports will be cut, which will negatively affect exports." Turkish mills withdrew their HRC offers today, some market participants said. By Carlo Da Cas Turkish anti-dumping duties Companies Dumping margins ( pc ) China Han Steel Group Hanbao Iron and Steel 36 Qian'an Iron & Steel of Beijing Shougang 23 Rizhao Steel Holding Group 28 Shanghai Meishan Iron and Steel 15 Shanxi Taigang Stainless Steel 17 Shougang Jingtang United Iron & Steel 24.6 Zhangjiagang Hongchang Plate 26.4 Others 43.3 India Tata Steel 6 Others 9.0 Japan All companies 9.0 Russia Magnitogorsk Iron and Steel Work 6,1 Novolipetsk Steel 6.1 Others 9.0 — Turkish trade ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Malaysia starts AD investigation on wire rod imports

11/10/24

Malaysia starts AD investigation on wire rod imports

Beijing, 11 October (Argus) — Malaysia's Ministry of Investment, Trade & Industry (MITI) announced on 10 October that it has started an anti-dumping investigation on imports wire rod imports from China, Indonesia and Vietnam, in response to complaints from a local producer. The investigation will cover imports of wire rod under the HS code of 7213.91.1000, 7213.91.2000, 7213.91.9000 and 7227.90.9000, following a petition lodged by a local producer, Southern Steel in Pulau, Pinang. MITI did not mention the investigation period for the case. It said that Southern Steel has provided evidence that imports of the subject merchandise (wire rod) from China, Indonesia and Vietnam have increased in terms of absolute quantity, causing injury to Malaysian domestic industry. Indonesia was the biggest supplier of wire rod to Malaysia at 120,000t under the above HS code over January-July 2024, up by 8.6pc on the year, according to GTT. Deliveries of wire rod from China to Malaysia rose by 6.4pc on the year to 82,000t over January-July, while those from Vietnam fell by 41.8pc on the year to 23,500t over the same period. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Mexico’s Sep inflation slows with energy prices

10/10/24

Mexico’s Sep inflation slows with energy prices

Mexico City, 10 October (Argus) — Lower energy prices supported an easing in Mexico's consumer price index (CPI) in September for a second consecutive month. The CPI slowed to an annual 4.58pc in September, down from 4.99pc in August, Mexico's statistics agency Inegi said on 9 October. This was lower than both Mexican bank Banorte's own 4.59pc estimate and its analysts' consensus estimate of 4.61pc. Energy inflation eased for a second month, dropping to 6.9pc from 7.9pc in August and 9.2pc in July, with LPG prices — the largest component — slowing to 14.7pc in September from 16.8pc in August and 25.6pc in July. Seasonal rains, now ending, have largely reversed the price spikes in farm goods caused by extreme drought earlier this year, with fruit and vegetable inflation slowing to 7.65pc in September from 12.6pc in August, making it the first single-digit rate since November 2023. "Despite the positive performance of agricultural items since August, lingering risks could turn them negative again," Banorte said in a note, emphasizing that above-normal rainfall will be needed in the coming months to avoid a return to drought and price spikes next year. For now, Mexican weather agency Conagua still estimates relatively heavy rains in October, but "more adverse" conditions for November and December, with no state forecast to exceed the upper range of historical rainfall. Core inflation, which strips out volatile food and energy, eased in September to 3.9pc from 4pc, moving within the central bank's 2pc to 4pc target range for the first time since February 2021. Inside core, said Banorte, packaged and manufactured goods continue to improve, standing at 2.9pc from 3pc in August. Services also moderated, adjusting to 5.1pc from 5.2pc. "A downward trend in the latter is needed to corroborate additional gains for the core," Banorte said. "This will still take some time, especially given that the margin for additional declines in goods may be running out." The Mexican bank added that within this context, it maintains its estimate for full-year 2024 core inflation to hold to 3.9pc. Though less weighted than core inflation, the bulk of September's easing in the headline was due to non-core inflation, including prices on more volatile items such as fuels and farm goods. Inegi reported non-core moving to 6.5pc in September from 8pc in August. Despite two months of better-than-expected price improvements, Banorte warned that "risks remain," with energy prices susceptible to gains amid "geopolitical tensions in the Middle East and economic stimulus in China." Still, there is "room to adjust gasoline subsidies" to cushion these effects, it added. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US inflation slows to 2.4pc in Sep

10/10/24

US inflation slows to 2.4pc in Sep

Houston, 10 October (Argus) — US inflation slowed slightly less than expected in September, but still came in at the lowest annual rate since February 2021, in the first major inflation report since the Federal Reserve started cutting interest rates last month. The headline consumer price index (CPI) eased to an annual 2.4pc in September, down from 2.5pc in August, according to the Labor Department. The decline was less than the 2.3pc forecast in a survey of economists by Trading Economics. Excluding volatile food and energy, so-called core inflation rose to a 3.3pc annual pace, higher than forecasts for core inflation to match the prior period's 3.2pc pace. Today's report is the final CPI report ahead of the next Federal Reserve policy decision on 7 November and it follows a much stronger than expected employment report for September, which together could prompt the Fed to move more cautiously. Still, CPI has come down sharply from its peak of 9.1pc in mid-2022 and, despite aggressive Fed tightening, hiring has continued at a healthy rate and the overall economic expansion remains on track, partly thanks to falling energy prices. The energy index contracted by an annual 6.8pc pace in September after contracting 4pc through August. The food index rose by an annual 2.3pc following a 2.1pc gain in the prior period. Transportation services rose by 8.5pc. Within energy, the gasoline index fell by 15.3pc after a 10.3pc decline in the prior period. Energy services rose by 3.4pc after a 3.1pc gain. Natural gas services rose by 2pc. Shelter rose by 4.9pc after a 5.2pc gain. Transportation services rose by 8.5pc following a 7.9pc gain. Auto insurance was up 16.3pc. On a monthly basis, CPI rose by 0.2pc in September, matching gains in August and July, Labor said. Shelter rose by 0.2pc and food increased by 0.4pc, together accounting for over 75pc of the monthly headline increase, Labor said. The energy index declined by 1.9pc over the month, after falling by 0.8pc in the prior month . By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

ArcelorMittal files High Court suit against Liberty

10/10/24

ArcelorMittal files High Court suit against Liberty

London, 10 October (Argus) — Europe's largest steelmaker has filed a suit against Liberty Steel East Europe in the English High Court, petitioning for administration over non-payment of €140mn in deferred compensation for assets it acquired in 2019. ArcelorMittal sold several assets to Liberty in 2019 — including the Ostrava plant in the Czech Republic, Galati in Romania, Skopje in Macedonia, Piombino in Italy and Dudelange-Liege in Luxembourg and Belgium — to ensure it got merger control approval for the lease of Italian steelmaker Ilva. As part of that deal Liberty agreed to pay €140mn in deferred compensation and to provide audited, consolidated financial statements to ArcelorMittal showing its consolidated assets amounted to at least €150mn until its obligations were satisfied. ArcelorMittal said it has never received that money, and in November last year obtained a freezing order against Liberty in Singapore , preventing it from transferring any assets outside the country, as it sought repayment. Liberty still does not publish consolidated accounts, and Companies House has taken legal action against Liberty directors, including Sanjeev Gupta, over 76 entities that have not filed. Earlier this year the English High Court recognised an earlier arbitration award and enforced it, meaning ArcelorMittal can "attach and execute … assets located in the United Kingdom in satisfaction of the award". On 7 October ArcelorMittal applied for the administration of Liberty Steel East Europe (Holdco), through its lawyers King & Spalding International. The company refused to comment. "This is a long-running commercial dispute relating to contested deferred consideration from 2019 which GFG is challenging through legal means. The dispute refers to claims arising from a sales and purchase agreement which is itself being litigated in confidential arbitration", a Liberty spokesperson said. Liberty has been struggling with the downturn in the steel market of late, with many of its assets, including those acquired from ArcelorMittal, not operational, or running substantially below capacity. Its Ostrava business is in administration, while its Galati works still has no furnaces operational; the company said in July it would restart a furnace "on the back of healthy demand" but has not done so yet. It said earlier this year it would look to sell the rolling lines acquired from ArcelorMittal. Liberty has mothballed some of its UK businesses, namely its plate mills in Scotland and merchant bar business in Scunthorpe, with the latter not operational for the last few years. The power supplier to its Hungarian steelworks, ISD Power, has also petitioned for insolvency of Duna Rolling, after the rolling mill failed to keep up with energy payments. Duna Furnace was also petitioned for insolvency by scrap supplier Keramet, over non-payment. A new law was passed on 4 October which states if wages of employees at both units are not paid by today, Duna Furnace and Rolling can be liquidated. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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