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US steel shipments dropped in August

  • : Coking coal, Metals
  • 22/10/13

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

Steel mills shipped 7.68mn short tons (st) in the month, down by 9pc, or nearly 730,000st, compared with the same month last year, according to data from the American Iron and Steel Institute released 11 October.

In August, the Argus US hot-rolled coil (HRC) Midwest ex-works assessment fell by 8pc to $780/st by the end of the month from the end of July. The declining prices have led many to limit steel purchases for fear of selling at a loss.

August shipments were virtually flat compared to July.

Year-to-date shipments were at 61.32mn st, down by 2.1pc from a year earlier. Through August, HRC shipments were down by 6pc, cold rolled coil (CRC) were down by 12pc, and hot-dipped galvanized (HDG) coil shipments were down by 7pc.


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24/07/12

Germany's Aurubis copper smelter back from maintenance

Germany's Aurubis copper smelter back from maintenance

London, 12 July (Argus) — Germany's Aurubis today announced that its Hamburg copper smelter returned to service on 11 July from the largest maintenance shutdown in the company's history that began 7 May. A restart is now under way following the €95mn 60-day maintenance that included an overhaul of the flash smelter, installation of heat exchangers in the contact acid plant, as well as the installation of a tap hold drill and tamping machine for improved safety of copper slag tapping. Hydrogen-ready anode furnaces were also installed as measures to improve sustainability. Investments in automation are set to improve efficiency and extend the frequency of planned maintenance rounds to three years from two. The Hamburg smelter's outage has exacerbated sulphuric acid tightness in Europe , and the operational restart is expected to provide some relief to the market. This comes in addition to the lack of availability of molten sulphur in the region, leading to shortages of sulphur burnt acid , which has prompted some consumers to replace burnt acid with smelter acid, lifting demand. Aurubis produced 1.19mn t of sulphuric acid during the first six months of the 2023-24 financial year (October-March), up by 1pc on the same period a year earlier. Output at Aurubis' Hamburg smelter rose by 11pc to 512,000t in the period, while output from the Pirdop smelter saw a 6pc decline on the period to 679,000t . For the first three months of the year, Aurubis produced 598,000t of acid, unchanged from the same quarter of 2022-23, as increased output at its Hamburg smelter offset a decline from Bulgaria's Pirdop plant. Production at Hamburg totalled 258,000t from January-March. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Australia’s BHP to import sulphuric acid for Lynas


24/07/12
24/07/12

Australia’s BHP to import sulphuric acid for Lynas

Singapore, 12 July (Argus) — Australian resources firm BHP has "affirmed its commitment to using reasonable efforts" to supply imported acid to Australia-listed mining company Lynas Rare Earths, Lynas said today. This comes after BHP announced a temporary suspension of its Western Australia nickel business from October, citing bearish expectations against nickel prices. Lynas has a supply contract with BHP Nickel West for the provision of sulphuric acid from the Kalgoorlie nickel smelter or imported sources to its Kalgoorlie rare earths processing facility, with the initial term until 30 June 2027. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US, Mexico exempt Brazilian steel from new 232 tariffs


24/07/11
24/07/11

US, Mexico exempt Brazilian steel from new 232 tariffs

Sao Paulo, 11 July (Argus) — The US and Mexico will exempt Brazilian steel imported from Mexico from adjustments made to the US' section 232 tariffs. Steel imported from Brazil that is processed in Mexico then exported into the US will not be subject to tariffs, the Mexican external relations ministry said today, adding that "the melting and pouring requirements will not apply to products that come from [Brazil]." The US and Mexico jointly announced on Wednesday new import restrictions that will reinstate the 25pc and 10pc section 232 tariffs on some steel and aluminum imported from Mexico, requiring imported steel to be melted and poured in the US-Mexico-Canada free trade agreement (USMCA) region, while aluminum should not contain primary aluminum or be smelt or cast in Belarus, China, Iran or Russia. The new measures aimed at preventing Chinese steel from triangulating through Mexico, which both the administration and a bipartisan group of lawmakers have accused Mexico of allowing . The move is part of an effort from Mexico's government to avoid negative effects on the country's steelmaking sector, which is suffering because of a 50-day long strike at one of its key mills, ArcelorMittal's Lazaro Cardenas mill in the Michoacan state, that has cost the firm almost 500,000 metric tonnes (t) in lost production. Brazil is an important steel exporter to Mexico. In June, the South American country exported around 68,480t of slab to Mexico, more the double the amount from the same month in 2023, according to Brazil's ministry of development, industry and foreign trade data compiled by the Global Trade Tracker. Steelmakers that have greater exposure to selling products with less added value to units in Mexico to then be rolled there are the companies that tend to benefit the most from this situation, Genial Investimentos metals analyst Igor Guedes told Argus . By Carolina Pulice Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

EU makes 10,175t of Egypt HRC available in quota


24/07/11
24/07/11

EU makes 10,175t of Egypt HRC available in quota

London, 11 July (Argus) — The European Commission has made 10,175t of Egyptian hot-rolled coil (HRC) available to importers in the bloc, after controls by a member state showed some volumes put forward for customs clearance were "erroneous". The quota was originally exhausted on 1 July, and customs figures showed that 185,208t of Egyptian HRC was filed for clearance by 8 July, all of which should have been subject to a prorated safeguard duty of 5.85pc. The quota for the country was 141,849t, which means that 53,534t was unable to clear customs, in which case no duty would be payable on Egyptian material. The commission said that the next allocation will take place on 12 August, "in order to give enough time to member states to send drawing requests that didn't benefit the quota". Market participants were perplexed by the development, and expect further clarity in the coming days. All other HRC ‘other countries' quotas remain exhausted. About 348,809t was available in the general ‘other countries' quota to the benefit of Australia, Switzerland, the US, Libya and Canada — the latter three have so far imported a total of 0t. Market participants largely expect that the member state cancelling some clearances will be Italy, which offers importers the chance to change their mind on clearance if duties are payable. Buyers in other member states have questioned whether it is fair for Italy to allow this option, when the majority of other states do not. The Belgian customs authority has actually complained to the commission about Italy's clawback option, questioning its legality, but has not received any response. The commission says any member state can adopt the clawback mechanism, but not all have decided to. By Lora Stoyanova and Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US June inflation slows to 1-year low of 3pc


24/07/11
24/07/11

US June inflation slows to 1-year low of 3pc

Houston, 11 July (Argus) — US inflation slowed in June to the lowest in a year while core inflation hit a more than three-year low, signs of easing price pressures that may prompt Federal Reserve policymakers to begin cutting borrowing costs in the fall. The consumer price index (CPI) slowed to an annual 3pc in June, lower than economists' estimates for a 3.1pc reading, from 3.3pc in May and 3.4pc in April, the Bureau of Labor Statistics reported today. So-called core inflation, which strips out volatile food and energy prices, rose by 3.3pc in June, the lowest since April 2021, and slowing from 3.4pc in May. The energy index rose by an annual 1pc in June, down from 3.7pc in May, while the gasoline index contracted by 2.5pc in June compared with a 2.2pc gain in May. Energy services rose by an annual 4.3pc, slowing from 4.7pc the prior month. After the report, the CME's FedWatch tool signaled an 81pc probability that the Fed will cut its target rate by a quarter point in September from near 70pc odds Wednesday. Probabilities of three quarter point cuts by December rose to 38pc today from 26pc the prior day. Food costs rose by 2.2pc in June from 2.1pc the prior month. Shelter rose by 5.2pc from 5.4pc the prior month. Transportation services rose by 9.4pc in June following a 10.5pc gain the prior month. Airline fares fell by 5.1pc in June after a 5.9pc decline. Headline inflation had risen from 3.1pc in January to as high as 3.5pc in March as economic data, especially job gains, had come in stronger than expected. That had prompted the Federal Reserve to delay widely expected rate cuts as it said it needed "greater confidence" that inflation was on a "sustained" path towards its 2pc target. The Fed hiked its target rate to a 23-year high of 5.25-5.5pc in July 2023 and has kept it there since to rein in inflation that hit a high of 9.1pc in June 2022. The Fed, in its latest policy meeting last month, penciled in one likely quarter point cut this year, down from three penciled in last March. CPI contracted by a seasonally adjusted 0.1pc in June from the prior month, after a flat reading in May, a 0.3pc monthly gain in April and 0.4pc gains in February and Marhc. Core CPI was up by 0.1pc for the month after a monthly gain of 0.2pc in May. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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