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Sundram Fasteners plans on growing exports

By Abhijat Sanghvi| 2018-08-23 00:00:00

Chennai, Tamil Nadu –Sundram Fasteners Ltd (SFL) is aiming towards growing its exports in the next five years to half of its total business, according to Arathi Krishna, Managing Director, SFL. Currently, exports make for about a third of the company’s business.  “Out of our 30 percent export portfolio, about 80 percent is to North American automotive companies, and we would look to expand our business more there in the coming years,” she said.The five-decade old company, which supplies fasteners to all the major vehicle manufacturers, is in works with most electric vehicle manufacturers to understand the shift towards hybrid electric vehicles. “Up to 30 percent of Sundaram’s portfolio would be affected by an overnight shift to electric vehicles. But hybridisation to electric will take a while,” stated Arathi, adding that a sizeable transition from traditional motor engines to low-carbon electric mobility will happen only by 2040.Source: Fasteners Association of India

Operating Intermediate Frequency Furnace for Stainless Steel in Dainan were forced to shut down by government

By CFM| 2018-05-24 00:00:00

On May 23, 2018, the government of Dainan Town posted an announcement at The Conference for Rearranging and Closing Stainless Steel  Intermediate Frequency Furnace of Dainan that all operating furnance in Dainan Town must be shut down on 0:00 a.m. of May 24, 2018, as well as all furnance in Taizhou, Jiangsu Province. The announcement has a significant influence in stainless steel fastener manufacturers of Dainan. The price of stainless steel in the market increased by 1000 Yuan per ton. 

Near 500 attendees took part in 2018 Spring Reception of Fastener Industry Association of Guangdong Province

By CFM| 2018-03-30 09:19:17

On Mar. 29, 2018 Spring Reception of Fastener Industry Association of Guangdong Province was held at Foshang Luhu Interntanional Convention Center. A total of 500 people in China attended the Reception including experts, suppliers, distributors, materials suppliers, purchasing agents, fastener making machines suppliers, representatives of associations and media companies in China fastener industry.On the afternoon, the guests brought their product samples and brochures to displayed their companies before the official meeting. The official meeting began at 5:00 p.m., with the speech of Mr. Chen Jutian, president of Fastener Industry Association of Guangdong Province. He expressed his ideas in the development of fastener industry. He said, the development and popularity of the Internet and E-commerce brought new opportunities to fastener industry. However, fastener industry is somewhat different from other industries. He hoped all fastener companies could keep developing new products and technologies to upgrade their companies.Mr. Chen JutianFollowing the speech of Mr. Chen, Yao Haiguang, executive vice-president of CHINA GENERAL MACHINE COMPONENTS INDUSTRY ASSOCIATION (CMCA) and Mr. Yu Ruyong from CMCA-China Fastener Industry Association addressed the conference.Mr. Yao HaiguangMr. Yu RuyongDuring the conference, the association awarded prizes to new members. Mr. Yang Junfeng, chairman of Chinafastener.com presented prizes to the members. With the theme of "Discussing about new future of fastener industry", the conference aimed at gather industrial workers to discuss about the topic together to make a better future for fastener industry in Guangdong.

US steel tariffs will hurt some Asian companies more than others: Nomura

By Cheang Ming| 2018-03-13 13:15:38

Recent tariffs on U.S. steel imports will likely hurt some Asian steel producers more than others, according to Nomura.Smaller South Korean companies are expected to be hit harder than their larger counterparts while Japanwill probably experience minor impact after U.S. President Donald Trump last week signed off on tariffs of 25 percent on steel imports, analysts from the research firm said in a note.Smaller Korean steel companies are likely to be more negatively affected than bigger players due to the level of exposure they have to the U.S."Due to the series of anti-dumping and countervailing duty orders imposed in the past couple of years, Posco has reduced U.S. exports significantly, and the U.S. currently represents less than 1 percent of its carbon sales volumes," Nomura analysts Cindy Park, Yoon Ki Kim and Yuji Matsumoto said in a Friday note. Posco is the largest steel producer in South Korea.For Hyundai Steel, another large Korean steel manufacturer, the U.S. represents around 5 percent of total sales volume."A more visible impact will likely be centered around companies such as Seah Steel, Husteel and Nexteel, which have much higher U.S. exposures," the analysts wrote.Japan is also expected to see limited direct impact, given how just 1.8 percent of its crude steel production and 1.5 percent of steel product output last year were exported to the U.S., according to Nomura.Those views were similar to what was expressed by ratings agency Moody's in a note last week, when it noted that the direct impact of tariffs would be moderate on Korean steelmakers, to low on other Asian countries.South Korea and Japan are the third and seventh largest sources of U.S. steel imports, according to a 2017 U.S. Department of Commerce report — they are also the two largest sources of U.S. steel imports from Asia.Nomura's research, which considers steel imports from the European Union collectively, ranks South Korea and Japan as the overall fourth and eighth largest sources of U.S. steel imports, respectively.Steel producers in the region traded higher on Monday, recovering from losses recorded in the last session. The Topix Iron & Steel index rose 1.54 percent by midday trade, with Nippon Steel and Sumitomo Metal up 2.3 percent and JFE Holdings higher by 0.53 percent.Elsewhere, South Korea's Posco and Hyundai Steel were up 2.9 percent and 1.96 percent, respectively.Source: CNBC

Chinese steel futures, iron ore fall

By Andrey Rudakov| 2018-03-07 10:51:47

Chinese steel prices dropped for the second straight session to the lowest in a week as demand remained subdued, dragging down the key steelmaking raw material iron ore more than 3 per cent.Steel demand has remained weak since the Lunar New Year holiday in late February and is likely to recover gradually from mid-March. That is limiting gains in steel prices made over the past few sessions on expectations for more government-mandated output curbs this year."The previous gains were mainly driven by the expectation that output curbs in Tangshan could spread to other northern regions, lifting market sentiment and prices, but demand hasn't recovered yet, so prices lost support," said Zhao Chaoyue, an analyst with Merchant Futures in Shenzhen."If demand fails to pick up quickly in late March, we might see prices entering a downward trend."The most active rebar on the Shanghai Futures Exchange fell to a session low of 3948 yuan ($US623.08) a tonne, the lowest since February 26. It was down 1.3 per cent at 3957 yuan a tonne by close.China will cut about 30 million tonnes of steel capacity this year, the National Development and Reform Commission said on Monday, putting the country on track to beat its long-term targets as the government pledged to defend its "blue skies".Zhao expected Chinese steel mills to be more experienced in maximising output by using more scrap and electric arc furnaces with lower emission.China aims to expand its economy by around 6.5 per cent this year, the same goal as in 2017 even though the economy grew 6.9 per cent last year. This suggests that Beijing is keeping its focus on reducing risks to the financial system from a rapid build-up in debt.Iron ore on the Dalian Commodity Exchange tumbled 3.6 per cent to end at 520 yuan a tonne."Iron ore has the worst fundamental among the whole steel production chain due to ample supplies and record high port inventories. So when steel prices go weak, iron ore is hit the most," said a research manager at a trading firm in Hangzhou.Iron ore inventories at main ports stood at a record high of 155.88 million tonnes by February 23, Steelhome data showed.Coke slumped 2.5 percent to 2,177 yuan a tonne and coking coal declined 0.6 per cent to 1374.50 yuan a tonne.Iron ore for delivery to China's Qingdao port fell $US1.31 to $US77.03 a tonne on Monday, according to Metal Bulletin.

China would not be the only country hurt by US steel tariffs

By Huileng Tan| 2018-02-23 15:46:43

· Heavy U.S. tariffs on steel will hurt not just China but also other countries.· South Korea is considering filing a complaint with the World Trade Organization if the U.S. levies heavy duties on steel.· Max Baucus, former U.S. ambassador to China, told CNBC that it's more effective to target the issue of over-capacity together with other countries than focusing on punitive actions like tariffs that will lead to trade disputes.Heavy tariffs and quotas on steel will hurt China, but other countries may well bear the brunt of such measures."The fact is that China does export a lot of steel and aluminum to the United States, but frankly, Canada, Brazil, Mexico, other countries import more steel than does China," said Max Baucus, former U.S. ambassador to China, which is the world's top overall steel exporter.On Friday, the Commerce Department recommended imposing heavy tariffs or quotas on foreign producers of steel and aluminum in the interest of national security, following a trade investigation of imports. The metals are used in a wide range of industrial applications including infrastructure and cars.President Donald Trump and his administration announced the investigation into steel and aluminum importation in April. It sought to determine whether the imports posed a threat to the country's national security.The recommendations call for tariffs on multiple countries, although Trump could determine that specific nations should be exempt, based on the economic or security interests of the United States.The president could also consider a country's willingness to work with the United States to address global excess capacity and other challenges facing the U.S. aluminum and steel industries.The U.S. is the world's largest steel importing country. The top shipper of steel into the U.S. is Canada. Large Asian exporters — and American allies — that may be implicated include South Korea and Japan.According to Commerce Department data, China was not among the top 10 sources of U.S. steel imports in the period between January to September 2017.China's Commerce Ministry said the U.S. investigation report was "baseless." Beijing will take necessary measures to protect its interests if the final decision affects the country, the ministry added.South Korea's trade ministry said in a statement that it had met with executives from steelmakers, and agreed to make outreach efforts until Washington reaches a final decision, Reuters reported.Separately, Seoul also plans to take a dispute to the World Trade Organization against the United States for imposing high anti-dumping duties on the country's steel products in 2016.Baucus told CNBC it's more effective to target the issue of over-capacity together with other countries than focus on punitive actions like tariffs that will lead to trade disputes."It's clear that's there's over capacity in the world ... it's also clear that China is very culpable here. China is the culprit, China is the country that causes the most overcapacity. I think the answer to this is basically: Go after the problem, go after over capacity," Baucus said.U.S. steel stocks jumped immediately after the Commerce Department report.Nomura said in a note on Tuesday that if Trump accepts all the recommended measures, U.S. steelmakers will become more profitable. The move will also hasten consolidation and streamlining in non-U.S. countries.Trump must respond to the reports by April 11 and 19 for steel and aluminum, respectively.—Reuters and CNBC's Kayla Tausche, Lori Ann LaRocco and Tom DiChristopher contributed to this story.Source: CNBC

World crude steel output increases by 5.3% in 2017

By The World Steel Association| 2018-01-26 13:51:23

Brussels, 24 January 2018 - World crude steel production reached 1,691.2 million tonnes (Mt) for the year 2017, up by 5.3% compared to 2016. Crude steel production increased in all regions in 2017 except in the CIS, which has remained stable (subject to current estimates).Annual production for Asia was 1,162.5 Mt of crude steel in 2017, an increase of 5.4% compared to 2016. China’s crude steel production in 2017 reached 831.7 Mt, up by 5.7% on 2016. China’s share of world crude steel production increased from 49.0% in 2016 to 49.2% in 2017. Japan produced 104.7 Mt in 2017, down by -0.1% compared to 2016. India’s crude steel production for 2017 was 101.4 Mt, up by 6.2% on 2016. South Korea produced 71.1 Mt of crude steel in 2017, an increase of 3.7% compared to 2016. In 2017, the EU (28) produced 168.7 Mt of crude steel, an increase of 4.1% compared to 2016. Italy produced 24.0 Mt in 2017, up by 2.9% on 2016. Spain produced 14.5 Mt of crude steel in 2017, an increase of 6.2% compared to 2016. Crude steel production in North America was 116.0 Mt, 4.8% higher than in 2016. The US produced 81.6 Mt of crude steel, up by 4.0% on 2016.Worldsteel’s estimation of 2017 crude steel production in the CIS based on available data was 102.1 Mt, the same amount as in 2016. Russia* produced 71.3 Mt of crude steel in 2017, up by 1.3% on 2016. Ukraine* recorded a decrease of -6.4% with a year-end figure of 22.7 Mt. Annual crude steel production for South America was 43.7 Mt in 2017, an increase of 8.7% on 2016. Brazil produced 34.4 Mt in 2017, up by 9.9% compared to 2016.In December 2017, world crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 138.1 Mt, an increase of 3.9% compared to December 2016. The crude steel capacity utilisation ratio of the 66 countries in December 2017 was 69.5%. This is 1.8 percentage points higher than December 2016.Source: The World Steel Association

Crude steel output of China in 2017 over 0.8 billion tons, up 5.7% versus 2016

By CFM| 2018-01-19 11:09:46

Based on date from National Bureau of Statistics of the People's Republic of China, the average daily output of crude steel of China in December 2017 reached 2.16 million tons, down 1.9% versus November 2017. The average daily output of rolled steel reached 2.83 million tons and pig iron reached 1.77 million tons.The total output of pig iron of China in December 2017 reached 54.72 million tons, down 4.4%. The pig iron output of China in 2017 reached 710.76 million tons, up 1.8%. The total output of crude steel of China in December 2017 reached 67.05 million tons, down 1.8%. The crude steel output of China in 2017 reached 831.73 million tons, up 5.7%. The total output of rolled steel of China in December 2017 reached 87.79 million tons, down 1.1%. The rolled steel output of China in 2017 reached 1.05 billion tons, up 0.8%. 

China's steel output rises, prices pick up

By Xinhua| 2018-01-04 14:24:02

China's steel output continued to grow, with prices picking up as global recovery and a firming domestic economy combined to drive up demand, according to data from the National Development and Reform Commission (NDRC).The steel price index came in at 116.62 in November, up 0.92 percentage point from the previous month, the NDRC said in an online report.In the first 11 months of 2017, crude steel production went up 5.7 percent year on year to 764.8 million tonnes, according to the NDRC.The rising output came against the backdrop of the government's persistent efforts to cut overcapacity in the bloated sector.Last year, China accomplished its plans to slash steel production capacity by around 50 million tonnes.A report from the China Metallurgical Industry Planning and Research Institute predicted China's crude steel output at 832 million tonnes last year.This year, China's crude steel output is likely to edge up 0.7 percent to 838 million tonnes, according to the report.Source: www.xinhuanet.com

China says new EU anti-dumping methodology "misleading"

By pengying| 2017-12-23 13:55:26

China's Ministry of Commerce (MOC) Thursday voiced opposition to the European Union's new anti-dumping methodology, saying it was imposing "misleading" standards for enterprises."Every country enjoys the right to choose its own development path, which should be respected by the international community," said MOC Spokesperson Gao Feng when commenting on the new EU anti-dumping methodology and its report accusing China of significant market distortion.The EU has recently released new anti-dumping rules that remove the former distinction between "market and non-market economies" for calculating dumping. Instead, the rules require the proving of the existence of a "significant market distortion" between a product's sale price and its production cost.It has also published a report on China, claiming that there were "significant distortions" within the economy."Practice has fully proven that China's socialist market economy with Chinese characteristics accords with China's reality and its economic development in the new era, and it has won positive evaluation from many other countries," Gao said."EU leaders have repeatedly expressed hopes that they want China-EU economic and trade relations to be sound and stable...which has so far maintained good momentum," he said, citing figures that bilateral trade between the two sides has climbed 12.7 percent in the Jan.-Nov period."China hopes the EU side would 'walk the talk' and guide its enterprises in a right way to truly protect China-EU trade and economic cooperation," Gao said. "China reserves its rights under the WTO dispute settlement mechanism and will take necessary measures to protect its legitimate interests."Source: Xinhua

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