As per revised timelines, Indian state-run miner NMDC will commence the demerger of its greenfield steel mills project and its subsequent disinvestment only after commencing commercial production around August this year following the monsoon season, company sources said on Tuesday, February 23.
According to the sources, the 3 million mt per year greenfield steel mill project located in the central state of Chhattisgarh has suffered several time overruns and as per the new schedule commercial production will begin around August 2021.
Thereafter, the steel mill will be demerged into a separate corporate entity which will be a government-mandated precursor to the final privatization of the steel mill which will be put up for sale to private investors only in the next fiscal year.
In October 2020, the Indian government sought disinvestment of the steel mill project by NMDC Limited and the company followed this up with approval from its board of directors.
The sources said that, with the steel industry bouncing back from the impact of the pandemic and several global steel majors eyeing to set up a base in India, NMDC’s steel mill is expected to fetch the government’s valuations as it will offer a global or domestic investor opportunities to expand its base through the brownfield expansion of a new steel mill.
World crude steel output up 4.8 percent in January
Global crude steel production in January this year increased by 4.8 percent year on year to 162.9 million metric tons.
Global crude steel production in January this year increased by 4.8 percent year on year to 162.9 million metric tons, according to the World Steel Association (worldsteel).
In January, crude steel output in Asia amounted to 119.0 million mt, rising by 6.3 percent, with 90.2 million mt produced by China, up 6.8 percent, 7.9 million mt produced by Japan, decreasing by 3.9 percent, 10.0 million mt produced by India, increasing by 7.6 percent, and 6.0 million mt produced by South Korea, rising by 4.9 percent – with all comparisons on year-on-year basis.
EU-27 countries produced 12.2 million mt of crude steel in January, down by 0.4 percent year on year. In the given period, Germany’s output was 3.3 million mt, rising by 6.0 percent year on year.
Turkey produced 3.4 million metric tons of crude steel in January, with a 12.7 percent increase from the previous year. The CIS registered a crude steel output of 9.2 million mt, increasing by 4.5 percent on year-on-year basis, with Russia producing 6.7 million mt, up by 6.5 percent year on year.
In North America in January, crude steel output totaled 9.6 million mt, falling by 7.0 percent, with the US producing 6.9 million mt, falling by 9.9 percent, both year on year. Crude steel output in South America in January amounted to 3.8 million mt, increasing by 11.4 percent from January last year, with Brazil’’s output totaling 3.0 million mt, rising by 10.8 percent year on year.
In the given month, Africa produced 1.2 million mt of crude steel, down by 7.9 percent year on year. In the Middle East in January, crude steel output totaled 3.6 million mt, rising by 1.5 percent, with Iran producing 2.6 million mt, increasing by 10.2 percent, both year on year.
Department of Commerce calculates margins for AD, CVD orders on aluminum foil from China
The US Department of Commerce this week announced final margins for anti-dumping and countervailing duties on aluminum foil from China. Do you know the five best practices of sourcing metals,…
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The US Department of Commerce this week announced final margins for anti-dumping and countervailing duties on aluminum foil from China.
Do you know the five best practices of sourcing metals, including aluminum?
DOC calculates AD, CVD margins for aluminum foil
According to the Aluminum Association, the Department of Commerce announced anti-dumping and countervailing duty margins “in connection with the first annual administrative review of the unfair trade orders on certain aluminum foil.”
In its analysis, the DOC used sales information for Jiangsu Zhongji Lamination Materials Co., Ltd. and Xiamen Xiashun Aluminum Foil Co., Ltd.
“The Aluminum Association and its members are pleased that the Commerce Department continues to enforce vigorously the anti-dumping and countervailing duty orders on aluminum foil from China,” said Tom Dobbins, president and CEO of the Aluminum Association.
Dobbins said the unfair trade orders are “leveling the playing field.”
However, he also said it is “discouraging” that Chinese producers are exporting foil using unfair trade practices.
“Today’s announcement reinforces the need for continued vigilance to ensure that foil imports from China are competing fairly in the U.S. market,” he added.
The Department of Commerce calculated a combined anti-dumping and countervailing duty rate of 71.98% for Jiangsu Zhongji Lamination Materials.
Meanwhile, the DOC calculated a combined rate of 67.45% for Xiamen Xiashun Aluminum Foil Co.
The duties also apply to “other cooperative respondents” whose shipments the DOC did not analyze individually.
The calculations cover aluminum foil that came into the United States between Aug. 14, 2017 and March 31, 2019.
“The unfair trade orders on aluminum foil from China continue to be effective in ensuring fair competition with imports from China,” said John M. Herrmann, lead counsel to the domestic industry. “We will continue our efforts to ensure the effectiveness of these unfair trade orders, including aggressive efforts to identify and thwart schemes to evade enforcement of the orders.”
Meanwhile, the Department of Commerce late last year launched investigations related to aluminum foil imports from five other countries.
The DOC in October launched probes related to imports from Armenia, Brazi, Oman, Russia and Turkey.
The period of investigation runs from July 1, 2019, to June 30, 2020.
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US steel imports up 61.9 percent in January
According to preliminary census data from the US Department of Commerce, US monthly steel imports in January 2021 increased 61.9 percent from December to total 2,198,449 mt. A year-on-year comparison shows a 23.3 percent decrease. In terms of value, US steel imports in January totaled $1.65 billion, compared to $1.29 billion in December and $2.15 billion in January 2020.
Top sources for US steel imports in January include: Brazil, with 758,828 mt; Canada, with 513,235 mt; Mexico, with 331,229 mt; Korea, with 119,254 mt; and Russia, with 83,044 mt.
By product group, semi-finished imports totaled 1,054,215 mt in January, up from 128,875 mt in December but down from 1,356,821 mt in January 2020. Flat product imports totaled 544,767 mt in January, down from 663,816 mt in December and 758,551 mt in January 2020. Long product imports totaled 330,484 mt in January, up from 258,960 mt in December but down from 350,437 mt in January 2020. Pipe and tube imports totaled 211,117 mt in January, down from 252,567 mt in December and 332,089 mt in January 2020.
According to the American Iron and Steel Institute (AISI), the US steel import market share in January 2021 was estimated at 15 percent, compared to 18 percent in December.
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