Steel News

China’s the Underdog in ’09 Iron Ore Talks

Best of luck to Chinese steelmakers pushing the notion that iron ore prices should be dialed back to 1994 to account for the collapse in their markets. One should always root for the underdog, after all. Informal talks have just begun for the 2009 iron ore contract between China’s steel[…]

POSCO plans record 2009 investment of 4.3 billion

No. 4 steel maker POSCO will nearly double domestic investment to a record $4.3 billion next year, in a bold contrarian bet that it can grab market share from shrinking rivals once the world economy begins growing again. Even as others slash spending to brace for the worst recession in[…]

Scrap market appears to have stabilized

The US scrap market remains quiet with prices sitting at the same levels reported nearly two weeks ago in Steel Business Briefing. Sources indicate the market may have hit bottom last month. Busheling scrap continues to take a back seat to shredded scrap. Whereas busheling was selling for $300 a[…]

Closed for the Holidays

While the overwhelming sense of the market is gloomy, there are a few things to remember. First, the 4th quarter is typically the slowest quarter and December is usually very slow, even in a good year.  Because of the Christmas holidays and New Year’s celebrations and other international celebrations, a[…]

Coal Pits: Recession Sends Coal Prices Plunging

Posted by Keith Johnson Need another reason to believe that the economic slowdown is bad news for the environment? Don’t get burned (AP) The collapsing auto and construction sectors have sideswiped steel makers around the world (leading to massive layoffs and production cuts at U.S. Steel and ArcelorMittal). With demand[…]

ArcelorMittal Brasil sends workers on collective vacations

After announcing output cuts and the advancing of maintenance stoppages at some of its Brazilian mills, ArcelorMittal told Steel Business Briefing it has started to run a programme of collective vacations. At its Juiz de Fora works in Minas Gerais state, 65% of the 1,100 workers will go on vacation[…]

Brazilian pig iron deal goes for US$310/t fob

A Brazilian pig iron maker from the country’s northern region of Carajás recently concluded a deal with a trading company for US$310/tonne fob, Steel Business Briefing learns from local market sources. The sale was for roughly 35,000 t, for shipment in January, the sources say. The last known deal in[…]

US scrap prices show improvement

US scrap prices inched up a little more this week, as mills are buying despite so much capacity being offline at the moment. The selling price between the varying grades is narrow, which is a contrast from earlier in the year when there was a spread of at least $100[…]

Construction Industry Is Poised for a Rebound

The construction industry, beset by one of the biggest drops in employment in the current economic downturn, could be poised for a rebound under President-elect Barack Obama’s expected stimulus package. Mr. Obama hasn’t offered details, but anticipating a surge in public-works spending, investors bid up construction and engineering stocks. URS[…]

Ring the bell, scrap prices rebound !

A Mid-West steel mill decided to add scrap to their inventory in November to do some cost averaging, and take advantage of the current low published scrap prices of about $125 pgt.  However, they ran into a dead end and couldn’t find any scrap dealers willing to sell at the[…]