By Unknown| 2008-03-19 00:00:00

According to Economy and Trade Commission of Shandong Province, the province closed and washed out 2.48 million tons of iron melting capacities and 3.706 million tons of steel melting capacities in 2007, fulfilling the targets set by national government for 2007. Meanwhile, the more than 14,000 employees involved have been reallocated.     According to the responsibility documents signed between NDRC (National Development and Reform Commission) and Shandong Province Government, the first capacities to be demolished belonged to 17 companies, totaling 4.90 million tons of iron melting capacity and 7.91 million tons of steel melting capacity.       Till now, there still 15% of iron melting and 6% of steel melting capacities remain, which are listed as the outdated capacities to be washed out. Therefore, the further structure adjustment of iron and steel industry is even harder, as the industry is in dispersion, and the targets for energy saving and emission decreasing is heavy, said Wang Wanliang, head officer of Economic Operation Bureau of Economy and Trade Commission.

By unknown| 2008-03-18 00:00:00

The National Development and Reform Commission (NDRC) formally approved two steel base projects in Fangcheng port, Guangxi Zhuang autonomous region and Zhanjiang, Guangdong province on March 17, 2008. The former will be jointly developed by Liuzhou Steel, Guangxi and Wuhan Steel (Wisco) and the latter by Baosteel, Shaoguan Steel and Guangzhou Steel.   According to the NDRC, Guangxi and Wisco will have to eliminate 5.41 million tons of pig iron capacity and 9.1 million tons of steel capacity and realize consolidation between the two through building the steel project in Fangcheng port. As to acquisition of Shaoguan Steel and Guangzhou Steel by Baosteel, a new company, controlled by Baosteel Co, will be established in Guangzhou. Guangzhou Steel will have to eliminate all pig iron, steel making and rolling capacity while Shaoguan Steel conduct technical reform by scraping outdated blast furnaces and small converters. Taking advantage of the Zhanjiang project, Guangdong has to eliminate 10 million tons of outdated steel capacity.

By Ella| 2008-03-16 00:00:00

Guangzhou Steel Exchange Center, the biggest steel electronic trading market with most complete varieties in Guangzhou, opens in Guangzhou Development Zone in March 6th, 2008. It is co-invested by China Minmetals Corporation, Guangzhou Iron, Steel enterprises Group and other great enterprises. It is expected to achieve spot transaction volume of 2 million tons at the end of this year and becomes the largest steel trading market in South China within two years, the largest steel trading market in China with five years. The price inside will become a price vane for domestic and international steel market.   Guangzhou, as the largest steel distribution in the world, is a competitive and important market for all steel enterprises in home and abroad with the annual steel turnover of more than 30 million tons. Mr. Liu Jianming, Chairman of Guangzhou Steel Exchange Center expresses that: it will continue to attract large domestic steel enterprises for cooperation, ensuring the advantages in sourcing and price, expanding the exchange volume and enhancing processing and distribution service. Guangzhou Steel Exchange Center aims to be listed in China or HK Stock within three to five years.

By | 2008-03-08 00:00:00

The export volume and import volume from South Korea to China have increased greatly by 18.1% and 29.9% respectively. While the export volume of steel from China to South Korea has an increase of 58.7%.China has become the largest trade partner of South Korea.   According to the report /Import and Export Trend 2007/, released by Ministry of Commerce, Industry and Energy (MOCIE), Republic of Korea, Sino-South Korea total trade volume amounts to 140.5 billion USD in 2007, making China become the largest trade partner of South Korea, while the total export volume from South Korea to China comes to 79.3 billion USD, leading China becomes South Korea's largest export country. The import volume from China to South Korea increases from 48.6 billion USD in 2006 to 61.2 billion USD in 2007.The increase rate is 29.9%, including iron and steel products (up 58.7%), agricultural products (up 53.8%), semiconductors (up 36.1%) and consumer electronic products (up 18.4%) with a particularly robust momentum. While the export volume from South Korea to China increase from 69.5 billion USD in 2006 to 79.3 billion USD in 2007, up 18.1%, including LCD equipment (up 113.2%), basic industrial machinery (up 39.2%) and wireless communication equipment (up 34.0%). Korea International Trade Association (KITA) expresses: "The trade volume between South Korea and China increases from 6.4 billion US dollars at the beginning of the establishment of diplomatic relation to 140.5 billion US dollars in 2007.It has increased 20 times during 15 years. With a double-digit growth, China market has a powerful attraction for South Korea. At the same time, China is a good trade partner as well as a competitor of South Korea, with mutual promotion and common development."  

By | 2008-03-08 00:00:00

It is reported that Hot dipped galvanized coil prices on Chinese domestic market have been improving recently. This is also the case with export offers despite drop in tonnages. The rise in domestic market prices has been driving up the export offer. On Shanghai market, 1.0mm HDG by Anshan Steel is being quoted at CNY 5550 per tonne up by CNY 100 per tonne from early January. 0.5mm material by private steel mills goes at CNY 5880 per tonne an increase of CNY 80 per tonne from the level on January 2nd. In the short term, 1.0 HDG by Anshan Steel is going to approach CNY 5600 per tonne in Shanghai which we have already forecast several months ago when price was above CNY 5200 per tonne. If price for 1.0 HDG could top CNY 5600 per tonne, the next target will be CNY 6000 per tonne. Otherwise, there would be downward corrections. Export offers have also been raised accordingly to reflect the increase in local prices. Quotations for 1.0 HDG are prevailing at USD 740 per tonne to USD 750 per tonne FOB which compares with USD 730 per tonne FOB in last two weeks. A central China based major steel maker is quoting DX51D 0.55-2.0 HDG at USD 765 per tonne to USD 770 per tonne FOB which most exporters believe to be a competitive price. It also stipulated that European buyers are to take all the possible loss aroused by anti dumping. Meanwhile, quite a few producers claim that they have almost suspended HDG exports to Europe for fear that there would be punitive tax when anti dumping is judged in the future.

By | 2008-03-08 00:00:00

State-owned Sinosteel Corp, China's leading raw materials and service provider, said its 2007 sales increased 83 percent as the company restructured its business. The company notched up 111.24 billion yuan in sales last year and 180 percent profit growth, according to Huang Tianwen, president of Sinosteel. Huang said the company is also preparing for an IPO. It plans to reinforce its resources development, trade and logistics, and engineering, science and technology, he said. Sinosteel's businesses cover metallurgical mining resources exploitation and processing, metallurgical raw materials and products, trade and logistics, and technical support and equipment manufacturing. The company has increased its iron ore and chrome ore capacity, said Huang. Last year, Sinosteel signed a deal with China's largest steelmaker Baosteel, under which the two companies will boost cooperation on the supply of iron ore and chrome ore, ferroalloy and mining equipment. The company is trying to accelerate its overseas development. It has developed iron ore and chrome ore resources in countries such as Australia, India and South Africa. China Africa Development Fund's debut investment deal in Africa, with more than $90 million, included Sinosteel projects. China, which produces one-third of the world's steel, will see 15 percent growth in iron ore imports for last year, industry insiders said. In 2007, the country is expected to have imported 375 million tons of iron ore, an increase of 49 million tons from 2006, Luo Bingsheng, vice-chairman of the China Iron & Steel Association, told China Daily earlier.   China's largest steelmaker Baosteel said Chinese steel companies are still in talks with the world's three largest miners - Australia's BHP Billiton and Rio Tinto and Brazil's CVRD - on the iron ore contract price. The contract price has increased sharply for the last three years.

By | 2008-03-08 00:00:00

The US Department of Commerce has announced its affirmative preliminary determination in the antidumping duty investigation on imports of circular welded carbon quality steel pipe from China. US DOC determined that Chinese producers or exporters sold certain steel pipe in the United States at up to 51.34% less than fair value. US DOC will announce a final decision on anti dumping duties in May. As a result of this preliminary determination, Commerce will instruct US customs & border protection to suspend liquidation of entries of subject merchandise and to collect a cash deposit or bond based on the preliminary rates. Mr David Spooner assistant secretary for import administration said that ¡°Price discrimination hurts American manufacturers. The administration is committed to aggressively enforcing America's trade remedy laws in order to achieve strong and fair relationships with our trading partners.¡± Circular welded carbon quality steel pipe is used for the conveyance of water, steam, natural gas, air, and other liquids and gases in plumbing and heating systems, air conditioning units, and automatic sprinkler systems. The merchandise covered by this investigation includes certain circular welded carbon quality steel pipes and tubes with an outside diameter of 0.372 inches or more, but not more than 16 inches. Allied Tube & Conduit, IPSCO Tubulars Inc, Northwest Pipe Company, Sharon Tube Company, Western Tube & Conduit Corporation, Wheatland Tube Company and the United Steelworkers are the petitioners for these investigations.

By | 2008-03-08 00:00:00

BEIJING -- China has eliminated 29.4 million tons of outdated iron smelting capacity and 15.21 million tons of outdated steel smelting capacity by the end of November, the National Development and Reform Commission (NDRC) said on Thursday. "Eliminating backward iron and steel production capacities will help the country realize its environmental protection and energy-saving goals and facilitate the industry's restructuring," said NDRC Minister Ma Kai at a national iron and steel industry conference. After the State Council, China's cabinet, held a teleconference on energy-savings in April, the NDRC signed obligation contracts of cutting iron and steel smelting capacity with 10 provinces, autonomous regions and municipalities, included Beijing, Hebei, Shanxi, Henan, Jiangsu, Shandong, Zhejiang, Jiangxi and Xinjiang, where the country's outdated iron and steel production capacities were mostly concentrated. This involved 344 iron and steel makers. Four provinces, namely Zhejiang, Jiangxi, Henan and Shandong, had fulfilled their targets by November. Shanxi, which shouldered the heaviest task of iron production capacity reduction in the first batch of 10 provincial-level regions, had completed 90 percent of its 10 million-ton quota. The NDRC, the country's top economic planner, signed the second batch of obligation contracts with 18 provinces, autonomous regions and municipalities on Thursday to eliminate 49.31 million tons of outdated iron smelting capacity and 36.1 million tons of outdated steel smelting capacity. This involved 573 enterprises and included Baosteel, the country's biggest iron and steel manufacturer. China decided to reduce energy consumption per unit of gross domestic product (GDP) by 20 percent by 2010, and to build the country into an energy-efficient and environmentally-friendly society. However, energy consumption per unit of GDP fell only 1.23 percent last year, less than one-third of the average annual goal of 4 percent. "Although the project of shutting down those outdated iron and steel smelters has achieved tangible results, there are still arduous tasks on the way ahead," Ma said. The NDRC launched the "Top 1,000 Enterprise Energy Efficiency Action Plan" in September. This required the country's 1,000 largest domestic enterprises in iron and steel, petrochemical and other sectors to meet global energy efficiency requirements and to save 100 million tons of standard coal by 2010. In a similar development, water consumption for each 10,000 yuan (1,368 U.S. dollars) of value-added industrial output fell 8.9 percent to 154 cubic meters in 2006 compared with the previous year, the NDRC revealed.

By | 2008-03-08 00:00:00

BEIJING, Dec. 21 (Xinhua) -- China will impose or raise export duties on products including wood pulp, coke, alloy steel, steel billets, and some finished steel products in 2008, the Ministry of Finance (MOF) announced on Friday. The nation will also impose temporary export tariffs on coal, crude oil, and metal ores next year, the MOF stated, without providing further details. The move aims to rein in the rapid expansion of the industries that consume more energy and discharge more pollutants, it said. China will next year levy lower temporary import duties on more than 600 kinds of products including crude oil, coal, key equipments and component parts, doubling the figure of last year, amid efforts to trim the trade surplus and optimise economic structure. Meanwhile, the MOF said that China will impose special preferential tariffs on some exports from 39 African, Southeast Asian and Mid-east nations. The ministry added the nation's general tariff level for 2008 will be held at 9.8 percent, with the tariff level for farm produce at 15.2 percent and that for industrial products at 8.9 percent.

By | 2008-03-08 00:00:00

It is reported that European steel users would face supply shortage if the European Union takes anti dumping measures against importing steel from China. Mr Adrian Harris secretary general of European engineering association Orgalime in an exclusive interview with Xinhua said that "I am a little bit surprised by the decision." Mr Harris said that a preliminary analysis made by his organization actually found no dumping in the case. He said "We are not against fair competition, but it should be fundamentally free and fair trade if there is no dumping. We will wait and see." Mr Harris said the EU steel users need Chinese steel products to meet their demand since the European market is now under supplied, causing high prices for consumers and record profits for local steelmakers. He said "The market needs to be adequately supplied.¡± According to Orgalime, the EU's engineering industry uses about two thirds of steel produced in Europe but has to rely on imports due to a lack of supply from local steelmakers. It said that the relatively cheap Chinese steel has helped EU industry to maintain competitiveness on the markets. Earlier on Friday, the European Commission published its decision in the EU Official Journal to launch an anti dumping investigation into certain hot dipped metallic-coated iron or steel flat rolled products imported from China. Orgalime represents national groups, including big steel consumers such as Siemens, ABB and Alcatel Lucent plus many smaller firms.