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Steel Industry News - May 2008

Economic growth forecasts fall; steel use is erratic

Wed 28 May 2008

Moving on to steel...the International Stainless Steel Forum forecast stainless steel production to increase 6% to 29.32 million metric tons this year, driven mostly by Asian mills...last year’s 27.7 million metric tons produced included a stock...

Chinese stainless steel demand to reach 9.5 million tonnes by 2012

Tue 27 May 2008

According to Baosteel, stainless steel demand in China is projected at 9.54 million tonnes in 2012 as 6.76 million tonne in 2008.

Mr Dai Zhihao VP of Baosteel Group said that Baosteel's stainless steel capacity is around 1.8 million tonnes, around...

ArcelorMittal targets global resource lock-up

Fri 23 May 2008

THIS week's $630 million purchase of a 14.9 percent stake in Macarthur Coal is the latest move by London-based steel tycoon Lakshmi Mittal to lock in supplies of iron ore and coking coal for his global steel giant, ArcelorMittal.

Withdrawal of export duty on steel sought

Thu 22 May 2008

In a representation to the Union Finance Minister, P. Chidambaram, the Federation of Indian Chambers of Commerce and Industry (FICCI) has sought withdrawal of export duty notified on steel and steel products, in the interest of investments of over...

FICCI seeks withdrawal of duty on steel

Wed 21 May 2008

Industry Chamber FICCI has sought withdrawal of export duty on steel and steel products, saying it would affect prospective investment projects worth a whopping Rs 1 lakh crore in the country.

China urges steel makers to reduce stockpiles of iron ore

Wed 21 May 2008

CHINESE steel makers, the world's biggest buyers of iron ore, should reduce stockpiles of the raw material because they give a "false impression" of rising demand, the China Iron and Steel Association (CISA) said.

Outokumpu will widen its stainless steel long products offering in Sheffield, the UK

Tue 20 May 2008

As part of Outokumpu's strategy to increase its share of special products, and sales to end-user and project customers, Outokumpu announces an investment in Long Products finishing facilities in Sheffield, the UK.

Ferritic stainless steel prices set to move even higher

Fri 16 May 2008

The MEPS World Average price for type 430 cold rolled coil in April is at an historic high. The figure is forecast to rise to near $US2500 in June this year. This equates to a, year on year, increase of 34 percent. The key driver for this gain is a...

NSSC raises Ni and Cr stainless prices for March

Thu 15 May 2008

High nickel and chrome prices have led Nippon Steel & Sumikin Stainless (NSSC) to hike domestic prices of its flat-rolled stainless for ‘miseuri’ or spot sales for March contracts, Japan’s largest stainless steel producer announced...

NICKEL - Major market developments in April

Wed 14 May 2008

Rising supply, high stocks and lower than expected consumption from the key stainless steel industry point to weaker nickel prices in the coming months, analysts say.

Steel industry awaits decision on export duty

Mon 12 May 2008

The steel industry is awaiting a final decision on the export duty on steel, after which it will take a call on the pricing strategy. Sources close to the development said, the Union ministry of steel had sought a review of the export...