China to Cut Steel Capacity by 2025
China will shut down more outdated steel plants and bring total capacity to less than 1 billion tonnes by 2025, the president of the country's steel industry association said, adding that national demand for the metal is set to decline gradually. With more than three quarters of firms suffering losses as a result of a price-sapping capacity surplus, China vowed in early 2016 to shut 150-150 million tonnes of annual production in five years in a bid to raise profitability and utilisation rates in the sector. Its capacity then was estimated at 1.2 billion tonnes.
Japan Reserves Right to Take Counter-Measures Against U.S. Steel Tariffs
Japan has notified the World Trade Organisation that it reserves the right to take counter-measures against U.S. tariffs on steel and aluminium imports, the foreign ministry said on Friday.Japan is the only major U.S. ally that did not receive exemptions from U.S. President Donald Trump's decision in March to set import tariffs of 25 percent on steel and 10 percent for aluminium.But it had previously refrained from following in the footsteps of China and the European Union, which responded to the U.S.
China and Shifting Seaborne Iron Ore Dynamics
The seaborne iron ore market appears to be in something of a sweet spot currently, with largely steady demand and prices that have been flatlining for the past couple of months. Of course, another way of saying that a market is enjoying relatively stable and good times is that it's boring, but in iron ore there is plenty of action bubbling beneath the seemingly calm exterior. It's not so much that iron ore prices or volumes are expected to shift dramatically in the coming months, it's more that structural changes in the world's biggest importer, China, are re-shaping how the industry works.
India Takes U.S. Steel Tariffs Complaint to the WTO
India has launched a complaint against the United States to challenge U.S. President Donald Trump's tariffs on steel and aluminium, a filing published by the World Trade Organization showed on Wednesday.Indian officials told Reuters last month that their government would open a WTO dispute if the country's firms were not granted an exemption.Trump imposed the tariffs in March, levying 25 percent on steel imports and 10 percent on aluminium. He said they were justified by national security concerns and therefore outside the WTO's remit.India…
Japan Plans Retaliatory Tariffs Against US
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminium import tariffs imposed by President Donald Trump, media reported on Thursday.Such a move would signal Tokyo is ready to go beyond backdoor talks and pleas for exemptions from the U.S. duties.It would also add to a growing rift that Trump's "America First" trade policies is creating among major economies, which threatens to slow global trade and business activity.Japan is the only major U.S. ally that did not receive exemptions from Trump's tariff decision.
Steel Cut for P&O Cruises' New LNG-powered Ship
P&O Cruises marked a construction milestone last week as it cut the first piece of steel for its newest ship being built at the Meyer Werft shipyard in Papenburg. The steel cutting ceremony was attended by P&O Cruises senior vice president, Paul Ludlow; Carnival UK president Josh Weinstein and managing director of Meyer Werft, Tim Meyer. Josh Weinstein said: “This is the first time in 20 years that P&O Cruises has had a ship built by Meyer Werft and I’d like to thank everyone who has worked so hard to get us to the first stage in the life of this ground-breaking vessel.
Keel Laid for Future USS Daniel Inouye
On Monday, May 14, shipbuilder General Dynamics Bath Iron Works held a keel laying ceremony for the U.S. Navy’s future USS Daniel Inouye (DDG 118). The $642.5 million Arleigh Burke-class destroyer DDG 118 has been under construction since October 2014 and is now over half completed. The 3,000-ton keel unit was moved onto the building ways from the Maine shipyard’s Ultra Hall earlier this year, signifying the start of hull integration and the precursor to integration, test and trials. The U.S. Navy named the ship in honor of Sen.
Huntington Ingalls Industries Authenticates Keel of Submarine Montana
Huntington Ingalls Industries’ Newport News Shipbuilding division has authenticated the keel of the 21st Virginia-class submarine, Montana (SSN 794). “This is an important day for us,” said Dave Bolcar, Newport News’ vice president of submarine construction. In keeping with a U.S. Navy tradition, former Secretary of the Interior Sally Jewell, the ship’s sponsor, chalked her initials onto a steel plate. Mariah Gladstone, a member of the Blackfeet Nation in Montana, performed a Native American blessing.
U.S. Allies Facing Steel Import Quotas Could Be Worse Off
U.S. government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy.Washington set tariffs of 25 percent on U.S. steel imports in March, but has since granted the European Union, Canada and Mexico temporary exemptions until June 1.It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas.South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent…
First Standards for Application of Corrosion Resistant Steels
ClassNK has developed and released the world’s first set of standards for the application of corrosion resistant steels to the cargo oil tanks of oil tankers. The new Guidelines on Corrosion Resistant Steel for COT are the first guidelines to lay out clear requirements for the application of the new steels, whose use was approved by the IMO’s Maritime Safety Committee (MSC) earlier this year. The growing volume of crude oil carried by the world’s tanker fleet has led to rising concerns over pollution of the marine environment, and the last decade has brought tremendous changes to the building and survey requirements for oil tankers.
Tata Steel is crowning glory of HMS Queen Elizabeth
Today’s naming ceremony of the aircraft carrier HMS Queen Elizabeth marks a major milestone in Tata Steel’s 12-year involvement in the project. In that time the company has supplied 40,000 tonnes of steel and developed three entirely new grades of lighter and stronger steel specifically for the future flagship of the Royal Navy. Tata Steel will also supply steel for the second carrier, HMS Prince of Wales. The naming ceremony will come five years after the first steel was manufactured…
Ruukki Expands Range of Raex Wear-resistant Steels
Ruukki can now supply steels for all applications requiring wear-resistant special steels. Ruukki Raex special steel can withstand wear and surface pressure and the range has now been expanded to include the thicker wear-resistant steels needed, for example, in the mining industry, Raex said. Raex special steel is made in a range of thicknesses from two-80 mm. The new thicker Raex wear-resistant steels up to 80 mm can be used, among other things, to manufacture parts for heavy machinery and equipment designed for excavation, loading, transporting and crushing ore in mines.
ClassNK Approves First Corrosion Resistant Steel
April 27 (Tokyo) - ClassNK announced today that it had issued the world’s first type approval for corrosion resistant steel to the new NSGP®-1 steel manufactured by Nippon Steel Corporation’s Oita Works . The approval certifies that the new steel, which has been specifically designed for application on the inner bottom of the cargo oil tanks of crude oil tanker, complies with the IMO’s new performance standard for corrosion resistant steels. New requirements for preventing corrosion…
Egypt Imposes Tariffs on Chinese, Turkish and Ukrainian Steel
Egypt has imposed temporary import tariffs on steel from China, Turkey and Ukraine, the trade ministry said in a statement on Tuesday. The tariff will be set at 17 percent for Chinese steel, 10-19 percent for Turkish steel, and 15-27 percent for Ukrainian steel, it said. "The decision comes following a thorough study...and is intended to protect local manufacturing from harmful practices by imported alternatives," Trade Minister Tarek Kabil said in the statement. (Reporting by Eric Knecht and Arwa Gaballa)
POSCO to Reset Steel Prices
POSCO is rearranging its steel prices in response to fluctuating international prices and domestic demand. On May 1, the steel producer will lift prices of mini-mill products, stainless steel and cut steel plate prices. In a statement, the company said prices for mini-mill hot-rolled coil will rise by $21 per ton to $501 in the domestic market due to falling inventory levels but prices for steel plate and steel plates for shipbuilding will fall by $31 per ton to $661 and $623, respectively. Its move is affected by recent price cuts by Japanese steel makers. For orders made from May 3, the prices of 300 series hot-rolled and cold-rolled products will each rise by $213 to $2,581 and $2,869 per ton, it said.
Tata Steel Secures Deepwater Contract for Gulf of Mexico
Tata Steel has been awarded an eight-figure U.S. dollar contract to supply pipe for Enterprise Products Partners L.P.’s new crude oil export pipeline in the Gulf of Mexico’s Keathley Canyon area. The contract will see Tata Steel deliver more than 48,000 metric tons of steel pipe from its 42-inch mill in Hartlepool, England, for the Lucius Development Project, which has the capacity to produce in excess of 80,000 barrels of oil per day. Tata Steel will provide 105 miles (169 kilometres) of 18-inch diameter line pipe.
POSCO to Up Ship Steel Output
POSCO plans to increase production facilities by 2009 to raise its annual production of steel for shipbuilding by 1.1 million tons to address a shortage in the domestic industry, the company said on July 5. POSCO’s annual production capacity of ship steel is projected to rise to 4.7 million tons in the next three years, compared with the current 3.6 million tons, the company said. The steel maker will invest $95.14 m to increase and revamp production facilities. It will also boost productivity of TMCP steel, which provides high strength and welds without heat treatment. South Korea currently imports 500,000 tons of TMCP steel a year, mainly from Japan. POSCO’s move is to relieve shortages in high-quality steel for shipbuilding, offshore platforms and plants.
ClassNK Issues New Welding Guidelines
Classification society ClassNK (Chairman and President: Noboru Ueda) announced that it has released new Guidelines on the Welding of Duplex Stainless Steels. The guidelines have been developed to help shipyards safely and effectively make use of new duplex steels that are increasingly being used in the construction of cargo tanks for chemical carriers. As part of its work to support the safe construction of ships, ClassNK has released the guidelines for free via its website. Duplex stainless steel has a two-phase microstructure containing grains of both ferritic and austenitic phase…
Newbuild Chemical Tanker Employs Innovative Tank Design
The world's first chemical tanker to use a combination of duplex stainless steel and stainless clad steel in the construction of its cargo tanks was delivered to Oita-based Hiro Naviera S.A. November 15, 2014 by Usuki Shipyard Co., Ltd., Japanese classification society ClassNK reported. The 12,500MT chemical tanker Sunrise Hope, owned by Hiro Naviera S.A., will be operated by Nippon Marine Co., Ltd. The eco-ship design vessel is equipped with 14 cargo tanks, all which employ duplex stainless steel technology.
Ship Loading Indiana Steel For Export to Spain
About 11,000 tons of Indiana-made steel will set sail for Spain. The Julietta arrived at the Port of Indiana-Burns Harbor and was being loaded with hot-rolled steel coils from Mittal Steel in East Chicago, Ind. This is the first export shipment of steel through the Port of Indiana since 2005. There were a few export steel shipments between 2003 and 2005 – just over 55,000 tons total. In 1995, the port handled an all-time high 243,000 tons of exported steel. The shipment is destined for Pasajes, Spain. Federal Marine Terminals, which serves as the port’s general cargo stevedore, will load the vessel today and tomorrow. Since the Port of Indiana also has year-round access to the inland river system…
Pakistani Ship breakers Lauds 15% Duty on Import
Welcoming the latest policy, Ship breakers in Pakistan defended the imposition of 15% Regulatory Duty (RD) on the import of all steel billets, steel bars and wire rods. Describing the step as much needed and timely, the Pakistan Ship-Breakers Association (PSBA) lauded the imposition of RD. "The Pakistan Ship breakers Association salutes the Government of Pakistan for this bold move which has helped save hundreds of thousands of jobs as well as the local steel industry," it said in a statement.
ClassNK Approves New Corrosion Resistant Steel
ClassNK has issued approval for Nippon Steel & Sumitomo Metal Corporation’s newly developed corrosion resistant steel (NSGP-2) for use on the upper deck and/or inner bottom of crude oil tanker cargo oil tanks (COT). Following earlier approvals of steels for the inner bottom plating of COTs, this marks the first time that approval has been granted for corrosion resistant steels for both the top and bottom parts of the COT, providing owners and shipyards with a practical alternative to coating systems. In order to reduce COT corrosion and improve crude oil tanker safety, new amendments to the SOLAS Convention were issued in May 2010 requiring oil tankers over 5…
Steel Prices Stay Firm
With global steel demand running at an unprecedented level, rapidly rising prices have been a constant headache for ship repairers, as well as ship builders, in recent months. And despite sharply higher steel output, there is little sign of any softening as the New Year dawns. According to the International Iron and Steel Institute (IISI), crude steel production for the 62 countries reporting their figures was 945m tonnes by the end of November, up 9% on the corresponding period one year earlier. Analysts were expecting total production to break through the billion tonne mark easily by the end of the year for the first time ever. IISI figures show that China accounted for the largest increase in output.