EU Takes Aim at Turkish Steel Sector Buckling Under Trump Tariffs
The European Commission's move to extend its steel import restrictions threatens to force Turkish mills, already buckling under the weight of U.S. tariffs, to cut production further or in some cases close down, sources said.The Commission said on Wednesday it will extend and beef up its existing "safeguard" steel import caps until July 2021 to counter concerns that European Union markets are being flooded with steel no longer being exported to the United States.For Turkey's vast steel sector, the fourth largest contributor to the country's economy, the caps could prove particularly painful as the EU has given it additional "country-specific" quotas.Under the safeguards…
US Steel Import Curbs Seen Scuttling India's Rising Exports
India's ambition to become a major steel exporter could be disrupted by U.S. import curbs, Steel Minister Chaudhary Birender Singh said, underscoring the need for free trade. "Our exports have increased substantially, about 40 percent growth during January to December (2017)," Singh told Reuters in an interview on Tuesday. "What I foresee is that our exports are going to grow. Last week, U.S. President Donald Trump set import tariffs of 25 percent on steel and 10 percent on aluminium, to come into force in 15 days, a disputed move that threatens to spiral into a trade war.
Cautious Optimism on Multipurpose Shipping: Drewry
Recovering demand for multipurpose shipping combined with improved market conditions for competing sectors will result in rising market share for the multipurpose shipping fleet and a recovery in freight rates in 2018, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry. Although China’s plans to curb steel production in an attempt to clean-up the air pollution blighting its cities may well slow steel exports over the short term, the longer term outlook is still positive for the multipurpose and heavy lift sector.
Antwerp Port Container Freight Up by 2.5%
The port of Antwerp handled 111,385,518 tonnes of freight during the first six months of this year, 2.8% more than in the same period last year. Container freight once more performed well after a number of exceptional years, with an increase of 2.5% in terms of tonnage and 1.9% in TEU. Liquid bulk, a regular climber, finished 1.8% up at the end of June. After the previous record years these figures inspire further confidence. “We have achieved them against a background of already good performance,” declared Port Authority CEO Jacques Vandermeiren.
China Iron Ore Imports Rise in September
Chinese iron ore imports rose in September, according to Reuters data, as its steelmakers ramped up output in the face of global trade tensions about the country's steel exports. Thomson Reuters Supply Chain and Commodity Forecasts data showed 82.5 million tonnes of iron ore, which is used in steelmaking, arrived at Chinese ports in September - up 2.5 percent on August and not far off July's near record levels. The data, based on ship tracking and port figures, does not completely tally with official Chinese customs figures, but typically doesn't vary from them by more than 4 percent. China, which consumes some two-thirds of global sea-born iron ore, will release official trade figures for last month on Oct 8.
Brazil Orders Vale to Close Tubarão Iron Ore Port
A Brazilian federal court on Thursday ordered the suspension of activities at Vale SA's Port of Tubarão because of pollution concerns, halting the world's largest iron ore exporter's ability to ship more than a third of its output. The ruling by the court in Vitoria was made as part of a police investigation at the giant man-made port as Vale comes under increasing pressure over its environmental record in Brazil after a dam burst at a mine run by its Samarco joint venture in October, killing at least 17 people.
Can Chinese Steel Support Freight Markets?
Is China’s steel exports enough to support the freight market? No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will support the dry bulk freight market, says international shipping association BIMCO. World Crude steel production for the first seven months of 2015 was 945.8 million tons, down 2.1 percent on same period last year, according to World Steel Association. As China accounts for 50 percent of the world’s crude steel production, it’s fair to highlight the specific development in China as well as in the rest of the world separately. In dry bulk shipping, all eyes are on China as 960 million tons (MT) out of a total 1,425 MT of seaborne iron ore exports is expected to be landed there in 2015.
India May Appeal Parts of WTO Steel Ruling
India said on Tuesday it may appeal against parts of a World Trade Organization ruling against countervailing U.S. duties on some of its steel exports, despite being partly vindicated in a trade dispute. States impose countervailing duties, or punitively high import tariffs, when they suspect another country of gaining an unfair trade advantage through subsidies. The WTO, ruling on the April 2012 case, said on Monday that the United States had acted wrongly in claiming some Indian subsidy programmes had given steelmakers such as Tata Steel an unfair advantage. "Important issues have been in our favour but there are still some issues on which we are not happy," India Commerce Secretary Rajeev Kher told reporters. "There are several procedural issues which are in U.S.
U.S. Tariffs on Steel Imports Impacts Rautaruukki
Steel exports to the USA accounted for just over 2.5 per cent of Rautaruukki's turnover in 2001. The Group supplied a total of some 4.7 million tonnes of steel last year, and just over 80,000 tonnes of this went to the USA. The US decision to impose tariffs on steel imports will not therefore have a major direct impact on Rautaruukki's business operations. Rautaruukki has alternative plans for sales to compensate for the exports to the USA. It is thought that the impact of the US decision to impose import tariffs, which was widely anticipated by the steel markets, has already been passed on to steel prices, which are low, at the end of 2001 and the start of this year. For that reason the US decision is not expected to have any major impact on product prices in Europe.
Seacon Holdings Releases Preliminary Results
Seacon Holdings recorded a profit before taxation of £996,449 for the year ending September 30, 2000, compared to a profit before taxation of £3,284,681 reported the previous year, of which £408,181 was related to the trading activities of the company and £2,876,500 to the sale of the London Steel Terminal. Seacon Shipping recorded a £40,000 contribution to operating profit for the financial year, having reported a loss of £205,000 in the previous year. operating a fleet of six time-chartered coastal vessels during the year, moved from a small profit at the interim stage to a modest loss for the full year, as spot market freight rates and the availability of contract cargoes, mainly involving steel exports, moved below expectations.
EU Says China to Rein in Steel and Shipbuilding
The European Union has told China that it will face a growing threat of trade penalties unless it curbs breakneck capacity expansion in steel and shipbuilding, EU diplomats said on Tuesday. The diplomats said EU Industry Commissioner Guenter Verheugen had delivered the warning during a round of high-level meetings in Beijing. They said feelings were running high over the two sectors because steel was an important industry in nearly all of the EU's 27 member states and because the EU's own shipbuilding industry had just been through a painful round of consolidation. An EU spokesman in Beijing, Michael Jennings, said later that Verheugen strongly distanced himself from any suggestion that the EU was close to initiating any measures on steel or shipbuilding.