Articles in Category: Company News

Tata Steel Europe (TSE) plans to raise from Sept. 1 its carbon surcharge on new contracts concluded for flat rolled steel products, an official with the company said.

“The surcharge is in line with the [European Union’s] Emissions Trading Scheme” for carbon regulation, the official told MetalMiner late last week.

You want more MetalMiner on your terms. Sign up for weekly email updates here.

Tata Steel Europe raises carbon surcharge

carbon footprint

NicoElNino/Adobe Stock

As charges relating to the ETS scheme move up or down, TSE’s pricing department determines how to adjust it, the official added. He noted that reports from other publications of a one-third increase from €12 ($14.25) per metric ton to €16 ($19) were correct.

The carbon surcharge will also come under review from the start of each calendar quarter, and the company will decide then how much to adjust it and by when to enact any changes, the official noted.

Hot rolled coil in Western Europe is now about €1,200 ($1,425) per metric ton exw. Meanwhile, cold rolled coil is an estimated €1,300-1,320 ($1,545-1,570).

TSE, which is part of Tata Steel, initially introduced its carbon surcharge for flat rolled products on contracts from July 1, as the company was in deficit on its carbon allotments within the E.U. as well as in the United Kingdom.

Read more

Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including stainless demand, a drop in global crude steel production and much more:

We know what you should be paying for metals — MetalMiner should-cost models are the ultimate savings hack by showing you the “should-cost” price for gauge, width, polish and finish adders. Explore what value they can add for your organization.

Week of July 26-30 (stainless demand remains robust, global steel output drops and more)

stainless steel

OksanaKuzmina/Adobe Stock

All the metals intelligence you need in one user-friendly platform with unlimited usage. Request a MetalMiner Insights platform demo.

This morning in metals news: China opted to increase export tariffs on some steel products; meanwhile, Glencore released its first-half production results; and, lastly, U.S. personal income increased slightly in June.

Want MetalMiner directly in your inbox? Sign up for weekly updates now.

China boosts steel export tariffs

steel tariff

Moab Republic/Adobe Stock

China has raised export tariffs for some steel products and will remove export tax rebates for 23 steel products, effective Aug. 1, Reuters reported.

Reuters cited the country’s Ministry of Finance, which said it aims to promote the “upgrade and high-quality development” of the country’s steel sector.

The move also comes as China aims to meet climate targets and reduce emissions (of which the sector is a major producer). China’s steel production in June fell by 5.6% from the previous month, according to World Steel Association data.

Glencore releases half-year production results

Miner Glencore reported first-half production gains in copper, cobalt and zinc.

Read more

This morning in metals news: miner Rio Tinto said it had committed funding of $2.4 billion toward the Jadar lithium-borates project in Serbia; meanwhile, the U.S. international trade in goods deficit rose in June; and, finally, the United States International Trade Commission determined imports of metal lockers from China materially injure U.S. industry.

Want MetalMiner directly in your inbox? Sign up for weekly updates now.

Rio Tinto commits funding for Jadar lithium project

Rio Tinto sign

Argus/Adobe Stock

Rio Tinto announced this week that it had committed $2.4 billion in funding toward the Jadar lithium-borates project in Serbia.

“The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition,” the miner said.

“Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines.”

US trade deficit rises in June

According to Census Bureau figures released today, the U.S. international trade deficit rose 3.5% from May to June.

The deficit reached an estimated $91.2 billion last month.

June exports came in at a value of $145.5 billion. Meanwhile, imports came in at a value of $236.7 billion.

USITC votes on metal lockers from China

Lastly, the United States International Trade Commission (USITC) yesterday determined imports of metal lockers from China materially injure domestic industry.

“The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of metal lockers from China that the U.S. Department of Commerce (Commerce) has determined are subsidized by the government of China and sold in the United States at less than fair value,” the USITC said in a release.

As a result, the Department of Commerce will issue antidumping and countervailing duty orders for the product.

More MetalMiner is available on LinkedIn.

This morning in metals news: the U.S. steel capacity utilization rate rose further to 84.6% last week; miner BHP announced a nickel supply agreement with Tesla; and, lastly, crude oil imports have been on the rise over the last four weeks.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Steel capacity utilization hits 84.6%

steel shipment

Hor/Adobe Stock

Steel capacity utilization in the U.S. steel sector reached 84.6% for the week ending July 24, the American Iron and Steel Institute reported.

The rate increased from 84.1% the previous week and from 60.3% during the same week in 2020.

Steel production during the week ending July 24 totaled 1.87 million net tons, or up 0.5% from the previous week. Furthermore, output increased 38.4% on a year-over-year basis.

BHP announces nickel supply deal with Tesla

Miner BHP announced a new nickel supply deal with electric vehicle maker Tesla.

BHP will supply the EV maker with nickel from its Nickel West asset in Western Australia.

Read more

This morning in metals news: Steel Dynamics Inc. released its second-quarter results, during which it tallied $4.5 billion in net sales; Nucor Corporation also released its Q2 results; and, lastly, miner Rio Tinto signed a renewable energy agreement in Madagascar.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Steel Dynamics records Q2 net income of $702M

earnings sign

zerophoto/Adobe Stock

Steel Dynamics reported Q2 net income of $702 million, up from $75 million in Q2 2020.

“During the second quarter, steel demand remained robust as shipments and product pricing continued their positive momentum across our entire steel platform,” said Mark Millett, chairman and CEO. “Higher steel selling values drove significant metal spread expansion across the entire platform and were most prominent within the flat roll steel operations, as continued demand strength and historically low customer inventories persisted throughout the supply chain and supported prices. Domestic steel consumption was strong from the automotive, construction, and industrial sectors, while the energy sector continued to show signs of rebounding.”

The company recorded Q2 2021 net sales of $4.5 billion, up from $2.1 billion in Q2 2020.

Read more

Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including competition between the COMEX and LME vis-á-vis electrification, consolidating copper prices, the upcoming MetalMiner 2020 Forecasting Workshop and much more:

Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and sign up for each on the MetalMiner Events page.

Week of July 19-23 (electrification, hot rolled coil prices in Western Europe and much more)

electric vehicle charging

kinwun/Adobe Stock

Receive the latest short-term and long-term outlook for the full range of industrial metals (base and ferrous) at the annual MetalMiner Forecasting Workshop on Aug. 25

This morning in metals news: South Korean steelmaker POSCO reported its strongest operating profit in Q2 since Q3 2010; the United States International Trade Commission made a determination regarding steel wire mesh from Mexico; and, lastly, tin prices have been soaring.

Cut-to-length adders. Width and gauge adders. Coatings. Feel confident in knowing what you should be paying for metal with MetalMiner should-cost models.

POSCO records strong Q2

POSCO logo

Dennis/Adobe Stock

South Korean steelmaker POSCO reported its strongest operating profit since 2010 in the second quarter of this year.

The steelmaker reported Q2 2020 operating profit of 168 billion KRW ($145.6 million), which jumped to 2,201 billion KRW ($1.9 billion) in Q2 2021.

Crude steel production reached 9.45 million tons in Q2 at a capacity utilization rate of 93.2%. Meanwhile, the steelmaker tallied 9.56 million tons in Q1 at a rate of 95.3%.

However, the Q2 rate marked a sizeable jump from the second quarter of 2020, when output reached 7.79 million tons at rate of 77.0%.

Read more

This morning in metals news: copper prices have stabilized over the last month; U.S. natural gas prices have surged to their highest level since 2014; and, lastly, Cleveland-Cliffs released its second-quarter results.

Receive the latest short-term and long-term outlook for the full range of industrial metals (base and ferrous) at the annual MetalMiner Forecasting Workshop on Aug. 25

Copper prices stabilize

list of commodities prices

bradcalkins/Adobe Stock

MetalMiner Senior Forecast Analyst Maria Rosa Gobitz earlier this month covered the copper market, for which she noted prices had started to consolidate.

The LME three-month copper price had surged to an all-time high May 10 of around $10,700 per metric ton. The price proceeded to cool over the next 5-6 weeks, falling as low as $9,070 per metric ton.

The copper price then consolidated and has traded largely sideways over the last month. On Wednesday, the price closed at $9,244 per metric ton, or up 1.92% month over month, per MetalMiner Insights data.

Natural gas prices surge

Meanwhile, in energy news, U.S. natural gas prices have reached their highest level since 2014, the Energy Information Administration (EIA) reported.

“In June, the U.S. natural gas spot price at the Henry Hub averaged $3.26 per million British thermal units (MMBtu), the highest price during any summer month (April–September) since 2014,” the EIA reported. “Prices in July have increased from June, averaging $3.67/MMBtu through the first two weeks of July. Spot prices for July 14 in every one of the more than 175 pricing hubs tracked by Natural Gas Intelligence exceeded $3.00/MMBtu.”

Cleveland-Cliffs releases Q2 results

Cleveland-Cliffs reported net income of $795 million during Q2 2021, compared with a loss of $108 million during Q2 2020.

“In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA,” Chairman, President and CEO Lourenco Goncalves said. “The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity.”

Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and sign up for each on the MetalMiner Events page.

This morning in metals news: global aluminum production rose in June compared to last year, the International Aluminum Institute reported; Ford of Europe reported its Q2 sales; and, lastly, June electricity demand surged amid a heat wave in the Pacific Northwest.

Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and sign up for each on the MetalMiner Events page.

Global aluminum production rises in June

aluminum ingot

WestPic/Adobe Stock

Global aluminum production reached 5.55 million tons in June, the International Aluminum Institute reported Tuesday.

The June total marked an increase from 5.31 million tons in June 2020. However, output declined from the 5.75 million tons tallied in May 2021.

Furthermore, China’s output reached an estimated 3.25 million tons in June 2021, up from 3.03 million tons in June 2020. However, its output declined from May’s 3.35 million tons.

Ford reports Q2 Europe sales

Meanwhile, Ford of Europe touted sales of 242,618 vehicles in Q2 2021, up 43.7% year over year.

For the year to date (through June), Ford of Europe reported sales jumped 22.6% year over year.

According to the automaker, 46% of its passenger vehicle sales in Euro 20 countries in the second quarter were electric vehicles.

Electricity demand jumps in PNW

Amid a historic heat wave for the Pacific Northwest in June, electricity demand surged, the Energy Information Administration reported.

“A heat wave in the Northwest United States in late June led to more regional demand for electricity. During periods of high temperatures, electricity demand increases as people turn up their air conditioners, dehumidifiers, fans, and other cooling equipment,” the EIA reported. “Very high temperature events, like the one in June in the Northwest, tend to push electricity demand to very high levels.”

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

1 2 3 185