Steel News – Market updates on March 2024

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Steel Market Reacts Slowly to Baosteel’s Tinplate Price Rise

Although Baoshan Iron and Steel (Baosteel) of China raised its domestic prices of steel tinplates by 200 CNY (US$28 in dollar equivalent) for April shipment, a reaction of the steel market in that country is dull. The market prices of hot-rolled steel coils as at noon on 5th fell further from the previous day to 3,870 CNY ($538 ditto). The market is likely to watch economic measures by the National People’s Congress (NPC) of China whether it is able to follow Baosteel’s price increase.

The Japanese steelmakers have welcomed Baosteel’s price increase of tinplates. The steel market prices are still on a downward trend, and they have no choice but to feel honestly to desire levelling of of market prices in order to stop a fall in prices of the market. In that sense, they are considering Baosteel’s price rise of 200 CNY to be adequate.

HRC Steel Supplier In Vietnam Hoa Phat Steel
HRC Steel Products Ready For Export – Hoa Phat Steel

However, the market prices of steel products are still on a downward trend, and the export market has not reacted to it. Rather, the market is cautious of offers of HR coils from Indian steel manufacturers. Offer prices of them are $615-620 CFR mainly for Vietnam. In Vietnam, domestic prices of Hoa Phat Group and Formosa Ha Tinh Steel are $600 in dollar equivalent while Indian domestic prices are not cheap.

In India, with the general election imminent, the governmental approvals and licenses are said to be delayed, and domestic demand is worsened. Afected by it, Indian steel coils manufacturer excessive capacities are likely to be diverted to export, and therefore, Indian offers are expected not to continue so long.

Hoa Phat Invests 120 Trillion VND in Projects of Phu Yen Province

Hoa Phat Group of a Vietnamese steelmaker released on 5th to have signed a memorandum of understanding (MOU) with the Phu Yen province of that country to invest in 3 projects in South Phu Yen Economic Zone. Projects include Bai Goc Port, Hoa Tam Industrial Park and Hoa Phat Iron and Steel Complex Project in Hoa Tam Industrial Park. Total expected investments are over 120 trillion VND (approximately US$4,860 million).

The project is to produce high quality of steel coil galvanized , as well as other steel products for domestics and exports.

Hoa Phat Steel Sheet coated steel factory in Vietnam
Leading Vietnam’s steelmarker – Hoa Phat Group

SAIL Rourkela Steel Plant Strives for Green Transformation

Primetals Technologies announced on the 6ththat the Company and India’s state-run steel producer Steel Authority of India Limited (SAIL) had signed a Memorandum of Understanding (MoU) to closely collaborate on projects and technologies related to decarbonization at the plant located in
Rourkela, Odisha, India. The signing ceremony took place at the executive director’s ofce of SAIL’s Rourkela Steel Plant.
SAIL’s Rourkela steel plant has a strong focus on decarbonization as one of its priorities in order to future-proof the production processes, and is therefore currently looking for solutions to lower its carbon footprint. The partnership with Primetals Technologies is a key strategic move in this endeavour.
A full-fedged provider of green production solutions Primetals Technologies is the market leader in environmental and energy-efciency solutions for the metals industry and has established an organization dedicated to green steel technologies and the transformation into a greener steel industry. Primetals Technologies will work closely with SAIL’s Rourkela location, providing expertise across the green ironmaking and steelmaking value chain, including but not limited to carbon capture and utilization (CCU), digitalization, hydrogen- based steel production, electric steelmaking, and advanced gas-cleaning solutions.
See more: Galvanized sheet metal coils manufacturers in Vietnam
The SAIL Rourkela steel plant
The SAIL Rourkela location is a leading steel plant in India and the world. The Rourkela facility alone has an annual crude steel capacity of 4.2 million tons. The plant’s product portfolio is wide-ranging and comprises: prime plates, hot rolled coils, cold rolled coils and sheets, galvanized sheets, cold rolled non-oriented (CRNO) electrical steel, electric resistance welded (ERW) pipes, spiral welded pipes, and special plates to serve the defense sector.
Steel manufacturer in Vietnam GTS Steel
Source: The TEX Report 7 March, 2024 (No.13302) copyright(c) The TEX Report, Ltd. ID: 8680ddac7b062e8c

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