Steel Scrap & Metallics News Today

The South Indian ferrous scrap market shows stability in all categories. Demand remains steady despite recent price hikes. Internationally, markets exhibit stability, but challenges persist. Turkish mills seek discounts on imported scrap amidst weak finished steel demand. Anticipated continued stability in MS scrap demand.

Rising nickel costs drive stainless steel prices up globally. With Indonesia's dominance in nickel production and soaring prices on the LME, major producers like POSCO and Yusco are hiking prices, influenced by factors including raw material costs and currency exchange volatility.

Steel bundled scrap import offers increased by $2-3/ton to $431-435/ton CFR India. SS 304 scrap rate rose to Rs 124/kg. Demand for SS 200 series is expected to remain supported due to limited imports.

Jindal SAW Ltd, an Indian steel-pipe manufacturer, registered a 41% increase in Q4 FY 2023-24 consolidated net profit at INR 5.021 billion ($60.14m), on sales revenue surge of 4.32% at INR 54.93 billion.

Rashtriya Ispat Nigam Limited (RINL), a government-run steel producer in India, witnessed a 20% year-on-year increase in crude steel production in April, with a total output of 419,000 mt. Both operational furnaces recorded a growth in output.

EU steel firms trim exports by 2% y/y in Jan-Feb 2024, despite a 9% growth in rolled steel products. Following a similar export decrease in 2023, flat product shipments showed a 7% downfall.

China's iron ore imports are projected to be 1.17-1.18 billion metric tons in 2024, similar to last year's figures, according to a senior Vale miner official.

Bolivia's Empresa Siderurgica del Mutun's CEO, Jorge Alvarado Dias, explores strategic alliance with Brazilian pig iron producer, Siderurgica Vetorial. This includes possible pig iron acquisition for steel production and iron ore export sales cooperation.

Iron ore futures remain stable amid property stimulus anticipations and post-holiday furnace restocking, maintaining the sharp rise seen on the previous day.

March saw a 7.2% drop in US iron and steel scrap exports, down 21.5% YoY. Turkey, the largest recipient, received 44.2% less than the previous month and 26.3% less YoY. Other destinations included Mexico, Bangladesh, Taiwan, and Peru.