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Tata Steel shares: Should you buy the metal stock after surprise ...
Wed, 08 Feb 2023 00:00:00 GMT
Tata Steel Ltd posted a net loss of 2,224 crore at the consolidated level in the December 2022 quarter, hurt by a sharp fall in global steel prices and lower demand amid fears of a likely economic slowdown. The steel production companys revenue from operations declined 6% to 57,083 crore for the period under review as as compared to 60,783 crore in the year-ago period. Recession concerns weighed on steel prices, which coupled with elevated energy costs affected our performance while

Indias Tata Steel reports Q3 loss as soft demand weighs
Wed, 08 Feb 2023 00:00:00 GMT
Indias Tata Steel on Monday reported a quarterly loss from a profit a year ago, hurt by a sharp fall in global steel prices and lower demand amid fears of a likely economic slowdown. The steelmakers consolidated loss was at 25.02 billion Indian rupees ($302.71 million) for the three months to Dec. 31, against a profit of 95.98 billion rupees a year earlier. Total revenue from operations fell 6.1% to 570.84 billion rupees. Recession concerns weighed on steel prices, which coupled with

Japans JFE Holdings cuts full-year steel output, profit estimates
Tue, 07 Feb 2023 00:00:00 GMT
Japans second-biggest steelmaker JFE Holdings Inc 5411.T lowered its forecasts for crude steel output and full-year profit on Monday, blaming slack overseas prices and weak demand at home. We have been facing a tough environment since last quarter with slow activity in Japan and delays in recovery in overseas markets, JFE Holdings Executive Vice President Masashi Terahata told a news conference. Given weaker demand, JFE slashed its crude steel output plans to 24 million tonnes for the

Iron ore volatile as traders temper China demand optimism
Tue, 07 Feb 2023 00:00:00 GMT
Singapore iron ore futures fell on Monday to their lowest in nearly three weeks, while Dalian prices see-sawed, as traders curbed their optimism about demand prospects in top steel producer China. Iron ores benchmark March contract on the Singapore Exchange was down 1.2% at $123.40 a tonne, as of 0746 GMT. Earlier in the day it hit its weakest since Jan. 18 at $121.15, and on Friday marked its first weekly loss this year. On Chinas Dalian Commodity Exchange, the steelmaking ingredients

Iron ore prices could rally as one leading producer remains reluctant ...
Tue, 07 Feb 2023 00:00:00 GMT
Expect exports of iron ore out of India to remain low as the worlds fourth-largest producer reserves more of the commodity for its own use, said commodity intelligence service Kpler. Indian iron ore exports have really come off in the last few months. And that is quite indicative that domestic consumption there is very strong, said Reid IAnson, Kplers senior commodity analyst, who added that this will continue throughout the year. Indias exports of iron ore plunged by 90% year on

Iran sees growth in crude steel output among top 10 producers
Tue, 07 Feb 2023 00:00:00 GMT
New data released by the World Steel Association show Iran registered the biggest growth in crude steel production last year among the top 10 biggest producers in the world. Iranian steel mills produced a total of 30.6 million tons of crude steel in 2022, registering an 8% rise compared with 2021. Irans December output hit 2.7 million tons, registering a 3.3% year-on-year rise., Financial Tribune reported. In terms of the world ranking, Iran maintained its global standing as the worlds

Liberty rejects Luxembourg mill public acquisition offer: reports
Tue, 07 Feb 2023 00:00:00 GMT
Liberty Steel has rejected an acquisition offer for its Dudelange galvanizing mill in Luxembourg from local public-law banking institution SNCI, which was negotiated by the economy ministry, Kallanish learns from local reports. The original plan of the ministry was for SNCI to acquire the mill and then find a new owner. The move is

Iron ore hits 2-week low as China rally fizzles out
Fri, 03 Feb 2023 00:00:00 GMT
Iron ore futures fell to a two-week low on Thursday as traders reassessed demand prospects in key consumer China, despite expectations for more policy stimulus to support the countrys economic rebound. Iron ore and steel prices in China hit multi-month highs in January as markets rallied from early November on the back of Beijings stepped-up policy support for its ailing property sector and dismantling of strict COVID-19 curbs. The steelmaking ingredient has risen more than 9% this year on

Italian domestic CRC, HDG rises on high import offers, good order ...
Thu, 02 Feb 2023 00:00:00 GMT
Domestic prices for cold-rolled and hot-dipped galvanized coil in South Europe increased in the week to Feb. 1 supported by higher import offers and good order books of the European mills. Platts assessed domestic prices of cold-rolled coil in Italy at Eur845/mt ex-works Italy, up Eur15/mt week on week. Market participants estimated tradable values

EU HRC prices stable as buyers question price sustainability
Thu, 02 Feb 2023 00:00:00 GMT
Domestic prices for hot-rolled coil in Europe have been fairly stable on Feb. 1 as buyers have been showing doubt about the sustainability of the prices. Import offers have increased in Europe after Asian mills returned from Lunar New Year holidays, supporting domestic prices in the EU. In addition, domestic mills have full order

Statement by Metinvest Group
Wed, 01 Feb 2023 09:00:00 GMT
This is to inform that the Metinvest Group has been notified on the completion of the latest round of Smart Holding restructuring, which holds 23.76% in the parent company of the Metinvest

Liberty Steel Group investigating restart of Dunaferr: union ...
Mon, 30 Jan 2023 00:00:00 GMT
Liberty Steels specialists are investigating the restart of Hungarian integrated flat steel producer Dunaferr, a representative of the steelworks trade union told S&P Global Commodity Insights Jan. 27. Liberty Steel Group is also negotiating a possible acquisition of the plant with the government and the liquidation commissioner, he said. The UK-based company declined to

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