Latest market news

Brazilian CSN iron ore mines hit by strike action

  • Market: Metals
  • 07/09/18

Workers at Brazilian steelmaker and mining company CSN are taking industrial action after rejecting the company's proposal for a collective agreement on salaries and benefits.

The strike focuses on the Casa de Pedra and Pires iron ore mines in Minas Gerais state but it is unclear at this stage if production will be impacted.

Casa de Pedra has two on-site processing plants and production capacity of 30mn t/yr. Its output includes sinter feed and pellet feed, which is supplied by rail to the Port of Itaguai, where CSN manages the Tecar terminal.

Pires is alongside CSN's Engenho mine and produces sinter feed and concentrate, which is transported from a rail terminal outside the complex.

Trade union Sindicato Metabase Inconfidentes confirmed the strike action, calling for CSN to increase salaries and worker benefits, particularly considering the company's rising sales and profits.

CSN is Brazil's second-largest iron ore exporter, with reserves totalling more than 3bn t. Production of 6.7mn t in April-June was up by 9pc from the first quarter, whiles sales rose by 9pc to 8.1mn t.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
30/07/24

EU arbitrage opening for lowest-duty Chinese HRC

EU arbitrage opening for lowest-duty Chinese HRC

London, 30 July (Argus) — Sales opportunities could be opening up for Chinese hot-rolled coil (HRC) exports to the EU. Chinese exporters are subject to both anti-dumping (AD) and countervailing duties (CVD) in the bloc, with the combined lowest for Hesteel and Handan at 18.1pc. Both are subject to 10.3pc for AD and 7.8pc for CVD. Chinese HRC prices have today hit another low, with the Argus fob China assessment at $480/t fob. Lower Chinese offers were heard available too into some destinations. With freight at around $50-60/t from China to the EU, and a combined duty of 18.1pc, the duty included price comes to just over $630/t cfr, or €580-590/t cfr. There have been offers into the EU lately from risk-free origins at €580-590/t, either exempt from safeguards or with ample quotas. They are of limited interest at present, given weakening domestic prices. China itself is not subject to the EU's safeguard measures under product category 1, HRC. So, should the arbitrage remain, China is relatively risk free compared with countries with individual or capped quotas. Potential dumping cases on sellers under the other countries' quota could also increase the perception of China as a safer option. Some large EU buyers have the ability to purchase Chinese HRC without paying dumping duties provided the material is processed and exported outside the EU. Chinese export prices have come under further pressure this week after the launch of an anti-dumping investigation in Vietnam on Chinese HRC — Vietnam has been a key market for China, which shipped over 4mn t to the country in the first six months of this year, compared with just over 6mn t in 2023. Brazil has recently also clamped down on imports, introducing tariffs that mainly target Chinese imports. India is expected to initiate a dumping case on Chinese HRC, while market participants suggest Taiwan could also announce a case soon. By Lora Stoyanova and Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Find out more
News

Fortescue, Cosco eye iron ore on ammonia-fuelled ships


30/07/24
News
30/07/24

Fortescue, Cosco eye iron ore on ammonia-fuelled ships

Singapore, 30 July (Argus) — Australian iron ore producer Fortescue and China-based firm Cosco Shipping will explore building green ammonia-powered ships to transport iron ore from Australia to China. The two companies signed an initial agreement to collaborate on decarbonising shipping, Fortescue said today. The collaboration will include building and deploying Cosco vessels, or co-owning vessels, which would be fuelled by green ammonia. The vessels will ship iron ore and other mineral products through the Australia-China iron ore green shipping corridor, with aims to lower the corridor's carbon emissions. "This collaboration marks a significant step in decarbonising the shipping industry and establishing a green fuel supply chain," said Fortescue Metals chief executive officer Dino Otranto. This comes after the Fortescue Green Pioneer in March received the world's first certification to use ammonia with marine gasoil (MGO) as a marine fuel. The trial was conducted in the port of Singapore . By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

EC notifies Vietnam of HRC dumping complaint


30/07/24
News
30/07/24

EC notifies Vietnam of HRC dumping complaint

London, 30 July (Argus) — The European Commission said it has notified Vietnam that it has received a complaint for the initiation of an anti-dumping investigation into imports of hot-rolled coils (HRC). The commission did not identify who filed the complaint against Vietnam. Should a probe be launched, the commission may decide to pick a sample of exporters to investigate because of the large number of producers from Vietnam. Market participants have expected an EU investigation into Vietnamese HRC imports since volumes started picking up. Last year Vietnamese imports of HRC into the EU rose to 1.13mn t, from 400,000t in 2022. Vietnam has frequently been the lowest-priced supplier on the market, targeting primarily large buyers and pure commodity grade coils. Since the launch of the Argus HRC cif Italy origin differentials earlier this year, Vietnam has traded at a discount. There is talk that an investigation into Vietnamese hot-dip galvanised (HDG) could be launched too, and a probe into HRC imports from major ‘other countries' such as Taiwan, Japan and Egypt. . Vietnam itself has this week launched a dumping investigation on imports of HRC from China and India and previously into HDG from China. By Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

CRC should be removed from UK steel safeguard: traders


29/07/24
News
29/07/24

CRC should be removed from UK steel safeguard: traders

London, 29 July (Argus) — Cold-rolled coil (CRC) should be removed from the UK steel safeguard because Tata will not produce material for external sale, traders told the Trade Remedies Authority (TRA). During its decarbonisation drive, Tata Steel will only produce CRC as a substrate for galvanising lines — the mill will not produce for external sale annealed CRC that can be used for commercial purposes, such as the automotive and office furniture industries. Tata sources confirmed annealed CRC will not be produced for sale, and that the company will use it as substrate for the manufacture of tinplate, hot-dip galvanised (HDG) and Colorcoat at its sites in Trostre, Llanwern and Shotton, in south and north Wales. All of these lines have annealing built into their respective processes. The closure of Tata's continuous annealing processing line in March 2025 and batch annealing will mean the company has no cold-rolled annealing capacity from that date, a source close to the company confirmed. As a result, UK service centres that buy CRC will have to resort to European or imported material and will not be able to purchase domestically produced CRC from Tata Steel. Tata is the only domestic producer of CRC, and there can be no safeguard if there is no domestic output. HRC suspension The UK market is still awaiting the government's decision on whether or not to suspend the import quota for hot-rolled coil (HRC). The TRA has recommended the quota be suspended in light of Tata's increased importation of HRC, but it has not been actioned by the new government — it was made in April, but was also not approved by the previous administration. The TRA's "suspension assessment" was ongoing, even though it made its recommendation months ago, a spokesperson for the department of business and trade said. The International Steel Trade Association has written to the new secretary of state for business, Jonathan Reynolds, regarding the suspension. Traders believe Tata should not be able to import HRC that is not used in its downstream processing facilities for the production of CRC and HDG. Traders and some service centres argue HRC being cut into sheet is not sufficiently downstream, as this is what most service centre importers do. Tata reportedly wants its own quota for HRC imports. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

India’s Tata Steel tests biomass at ferro-chrome plant


29/07/24
News
29/07/24

India’s Tata Steel tests biomass at ferro-chrome plant

Singapore, 29 July (Argus) — India's Tata Steel has carried out a trial using charcoal as a feedstock at its domestic ferro-chrome unit, with it also open to importing the biomass product. It said it finished the trial on 20 July, in which it replaced conventional reductants such as coke in the Athagarh ferro-chrome plant in east India's Odisha state with carbon-neutral biomass charcoal, made from the low-temperature burning of wood in an oxygen starved atmosphere. The carbon released during the ferro-chrome production process was balanced by carbon absorbed by the trees from which wood for the charcoal was taken, it added. The trial was part of Tata Steel's sustainability drive to cut emissions from its operations. Athagarh has ferro-chrome production capacity of 55,000 t/yr. The use of 5pc of biomass in production is expected to lower carbon dioxide (CO2) emissions by 0.08/t of ferro-chrome, Tata Steel said, which is about 6pc of total CO2 emissions from the plant. The company is carrying out more trials and feasibility studies to stabilise the use of biomass in ferro-chrome production, it said, adding that plans to commercialise biomass use as a feedstock have not been finalised yet. Tata Steel might also consider imports of charcoal if is commercially and technically feasible. Tata Steel is also working with Australian resources firm BHP to adopt low-carbon iron and steel production . This includes using biomass and carbon capture and utilisation technology, which could cut emissions by up to 30pc for integrated steel mills. By Nadhir Mokhtar Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more