ArcelorMittal LU1598757687

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1. voda 8 november 2018 19:44

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   Rayalaseema Steel Corp to set Kadapa steel plant in AP
   
   India Today reported that the Andhra Pradesh cabinet cleared steel plant setting up case In Kadapa after central's denial. AP cabinet has decided to set up Rayalaseema Steel Corporation on public private partnership and decided to set up Kadapa steel plant on its own. The AP mineral development corporation will extend financial assistance for the plant. The government also cleared appointment of P Madhusudana as temporary CMD of Rayalaseema Steel Corporation.
   
   It was also decided that the Chief Minister N Chandrababu Naidu will lay foundation for Kadapa steel plant in this month itself.
   
   The proposed steel plant has emerged as one of the contentious issue between Narendera Modi lead BJP government and TDP lead state government.
   
   Source : India Today
2. voda 8 november 2018 19:50

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   JSW Steel investing in pipe conveyor projects tol save on logistics cost
   
   Money Control reported that JSW Steel is investing nearly INR 350 crore to set up two pipe conveyor projects that will transport ore from the mines to its plant in Karnataka. The projects, which will be completed by the end of the present financial year, will save the company as much money, around INR 350 crore, in annual logistics cost to transport the raw material.
   
   For JSW Steel, the two pipelines will help at a time when cost of raw materials like iron ore and coal is slowly inching up. Its materials expense increased 22 percent in the second quarter of the present financial year, as compared to a year ago. The pipeline will also play a crucial role in the company's plan for raw material security.
   
   At present, hundreds of trucks are deployed to move the ore from the mines to the plant in Vijayanagar.
   
   Source : Strategic Research Institute
3. voda 8 november 2018 19:51

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   Tata Steel open to more acquisitions - Mr Ananda Sen
   
   Financial Express reported that Tata Steel was open to further acquisition of stressed assets considering the increased demand of steel in the market. There is a consolidation going on in the steel business at present following a down cycle of the sector in the wake of which a lot of steel facilities were either forced to close down or operate at a lower capacity. Those which operated at a lower capacity had to face huge losses, for which there are opportunities to buy assets as a going concern. While Tata Steel is keeping an eye on the National Company Law Tribunal, it is also vying for stressed assets, which are eager to make deals out of court like Usha Martin.
   
   Mr Ananda Sen, Tata Steel’s president (India operations), said that “We are eyeing a capacity of at least 30 million tonne by 2025 in India, in view of the assets we have at present, adding that we are 18.5 mt now, with expansion and new capacities, we expect to have 30 mt capacity in India by 2025.”
   
   Mr Sen said that this projection is based on the existing assets and projects that Tata Steel has in its hands at present. The company had recently taken over Bhushan Steel and Usha Martin’s steel businesses, which has a combined rated capacity of 7.1 million tonne. Kalinganagar’s capacity would reach 8 million tonne after the second phase of expansion, and Jamshedpur plant’s capacity at 13.5 million tonne would take Tata Steel’s total capacity to 28.6 million tonne by 2025.
   
   Bhusan Steel has a capacity of 5.6 million tonne and Usha Martin has 1.5 million tonne. Tata Steel has already charted out fresh investments for both the plants but Sen didn’t want to divulge any details. He said Bhusan Steel is expected to achieve between 4 and 4.2 million tonne of production in FY19, up from 3.5 million tonne it achieved last fiscal. Additional raw material is being supplied to the plant for enhancing production. Iron Ore from the captive mines of Tata Steel has been started to supplying to the Bhusan plant envisioning enhanced production.
   
   However, Tata Steel plans to invest an estimated INR 1,000 crore to achieve 100% capacity utilisation. Mr Sen said that “There can be no cost optimisation without full capacity utilisation. Tata Steel at present was evaluating the investment requirement and that could be anything between INR 500 crore and INR 1,000 crore.”
   
   Source : Financial Express
4. voda 8 november 2018 20:15

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   Arabs output of steel products has soared - AISU president
   
   Arab Times Online reported that president of the Arab Iron and Steel Union Awad Al-Khaldi said that Arab countries’ output of long steel products have risen from five million tonnes to more than 60 million tonnes in 40 years. This industry in Arab countries have been impeded with some issues, namely dependence on costly imported materials, said Al-Khaldi during inauguration of the 13th Arab Steel Summit. Long steel products include hotrolled bars, cold-rolled or drawn bars, rebar, railway rails, wires, ropes (stranded wires) and woven cloth of steel wire.
   
   Al-Khaldi, of Kuwait, urged Arab steel industrialists to seek to depend on national resources, with scientific research and specialized studies for slashing cost of production, improving quality and boosting competition capacities.
   
   Earlier, Jordanian Minister of Industry and Trade Dr Tareq Al-Hamouri inaugurated the conference with a statement, emphasizing significance of this industry to enrich national income. More than 90 plants and factories have been members of the Algeria headquartered AISU, founded 45 years ago.
   
   Source : Arab Times Online
5. voda 8 november 2018 20:16

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   Steel industry moulds EU carbon market to its advantage
   
   EURACTIV France reported that by authorising the steel industry to burn blast furnace gases until 2026, the European Commission has backtracked on its earlier position. In its last proposal on the allocation of CO2 allowances for industry after 2020, the European executive has proposed granting free allowances to blast furnaces which burn gases generated by the combustion of coal and coke, rather than using them.
   
   As the document stated (page 24), emissions from flaring will have to be reduced as of 2026 when steel factories will have to produce carbon allowances to continue the practice. This is a decision that goes against the Paris Agreement and is the result of fierce lobbying by the steel sector with EU member states and the European Commission.
   
   A source close to the discussions said that “It was initially a technical subject, it has become very political. Germany and Belgium mobilised and it was Juncker’s cabinet that ultimately decided in favour of industry.”
   
   Having been adopted a year ago, not without difficulties, the reform of the European carbon market has borne fruit in terms of price rises. Having been at EUR 7 a tonne a year ago, CO2 is now processed at EUR 16 because the prospect of a significant reduction in the number of allowances in circulation has encouraged industry to buy them, which has in turn pushed up the prices.
   
   The European Parliament and several member states, including France, have excluded new coal plants from future financing under the EU’s reformed carbon market. EURACTIV France reports.
   
   The directive now has to be interpreted by delegated acts, which are drawn up by the European Commission and then submitted to the European Parliament and the European Council for approval.
   
   The document organising how allowances are allocated does not contain any major surprises for the other sectors and the 11,000 industrial sites concerned, which might encourage the European Parliament to approve it. If it is voted against, all of the negotiating work would have to be started over.
   
   Source : EURACTIV France
6. voda 8 november 2018 20:18

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   Tata Steel to adopt unified branding for newly acquired companies
   
   Money Control reported that Tata Steel will adopt a unified branding strategy for all newly-acquired companies. The company has recently taken over stressed steel plants of Bhushan Steel and the steel business of Usha Martin. It is also vying for more assets referred to the NCLT.
   
   Tata Steel (India) President-Steel Business, Anand Sen told PTI that "We will have unified branding of Tata Steel for all the companies, so as to not confuse consumers. However, it would be done only after they are upgraded to meet standards of Tata's quality.” He said that Bhushan Steel's own brand will continue to be in place for now.
   
   Sources in Tata Steel had earlier said there are several areas that require upgrades in Bhushan Steel plants to meet the standards of the steel giant.
   
   Mr Anand added that Tata Steel is planning a INR 500 crore to INR 1,000 crore capex in those plants to carry out debottlenecking activities.
   
   Source : Money Control
7. voda 8 november 2018 21:35

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   ThyssenKrupp vreest gevolgen kartelonderzoek
   
   Gepubliceerd op 8 nov 2018 om 21:23 | Views: 0
   
   ArcelorMittal 17:37
   22,80 +0,14 (+0,62%)
   
   THYSSENKRUPP AG O.N. 07 nov
   19,26 0,00 (0,00%)
   
   ESSEN (AFN/BLOOMBERG) - ThyssenKrupp is met een nieuwe winstwaarschuwing gekomen. Het Duitse staal- en industrieconcern snijdt in de verwachtingen in verband met een onderzoek naar jarenlange verboden prijsafspraken.
   
   Het gaat om dezelfde zaak waarvoor het in Amsterdam genoteerde staalconcern ArcelorMittal in juli al een boete kreeg. Samen met andere partijen moest er 205 miljoen euro betaald worden. Het Bundeskartellamt onderzoekt of de staaltak van ThyssenKrupp hier ook bij betrokken was.
   
   ,,Op basis van de feiten die we momenteel kennen, kunnen we geen substantiële nadelige gevolgen uitsluiten'', stelt het Duitse conglomeraat. Voor het lopende boekjaar rekent ThyssenKrupp nu op een aangepaste bedrijfswinst van zo'n 1,6 miljard euro. De prognose lag eerder op 1,8 miljard euro.
   
   In de zomer werd de maker van onder meer liften en duikboten ook al negatiever over de verwachte winst. Dat had toen vooral te maken met de gang van zaken bij de industrietak. ThyssenKrupp staat de laatste tijd sowieso flink onder druk. Aandeelhouders morden over de staalfusie in Europa met Tata Steel. Diverse kopstukken zijn zelfs opgestapt en ThyssenKrupp kondigde later aan zich op te gaan splitsen.
8. voda 9 november 2018 11:20

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   Beursblik: UBS haalt ArcelorMittal van verkooplijst
   
   (ABM FN-Dow Jones) UBS heeft vrijdag het advies voor ArcelorMittal verhoogd van Verkopen naar Neutraal, maar verlaagde het koersdoel wel van 25,00 naar 24,00 euro.
   
   Het aandeel daalde sinds begin juni dit jaar met meer dan 25 procent vanwege de vrees voor hogere Europese importen, een vertraging van de vraag en een overmatige productie.
   
   Volgens analist Carsten Riek is de verhouding tussen rendement en risico inmiddels beter in balans, waardoor een verkoopadvies niet langer opportuun is.
   
   Wel is de consensus voor 2019 volgens UBS te optimistisch. De ramingen van de Zwitserse banken liggen meer dan een kwart lager.
   
   Het aandeel ArcelorMittal daalde vrijdag 2,5 procent naar 22,23 euro.
   
   Door: ABM Financial News.
   info@abmfn.nl
   Redactie: +31(0)20 26 28 999
   
   © Copyright ABM Financial News B.V. All rights reserved
9. voda 9 november 2018 11:24

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   Winstwaarschuwing Thyssenkrupp
   
   (ABM FN-Dow Jones) Thyssenkrupp is minder positief geworden over de winstontwikkeling dit jaar, nadat er provisies genomen moesten worden met het oog op een lopend kartelonderzoek en de mogelijke kwaliteitsproblemen bij de divisie tech-componenten. Dit maakte het Duitse staalbedrijf bekend.
   
   Thyssenkrupp voorziet voor heel het jaar een nettowinst van 0,1 miljard euro en een aangepaste winst voor rentes en belastingen (EBIT) van 1,6 miljard euro. Er werd eerder nog een EBIT voorzien van 1,8 miljard euro.
   
   Er wordt momenteel onderzocht of Thyssenkrupp, samen met andere staalmakers, verboden prijsafspraken heeft gemaakt. "Op basis van de feiten die wij nu voor ons hebben, kunnen we niet uitsluiten dat er geen substantiële consequenties volgen", aldus het Duitse bedrijf.
   
   Ook nam Thyssenkrupp een provisie voor mogelijke kwaliteitsproblemen bij de divisie tech-componenten, die onderdelen maakt voor de automotive en industriële sector.
   
   Door: ABM Financial News.
   info@abmfn.nl
   Redactie: +31(0)20 26 28 999
   
   © Copyright ABM Financial News B.V. All rights reserved.
10. voda 9 november 2018 13:11

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    'Risico's rond ArcelorMittal ingeprijsd'
    
    Gepubliceerd op 9 nov 2018 om 12:51 | Views: 455
    
    ArcelorMittal 12:54
    22,17 -0,64 (-2,79%)
    
    AMSTERDAM (AFN/BLOOMBERG) - De risico's rond de winstgevendheid van staalconcern ArcelorMittal zijn inmiddels ingeprijsd in de aandelenkoers. Dat schrijft de Zwitserse bank UBS die zijn advies voor ArcelorMittal verhoogt van sell naar neutral. Het koersdoel gaat van 25 euro naar 24 euro.
    
    UBS wijst erop dat de koers van het staalbedrijf sinds juni met 25 procent is gedaald. De balans tussen risico en rendement is nu verbeterd. Het aandeel kwam onder druk te staan door zorgen over de handelsspanningen, overcapaciteit, een zwakkere vraag en hogere importen in Europa.
    
    Wel blijven de kapitaalinvesteringen een bron van zorg, aldus UBS. Ook denkt de bank dat ArcelorMittal een hoge prijs betaalt voor de overname van de failliete Indiase branchegenoot Essar Steel.
    
    ArcelorMittal noteerde vrijdag omstreeks 12.40 uur een min van 3 procent op 22,11 euro. Daarmee was het aandeel een van de sterkste dalers in de AEX-index.
11. voda 9 november 2018 14:21

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    BofaML verlaagt advies Aperam
    
    Gepubliceerd op 9 nov 2018 om 13:15 | Views: 586
    
    Aperam 13:58
    29,17 -1,58 (-5,14%)
    
    AMSTERDAM (AFN/BLOOMBERG) - Bank of America Merrill Lynch verlaagt zijn beleggingsadvies voor roestvrijstaalbedrijf Aperam van buy naar underperform. Ook de adviezen voor branchegenoten Outokumpu en Acerinox gaan omlaag. Op de beurs gingen die bedrijven stevig onderuit.
    
    De Amerikaanse bank stelt dat Europese roestvrijstaalproducenten gedwongen worden om de stijgende kosten voor grondstoffen meer te absorberen om concurrerend te blijven tegen goedkope importen en om marktaandeel te beschermen. Ook denkt de bank dat de verkoopprijzen lager zullen zijn dan verwacht. Verder blijft de kwestie van overaanbod spelen op de markt, aldus BofaML.
    
    BofaML verlaagt het koersdoel voor Aperam van 48 euro naar 30 euro. Het aandeel Aperam noteerde vrijdag omstreeks 13.00 uur een min van 5 procent op 29,22 euro. Daarmee was het bedrijf de grootste verliezer in de MidKap.
12. voda 9 november 2018 14:23

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    JSW Steel crude steel output in October up by 8pct
    
    Economic Times reported that JSW Steel said its crude steel output grew 7.7 per cent to 14.47 lakh tonne during October 2018. The Sajjan Jindal-led company had produced 13.43 LT crude steel in October 2017. During last month, there was a rise of 3.4 per cent in production of flat rolled products at 10.11 LT as against 9.77 LT in October 2017.
    
    The company also registered 34.1 per cent growth in the output of its long rolled products at 3.46 LT as compared to the year-ago month, it added.
    
    Source : Economic Times
13. voda 9 november 2018 14:23

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    China steel heads for second weekly fall amid ample supply
    
    Reuters reported that China’s steel futures edged higher on Friday, but were on course for their second weekly drop amid signs that steel output in the world’s top producer will remain high. Prices of steelmaking raw materials rose, with iron ore hitting a one-week peak and coking coal and coke also gaining. The most actively traded rebar on the Shanghai Futures Exchange was up 0.9 percent at 3,975 yuan (USD 572) a tonne, as of 0239 GMT, having touched a 3-1/2-month low of 3,878 yuan. However, the construction steel product has fallen nearly 2 percent for the week so far.
    
    Argonaut Securities analyst Helen Lau said in a note that “China’s steel production may not show any signs of weakening when the winter season starts from mid-November as China’s government will exercise flexibility in reining in production ... as the pollution control (efforts have) made some progress."
    
    Ditching blanket production curbs imposed last winter, China has given cities and provinces the flexibility to set their own restrictions based on their emission levels.
    
    Data from the China Iron and Steel Association showed that average daily crude steel production at its member mills stood at 1.97 million tonnes over Oct. 1-20, nearly matching September’s 1.98 million tonnes.
    
    However, the absence of across-the-board limits will make it difficult to determine the actual impact on production this winter, ANZ analysts said.
    
    Iron ore on the Dalian Commodity Exchange hit a one-week high of 525.50 yuan per tonne and was last up 1.6 percent at 523 yuan.
    
    China’s iron ore imports rose 11.2 percent from a year ago to 88.4 million tonnes in October, government data showed on Thursday.
    
    Coking coal increased 0.7 percent to 1,356.50 yuan a tonne and coke gained 0.9 percent to 2,379 yuan.
    
    Source : Reuters
14. voda 9 november 2018 14:25

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    Steel industry co-products - worldsteel position paper
    
    The World Steel Association has published a position paper on the steel industry’s use of co-products. Co-products are valuable materials produced alongside or as a consequence of the production of steel. For example, process gases are used as sources of heat and electricity, dusts and sludges are used as alloying elements and slags have a wide range of uses in road construction and cement and fertiliser production.
    
    Åsa Ekdahl, Head, Environment and Climate Change, and secretary of worldsteel’s Environment Committee said that “the steel industry is currently operating at a material efficiency level of around 96%, that is to say only around 4% of outputs from the steelmaking process are not used. We therefore still have some way to go to reach our aim of creating zero waste. The position paper outlines why this is important and how it might be achieved. What is crucial is that legislation in different markets should first of all clearly differentiate co-products from waste and then encourage their use to save energy and virgin raw materials.”
    
    The paper also cites examples of applications of steel industry co-products, the importance of enhancing partnerships with other industries and the importance of increased government support in funding research.
    
    Source : Strategic Research Institute

    Bijlage:
15. voda 9 november 2018 14:28

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    AISI releases October SIMA Imports Data
    
    Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of October totaled 2,979,000 net tons. This was a 5.3% increase from the 2,828,000 permit tons recorded in September and a 31.6% increase from the September final imports total of 2,263,000 net tons. Import permit tonnage for finished steel in October was 2,039,000, up 9.2% from the final imports total of 1,866,000 in September. For the first 10 months of 2018 (including October SIMA permits and September final data), total and finished steel imports were 29,150,000 net tons and 22,130,000 net tons, down 11.4% and 13.3%, respectively, from the same period in 2017. The estimated finished steel import market share in October was 21% and is 23% year-to-date.
    
    Finished steel imports with large increases in October permits vs. the September final included cold finished bars (up 59%), line pipe (up 54%), hot rolled bars (up 52%), mechanical tubing (up 32%), tin plate (up 29%), cut lengths plates (up 26%) and wire drawn (up 20%). Products with significant year-to date (YTD) increases vs. the same period in 2017 include hot rolled sheets (up 22%) and plates in coils (up 19%).
    
    In October, the largest finished steel import permit applications for offshore countries were for South Korea (177,000 net tons, down 7% from September final), Germany (114,000 net tons, down 2%), Japan (111,000 net tons, up 23%), Vietnam (97,000 net tons, up 29%) and The Netherlands (91,000 net tons, up 57%). Through the first 10 months of 2018, the largest offshore suppliers were South Korea (2,472,000 net tons, down 26% from the same period last year), Japan (1,175,000 net tons, down 10%) and Germany (1,101,000 net tons, down 5%).
    
    Source : Strategic Research Institute
16. voda 9 november 2018 14:38

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    POSCO Pohang modernizes its wire rod and bar coil mill with SMS group
    
    Pohang Iron and Steel Company, the fifth largest steel producer in the world and largest in Korea, has awarded SMS group the order to modernize its existing wire rod mill at its Pohang works. The plant presently produces 540,000 tons per year of wire rod and bar-in-coils for automotive applications in the diameter range from 14 up to 42 millimeters with coils up to two tons.
    
    The target of the modernization includes the replacement of some equipment along the mill (existing descaler and additional one on the rolling mill), a new cropping shear, a shiftable water cooling line, pouring reel machines with walking beam conveyor, cooling fans and hoods assuring in-line treatment of coils.
    
    The project foresees to widen coiled round products up to 55 millimeters diameter and smaller products rolled at 22 meters per second. The mechanical areas will be connected with a scratch-free conveying system that, combined with the automation package supplied by SMS group, will grant POSCO a quality improvement on the rolled surface of the bars and a better coil shape and formation. Further implementations are the off-line simulation process with CCT® (Controlled Cooling Technology) and quick changing system of the water cooling line in less than five minutes to grant better plant efficiency. These features will give POSCO the possibility to better supply the automotive and special steels market.
    
    This latest modernization project further underlines SMS group's upgrade expertise and its position as a leading supplier of rolling mills for quality steels in all size ranges.
    
    Source : Strategic Research Institute
17. voda 9 november 2018 14:39

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    Canada slaps anti dumping duty on Pakistan product
    
    Express Tribune reported that Canada has imposed anti-dumping duties on the import of circular welded steel pipe from four countries including Pakistan, the Philippines, Turkey and Vietnam in the range of 3% to 95%. The Canadian Border Services Agency and the Canadian International Trade Tribunal commenced a preliminary injury and dumping inquiry into CWSP imports from the above four countries.
    
    Last month, the CBSA announced its preliminary determination on dumping margins on CWSP imports from Pakistan and International Industries Limited. A provisional duty of 10.1% was imposed on IIL and 58% on other Pakistani exporters. The provisional dumping margin will remain in effect until the final determination is announced by the CBSA, which is due in January 2019. The CITT’s final decision will be announced in February next year.
    
    An IIL notification said that “Despite this, there is no financial exposure to IIL for any of our exports to Canada to date.Although our sales to Canada continue for the time being, there may be a slowdown in sales depending on the final injury findings to be issued by the CITT in February 2019.”
    
    It added that IIL had engaged experienced legal counsel in both the countries to aggressively contest the inquiries initiated by the CBSA and CITT. The company expressed confidence that a positive outcome would emerge.
    
    According to Shankar Talreja of Topline Securities, IIL exports PKR 1.3 billion worth of its products to Canada “which translates into 5% of its total sales of PKR 25 billion and 29% of its total exports of PKR 4.47 billion.”
    
    The analyst added that “The sale to Canada was not a major chunk of the company’s total sales, so there wouldn’t be a significant impact."
    
    Source : Express Tribune
18. voda 9 november 2018 14:41

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    Brazil steelmaker CSN plans 27.5pct price hike for automakers
    
    Reuters reported that Brazilian steelmaker Companhia Siderurgica Nacional is negotiating a 27.5 percent price hike next year for steel for domestic automakers. The move marks the second time a Brazilian steel producer has tried to flex its muscle with the auto industry, which is recovering from a deep recession while the steel industry is seeing a boom due to higher international prices.
    
    Last month, Usiminas Siderurgicas de Minas Gerais SA said it was seeking to raise prices for steel for autos by more than 20 percent.
    
    Mr Luis Fernando Martinez, CSN’s commercial director, in a conference call with analysts said that CSN last hiked prices for the auto industry in 2017, by 22 percent.
    
    CSN did not disclose which automakers it was negotiating with, but the company is a significant provider for the Brazilian unit of General Motors Co.
    
    Brazil, until the recent downturn, was one of the top five auto-producing countries globally, but it is still by far the top producer in the region and hosts factories for most of the world’s largest car companies.
    
    The industry has seen a recent spike, with October marking its best month for both production and sales since 2014 despite an export slump due to a recession in neighboring Argentina.
    
    Industry group Anfavea has said Brazil’s auto market will expand 13.7 percent in 2018 and expects double-digit growth in 2019.
    
    Source : Reuters
19. voda 9 november 2018 14:41

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    • voda

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    Thyssenkrupp cuts its profit outlook for the second time
    
    Reuters reported that Thyssenkrupp cut its profit outlook for the second time this year, blaming provisions for an ongoing steel cartel probe and quality issues at its automotive unit, the latest in a string of bad news for the crisis-ridden group. The warning is the second under the watch of Guido Kerkhoff, who became the group’s permanent chief executive after a tumultuous summer that included the resignation of the group’s chairman and former CEO following mounting shareholder pressure.
    
    It is also expected to put further pressure on Kerkhoff, who is struggling to get markets excited about a landmark move to split the steel-to-submarines conglomerate via a spin off of its elevator, car parts and plant engineering units, as no part of the business is without issues.
    
    The company, whose roots go back more than 200 years, on Thursday said it had decided to set aside risk provisions for an ongoing probe by the country’s cartel office into alleged agreements relating to heavy plate and flat carbon steel products.
    
    Board member Mr Donatus Kaufmann said in a letter to employees that “We have taken this matter very seriously from the very beginning and, with the help of an external law firm, conducted our own internal investigation."
    
    “In the meantime, we have obtained information in the investigation which has led us to accrue a provision in the group financial statements.”
    
    As a result, net income in the financial year 2017/18 is expected to drop to 100 million euros ($114 million), down 63 percent from the 271 million last year. The group had previously expected a significant rise in net profit.
    
    Mr Kaufmann said the provisions would have no impact on a planned 50-50 European joint venture with Tata Steel (TISC.NS) and that the cartel investigation relates to legacy cases.
    
    Source : Reuters
20. voda 9 november 2018 14:42

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    • voda

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    Essar Steel seeks LNG cargo on GLX trading platform - Report
    
    Reuters quoted three industry sources as saying that Essar Steel India sought a liquefied natural gas cargo on an online trading platform this week. The company, a unit of Indian commodity conglomerate Essar Group, was seeking a cargo on a delivered ex-ship (DES) basis for delivery into Dahej over Dec. 28-29.
    
    One of the sources said that it sought a cargo through LNG trading marketplace Global LNG Exchange on Wednesday but did not attract any offers.
    
    A second source added that Essar Steel typically buys natural gas from Gail India in the domestic market and sometimes buys LNG in the spot market.
    
    Source : Reuters