**Indian export duty on iron ore may increase **
It is reported that in order to prevent the steel price from soaring further, India government may raise export duty on iron ore to 20 percent from previous 15 percent.
The move is to improve the domestic supply of iron ore, especially for high grade lumps. The issue would now be discussed by the Committee of Secretaries (CoS) for final approval.
Earlier this month, China also increased its export tax on coking coal to 40 percent from 25 percent to maintain domestic steel industry.
News Date 8/27/2008 10:22:28 AM reported by Elaine Chen
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31776&division=A7
**Baosteel considering price cut **
China’s Baosteel is said to cut prices in a range of 3.6~10 percent depending on market situation.
The move is due to shrinking global demand, according to the company. Analysts said Baosteel is under pressure from customers and competitor’s price policy to lower prices.
It is estimated that the major steel mills in China will face profit squeeze as raw material cost soar, demand slow and new plants entering the market. The steel prices reached the peak in early June and then declined for 5 weeks in a row till now and haven’t seen a sign to stop yet.
News Date 8/25/2008 9:03:31 AM reported by Ellen Huang
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31703&division=A9
**Chinese steel prices face downward pressure **
During the first half year, China’s steel enterprises suffered heavy pressure due to the subprime mortgage nightmare in America, an unstable international economy and depressed demand, such as for property and cars.
Recently, some steel plants were forced to sell off stock. Generally speaking, the profit of steel enterprises in second half year will be lower than the first half because raw material cost keeps increasing while the prices of steel products may depreciate.
Baosteel Group Corp., China's largest steelmaker by output, has announced to cut prices for October in response to slow demand.
News Date 8/26/2008 3:22:34 PM reported by Margaret Yeh
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31751&division=A9
**Chin Steel Corp. says no reason for price drop in Q4 **
In wake of sliding prices for global steel scrap, long products and flat products in the third quarter; market participants doubt that China Steel Corp’s (CSC) prices will continue to rise in the fourth quarter.
CSC said that except for China, the steel price apparently has not decreased in Japan and South Korea; also, CSC's offer price now is about US$100 to 300/ton lower than that in the global steel market. In addition, steel demand and supply is quite stable.
Therefore, CSC said that there would be no reasons for CSC to reduce its price in the fourth quarter.
News Date 8/18/2008 1:00:25 PM reported by Jack Lee
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31570&division=A2
** US wire rod prices to soften **
Last week the price of US’s import wire rod slid again thanks to weak domestic demand.
There are no new offers from China because of the Olympics. While some other countries are trying to enter the US market, the US market is currently only accepting low price quotations.
With the weakening import price and scrap price, the US’s wire rod price is forecast to slide even further. Now the US’s domestic market price is remaining at US$1,235-1,257/ton.
News Date 8/15/2008 8:40:26 AM reported by Chris
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31530&division=A4
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