IRON and STEEL
Vietnam’s leading steel producer Hoa Phat Group plans to produce 800,000 MT billets and 500,000 MT HRC this year and expects HRC products to be supplied to the market by Sep’20.
Chairman of Hoa Phat said, "Before 2025, Vietnam will still have to import more HRC because the production capacity of Hoa Phat and Formosa is not enough."
Also, the company plans to produce 3.6 MnT construction steel in CY’20, the company Chairman said in a meeting.
According to HRC manufacturers, the HRC production line is compared to 10 times harder than construction steel production technology. Therefore, the aforementioned HRC production plan depends on many factors.
Hoa Phat has submitted a profit plan of about VND 9,000-10,000 billion this year.
Kobe Steel, Ltd announces that it has turned its Chinese affiliate, Wuxi Compressor Co., Ltd., into a subsidiary after acquiring additional shares in the company in April 2020. Based in Wuxi, Jiangsu Province, Wuxi Compressor manufactures designs and sells non-standard (process gas) compressors, a core component used in petroleum refining, chemical and natural gas plants.
In 2018, Magnitogorsk Iron & Steel Works (MMK), Russia, has awarded an order to SMS group covering the extensive modernization of the finishing mill mechanical equipment and the fundamental revamp of the electrical and automation system of hot strip mill 2500 at the Magnitogorsk site.
WEEKLY STEEL SCRAP:
Turkish steel producers remained active in the market for import scrap in the week ending Friday June 12, while prices for bulk scrap in Japan and Vietnam appear to hit a ceiling as activity slowed.
Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.
The proposed changes to existing EU safeguard measures for hot-rolled coil would result in a drop in import volumes and consequently injure independent distribution in Europe, Italian steel distributors’ association Assofermet said in a letter to the European Commission (EC).
The Indonesian government will ask PT Freeport Indonesia to build a copper smelter in Weda Bay, a newly built metal industrial park in Halmahera, the senior minister overseeing mining said on Friday.