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Sector Report - Metal Weekly Update - Metallon Monitor Express
Posted On : 2012-03-16 09:02:40( TIMEZONE : IST )
NEWS Corner
People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) by 50bps to 20.5% generating ~USD64bn for fresh lending.
World crude steel production in Jan'12 fell 7.8% YoY to 117mnt led by China and EU where output declined 13% YoY and 6% YoY respectively. The world CU expanded by 50bps to 71.3%.
WSA expects global steel demand to grow by 5.4% in 2012 to around 1,500mnt on higher consumption from developing nations.
China's daily crude steel output rose 1.9% in the first 10 days of Feb'12 to 1.7mnt from late Jan'12 as traders replenished their stocks post new year holidays.
As per JPC data, India's steel demand has grown by 7.7% YoY in Jan'12.
The Chinese Government has raised mining tax on iron ore from 60% to 80% in an attempt to conserve mineral reserves.
BHP Billiton's workers filed notices to extend the strike action at three operations out of the seven operations that were on strike for 7 days.
The Karnataka Government has requested the Supreme Court to revoke the suspension of 117 mining leases listed under categories A and B by the CEC. Some of the mines classified under 'A category' include NMDC, Mineral Enterprises Ltd, and two leases of Mysore Minerals Ltd, among others. 'Category B' includes Sesa Goa, MSPL, Sandur Manganese and Iron Ores Ltd and Mysore Minerals Ltd, among others.
JSW Steel is raising USD275mn through ECBs which includes a green shoe option of USD75mn at an interest rate of Libor + 4% a year.
As per the realignment in the promoter group post settlement of family dispute, Bhushan Steel would be owned and controlled by Mr Brij Bhushan Singal and his younger son Mr Neeraj Singal. Bhushan Power and Steel Ltd will be owned and controlled by Mr Sanjay Singal, the elder son of Mr Brij Bhushan Singal.
NMDC lowered its FY12 output guidance from 30mnt to 26-27mnt.
RUSAL expects more cuts in aluminium output in 2012 globally, with China comprising 1/3rd of global cuts, but still forecasts a global surplus in 2012.
As per industry sources, the Zinc benchmark TcRc for 2012 is likely to be settled below USD200/t vs. USD229/t in 2011.
As per news sources, Vedanta Resources is looking to merge Sterlite Ind. & Sesa Goa. The group is also looking to transfer its 38.8% stake in Cairn India to Sterlite Ind. thus increasing Sterlite's total holding in Cairn to 58.8% (post-merger).
