sbb steel markets daily · 3/8/2019 · coking coal, premium low vol ($/mt) fob australia plvha00...

Volume 13 / Issue 48 / March 8, 2019

SBB STEEL MARKETS DAILY

www.platts.com www.twitter.com/PlattsSteel

(continued on page 2) (continued on page 2)

Platts tsI raw materIal assessments, march 8 2019 Symbol Close Change % Chg

IODEX Iron ore fines 62% Fe ($/dmt)

CFR North China IODBZ00 84.85 -2.20 -2.53Please see Platts complete iron price/netbacks table, p.2-3

Coking coal, premium low vol ($/mt)

FOB Australia PLVHA00 216.25 2.00 0.93CFR China PLVHC00 213.50 -1.50 -0.70TSI Premium hard, Australian exports (FOB port) TS01034 215.00 0.30 0.14Please see full metallurgical coal price/freight table, p.4

Ferrous scrap ($/mt)

HMS 1/2 80:20 CFR Turkey TS01011 323.00 1.00 0.31Please see full ferrous scrap price table, p.6

Singapore—The seaborne iron ore market fell Friday as demand continued to be weak, with the latest news on Chinese property tax casting uncertainty over the outlook for steel.

S&P Global Platts assessed the 62% Fe Iron Ore Index at $84.85/dry mt CFR North China, down $2.20/dmt on day. The front-month April TSI swap was down $2.05/dmt from Thursday at $82.60/dmt.

Market sources said that the Chinese government will start to collect property taxes in an effort to stabilize the real estate market, a decision made during the congress meeting Friday.

"Property market has no signs [to improve], and [the] rebar demand may [face] negative impact on slowing down the real estate market," a steelmaker said.

Traders are worried that the news will create negative sentiment for steel demand, and iron ore prices may decline as well.

Steel mills were generally cautious on iron ore restocking, from both seaborne and port stocks markets.

"I am offering a mid-April loading mainstream fines in the market, but no firm bids were received so far," a Shanghai-based trader said.

Another procurement source said that there are many fines offers in the spot market, and actual transaction levels could be far from offers.

Iron ore weakens as tax news clouds steelStrict production control in the first two

weeks of March slowed procurement at ports as well.

"Sellers were having a difficult time this week. Most of the iron ore products couldn't be sold in size, and end-users have turned to non-mainstream low-grade fines such as Atlas and PMI fines," a Chinese trader said.

China mills seeking cheaper productsA procurement source from Hebei

agreed that mills still preferred to buy cheaper products, regardless of actual specifications.

BHP sold 90,000 mt 57% Fe Yandi fines at a discount of $1.55/dmt over the April average of Platts and Mysteel 62% Fe assessment CFR China through bilateral negotiation, loading March 21-30.

Some of the pelletization plants were heard to have production restrictions as well, which led to a slowdown in demand for pellet feed.

Karara concentrates were heard sold at a premium of around $3.50/dmt over Platts 65% Fe Index for April loading shipments.

Although steel margins were thin, end-users said that lump demand should still have short-term support.

"I prefer to buy lumps co-loaded with fines cargoes for April shipments, as lumps

IrOn OrE markEt

Chinese iron ore unlikely to fill global supply gap: BmO

London—Chinese iron ore production is unlikely to fill the global supply gap caused by Brazilian mine stoppages and controls following Vale’s January dam burst, according to Colin Hamilton, managing director of commodities research at BMO Capital Markets.

Even “if they could get permission [to restart from the environmental authorities], the Chinese miners are starved of capital,” the analyst said Thursday on the sidelines of a Singapore Exchange event in London, stressing that the Chinese iron ore miners are typically small private sector-owned concerns with high costs.

Over the last 2-3 years Beijing’s introduction of pollution controls at steel mills and mines, coupled with iron ore price volatility, has reduced the market for the nation’s own iron ore, high in impurities and in cost. At least half of China’s previous 300 million mt plus annual iron ore mining capacity is considered to have left the market for good.

“Prices are already at a level that could attract Chinese iron ore back onto the market,” said Hamilton, indicating that levels of $75/mt for 62% Fe grade product delivered into China should in theory be sufficient for

tODay In raw matErIalSIron ore 2

Iron ore market 2

Coking coal 4

Coking coal market 5

Ferrous scrap 6

Scrap market 8

Asia 8

Americas 9

Other News 11

Insight 11

Freight 12

Subscriber Notes 16

March 8, 2019SBB Steel MarketS Daily

2© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

IrOn OrE

tsI daIly Iron ore IndIces, march 8, 2019 Symbol $/dmt Change % ChgTSI Iron Ore Fines 62% Fe CFR China TS01021 84.85 -2.20 -2.5358% Fe Fines, 1.5% Al, CFR Qingdao port TS01047 76.65 -1.65 -2.11

Platts daIly Iron ore assessments, march 8 2019 Symbol $/dmt Change % Chg Diff. to IODEXIODEX 62% Fe CFR North China IODBZ00 84.85 -2.20 -2.5365% Fe CFR North China IOPRM00 97.35 -2.20 -2.21 12.5058% Fe Low Alumina CFR North China IONC580 76.65 -1.65 -2.11 -8.2058% Fe CFR North China IODFE00 67.55 -1.70 -2.45 -17.30

Per 1% dIfferentIals (range 60-63.5% fe, $/dmt) Symbol within min-max $/dmt ChangePer 1% Fe IOMGD00 60-63.5% Fe 1.35 -0.10Per 1% Alumina IOADF10 1-2.5% Al2O3 4.70 0.00 IOALE00 2.5-4% Al2O3 5.40 0.00Per 1% Silica IOALF00 <4.5% SiO2 0.10 0.00 IOPPS10 4.5-6.5% SiO2 0.20 0.00 IOPPS20 6.5-9% SiO2 1.50 0.00Per 0.01% Phosphorus IOPPR00 0.09-0.10% P 0.10 0.00 IOPPT00 0.10-0.11% P 1.60 0.00 IOPPU00 0.11-0.12% P 2.20 0.00 IOPPQ00 0.09-0.12% P* 1.30 0.00 IOPPV00 0.12-0.15% P 2.70 0.00

*0.09-0.12%P assessment is an arithmetical average of the 0.09-0.10%P, 0.10-0.11%P and 0.11-0.12%P assessment

Per 1% dIfferentIals (range 55-60% fe, $/dmt) Symbol within min-max $/dmt ChangePer 1% Fe TSIAD00 55-60% Fe 1.20 0.00Per 1% Alumina TSIAF00 <5% Al2O3 3.00 0.00Per 1% Silica TSIAI00 1.20 0.00

rollIng monthly average Symbol $/dmtIODEX 62% Fe IODBZ04 86.60

$/dmtuSpot lump premium assessment IOCLZ03 0.3634

the Chinese producers to operate.The current situation will therefore be

“the acid test as to whether Chinese ore can actually grow again,” he told delegates at the event.

Platts asia iron ore (ioDeX) Daily rationale (PMa Page PMa1109)

Singapore—S&P Global Platts assessed the 62% Fe Iron Ore Index at $84.85/dry mt CFR North China, down $2.20/dmt on day, in line with tradable values.

Industry sources said that Pilbara Blend fines arriving in early to first half of April was tradable at $85.3-$85.6/dmt CFR Qingdao basis 62% Fe as well as $83.17-$84.04/dmt CFR Qingdao basis 61%, which normalized in the range of $84.77-$85.84/dmt on IODEX basis, and Newman Fines arriving in first half of April was tradable at $85.70/dmt basis 62.4% Fe which normalized to $85.57 after accounting for impurity adjustments.

No market data was excluded from the assessment process on March 8.

The above rationale applies to Platts 62% FE IODEX & TSI Iron Ore Fines 62% CFR China with the associated data code: IODBZ00, TS01021

— Staff

PlattS ChIna IrOn OrE lumP PrEmIum DaIly ratIOnalE (PMA page 1163)

Singapore—S&P Global Platts assessed the spot lump premium unchanged day on day at 36 cents/dry mt unit, in line with tradable values.

Industry sources said the spot lump premium was tradable at 34 to 36.5 cents/dmtu over April average of Platts IODEX on a CFR China basis.

April is the mid-window month of the Platts 2-8 week delivery window.

No market data was excluded from the assessment process.

The above rationale applies to market data code: IOCLP00

— Staff

usage can hardly go down given current environmental policy," a procurement source from Tangshan said.

But some market participants said that sintering controls are temporary and mills would choose products that are most cost-effective.

Platts assessed the spot lump premium at 36 cents/dry mt unit Friday, flat with Thursday.

Domestic concentrates prices weakened slightly on the week following the imported iron ore market.

Demand for domestic concentrates was still strong due to cost-effectiveness.

"Considering the fact that the cost of domestic concentrates is the lowest compared to other iron ore products, mills are unlikely to reduce usage of the same," a procurement source from Hebei said.

But another procurement source from Tangshan said that supply of domestic concentrates was not enough and hence some of the mills have to buy lump.

Platts assessed the 66% Fe domestic concentrate at Yuan 795/dmt delivered to mills in Tangshan Friday, down Yuan 5/dmt week on week.

— Lu Han

Iron ore weakens as tax news clouds steel ...from page 1

IrOn OrE markEt...from page 1

S&P Global Platts assessed the 62% Fe Iron Ore Index at $84.85/dry mt CFR North China on Friday. Prices have firmed since the January 25 tailings dam accident in Brazil.

At least 40 million-50 million mt of additional supplies will be needed to effectively make up the shortfall, according

mailto:[email protected]





IrOn OrE

Platts daIly Iron ore lumP PremIum sPot assessment Symbol $/dmtu midpoint ChangeSpot lump premium assessment IOCLP00 0.3500-0.3700 0.3600 0.0000

Pellet PremIums Symbol $/dmt ChangeWeekly CFR China 65% Fe spot assessment* IOBFC04 35.45 -6.65Weekly CFR China 64% Fe spot premium assessment IOCQS04 30.90 -6.55Weekly CFR China 64% Fe spot fixed price assessment IOCQR04 117.00 -3.00

*Assessed March 6.

Estimated contract provisional pricing

Atlantic Blast Furnace 65% Fe (Mar) IOBFP00 66.00 -1.50Direct Reduction 67.5% (Mar) IODRP00 72.00 0.50Atlantic Basin 65% Fe Blast Furnace pelletFOB Brazil (¢/dmtu) SB01095 220.94 21.35

IoPeX: Platts daIly Port stock Iron ore fInes assessment, march 8 Symbol yuan/wmt Change CFr China equiv. ($/dmt)

FOt north China (Caofeidian, Jingtang)IOPEX 62%-Fe FOT North China IOPBL00 644 0 85.99Pilbara Blend Fines FOT North China IOPBE00 630 0Newman High Grade Fines FOT North China IOPBF00 645 0IOPEX 62% Fe FOT North China rolling monthly avg. IOPBM00 645 0

FOt East China (rizhao, Qingdao)IOPEX 62%-Fe FOT East China IOPBN00 633 -7 84.45Pilbara Blend Fines FOT East China IOPBG00 620 -7Newman High Grade Fines FOT East China IOPBH00 630 -7IOPEX 62% Fe FOT East China rolling monthly avg. IOPBO00 641 -2

Chinese Concentrate (yuan/dmt)IO Concentrate 66% Fe DDP Tangshan VAT-inclusive* SB01159 800 -5

*Assessed March 1 2019

Platts daIly Iron ore seaborne brand assessments, march 8 fixed floating* symbol $/dmt change symbol $/dmt changePilbara Blend Fines (PBF) CFR Qingdao IOPBQ00 83.25 -2.15 IOPBS00 2.00 -0.15Brazilian Blend Fines (BRBF) CFR Qingdao IOBBA00 89.60 -2.25 IOBBB00 5.65 -0.10Newman High Grade Fines (NHGF) CFR Qingdao IONHA00 85.00 -2.75 IONHB00 1.85 -0.15Mining Area C Fines (MACF) CFR Qingdao IOMAA00 78.90 -2.15 IOMAB00 -2.35 -0.15Jimblebar Fines (JMBF) CFR Qingdao IOJBA00 76.20 -2.15 IOJBB00 -5.05 -0.1557% Fe Yandi Fines (YDF) CFR Qingdao IOYFA00 74.40 -1.60 IOYFB00 -1.55 0.25

*Floating price $/dmt brand assessment basis 62% Fe is based on the forward month swaps

freIght dIfferentIals to major ImPort Ports, $/wmtFrom Qingdao on a Free Out basisTo North China: Caofeidian, Tianjin & Xingang 0.20To East China: Beilun -0.25To South China: Zhanjiang & Fangcheng -0.40

tsI 62% fe cfr north chIna swaPs assessment, march 8 Symbol $/dmt Change % ChangeMar 19 TSIPM00 85.150 -1.550 -1.79Apr 19 TSIPM01 82.600 -2.050 -2.42May 19 TSIPM02 80.750 -2.050 -2.48Jun 19 TSIPM03 79.100 -2.000 -2.47Q2 2019 TSIPQ01 80.750 -2.100 -2.53Q3 2019 TSIPQ02 76.900 -2.250 -2.84Q4 2019 TSIPQ03 74.450 -2.250 -2.93Calendar 2020 TSIPY01 70.700 -2.550 -3.48

Platts daIly Iron ore lumP PremIum swaP forward curve, march 08lump Premium Symbol $/dmtu Change % ChgMar-19 AAQUA00 0.3500 0.0000 0.00Apr-19 AAQUA01 0.3450 0.0000 0.00May-19 AAQUA02 0.3250 0.0000 0.00Jun-19 AAQUA03 0.2950 0.0000 0.00

to Hamilton. However, federal and state-level production controls enforced in Brazil following the fatal dam burst at Vale’s Corrego do Feijao mine have temporarily put as much as 90 million mt/year off the market at mines operated by Vale and other companies, according to informed Brazil-based sources.

“Supply has to come from marginal suppliers,” Hamilton said, indicating that these could include Malaysia and Iran.

The shortage will be most acute in direct-reduced pellet feed and pellets, the analyst said. “We expect to see more Chinese pellet feed moving forward... but can they get the feed?”

Following a nine-month production halt last year due to an accident, Anglo American’s restart of its Minas-Rio iron ore project should bring 18-20 million mt to the market this year, including high-quality pellet feed, but this is not expected to be available to the general market due to a company

PlattS CFr nOrth ChIna IrOn OrE (65% Fe low al) assessMent ratIOnalE (PMA page 0199)

Singapore—S&P Global Platts assessed the 65% Fe North China Index at $97.35/dry mt CFR North China, down $2.20/dmt on day, maintaining the spread between 65% Fe and 62% Fe iron ore indexes at $12.50/dmt.

No market data was excluded from the assessment process on March 8.

This assessment rationale applies to the following market data codes: 65% Fe CFR North China <IOPRM00>

— Staff

PlattS CFr nOrth ChIna IrOn OrE (58% Fe low al) assessMent ratIOnalE (PMA page 0188)

Singapore—S&P Global Platts assessed the 58% Fe Iron Ore Index at $76.65/dry mt CFR North China, down $1.65/dmt on day, narrowing the spread between 58% Fe and 62% Fe iron ore index to $8.20/dmt.

No market data was excluded from the assessment process on March 8

The above rationale applies to Platts Iron Ore 58% Fe low Al CFR North China & TSI 58% Fe Fines, 1.5% Al, CFR Qingdao port, with the associated market data codes: IONC580; TS01047

— Staff





Coking Coal

Platts daIly metallurgIcal coal assessments, march 8

asia-Pacific coking coal ($/mt)

FOB CFr CFr Change australia China India australia China India

HCC Peak Downs Region 217.25 214.50 229.65 2.00 -1.50 1.45

Premium Low Vol 216.25 213.50 228.65 2.00 -1.50 1.45

HCC 64 Mid Vol 183.25 194.25 195.65 0.50 0.00 -0.05

Low Vol PCI 126.50 137.50 138.90 1.50 1.00 0.95

Mid Tier PCI 124.50 135.50 136.90 1.50 1.00 0.95

Semi Soft 116.75 127.75 129.15 0.50 0.00 -0.05

tSI coking coal indices ($/mt)

TSI Premium Hard (PHCC) FOB Australia 215.00 0.30

TSI Hard FOB Australia 183.25 0.50

TSI Prem JM25 CFR Jingtang 213.50 -1.50

TSI Hard JM25 CFR Jingtang 194.25 0.00

atlantic coking coal ($/mt)

FOB uS East Coast Change Vm ash S

Low Vol HCC 188.00 0.00 19% 8% 0.80%

High Vol A 206.00 0.00 32% 7% 0.85%

High Vol B 169.00 0.00 34% 8% 0.95%

CFr nw Europe Change Vm ash S

Premium Low Vol NetForward 223.25 2.15 21.5% 9.3% 0.50%

Detailed methodology and specifications are found here:http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf

Dry bulk freight assessments

route Vessel Class Freight rate ($/mt) Change

Australia-China Capesize 6.05 0.35

Australia-Rotterdam Capesize 7.00 0.15

Australia-China Panamax 11.00 -0.50

Australia-India Panamax 12.40 -0.55

USEC-India Panamax 28.25 0.25

USEC-Rotterdam Panamax 9.50 0.25

USEC-Brazil Panamax 9.25 0.25

East Australia: basis Hay Point port. USEC: basis Hampton Roads. See methodology for further details.

PCC met (Platts China Coal – metallurgical) (yuan/mt)*

Free-on DDP CFr China Ex-washplant -rail tangshan equiv. ($/mt)

PCC Met Shanxi Premium Low Vol 1710 1745 1970 234.87

PCC Met Shanxi High Sulfur Premium Low Vol 1190 1225 1450

PCC Met North China Fat Coal – – 1540

PCC Met Shanxi PCI 920 955 1155

PCC Met Shandong Semi Soft 1070 1090 –

PCC Met Rail Freight Shanxi – Tangshan 230

PCC Met Truck Freight Shanxi – Tangshan 260

*weekly (assessed March 6)

north China prompt port stock prices

Ex-stock Jingtang CFr Jingtang (yuan/mt, incl Vat) equivalent ($/mt)**

Premium Low Vol* 1700.00 214.12

HCC 64 Mid Vol* 1540.00 193.61

*weekly (assessed March 8), 20-day delivery from date. **ex-stock price, net of port charges, import tax and VAT

Source: S&P Global Platts

The assessed price of HCC Peak Downs® originates with Platts and is based on price information for a range of HCCs with a CSR> 67% normalized to the standard of HCC Peak Downs® (CSR 74%). Peak Downs® is a registered trade mark of BM Alliance Coal Operations Pty Limited "BMA". This price assessment is not affiliated with or sponsored by BMA in any way.

MOU to sell to Bahrain Steel.Scrap is a potential replacement for

some iron ore, as scrap and pig iron can be used as raw material in basic oxygen furnaces, the analyst said. There is also the possibility that miners may eye developing iron ore deposits in areas including west Africa, he said.

— Diana Kinch

Second Ferrominera pellet line expected in October: maduro

Sao Paulo—Construction of a 3.3 million mt/year iron ore pelletizing line by Venezuela’s sole iron ore producer, Ferrominera Orinoco, is expected to be concluded in October, Venezuela’s President Nicolas Maduro said Wednesday.

“I will be in October putting into operation the second pellet line, with production capacity of 3.3 million mt per

Platts HarD Coking Coal FoB auStralIa DaIly ratIOnalE (PMA page 1068)

Singapore—S&P Global Platts assessed Premium Low-Vol HCC up $2/mt at $216.25/mt FOB Australia Friday.

A trade was concluded at $212.75/mt FOB Australia for Australian Premium Mid-Vol Riverside, 35,000 mt with April 21-30 laycan. This was a coal assessed at a $3.50/mt discount to Platts PLV FOB Australia. No data was excluded from this assessment.

The above rationale applies to Platts premium low vol FOB Australia assessment, with the associated data code: PLVHA00

— Staff

Platts CHina HarD Coking Coal (PreMiuM low Vol) CFr CHina Daily ratIOnalE (PMA page 1067)

Singapore—S&P Global Platts assessed Premium Low-Vol HCC down $1.50/mt at $213.50/mt CFR China Friday.

A trade was concluded at $213.52/mt CFR China for Australian Premium Low-Vol Saraji, 85,000 mt with April 5-14 laycan. This was a coal assessed at parity to Platts PLV CFR China. No data was excluded from this assessment.

The above rationale applies to Platts premium low vol CFR China assessment (PLVHC00) & TSI Prem JM25 CFR Jingtang (TS01044)

— Staff






Coking Coal

metallurgIcal cokeSeaborne

%CSr $/mt Change % ChgFOB North China 66/65 360.00 0.00 0.00 65/63 349.00 0.00 0.00 64/62 345.00 0.00 0.00 62/60 335.00 0.00 0.00CFR India 66/65 373.00 0.00 0.00 65/63 363.00 0.00 0.00 64/62 359.00 0.00 0.00 62/60 349.00 0.00 0.00

Domestic

yuan/mtDDP North China (weekly) 62 2260.00 0.00 0.00

$/mtFOB North China equivalent (DDP weekly) 62 344.46 -1.09 -0.32

Platts chIna Plv, met coke PrIce dIfferentIalsPrice spreads $/mtImport-Shanxi Premium Low Vol CFR China -19.87Import-port stock Premium Low Vol CFR China -0.6262% CSR coke export-domestic FOB North China 0.54

cokIng coal swaPs assessment, march 8 $/mt Change % ChgtSI Premium hard Coking Coal australia Export FOB East Coast Port

Apr 19 200.500 0.330 0.165May 19 195.420 0.340 0.174Jun 19 189.420 0.340 0.180Q2 2019 195.550 0.670 0.344Q3 2019 185.080 0.160 0.087Q4 2019 188.080 0.830 0.4432020 183.290 0.620 0.3392021 174.580 0.750 0.411

PenaltIes & PremIa: dIfferentIals ($/mt) within % of Premium low Vol FOB net value min-max australia assessment price ($/mt)Per 1% CSR 60-71% 0.50% 1.08Per 1% VM (air dried) 18-27% 0.50% 1.08Per 1% TM (as received) 8-11% 1.00% 2.16Per 1% Ash (air dried) 7-10.5% 1.50% 3.24Per 0.1%S (air dried) 0.3-1% 1.00% 2.16

uS low-vol hCC Penalties & Premia; Differentials ($/mt)

within % of uS low-vol hCC FOB net value min-max uSEC assessment price ($/mt)Per 1% CSR 50-64% 0.50% 0.94 40-49% 0.50% 0.94Per 0.1% S 0.70-1.05% 0.75% 1.41 1.06-1.25% 1.10% 2.07Per 1% TM (as received) 6.0-11.0% 1.00% 1.88Per 1% Ash 5.0-10.0% 1.75% 3.29

fob netbacks Per route

Basis IODEX 62% Fe

route Vessel type Freight rate ($/wmt) moisture (%) IODEX ($/dmt)Australia Capesize 4.90 8.03 79.52

India West Panamax 9.35 8.11 74.67

Brazil Capesize 11.40 9.00 72.32

NW Europe (CFR) Capesize 5.00 9.00 77.81

South Africa Capesize 8.25 3.00 76.34

Basis 58%-Fe CFr Qingdao

route Vessel type Freight rate ($/wmt) Moisture (%) FoB 58%-Fe ($/dmt)India West Supramax 11.05 11.00 55.13

Reference ports are Port Hedland, Mormugao, Haldia/Paradip, Tubarao, Rotterdam (CFR), Saldanha Bay. NW Europe IODEX netback is calculated by adding Tubarao to Rotterdam Capesize freight to IODEX Brazil netback.

year,” Maduro said during a visit to the Guayana region, where most of the country’s industrial sector is based.

Previous official information said the installed capacity of the second pellet plant would be 3 million mt/year.

The previous scheduled startup was June 2019. No reason was given for the delay.

The pellet line would boost FMO’s production capacity to 6.3 million mt/year. The cost of building the line was expected to be $425 million, with the capital coming mostly from Chinese funds. China’s Metallurgical Group Corp. (MCC Group) is in charge of the construction.

Currently, FMO’s pellet line is operating at much reduced rates, which is hurting Venezuela’s hot-briquetted iron industry. Located in Puerto Ordaz, Bolivar state, FMO supplies all of Venezuela’s steelmakers and HBI producers. Depending on production and domestic demand, it also allocates product for export.

In addition to its pellet capacity, FMO’s current installed capacity is 25 million mt/year of iron ore and 1 million mt/year of HBI. Ferrominera plans to expand its annual iron ore production capacity to 40 million mt from the current 25 million mt within three to four years, as a result of planned railway construction, the company said in 2017-18.

— Guilherme Baida

Coking Coal Market

met coal FOB, CFr prices move in opposite directions

Singapore—Seaborne metallurgical coal prices to China inched lower, but the FOB marker strengthened with trades concluded Friday.

S&P Global Platts assessed Premium Low Vol coal up $2/mt to $216.25/mt FOB Australia, while the CFR China assessment was down $1.50/mt at $213.50/mt Friday.

In China, a sell tender concluded Friday for 85,000 mt of Premium Low Vol Saraji at $213.52/mt CFR China for April 5-14 laycan. This came with sellers’ option to deliver Peak Downs at $214.52/mt CFR China for the same volume and laycan.

The Chinese market saw thin trading as restocking by end-users was not prevalent




Platts tsI ferrous scraP reference PrIces Price Change % Chg

Scrap, Europe/turkey (£/mt)

OA (plate & structural) - UK domestic, delivered** 232.50 0.00 0.00

($/mt)

HMS 1/2 80:20 CFR Turkey* 323.00 1.00 0.31

HMS 1/2 75:25 FOB Rotterdam* 295.50 0.00 0.00

HMS 1/2 75:25 CFR Turkey* 313.50 1.00 0.32

A3 CFR Turkey* 313.75 1.00 0.32

Shredded FOB East Coast* 309.00 0.00 0.00

HMS FOB East Coast* 304.00 0.00 0.00

Shredded - delivered - N. Europe domestic, delivered 287.46 -27.80 -8.82

Shredded - delivered - S. Europe domestic, delivered 317.49 1.79 0.57

Scrap, asia ($/mt)

HMS 1/2 80:20 Containerized CFR Taiwan Port** 300.00 1.00 0.33

H2 - del Okayama - Tokyo Steel purchase price, at works gate 253.04 -0.09 -0.04

H2 - del Utsunomiya - Tokyo Steel purchase price, at works gate 285.25 0.48 0.17

Heavy - Shanghai - China domestic 396.11 6.70 1.72

HMS 1/2 80:20 CFR - East Asia import** 335.50 8.00 2.44

Shredded Scrap CFR India** 329.00 0.00 0.00

Shindachi Bara - del Okayama - Tokyo Steel purchase (list) price 271.45 0.24 0.09

Shindachi Bara - del Utsunomiya -Tokyo Steel purchase (list) price 317.45 1.04 0.33

Shredded scrap A (auto) - del Okayama -Tokyo Steel purchase (list) price 257.64 -0.01 0.00

Shredded scrap A (auto) - del Utsunomiya -Tokyo Steel purchase (list) price 289.85 0.56 0.19

H2 FOB Japan (Yen/mt)** 32500.00 0.00 0.00

Scrap, americas ($/lt)

Shredded del Midwest US*** 351.25 0.00 0.00

Shredded, del Midwest US, 10-day average 329.00 0.00 0.00

#1 Busheling - N. America domestic, del, Midwest US** 382.50 0.00 0.00

HMS 1/2 - N. America domestic, del Midwest US** 319.00 10.00 3.24

Plate & Structural - N. America domestic, del Midwest US** 340.00 10.00 3.03

(real/mt)

HMS 1/2 - Brazil S.E. domestic** 775.00 -30.00 -3.73

Clean Steel Scrap - Brazil S.E. domestic, delivered** 825.00 -50.00 -5.71

Turnings - Brazil S.E. domestic, delivered** 615.00 -10.00 -1.60Prices monthly unless otherwise noted. *Daily. **Weekly. ***Assessed daily during final week and first week of month. Assessed weekly thereafter.

FErrOuS SCraP

this week. Sources said port-related concerns, uncertainties and high offers were causing the low liquidity in China.

“It appears that steel mills are in no hurry to buy, and it’s risky to buy at current levels,” a Chinese trader said, who did not participate in the sell tender Friday. He added that domestic production would pick up, and prices may be soft at the end of China’s annual National People’s Congress Session, which takes place March 4-15.

Meanwhile at Jingtang port, activity was lackluster, sources said. An offer was at Yuan 1700/mt for Hail Creek, which saw little buying interest. Platts assessed PLV ex-stock Jingtang down Yuan 20/mt at Yuan 1,700/mt on Friday, equivalent to $214.12/mt CFR Jingtang, and HCC 64 Mid Vol ex-stock Jingtang down Yuan 10/mt at Yuan 1,540/mt, equivalent to $193.61/mt CFR Jingtang.

In the FOB market, a trade was concluded for 35,000 mt of Riverside at $212.75/mt FOB Australia with April 21-30 laycan. This cargo came with sellers’ option to deliver Goonyella at $217/mt FOB Australia, for the same volume and laycan date.

The cargo was understood to be co-loaded with 35,000 mt of Middlemount PCI, traded at around $125-$126/mt FOB Australia. Both trades were done with an end-user. Market participants shared

PlattS EmEa turkISh FErrOuS SCraP DaIly ratIOnalE (PMA page 1309)

London—S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $323/mt CFR Friday, up $1/mt from Thursday.

One European recycler cited a bid for European-origin material at $315-$320/mt CFR. He quoted tradable value for European-origin HMS 1/2 (80:20) at $320/mt CFR. According to one Turkish agent, market value for premium HMS 1/2 (80:20) was at above $322/mt CFR, while another Turkish trading source put an achievable sales price at $325/mt CFR. No fresh offers were reported in the market Friday. No data was excluded from the assessment.

The above rationale applies to Platts-TSI assessment of Turkish premium deep sea HMS 1/2 (80:20) imports, with the associated market data code: TS01011

— Staff

mixed views on price differentials between a small volume of trade, compared to a typical Panamax vessel. However, one trader said that the FOB “price trend is definitely upwards with the last few FOB trades seen.”

Buying interest from the Indian market appeared to be slow this week. “We do not have a firm discussion at the moment and we will wait a little longer,” an international trader said.

The Chinese domestic market was relatively quiet . The second round of coke price uptick has not been fully accepted by market participants, sources said.

— Yi-Le Weng, Kate Zhou

Vale’s railway operations in mozambique hit by rains: sources

Singapore—Heavy rain in Mozambique has disrupted Vale’s Nacala railway operations, sources told S&P Global Platts Friday.

Market participants, however, were uncertain of the extent of disruption caused or damage to the Nacala railway, which transports coal from the Moatize mine.

Vale did not respond to a request for comment.

An Indian end-user who has an end-March coking coal cargo from Vale said he had not been informed of any disruption.






1935-7354

Markets EditorsKevin Seo; Yoko Manabe; Weng Yi Le; Niki Wang; Kate Zhou; Lu Han; Joseph Tong; Jun Kai Heng

Shanghai:

Senior Managing Editor, Steel & Raw MaterialsKeith Tan ( 86 21 5110 5478)

Australia:

Senior Managing EditorPaul Bartholomew ( 61 3963 12096)

London:

Editor-in-ChiefDiana Kinch ( 44 207 176 8390)

Senior Editor, Raw materials, analysisHector Forster ( 44 207 176 6285)

Senior Pricing Specialist, Ferrous ScrapPascal Dick (44.207.176.0121)

Markets EditorJitendra Gill

Global Methodology SpecialistCiaran Roe ( 44 20 7176 6346)

Editor, Ferrous ScrapJamila Al Ibrahim

Pittsburgh:

Managing Editor, Steel/ScrapNicholas Tolomeo ( 1 412 246 1577)

Senior EditorTom Balcerek ( 1 412 916 8476)

Markets EditorsJustine Coyne; Joe Eckelman; Michael Fitzgerald

Singapore:

Managing Editor — Iron OreVikash Tharad ( 65 6530 6124)

SBB STEEL MARKETS DAILYVolume 13 / Issue 48 / March 8, 2019

Platts PresidentMartin Fraenkel

The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are trademarks of S&P Global Inc. Permission for any commercial use of the S&P Global Platts logo must be granted in writing by S&P Global Inc.

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ISSN: 1935-7354

Content Director, Asia Metals (Singapore)Julien Hall ( 65 6530 6531)

Content Director, EMEA Metals (London)Christopher Davis ( 44 20 7176 5634)

Content Director, Americas Metals (NY)Joe Innace ( 1 212 904 3484)

Global Content Director, Metals and Agriculture (London)Ian Dudden (44 20 7176 6772)

Vice President, Metals and AgricultureSarah Cottle ( 65 6530 6553)

SBB-SMD raw MaterialS reference priceS $/mt Change % Chg

metallics

Pig iron - FOB - Black sea export* 345.00 5.00 1.47

Pig iron - FOB Southeastern ports - Brazil export* 335.00 0.00 0.00

Pig iron - CIF New Orleans - US import* 370.00 0.00 0.00

HBI - Venezuela export* 217.50 0.00 0.00*Weekly

turkIsh scraP swaPs $/mt Change % ChgHMs 1&2 80:20 CFr turkey

Mar-19 327.00 0.00 0.00

Apr-19 331.50 0.00 0.00

May-19 328.50 0.00 0.00

Jun-19 329.00 0.00 0.00

Vale’s main coking coal product from Moatize is a Premium Low Vol with 63% CSR, 10% Ash, 20.5% VM, 300 ddpm, CSN 9, and 85% vitrinite.

Vale’s production guidelines for the Moatize mine are 7.5 million mt of coking coal and 6.5 million mt of thermal coal.

Platts assessed Premium Low Vol coal up $2/mt day on day to $216.25/mt FOB Australia Friday.

— Yi-Le Weng

north Queensland coal exports slump to 22-month low

Sydney—Exports of coal from North Queensland, Australia, plummeted in February as the region’s coal chain faced industrial action and weather-related issues, data from North Queensland Bulk Ports Corporation showed Thursday.

There was a total of 8.92 million mt of coal shipped from the three terminals in Queensland’s north during the 28-day month, which is the weakest monthly total in 22 months. Coal shipments were down by 20% year on year from 11.40 million mt and 28%

month on month from 12.47 million mt, NQBP data showed. Apart from April 2017, when the coal chain was impacted by a cyclone, it’s the lowest monthly total in multiple years.

The total was made up by exports from the Abbot Point, Dalrymple Bay and Hay Point coal terminals.

The Adani-owned APCT’s exports in February fell to just 1.47 million mt, down 36% year on year from 2.29 million mt and

21% month on month from 1.85 million mt. It’s the least exported from the terminal in a single month in 59 months, according to the NQBP figures.

The BHP Mitsubishi Alliance’s Hay Point Coal Terminal shipped 2.98 million mt during the month — also the lowest since April 2017 — which was down 20% year on year from 3.85 million mt and down 27% month on month from 4.08 million mt in




Platts tsI steel Industry assessments, march 8 Close/midpoint Change % Chg

asia

hot-rolled coil $/mtSAE1006 FOB China 541.00-541.00 541.00 0.00 0.00SS400 FOB China 531.00-531.00 531.00 2.00 0.38SAE1006 Premium 10.00 10.00 -2.00 -16.67

reinforcing bar $/mtFOB China 494.00-496.00 495.00 0.00 0.00

Europe

hot-rolled coil Eur/mtPlatts TSI North European HRC, EXW Ruhr 507.50 507.50 0.00 0.00CIF Antwerp 495.00-510.00 502.50 0.00 0.00

$/mtFOB Black Sea** 505.00-515.00 510.00 0.00 0.00

Plate Eur/mtPlatts TSI North European Plate, EXW Ruhr Wkly* 590.00 590.00 -4.50 -0.76CIF Antwerp* 550.00-565.00 557.50 0.00 0.00*weekly (assessed March 8) **weekly (assessed March 6)

reinforcing bar Eur/mtEx-works, NW Eur 527.00 527.00 -0.50 -0.09

$/mtFOB basis Turkey 479.50-484.50 482.00 6.00 1.26

Billet $/mtFOB Black Sea 447.50 447.50 2.50 0.56

north america

hot-rolled coil $/stPlatts TSI HRC EXW Indiana 692.75 692.75 -0.25 -0.04DDP, Houston 680.00 680.00 0.00 0.00

Plate $/stPlatts TSI Plate delivered US Midwest 952.00 952.00 -1.50 -0.16DDP, Houston 830.00 830.00 0.00 0.00

reinforcing bar $/stEx-works, US SE* 685.00-710.00 697.50 0.00 0.00DDP, Houston* 685.00 685.00 5.00 0.74*weekly

europe anD uS colD-rolleD coil aSSeSSMentS, March 8 Eur/mt Close/midpoint Change % ChgPlatts TSI North European CRC, EXW Ruhr 600.00 600.00 0.00 0.00CIF Antwerp 560.00-570.00 565.00 0.00 0.00

$/mtFOB Black Sea* 560.00-570.00 565.00 0.00 0.00

$/stPlatts TSI CRC EXW Indiana 824.50 824.50 0.25 0.03DDP, Houston 760.00 760.00 0.00 0.00*weekly (assessed March 6)

January, it said.The common-user Dalrymple Bay

terminal shipped a year-low of 4.48 million mt, down 13% from 5.13 million mt in February last year and 31% less than the 6.53 million mt seen in January, NQBP said.

— Kate Zhou, Nathan Richardson

SCraP markEt

Quieter turkish import scrap market still shows strength

London—Import prices for ferrous scrap into Turkey ticked up a touch Friday as market players continued to expect higher prices amid limited trading activity.

S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $323/mt CFR Friday, up $1/mt from Thursday.

While no fresh deal was received, the majority of market players saw further upside to prices for the next few deals, boosted by the high volume of Turkish billet exports this week at above 100,000 mt.

“Mills sold some material, but some of them want to cover their stocks before selling,” one Turkish agent said, explaining the heightened buying interest and higher prices for scrap this week.

One European recycler said he received a bid around $315-$320/mt CFR recently and expected prices for European-origin material to be around $320/mt CFR Friday or the following working day.

“It might reach $330/mt CFR and then go down again,” the recycler said, with a Turkish trading source already expecting $325/mt CFR to be achievable Friday.

Next to robust buying interest from mills, slow scrap flows into yards in Europe tightened the supply of scrap for recyclers despite increases in collection prices to around Eur 250-255 in Belgium — which should provide further support to import prices, according to a Benelux-based recycler.

The exchange rate contributed to the relative cost increase for dollar-denominated import scrap compared to domestic finished steel prices. The lira weakened further this week, trading around 5.45/USD Friday –- its lowest level since the beginning of January.

— Pascal Dick

aSIa

taiwan containerized hmS prices stall on market lull

Singapore—Containerized HMS prices to Taiwan moved sideways this week as buyers expressed greater resistance to increases in offer prices amid a product market in lull, Taiwanese market sources said.

S&P Global Platts TSI HMS I/II 80:20

containerized scrap was assessed at $300/mt CFR Taiwan Friday, up $1/mt from the previous week.

Containerized US-origin HMS I/II 80:20 deals were concluded throughout the week at $300/mt CFR, with the latest deal on Thursday still falling within the previous week’s range of $299-300/mt CFR, Taiwanese mill sources said.

“We have to insist strongly on buying only at $300/mt, because the product






Platts daIly asIa PacIfIc metallurgIcal coal relatIvItIes, march 8, 2019 March 8 spread spread CFr China vs PlV vs hCC 64 $/mt

Peak downs 214.50* 100.47%

*Peak Downs FoB australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $203.50/mt.

Saraji 213.50 100.00%

Premium low vol 213.50** 100.00%

**Premium low Vol FoB australia (China netback) after accounting for Haypoint-Qingdao Panamax freight = $202.50/mt.

German Creek 212.25 99.41%

Illawarra 211.00 98.83%

Moranbah North 211.00 98.83%

Oaky North 212.00 99.30%

Goonyella 211.00 98.83%

Goonyella C 209.25 98.01%

Peak Downs North 209.25 98.01% 107.72%

Standard 210.25 98.48% 108.24%

Premium 210.25 98.48% 108.24%

Hail Creek 206.00 96.49%

hcc 64 mid vol 194.25 90.98% 100.00%

Lake Vermont HCC 194.25 100.00%

Carborough Downs 192.25 98.97%

Middlemount Coking 177.25 91.25%

Poitrel Semi Hard 172.25 88.67%March 8 freight rates. Australia to China: Panamax = $11.00/mt Capesize = $6.05/mt.

The Platts Metallurgical Coal Relativities CFR China assessments do not reflect any restrictions or import duties, including duty rebates applied to coals under different import regimes, which may affect the transacted price of the commodity. CFR China assessments are based on pricing information before any additional, if any, import tariffs are imposed such as a 3% import tax on Canadian, Russian and US coals. The definition of CFR is based on International Chamber of Commerce Incoterms ® 2010.

A detailed explanation of the Platts Metallurgical Coal Relativities can be found here: http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

For further information about this data please contact [email protected].


Platts weekly metallurgIcal coal relatIvItIes table march 8, 2019 March 8, FoB spread hampton roads vs uS lVOak Grove 215.00 114.36%

Blue Creek No. 7 215.00 114.36%

Blue Creek No. 4 207.00 110.11%

Beckley 195.00 103.72%

low vol fob usec 188.00 100.00%

Windber 183.00 97.34%

Buchanan 184.00 97.87%March 8 Panamax freight rates. Hampton Roads to Rotterdam = $9.50/mt, Hampton Roads to Brazil = $9.25/mt, Mobile to Rotterdam = $12.25/mt.

For further information about this data please contact [email protected].


market is not improving at all,” a major Taiwanese mill source said.

“Yes, the mills are not budging from the $300/mt mark, and some suppliers are just not accepting anything below $307/mt,” a Taiwanese trader commented.

Meanwhile within the East Asia region, mills continued to face pressures to margins as bulk scrap prices took a surprising upward turn this week, amid a stagnant product market.

“Container suppliers will surely use the upsides in the bulk market to justify higher prices. But without any strong fundamental support to products, I do not think this increase can be sustained long term,” a regional trader said.

— Samuel Chin, Kevin Seo

amErICaS

north Star resumes uS scrap inbounds, april outlook mixed

Pittsburgh—North Star Bluescope resumed receiving scrap shipments on Friday, less than 48 hours after an unplanned outage at its Delta, Ohio electric arc furnace. The mill had halted some inbound shipments of scrap Thursday due to an unplanned outage that began Wednesday evening.

The quick resumption of shipments was a relief to some scrap suppliers who feared any potential impact of a significantly reduced April scrap buying program from one of the largest scrap consumers in the country.

Scrap suppliers believe the impact of the unplanned outage will be minimal if anything at all on the April scrap outlook that is far from nearing a consensus outlook.

“I am not a bull right now but some are,” one trader said. “I saw a supply-driven market this past trade. The supply ‘shortage’ didn’t have anything to do with price, it is a weather-related issue, including the river issues. Once weather improves I would assume supply stabilizes. I don’t think the sky will fall in April but I do expect a bit of correction.”

High water levels and flooding along the Mississippi River system have clouded the logistics outlook for mills and suppliers who ship scrap via river barge. No relief is expected this month from shipment delays on the river.

“We are not going to ship a barge all

month,” one supplier said. “With truck and rail we will get close [to shipping all our March tons] but we will owe some. Next month I am calling it sideways. We will live and die with steel prices next month.”

A Midwest supplier was more bearish and thinks the availability of shredded scrap will push prices down in April after the $20/lt increase for most grades of scrap in March.

“This $20/lt will be more than enough

to rejuvenate the downstream supply chain,” another dealer said. “Scrap dealers sold big tonnages ahead of this spring thaw giving consumers confidence that there was plenty of supply. April feels firm, but its hard to see upside even with firming [scrap] export numbers.”

US East Coast bulk export pricing has rebounded from $313/mt CFR Turkey HMS 80:20 basis on the last deal from February





Platts turkey arc steel tracker, march 8, 2019 Scrap Billet rebar

vs 30-day -0.70% (-$2.27) -0.07% (-$0.33) 1.28% ($6.15)vs 60-day 1.14% ($3.68) -0.57% (-$2.64) -0.62% (-$2.99)

market Direction: 2.11% ($9.50) Industry Composite Index: 81.13

Price moves relative to each commodity measured vs 30-day and 60-day moving averages.

scraP: Iron ore ratIos ratio Previous ratio

HMS I/II 80:20 CFR Turkey: TSI 62% iron ore CFR North China 3.81 3.70US shredded delivered Midwest: TSI 62% iron ore CFR North China 4.07 3.97

PLATTS TURKEY ARC STEEL TRACKER BASED ON 30-DAY AVERAGES(%)

Platts Turkey ARC is a relative strength indicator for Platts Turkey Rebar FOB, Platts Black Sea Billet CFR Turkey basis and Benchmark TSI Scrap CFR prices*. The daily index for each commodity shows the degree the price is over or below the average of price relationships with the others for the past 30 or 60 days, with 0 as equilibrium. Indices provide trading price signals for the commodity or for the wider complex, and potential changes in demand and supply for the steel industry. Historic 30-day and 60-day basis data through 2012 is available. Source: S&P Global Platts *e�ective March 1, 2016

-10

-5

0

5

08-Mar21-Feb06-Feb22-Jan07-Jan14-Dec29-Nov14-Nov30-Oct

Market direction

Scrap 30

Rebar 30

Billet 30

to $322/mt CFR Turkey this week. On Friday one East Coast export terminal raised dockside pricing $5/lt to $275/lt delivered dockside.

“If all stays even [on export pricing], that could lead to a sideways market in April, weather dependent,” another scrap dealer said.

— Nicholas Tolomeo

Brazilian pig iron export prices stable on holiday week

Sao Paulo—Most Brazilian pig iron market participants were not doing business this week because of the Carnival holiday, leaving export prices for Southeastern-origin material unchanged.

S&P Global Platts assessed the weekly Brazilian export basic pig iron price flat at $335/mt FOB Southeastern ports, based on a $330-$340/mt bid-offer range.

Despite the stability, several sources noticed an increase in offers and indications from sellers in the past few weeks, mainly influenced by the recent jump in iron ore and ferrous scrap, as well as limited availability from Brazil.

Nevertheless, at least two bulk carriers were seen at Brazilian ports this week handling or expected to handle Brazilian pig iron in the next few days.

The Western Lucrezia is berthed at the port of Vitoria for the loading of 36,000 mt of pig iron from CBF Siderurgica, according to data from port agencies and cross-checked with Platts trade flow software cFlow. The ship is scheduled to leave Brazil on March 12, with the US as its destination. The Mirela is also anchored at Vitoria to load 15,000 mt from SG Comercio Exterior. It is scheduled to leave Brazil on March 15. The Netherlands was reported as the final destination.

February pig iron exports plungeBrazilian pig iron exports totaled 112,005

mt in February, 37% lower than the year-ago month and also down 64.4% from January, Ministry of Industry and Foreign Trade data showed Friday.

The US was the top destination for Brazilian pig iron in February, taking 52,002 mt at an average price of $351/mt FOB. Netherlands was second, taking 27,040 mt at an average price of $440/mt FOB.

In February, pig iron exports through the Rio de Janeiro port totaled 75,303 mt, followed by exports through the Vitoria port at 29,042 mt.

— Priscilla Antunes

Brazil’s CSn contracts Citibank to assess options for ore unit

Sao Paulo—Brazilian integrated steelmaker CSN has confirmed contracting Citibank as a financial advisor to assess strategic options for its CSN Mineracao iron ore mining unit, a move that is part of its debt-reduction initiative.

“At the moment, any scenario elaboration on the outcome of this process is premature, and there is no fact that merits disclosure to the market under the terms of the legislation in force,” CSN said late Thursday. Its comments came after being questioned by Brazil’s Securities and Exchange Commission about a published report in local newspaper Valor Economico stating that the company hired Citibank to

assess options for its iron ore operations, estimated at a value of more than $1 billion.

“The Company clarifies that it has been informing the market about its debt reduction plan in its teleconferences of disclosure of results,” CSN said. “As already informed, the Company evaluates several alternatives, which include, in addition, the anticipated sale of iron ore through a streaming structure.”

A CSN spokesman declined comment Friday, instead referring to the company’s statement.

CSN’s ore shipments in 2018 reached 34.78 million mt, up 7% year on year. Of this, 29.59 million mt was for exports, while the remaining 5.18 million mt was for the company’s own use. CSN’s output was 27.87 million mt, down 7% year on year.

At the end of February, CSN signed a long-term deal with Swiss trader Glencore. The transaction involves CSN Mineracao receiving an upfront payment of $500 million in return for 22 million mt of iron ore over five years.

— Guilherme Baida






Platts tsI steel assessments currency and unIt comParIsons, march 08 Prior assessment Eur/mt $/mt $/st $/Cwt $/mt $ change % change

hot-rolled coil

Platts TSI North European HRC, EXW Ruhr* 507.50*** 570.58 517.63 25.89 569.67 0.91 0.16%FOB Black Sea* 450.57 510.00*** 462.67 23.14 510.00 0.00 0.00%CIF Antwerp* 502.50*** 564.96 512.53 25.63 564.06 0.90 0.16%Platts TSI HRC EXW Indiana** 679.61 763.61 692.75*** 34.64 763.89 -0.28 -0.04%DDP Houston 667.11 749.56 680.00*** 34.00 749.56 0.00 0.00%

Cold-rolled coil

Platts TSI North European CRC, EXW Ruhr* 600.00*** 674.58 611.98 30.61 673.50 1.08 0.16%FOB Black Sea* 499.16 565.00*** 512.57 25.64 565.00 0.00 0.00%CIF Antwerp* 565.00*** 635.23 576.28 28.82 634.21 1.02 0.16%Platts TSI CRC EXW Indiana** 808.87 908.84 824.50*** 41.23 908.56 0.28 0.03%DDP Houston 745.59 837.74 760.00*** 38.00 837.74 0.00 0.00%

Plate

Platts TSI Plate delivered US Midwest** 933.95 1049.38 952.00*** 47.60 1051.04 -1.66 -0.16%DDP Houston 814.26 914.90 830.00*** 41.50 914.90 0.00 0.00%

reinforcing bar

Ex-works, Northwest Europe* 527.00*** 592.51 537.53 26.88 600.14 -7.63 -1.27%East Mediterranean, basis Turkey* 428.71 482.00*** 437.27 21.87 476.00 6.00 1.26%Ex-works, US Southeast** 684.28 768.85 697.50*** 34.88 768.85 0.00 0.00%DDP Houston 672.01 755.07 685.00*** 34.25 749.56 5.51 0.74%*LN 16:30 Eur/$ ex rate = 1.1243; **NY 16:30 $/Eur ex rate = 0.8900. ***the primary assessments and have not been converted

Please note: All Platts and TSI CIF and CFR prices (US, Europe, Southern Europe, Persian Gulf and Turkey) represent freely traded values. This means they do not reflect any restrictions or duties as a result of trade cases. For detailed specifics, The Platts Weekly Trade Case Status report can be found on the last pages of this issue.

OthEr nEwS

Black Sea pig iron prices show gains; mills stick to offers

London—Black Sea export prices of merchant pig iron inched higher over the week after CIS suppliers lifted their offers earlier and resisted initial pressure from buyers, market sources said Friday.

The waiting game seems to have paid off for CIS mills, which were seeking $370-$375/mt CIF US and $365/mt CIF Italy.

On Friday, S&P Global Platts assessed its weekly pig iron price at $345/mt FOB Black Sea, up $5/mt on week.

Last week bids were still below $360/mt CIF but this week the acceptable level came up to $360/mt CIF, a local buyer suggested. “We sold in the Italian market at $360/mt CIF and are trying to move the price up,” a trader said. He put the current target level at $365/mt CIF Italy.

The Italian buyer remained cautious about a further price increase because the finished steel business in Italy was still difficult, particularly for flat products. Hikes announced for coils in the Italian market failed to stick.

Deals at $370/mt CIF New Orleans were

heard on Thursday, likely to be for Brazilian material as sources surveyed in the Black Sea market did not confirm it.

Several market participants reported offers for US at $370-$375/mt CIF New Orleans. However, deals at $370/mt CIF were already heard with offers raised up to $375-$380/mt CIF.

— Wojtek Laskowski

insigHt

China steel spreads spike on higher hrC export prices

London—Chinese export HRC steel mill spreads with iron ore and coking coal prices have rebounded in the past few weeks due to higher steel prices in China, according to analysis by S&P Global Platts.

The Platts China export HRC spread rose to $267.14/mt on Friday, up from $234.88/mt a month earlier, a recent low. The HRC spread with imported iron ore and premium HCC peaked at over $370/mt in May.

The market is looking at whether the rise in steel prices in early March will continue, as China’s steel industry starts to move out of winter environmental restrictions and as

weather improvements boosts steel usage.Since steel prices in China bottomed

in December and January, sharp increases have helped to make up for falls during the fourth-quarter of 2018, and compensate for high iron ore prices.

Platts Chinese HRC SS400 export prices rose 6% to $531/mt FOB on Friday from a month earlier.

In the domestic market, Chinese ex-stock HRC prices including VAT in Shanghai rose 3.3% to Yuan 3,820/mt ($568/mt) on Friday from February 15, and returned to price levels in early February.

Attention on risk management due to improving steel margins as sustained pressure from rising imported iron ore and coking coal costs may lead to more derivatives trade in steel and the raw materials.

Iron ore prices for benchmark 62% Fe fines rose to average $87.33/dry mt CFR China in February, from $76.03/dmt in January. Premium low-vol HCC rose over 3% to $206.57/mt CFR China in February from January.

Vale’s iron ore mines saw supply interruptions last month following a tailing dam burst. More mine idling over the next three years from accelerated dam decommissioning work planned by the major




weekly ferroalloy PrIces

Ferrochrome

cts/lb change/date assessedCharge Chrome 48-52% in-warehouse US. 125.000 / 130.000 03-06-19 / 03-06-1965% High Carbon in-warehouse US 95.000 / 105.000 03-06-19 / 03-06-19Low Carbon 0.05% in-warehouse US 225.000 / 230.000 03-06-19 / 03-06-19Low Carbon 0.10% in-warehouse US 196.000 / 198.000 03-06-19 / 03-06-19Low Carbon 0.15% in-warehouse US 190.000 / 195.000 03-06-19 / 03-06-19Charge Chrome 52% DDP NWE 88.000 / 93.000 03-07-19 / 03-07-1965% 6-8% High-Carbon DDP NWE 110.000 / 113.000 03-07-19 / 03-07-19Low Carbon 0.10% DDP NWE 200.000 / 205.000 03-07-19 / 03-07-19Charge Chrome 48-52% CIF China 83.000 / 85.000 4.000 / 3.00058-60% High Carbon CIF China 80.000 / 83.000 1.000 / 3.00060-65% Spot CIF Japan 86.000 / 87.000 3.000 / 3.000

Ferromanganese

$/gt change/date assessedHigh Carbon 76% in-warehouse US 1345.000 / 1350.000 15.000 / 03-06-19

cts/lb change/date assessedMedium Carbon 85% Mn in-warehouse US 112.000 / 114.000 03-06-19 / 03-06-19

Ferromolybdenum

$/lb change/date assessedMW US FeMo 13.000 / 13.300 03-07-19 / 03-07-19

$/kg change/date assessedMW Europe 65% Ferromolybdenum 28.760 / 29.060 0.400 / 0.30060% FeMo FOB China 29.200 / 29.500 0.800 / 0.70060% FeMo CIF Japan 29.200 / 29.500 0.800 / 0.700

Ferrosilicon

cts/lb change/date assessed75% Si in-warehouse US 100.000 / 101.000 03-06-19 / 03-06-19

$/mt change/date assessed75% Si CIF Japan 1160.000 / 1180.000 03-07-19 / 03-07-19

$/mt change/date assessed75% Si FOB China 1140.000 / 1170.000 03-07-19 / 03-07-19

Eur/mt change/date assessed75% Std DDP NWE 1580.000 / 1600.000 03-07-19 / 03-07-19

Ferrovanadium

$/lb change/date assessedFree Market V205 17.000 / 18.000 03-07-19 / 03-07-19US Ferrovanadium 38.000 / 40.000 -1.000 / -1.000

$/kg change/date assessedEurope Ferrovanadium 74.000 / 76.000 03-07-19 / 03-07-19

manganese

$/mt change/date assessedElectrolytic 99.7% FOB China 1960.000 / 1980.000 -20.000 / -20.000

manganese ore

$/dmtu change/date assessed44% Manganese Ore CIF Tianjin 6.500 03-08-1937% Manganese Ore CIF Tianjin 6.100 03-08-19

molybdenum

$/lb change/date assessedMW Dealer Oxide 12.390 / 12.520 0.440 / 0.280

Silicomanganese

cts/lb change/date assessed65% Mn in-warehouse US 63.000 / 64.000 03-06-19 / 03-06-19

$/mt change/date assessed65% Mn CIF Japan 1020.000 / 1040.000 03-07-19 / 03-07-19

Eur/mt change/date assessed65:16 DDP NWE 1200.000 / 1250.000 03-07-19 / 03-07-19

Same-date references indicate there was no price change.

miner is expected to lead to losses of iron ore exports from the south of Brazil.

Steel market participants this week were evaluating the forward impact on supply after the announcement of Hebei’s steelmaking capacity reduction of 14 million mt/year during 2019 and 2020 to improve air quality.

Rail-related steel demand in China was expected to be steady after only a 1% increase in budget to Yuan 800 billion compared with 2018, as outlined at the National People’s Congress in Beijing. However, infrastructure related demand may pick up as warmer weather aids project developments and construction.

— Hector Forster

FreigHt

Capesize aPaC freight rates rise amid quiet activity

Singapore—While Capesize market activity ended the week on a rather quiet note, freight rates in the Asia-Pacific region rose Friday.

Industry sources ascribed the higher rates on the Asia-Pacific routes to the increased cargo scope. “I think quite a few people have been talking about it, but it’s finally reached that breaking point where it really makes sense for [Capesize vessel owners and/or operators] to start eating into the markets of the smaller sizes,” said a ship-operator source.

Observing the market’s movement, the source was thankful to see that the Capesize market’s voracious invasion into smaller sectors had sparked some level of positivity in the market. According to the source, a constant need for cannibalization was ultimately unsustainable as it could potentially force the entire shipping market down a slippery slope.

Looking forward, however, a shipbroker source felt more time was needed to gauge how the market would react. “It’s a step in the right direction, but it’s still too soon to assume the worst is behind us,” he said.

On the Western Australia-Qingdao route, Oldendorff was heard seeking a Capesize vessel from west coast Australia to China for March 25-onwards loading dates. Pacbulk was heard seeking a Capesize vessel from




west coast Australia to China for March 27-onwards loading dates. Roy Hill was heard seeking a Capesize vessel from west coast Australia to Qingdao for March 17- 20 laycan. Rio Tinto was heard seeking a Capesize vessel from Dampier to Qingdao for March 23-25 laycan. Classic was heard to have fixed a Capesize vessel from west coast Australia to China for March 20-25 laycan at $5.20/wmt, basis a load port PDA of $299,000.

The freight rate for a Capesize vessel to move iron ore from Port Hedland to Qingdao

was assessed at $4.90/wmt, up 25 cents/wmt from Thursday.

Among other cargoes and fixtures in the Asia-Pacific region, Jiangsu Steamship was heard seeking a Capesize vessel from Newcastle to China for April 5-14 laycan. Cara was heard seeking a vessel to carry 130,000 mt (plus/minus 10%) coal from Newcastle to Lanshan for March 15-25 laycan.

In the Atlantic, Vale was heard seeking a Capesize vessel from Ponta De Madeira to Constanza and Koper for April 5-14 laycan.

Phaethon was heard seeking a Capesize vessel from Seven Islands to Erdemir and Isdemir for April 1-10 laycan.

The freight rate for a Capesize vessel to move iron ore from Tubarao to Qingdao was assessed at $11.40/wmt, flat from Thursday.

Out of South Africa, no fresh cargoes and/or fixtures were heard reported. The freight rate for a Capesize vessel to move iron ore to Qingdao from Saldanha Bay was assessed at $8.25/wmt, unchanged from Thursday.

— Staff

markEtPlaCE hEarDS

Iron Ore�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from international trader source at IODEX 62% $0.35/dmtu CFR China

1-30 Apr Avg pricing on 8 Mar, from Dampier delivery 1-30 Apr to Qingdao, 70,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at IODEX 62% $0.36/dmtu CFR China 1-30

Apr Avg pricing on 8 Mar, from Dampier delivery 1-30 Apr to Qingdao, 70,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at IODEX 62% $0.34 to 0.35/dmtu CFR China


�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at around IODEX 62% $0.35/dmtu CFR China


�� Platts Iron Ore: 62% Fe Australian Newman Blend Lump tradable value heard from international trader source at IODEX 62% $0.355/dmtu CFR China

1-30 Apr Avg pricing on 8 Mar, from Port Hedland delivery 1-30 Apr to Qingdao, 70,000 mt.


1-30 Apr Avg pricing on 8 Mar, from Port Hedland delivery 1-30 Apr to Qingdao, 70,000 mt.

�� Platts Iron Ore: BHP sold 90,000 mt 57 Yandi fines at -$1.55/dmt CFR China over April average of Platts and Mysteel 62% Fe assessment, via Bilateral

negotiation, loading March 21-30

�� Platts Iron Ore: 61% Fe Australian Mining Area C (MAC) Fines tradable value heard from international trader source at IODEX 62% -$2.50/dmt CFR

China 1-30 Apr Avg pricing on 8 Mar, from Port Hedland delivery 1-30 Apr to Qingdao, 80,000 mt.

�� Platts Iron Ore: 61% Fe Australian Jimblebar Fines tradable value heard from international trader source at IODEX 62% -$4.50/dmt CFR China 1-30

Apr Avg pricing on 8 Mar, from Port Hedland delivery 1-30 Apr to Qingdao, 90,000 mt.

�� Platts Iron Ore: 62% Fe Australian Newman Fines tradable value heard from international trader source at IODEX 62% $1.80/dmt CFR China 1-30 Apr

Avg pricing on 8 Mar, from Port Hedland delivery 1-30 Apr to Qingdao, 80,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from international trader source at IODEX 62% $2.00/dmt CFR China 1-30


�� Platts Iron Ore: 62% Fe Brazilian Blend Fines (BRBF) tradable value heard from international trader source at IODEX 62% $5.50/dmt CFR China 1-30

Apr Avg pricing on 8 Mar, from Teluk Rubiah delivery 1-30 Apr to Qingdao, 170,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from Miner source at IODEX 62% $1.80 to 1.90/dmt CFR China 1-30 Apr

Avg pricing on 8 Mar, loading 1-10 Apr from Dampier to Qingdao, 170,000 mt.

�� Platts Iron Ore: 62% Fe Brazilian Blend Fines (BRBF) tradable value heard from international trader source at IODEX 62% $6.00/dmt CFR China 1-30

Apr Avg pricing on 8 Mar, from Teluk Rubiah delivery 1-30 Apr to Qingdao, 170,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from Miner source at IODEX 62% $1.50/dmt CFR China 1-30 Apr Avg

pricing on 8 Mar, loading 21-30 Apr from Dampier to Qingdao, 170,000 mt.

�� Platts Iron Ore: 61% Fe Australian Pilbara Blend Fines tradable value heard from international trader source at $84.04/dmt CFR China on 8 Mar, from

Dampier delivery 1-15 Apr to Qingdao, 170,000 mt.

�� Updated: Platts Iron Ore: 62.40% Fe Australian Newman Fines tradable value heard from international trader source at $85.70/dmt CFR China on 8

Mar, from Port Hedland delivery 1-15 Apr to Qingdao, 80,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from Chinese trader source at $85.50/dmt CFR China on 8 Mar, from







�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from Chinese trader source at IODEX 62% $2.10/dmt CFR China 1-30 Apr

Avg pricing on 8 Mar, from Dampier delivery 1-30 Apr to Qingdao, 170,000 mt.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines tradable value heard from Chinese trader source at $85.50-85.60/dmt CFR China on 8 Mar,

from Dampier delivery 1-30 Apr to Qingdao, 170,000 mt.



�� Platts Iron Ore: 57% Fe Australian Yandi Fines tradable value heard from end-user source at around IODEX 62% -$1.80/dmt CFR China 1-30 Apr Avg

pricing on 8 Mar, loading 21-30 Mar from Port Hedland to Qingdao, 90,000 mt.

�� Platts Iron Ore: 61% Fe Australian Pilbara Blend Fines tradable value heard from Chinese trader source at $83.17/dmt CFR China on 8 Mar, from




�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Fines indicative offer heard from Chinese trader source at IODEX 62% $2.30/dmt CFR China 1-30


�� Platts Iron Ore: 62.50% Fe Australian Pilbara Blend Lump trade heard done from Chinese trader source at ¥850.00/wmt FOT Rizhao on 8 Mar, from

Rizhao, inclusive of port charges and 16% VAT.

�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from international trader source at IODEX 62% $0.35/dmtu CFR China


�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at IODEX 62% $0.36/dmtu CFR China 1-30


�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at IODEX 62% $0.34 to 0.35/dmtu CFR China


�� Platts Iron Ore: 62% Fe Australian Pilbara Blend Lump tradable value heard from Chinese trader source at around IODEX 62% $0.35/dmtu CFR China


�� Platts Iron Ore: 100,000 mt of 62% Fe Australian Pilbara Blend Fines tradable value heard from international trader source at IODEX 62% $1.70/dmt

CFR China 1-30 Apr Avg pricing on 8 Mar co-loaded with 70,000 mt of 62% Fe Australian Pilbara Blend Lump from international trader source at

IODEX 62% $1.70/dmt CFR China 1-30 Apr Avg pricing on 8 Mar, from Dampier delivery 1-30 Apr to Qingdao.

�� Platts Iron Ore: 100,000 mt of 62% Fe Australian Pilbara Blend Fines tradable value heard from Chinese trader source at IODEX 62% $1.70/dmt CFR

China 1-30 Apr Avg pricing on 8 Mar co-loaded with 70,000 mt of 62% Fe Australian Pilbara Blend Lump from Chinese trader source at IODEX 62%

$1.70/dmt CFR China 1-30 Apr Avg pricing on 8 Mar, loading 1-10 Apr from Dampier to Qingdao.

�� Platts Iron Ore: 65% Fe Brazilian Carajas (Expected) - 62% Fe Australian Pilbara Blend Fines spread tradable value heard at $10.00/dmt CFR China

on 8 Mar.

�� Platts Iron Ore: 64% Fe domestic concentrates trade heard from end-user source at Yuan 760/dmt at Hebei province

�� Platts Iron Ore: 65.5% Fe domestic concentrates trade heard from end-user source at Yuan 780-790/dmt at Hebei province

�� Platts Iron Ore: 66% Fe domestic concentrates trade heard from end-user source at Yuan 790-800/dmt at Hebei province





�� Platts Iron ore: 1% Fe value -- A Chinese trader estimates adjustments of $1.25/dmt for every 1% Fe for cargo contains 60-63.5% Fe

�� Platts Iron ore: 1% Fe value -- An international trader estimates adjustments of $1.4/dmt for every 1% Fe for cargo contains 60-63.5% Fe

�� Platts Iron Ore: 61.50% Fe Australian Pilbara Blend Fines trade reported done from Chinese trader source at ¥620.00/wmt FOT Qingdao on 8 Mar,

inclusive of port charges and 16% VAT.

�� Platts Iron Ore: 61.50% Fe Australian Pilbara Blend Fines trade heard done from Chinese trader source at ¥630.00/wmt FOT Caofeidian on 8 Mar,






�� Platts Iron Ore: 57% Fe Australian Yandi Fines sell tender heard on 8 Mar, offered by BHP, loading 21-30 Mar from Port Hedland to Qingdao,

90,000 mt.

MarketPlaCe HearDs (ContinueD)



metallurgical Coal�� Platts Met Coal: BMA's Australian Premium Low-Vol Saraji trade confirmed done on 8 Mar at $213.52/mt CFR China, from Australia, laycan 5-14 Apr,

85,000 mt on Panamax, Cargo sold with Seller’s swap option to PDC at $214.52/t CFR.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Riverside trade confirmed done on 8 Mar at $212.75/mt FOB Australia, from Australia, laycan

Apr, 35,000 mt on Panamax, Cargo sold with Seller’s swap option to GYC at $217.00/t FOB.

�� Platts Met Coal: Rio Tinto's Australian Premium Low-Vol Hail Creek firm offer heard on 8 Mar at ¥1700.00/mt Ex-stock Jingtang, from China, 20,000

mt on Panamax.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Saraji tradable value heard on 8 Mar at ¥1700.00/mt Ex-stock Jingtang, 75,000 mt on Panamax.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Saraji tradable value heard on 8 Mar at $215.00/mt CFR China, from Australia, 75,000 mt

on Panamax.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Saraji tradable value heard on 8 Mar at $210.00/mt CFR China, from Australia, 75,000 mt

on Panamax.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Riverside tradable value heard on 8 Mar at $211.00/mt FOB Australia, from Australia, 75,000 mt

on Panamax.

�� Platts Met Coal: Australian Premium Low-Vol 71.0-73.0% CSR, 22.0-23.0% ad VM indicative offer heard on 8 Mar at $210.00/mt CFR China, 75,000 mt

on Panamax.

�� Platts Met Coal: BMA's Australian Premium Low-Vol Saraji indicative bid heard on 8 Mar at $200.00/mt CFR China, from Australia, 75,000 mt

on Panamax.

�� Platts Met Coal: Australian Premium Mid-Vol 67.0-69.0% CSR, 23.0-24.0% ad VM, 8.0-9.0% ad ash firm bid heard on 8 Mar at $201.75/mt FOB

Australia, laycan Jun, 75,000 mt on Panamax.

�� Platts Met Coal: BMA's Australian Premium Mid-Vol Goonyella indicative bid heard on 8 Mar at $195.00-$198.00/mt FOB Australia, from Australia,

75,000 mt on Panamax.

�� Platts Met Coal: Australian Semi-Premium blend 67.0-69.0% CSR, 22.0-23.0% ad VM, 9.0-10.0% ad ash firm offer heard on 8 Mar at $213.00/mt FOB

Australia, laycan mid-Apr, 75,000 mt on Panamax.

�� Platts Met Coal: BMA's Australian Semi-Premium Peak Downs North blend tradable value heard on 8 Mar at $215.00/mt FOB Australia, from Australia,


�� Platts Met Coal: BMA's Australian Semi-Premium Goonyella C blend tradable value heard on 8 Mar at $213.00/mt CFR China, from Australia, laycan

Mar, 85,000kmt on Panamax.

�� Updated: Platts Met Coal: Jellinbah's Rangal HCC Lake Vermont HCC tradable value heard on 8 Mar at ¥1560.00/mt Ex-stock Jingtang, 75,000 mt

on Panamax.

�� Platts Met Coal: Jellinbah's Rangal HCC Lake Vermont HCC tradable value heard on 8 Mar at $194.00-$195.00/mt CFR China, from Australia,


�� Platts Met Coal: HCC 65.0% CSR, 21.0% ad VM, 10.5% ad ash indicative offer heard on 8 Mar at around ¥1690.00/mt Ex-stock Jingtang, 75,000 mt.

�� Platts Met Coal: BMA's Australian Semi-Soft Blackwater Weak indicative offer heard on 8 Mar at around ¥1200.00/mt Ex-stock Jingtang, from

China,75,000 mt on Panamax.

(This is a sample of trade and market information gathered by Platts editors as they assessed the daily coking coal, steel, scrap and freight prices. They

were first published on Platts Metals Alert earlier in the day as part of the market-testing process with market participants. For more related informa-

tion about that process and our realtime news and price services, please request a trial to Platts Metals Alert or learn more about the product offering

by visiting www.platts.com/Products/metalsalert)

MarketPlaCe HearDs (ContinueD)



SuBSCrIBEr nOtES

trafigura Pte ltd. to join asia iron ore physical mOCTrafigura Pte Ltd. has advised S&P Global Platts that it would like to participate in the Platts Asia Market on Close assessment process for physical Asia iron ore.

Platts has reviewed Trafigura Pte Ltd. and will consider information from Trafigura Pte Ltd. in the Asia assessment process for physical Asia iron ore, subject at all times to adherence to Platts editorial standards.

Platts will publish all relevant information from Trafigura Pte Ltd. accordingly.

Platts welcomes all relevant feedback regarding MOC participation. Platts considers bids, offers and transactions by all credible and credit-worthy parties in its assessment processes.

For comments and feedback, please contact Platts editors at [email protected] and [email protected].

Platts includes Jimblebar Fines in IODEX, tSI assessment processFollowing market consultation since January 7, 2019, S&P Global Platts has included Jimblebar Fines (JMBF) in its IODEX (IODBZ00) and TSI-62% (TS01021) assessment process on March 1, 2019.

Platts assesses the fixed and floating transactional price for Jimblebar Fines cargoes based on transactional information collected throughout the day from active market participants across the supply chain.

The decision to launch these assessments comes on the back of consistent and growing market demand for increased pricing information in JMBF cargoes.

Platts takes into account a typical specification of JMBF in determining the assessment. Platts will update the typical specifications when necessary and will make these available to the market upon request.

Platts assesses Jimblebar cargoes timestamped to 5.30 pm Singapore/Beijing time (0930 GMT) on a daily basis.

Platts publishes IODEX in the daily iron ore assessment table in SBB Steel Markets Daily on page 2 and on Platts Metals Alert Page MW1109 and to database the value, making it available in data products under the category SI. The Jimblebar Fines CFR Qingdao assessments carry the codes IOJBA00 for daily fixed price and IOJBB00 for daily floating price, as well as IOJBA03 for monthly average fixed price and IOJBB03 for monthly average floating price.

Please send all questions and feedback to [email protected] and [email protected].

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

Platts extends feedback for proposal to launch 65% Fe fines index basis atlantic, Dr iron ore pellet contract pricingS&P Global Platts is extending the period for feedback to the proposed publication of blast furnace and direct reduction iron ore pellet premiums and total dmtu blast furnace pellet pricing on a 65% Fe fines index.

This follows industry feedback indicating that negotiations for contract pricing on a 65% Fe fines CFR China basis were not fully concluded.

As a result, Platts will consider industry feedback through March 29, for a proposed launch effective May 1, 2019.

Platts is proposing to publish a 65% Fe fines index in contract Atlantic and DR pellet premiums and pricing formulas, in addition to the current contract pellet assessments.

Platts is proposing to use a 65% Fe fines CFR China netback to Tubarao, Brazil, based on Platts 65% fines China CFR indexes and a daily Capesize voyage assessment between Tubarao and Qingdao, North China (IOFBC00), for calculation of contract formulas using 65% Fe fines.

Platts is proposing to retain the publication of its Platts IODEX 62% Fe fines with a multiple (x3) of the 1% Fe differential monthly average (IOMGD03).

Please submit any feedback, comments or questions about this proposal to Hector Forster, [email protected] and [email protected].

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.



complainant duties Product(s) origin(s) status/commentsnorth america US Import tariff Steel Global The US has implemented a 25% tariff on steel imports as of March 2018. The US

has reached agreements with Argentina, Australia and Brazil that will exempt those countries. Turkish tariffs were doubled to 50% as of August 2018.

US Quota Steel US-South Korea An agreement was reached in March 2018 on changes to the US-Korea Free Trade Agreement, also known as KORUS. Imports of steel from South Korea will be subject to a product-specific quota equivalent to 70% of the average annual import volume of such products during the period of 2015-2017.

US Quota Steel Brazil Brazil accepted in May a hard quota system the proposed by the US, which includes a 70% annual limit on finished steel exports to the US based on the average of the past three years. Semi-finished products were eligible for a 100% quota under the same scheme.

US AD HRC China In a final determination in September 2018, Commerce said that China’s Baosteel, Shanghai Meishan Iron & Steel, and Union Steel China did not demonstrate the need to be assigned a separate rate and will therefore be subject to the China-wide rate of 90.83%

US AD HRC Australia, Brazil, Japan, Netherlands, Russia, South Korea, Turkey, UK

Final duties of 4.61%-9.49% for South Korea, Netherlands 3.73%, Turkey 4.15%-6.77%, Japan 0.54%-7.64%, Australia 29.58%, Brazil 34.28% and UK 33.06%. Russian duties of 73.59%-184.56%, as of September 2016

US CVD HRC Brazil, Korea, Turkey Final duties applied at 3.89%-58.68% for South Korea and 30.2% for Brazil. Negative determination made regarding Turkey

US AD CRC Brazil, China, India, Japan, Russia, South Korea, UK

The trade commission found no injury from Russian imports. Final duties remain for China 265.79%, Japan 71.35%, Brazil 9.58%-35.43%, UK 5.4%-25.56% and India 7.6%. Japanese light-gauge CRC duties preliminarily revoked. Preliminary duties of 2.78%-36.59% for south Korea.

US CVD CRC Brazil, China, India, South Korea, Russia Final duties at 3.89%-42.61% for South Korea, 256.44% for China, Brazil 11.09%-11.31%, India 10% and Russia 0.62-6.95%

US CVD CRC and corrosion-resistant steel Vietnam/China Final AD and CVD cash deposit rates for CORE produced in Vietnam using Chinese-origin substrate set at 199.43% and 39.05%, respectively, in line with those levied against China. AD and CVD cash deposits on CRC imports at 265.79% and 256.44%, respectively, in line with Chinese rates.

US AD, CVD Galvanized sheet China Commerce found a 199.43% dumping margin and a 39.05%-256.44% range of subsidy rates

US AD Rebar Japan, Taiwan, Turkey Final margins of 5.39%-9.06% for Turkey, 206.43%-209.46% for Japan and 3.50%-32.01% for Taiwan

US AD Rebar Mexico Preliminary weighted-average dumping margin for Mexican rebar producers -- with the exception of Deacero -- was set at 3.70%, up from zero.

US CVD Rebar Turkey Final subsidy for Habas adjusted to 15.99%. No enforceable CVD margins were found for other companies.

US AD Rebar Belarus, China, Indonesia, Latvia, Moldova, Poland, Ukraine

After a third sunset review in October 2018, duties will remain in place at 114.53% for Belarus, 113% for China, 71.01% for Indonesia, 16.99% for Latvia, 232.86% for Moldova, 52.07% for Poland, and 41.69% for Ukraine

US AD Cut-to-length plate South Korea Commerce set a preliminary weighted-average dumping margin of 1.43% for Dongkuk Steel Mill Co. and 4.19% for Hyundai Steel Co., following an administrative review in December.

US AD Cut-to-length plate Austria, Belgium, Brazil, China, France, Germany, Italy, Japan, South Korea, South Africa, Taiwan, Turkey

Final duties affirmed for Belgium 5.4%-51.78%, Brazil 74.52%, China 68.27%, France 6.15%-148.02%, Germany 5.52%-22.9%, Italy 6.08%-22.19%, Japan 14.79%-48.67%, South Africa 87.72%-94.14%, S. Korea 7.1%, Taiwan 3.62%-75.42%, Turkey 42.02%-50%. Prelim duty of 174.03% set for Germany’s Salgitter in February 2019 on review; Austria’s final duty lowered to 28.57%

US CVD Cut-to-length plate Brazil, China, South Korea Final subsidy rates at 251% for China and 4.31% for South Korea . ITC terminated the Brazilian subsidy investigation. Subsidy rate for Jiangsu Tiangong Tools, Tiangong Aihe, Jiangsu Tiangong Group, and Jiangsu Tiangong Mould Steel R&D Center was lowered to 24.04%

US AD Corrosion resistant steel Taiwan Dumping margins adjusted to 1.31%-4.89%, following an administrative review of the June 2, 2016- June 30, 2017 period

US AD Corrosion-resistant sheet China, India, Italy, South Korea, Taiwan Final AD duties of 199.43% for China; India 3.05%-22.57%, Italy 12.63%-92.12%, South Korea 7.88%-8.75% and Taiwan 2.15%-4.9%. Preliminary AD rate for India’s Uttam Galva set at 71.09% in January 2019 admin review

US CVD Corrosion-resistant sheet China, India, Italy, South Korea, Taiwan Final CVD margins of 8%-29.46% for India; de minimis to 38.51% for Italy; de minimis to 1.19% for South Korea (subject to review) and 0% for Taiwan. ITC commissioners voted to terminate the CVD investigation on allegedly subsidized line pipe from China

US CVD Structural tube Turkey Commerce lowered margins to 9.87%-15.08%

US AD Structural tube Mexico, South Korea, Turkey Final duties of 2.34%-3.82% for Korea, 3.83%-5.21% for Mexico and 14.48%-17.73% for Turkey

US AD Mechanical tube China, Germany, Italy, India, South Korea, Switzerland

Commerce has set final dumping margins of 45.15%-186.89% for China, 3.11%-209.06% for Germany, 8.26%-33.80% for India, 47.87%-68.95% for Italy, 30.67%-48% for South Korea, and 7.66%-30.48% for Switzerland.

US CVD Mechanical tube China, India Final subsidy rate of 18.27%-21.41% for China and 8.02%-42.6% for India

US AD, CVD Welded stainless pressure pipe India Final determination of 0%-12.66% dumping margin, with a 8.35%-10.17% cash deposit. Final subsidy rates of 3.13%-4.65%

US AD Welded carbon-quality steel pipe Oman, South Korea Preliminary weighted-average dumping margin for South Korea at 10.56%, with the exception of Husteel and Hyundai Steel Co., which received preliminary margins of 12.65% and 8.47%, respectively. Oman’s Al Jazeera Steel Products Co. received a preliminary weighted-average dumping margin of 3.84%.

US AD, CVD Circular welded carbon-quality steel pipe

Oman, Pakistan, United Arab Emirates Final dumping margins formalized for Oman at 7.24% and Pakistan at 11.8%. Prelim AD margins set at 1.65%-5.28% for UAE on review in February 2019

US AD Welded carbon steel standard pipe Turkey Final weighted-average dumping margin of 2.55%. Toscelik Profil ve Sac Endustri received a final weighted dumping margin of zero, down from a prior rate of 1.91%.

trade case status rePort



US AD Circular welded steel pipe and tube Thailand In April 2018 Commerce set preliminary weighted-average dumping margins of 10.66% for Pacific Pipe and 5.34% for Thai Premium Pipe. Final weighted average dumping margins were set in October 2018 at 30.61% for Pacific Pipe Co., 28% for Saha Thai Steel Pipe, and 30.98% for Thai Premium Pipe Co.

US CVD Seamless pipe China Duties extended for further five years. US Dept. of Commerce said early February that net subsidies of 13.66%-56.67% would continue or recur if duties were terminated

US AD Small-diameter seamless pipe Germany ITC affirmed duties will be extended for another five years. In December Commerce determined revocation of the duty would lead to a weighted-average dumping margins of up to 57.72%.

US AD Circular welded pipe China Wheatland Tube has filed an allegation of duty evasion against Chinese producers. dumping margins of 69.20%-85.55% and subsidy rates of 29.62%-616.83% remain in effect.

US AD Circular welded pipe & tube Taiwan After an administrative review of the May 1, 2016 through April 30, 2017 period, a weighted average dumping margin was set at 7.47% for Shin Yang Steel Co., up from1.78%. Commerce found that Taiwan’s Yieh Hsing made no shipments during the period of review.

US AD Welded line pipe South Korea Preliminary dumping margins set at 26.47%-59.09% in February 2019 following administrative review

US AD Welded non-alloy steel pipe Mexico, South Korea Following an administrative review of the November 1, 2015- October 31, 2016 period, Commerce set a weighted-average dumping margin at 48.33% for Maquilacero, while Productos Laminados de Monterrey’s dumping margin was set at zero. Final weighted dumping margins were set at 7.71%-30.85% for South Korea.

US AD Seamless standard, line and pressure pipe

Japan, Romania Duties to be extended for another five years. Japan is under duties of 68.88%-107.8% for large and small diameter pipe. Romania faces 11.08%-15.15% for small diameter pipe.

US AD Stainless steel plate in coil Belgium, South Africa, Taiwan ITC determined that AD and CV duties will remain in place

US AD, CVD Stainless sheet and strip China Preliminary AD margins of 63.86% and 76.64%. CVD duties of 57.30%-193.12%

US AD, CVD Stainless sheet and strip Japan, South Korea, Taiwan US International Trade Commission has determined that duties of 57.89% for Japan, 58.79% for Korea and 21.1% for Taiwan will be extended for another five years. South Korea received a 1-4%.64% subsidy rate.

US AD Stainless seamless pipe India Following a changed circumstances review, Commerce set a final weighted-average dumping margin of 30.92% for Viraj Profiles and Venus Wire Industries. The duties will also apply to companies affiliated with Venus Wire.

US CVD Stainless seamless pipe India Preliminary CVD duties of 2.96%-6.21% applied to welded stainless pressure pipe suppliers.

US AD Large-diameter welded line pipe Canada, China, Greece, India, South Korea, Turkey

Final dumping margins set at 12.32% for Canada, 132.63% for China, 9.96% for Greece, 50.55% for India, 7.03%-20.39% for South Korea and 4.55%-5.05% for Turkey

US CVD Large-diameter welded line pipe China, India, South Korea, Turkey Final rates at 198.49% for China, 541.15% for India. Preliminary margins at 0.01%-3.31% for South Korea, and 1.08%-3.76% for Turkey

US AD Stainless steel wire Japan, South Korea, Taiwan Existing AD duties of 34% will remain after sunset review

US AD Wire rod Mexico After a review in November 2018, preliminary dumping margins were set at 17.56%-40.52%.

US AD Wire rod Belarus, Italy, Russia, South Africa, South Korea, Spain, Turkey, UAE, UK, Ukraine

Final dumping margins at 280.02% for Belarus, 12.41%-18.89% for Italy, 436.80%-756.93% for Russia, 135.46%-142.26% for S. Africa, 41.10% for S. Korea, 84.10% for UAE, 34.98%-44.03% for Ukraine, 10.11%-32.64% for Spain, 4.93%-6.44% for Turkey, 147.63% for UK

US CVD Wire rod Italy, Turkey Commerce finalizes rates at 4.16%-44.18% for Italy. Commerce adjusted the subsidy rate for Habas to 3.88%, from 3.86%. the subsidy rate set for all other Turkish producers has increased from 3.84% to 3.85%.

US AD Stainless steel wire rod India Dumping margins of 48.8% to remain for another five years, after May 2017 sunset review

US AD OCTG South Korea For the September 1, 2016-August 31, 2017 period of review, a preliminary weighted-average dumping margin of 47.62% was set for Nexteel, while SeAH Steel received a preliminary dumping margin of 19.4%. The preliminary rate for all other South Korean OCTG producers and exporters was set at 35.25%.

US AD OCTG Vietnam Final redetermination at a weighted-average dumping margin of 72.25%-111.47%.

US AD OCTG India In November the all others estimated weighted-average final dumping margin was set at set at 11.24%, up from 5.79% and in line with the rate set for India’s Jindal SAW Ltd.

US AD OCTG Turkey. Following an administrative review of the September 1, 2016 - August 31, 2017 period, the all-others rate was lowered to 1.59% from 35.86%. Commerce found that Turkey’s Tosçelik had no exports, sales, or entries of subject merchandise to the US during the period of review.

US AD, CVD Stainless sheet and strip China Final AD margins of 63.86%-76.64% with cash deposit of 45.26%-58.04%. CVD of 75.60%-190.70%

US AD Light rectangular tubing Taiwan Duties of 40.97% to be upheld for another five years

US AD Light -walled rectangular pipe and tubeMexico US Commerce Department preliminarily determined that imports of light-walled rectangular pipe and tube from Mexico were sold in the US for less than normal value

US AD Heavy -walled rectangular pipe and tube

Mexico In an October 2018 administrative review, a preliminary weighted-average dumping margin set at 6.34%. Maquialacero S.A. de C.V.’s dumping margin was set at zero and it was determined that Tuberia Nacional S.A. de C.V. did not make any shipments or sales subject to the review.

Canada Tariff Steel US US steel products are subject to a 25% import tariff

Canada AD, CVD Hot rolled plate India, Russia Countries found not to have dumped in January announcement

Canada AD Plate China The Canada Border Services Agency has decided to continue duties of 27.3%

Canada AD, CVD Line pipes China, Japan Final dumping margin for China of 95% (subsidy rate of 30.3%) and Japan 22.1-95%

Canada AD Line pipes South Korea Final dumping margins of 4.1%-88.1%

trade case status rePortcomplainant duties Product(s) origin(s) status/comments



Canada AD Welded pipe Taiwan Duties on Chung Hung and Shin Yang removed. Duties against other Taiwanese exporters reduced to 29.6% from 54.2%

Canada AD Welded pipe Pakistan, Philippines, Turkey, Vietnam Final margins of 66.8% for Pakistan, 18.1%-66.8% for the Philippines, 3.3%-45.8% for Turkey and 3%-54.2% for Vietnam set in January 2019

Canada AD HRC Brazil, China, Ukraine 77% dumping margins extended for five years from August 2016

Canada CVD HRC India 3,500 rupees/mt ($52/mt) duty extended for five years from August 2016

Canada AD Rebar Belarus, Hong Kong, Japan, Taiwan, Portugal, Spain

Final determinations affirmed at 37.5% for Belarus, Taiwan 0-108.5% , Hong Kong 54-108.5%, Portugal 2.4-108.5%, Spain 37-108.5%, Japan 108.5%

Canada AD, CVD Fabricated structural steel China, South Korea, Spain The Canada Border Services Agency (CBSA) found weighted average dumping margins of 9-45.8% for China, 1.9-45.8% for South Korea and 0-45.8% for Spain. CBSA set CVD of Yuan 152-11,656/mt for China

Canada AD Corrosion-resistant sheet China, India, Taiwan and South Korea Final duties set at 3.6%-53.5% for China, 3.2%-33.2% for Taiwan, 9%-40% for South Korea and 40% for India.

Canada AD, CVD CR coil and sheet China, South Korea and Vietnam China’s CRC exports to Canada received a final dumping margin of 91.9% and a subsidy rate of 11.6%, while CRC imports from South Korea received a final dumping margin of 53% and subsidy rate of 11.3%. CRC exports from Vietnam received a final dumping margin of 99.2% and subsidy rate of 6.5%.

Mexico AD Wire rod China Definitive duty of 49 cents/kg

Mexico AD CR sheet China Duties of 65.99%-103.41% imposed

Mexico CVD CR sheet China Duties of up to 103.42% on boron-added imports

Mexico AD Coated sheets China, Taiwan Definite antidumping duties of 22.22%-76.33% for China and 22.26%-52.57% for Taiwan

Mexico CVD HRC Russia, Ukraine Duties of 21% for Russia and 25% for Ukraine extended for further five years

Mexico AD Plate Italy, Japan Investigation launched

Mexico AD Plate Russia Duty of 29.3% renewed for another five years

Mexico AD Seamless pipe Japan Existing duty of 99.9% renewed

Mexico AD Welded tube China Final duties of $0.356-0.618/kg on imports of welded steel tube shipped by Chinese exporters, regardless of the country of origin

Mexico AD Seamless tubes India, South Korea, Spain, Ukraine Investigation launched in December 2016

Mexico CVD Seamless tubes India, South Korea, Spain, Ukraine Definitive duties of 20.67 cents/kg for India, 13.12 cents/kg for South Korea, 37.85 cents/kg for Spain, and 17.01 cents/kg for Ukraine.

Mexico Import tariff Slabs, plates, HRC, CRC, wire rod All suppliers Temporary import tariff of 15% extended for another six months in March

South america Argentina AD Welded and seamless pipes China Commission of Foreign Trade has imposed a 26% ad valorem anti-dumping tariff

Argentina Export tariff All exports, including steel All domestic exporters For primary products, for every $1 exported, a duty of Argentinian Pesos 4 is charged, while for finished products, for every $1 exported a duty of Pesos 3 is charged.

Colombia AD Wire rod China Provisional duties extended for two months in February

Colombia AD Casing and tubing pipes China Duties extended for three years , as of June 20. 15% AD corresponding to the difference between the base price of $2,388.23/mt FOB and the FOB price value declared by the importer

Colombia AD Carbon steel welded tubes China Provisional antidumping duty of 20%

Chile AD Wire rod All countries (China major importer) except Canada, Mexico, Peru and developing countries that account for no more than 3% of Chile’s rod imports

CNDP extended provisional antidumping duties of 18.1%-40.6%

Chile AD Rebar Mexico Investigation launched March 2018

Chile AD Steel bars for grinding balls production China Definitive duty of 8.2%-22.9%

Peru AD Tubes China Duties imposed for three years from April 2015

Peru AD Rebar Brazil, Mexico Investigation launched

Brazil AD Heavy plate China Duties of $211.56/mt extended to chrome-added and titanium-added heavy plate.

Brazil AD HR bars China Investigation launched in January 2017

Brazil AD Rebar Turkey Case started in January 2016, no timeframe disclosed

Brazil AD Seamless pipes China Camex studying an extension of the $743/mt duty

Brazil AD Steel wire, alloyed steel flat bar China The Ministry of Industry has set duties of $199.19/mt-$505.56/mt for imports of high-carbon steel wire and a duty of $495.73/mt on Chinese imports of alloyed steel flat bar

Brazil AD Austenitic stainless steel tubes Malaysia, Thailand, Vietnam Duties of $367/mt-$740.02/mt for Malaysia,$747.56/mt for Thailand, and $782.11/mt-888.27/mt for Vietnam.

Brazil AD Seamless pipes China, Romania Duties extended for five years, until August 2022. China subject to $743/mt duty and Romania subject to an ad valorem tariff of 14.3% over the CIF price

Brazil CVD Hot-rolled flat steel China Camex trade secretariat has imposed a duty of up to $425.22/mt for five years. Camex has delayed the tariff for up to one year.

Costa Rica Safeguard duties

Rebar All suppliers Costa Rica decided in December 2018 not to impose a safeguard duty

Europe & turkey EU Safeguard

dutiesSteel products All suppliers The European Commission introduced definitive tariff-rate quotas on a country-specific

basis on the biggest steel-supplying countries February 2, 2019. HRC imports are subject to a global tariff-rate quota.

EU AD HR plate and seamless tubes China Final duties for heavy plate set at 65.1-73.7%

EU AD HRC Brazil, Iran, Russia, Ukraine Definitive fixed duties per ton added on to the CFR price once the material arrives in Europe. €53.40-63.00/mt for Brazil, €57.50/mt for Iran, €17.60-96.50/mt for Russia and €60.50/mt for Ukraine

EU AD,CVD HRC China AD & CVD total 18.1%-35.9% for China

EU AD CRC China, Russia Definitive retroactive duties of 19.7%-22.1% for China and 18.7%-36.1% for Russia

EU AD Corrosion-resistant coated steel China Final duties of 17.2%-27.9%




EU AD Rebar China, Belarus Definitive duties of 18.4%-22.5% for China, with no retroactive duties. Definitive duty of 10.6% for Belarus. Deposits collected under the provisional duties are to be released for certain Belarusian rebar exempt from the definitive duties.

EU AD Grain-oriented electrical steel China, Russia, South Korea, US Definitive duties were set at 21.5%-36.6% for China, Japan 35.9%-39.0%, Korea 22.5%, Russia 21.6% and US 22.0%

EU AD Stainless CR China, Taiwan The Commission ends absorption investigation without adjusting duties imposed in August (China 24.3%-25.2%, Taiwan 6.8%)

EU AD Butt-weld tube & pipe fittings China Duties in place since 1996 extended

EU AD Seamless pipe China Final duties of 29.2%-54.9%

EU AD Seamless pipe & tube Russia, Ukraine After an expiry review in October 2018, the European Commission has decided to continue duties of 12.3%-25.7% for Ukraine and 24.1%-35.8% for Russia

EU AD Hollow sections, pipe & tube Macedonia, Russia and Turkey Investigation launched October 2018

EU AD HDG China Provisional anti-dumping duties of 17.2%-28.5%

EU AD Stainless steel seamless pipe China EU Commission has extended duties of 48.3%-71.9%

EU AD,CVD Organic coated sheet China Expiry review initiated for dumping duties of 5.9%-26.1% and countervailing duties of 13.7%-44.7%

EU AD Sheet piles China Investigation launched

EU AD Wire rod China Final duties of 24% set in 2008

Turkey AD Heavy plate China Final duties of 16.89%-22.55%

Turkey AD, CVD HRC China, Russia, Ukraine Petition filed in October 2016

Turkey Import duty HRC All suppliers Duty reduced to 3.5% from 5% for re-rollers, effective Jan 1. General HRC import duties kept unchanged at 9%.

Turkey AD Seamless pipe China Final dumping margin of $100-120/mt

Turkey AD PPGI China Final dumping margin determined at 23.4%

Turkey Import duty Rebar Third country imports Duty increased from zero to 10%, effective January 1 2019. Custom duties do not apply to the EU and countries with which it has free trade agreements.

Turkey Safeguard duties

Steel flats, longs, pipes, stainless products and railway equipment

All suppliers Turkey has decided to impose safeguard duties in the form of a tariff rate quota--a 25% duty if established quotas are exceeded are effective October 17 2018.

CIS Eurasian Economic Union

AD HDG sheet Ukraine & China Investigation launched in July 2018

Ukraine AD Wire rod & rebar Russia Final duty of 51.21%, effective February 28 2018

africa & middle East Morocco Safeguard

duties Rebar, wire rod All imports Duties of dirham 0.55/kilogram extended by three years from December 2015. Tonnage

allowed in duty-free rises by 10% per year

Morocco Safeguard duties

CRC, coated sheet All imports Duty rates are 22% for 2015, 20% for 2016, 18% for 2017 and 16% for 2018

Egypt Safeguard duties

Rebar All imports for three years from May 2015 Tariff of 8%

Egypt AD CRC Belgium, China, Russia, Investigation launched in October 2016

Egypt AD Rebar China, Turkey, Ukraine Temporary duties of 17% for China, 10-19% for Turkey and 15-27% for Ukraine to be maintained for another five years from December 6 2017

Iran Import duties HRC & CRC (all thickness), plate, longs and semi-finished products

All suppliers Duties on most long products at 26%; duties on HRC & CRC at 10%-20%; duties at 5% for semi-finished products; API grade plate decreased to 10% from 15%, tinplate tariff reduced to 15% from 26%

Iran Export duty Iron ore pellet All suppliers 15% duty applied to exports

Saudi Arabia Export duty Steel All exporters Saudi Arabia’s Ministerial Provisioning Committee has suspended duties on steel exports for two years

South Africa Safeguard duties

HR coil & plate All suppliers Duties of 22% in 2017, 20% in 2018 and 18% in 2019

asia Taiwan AD Hot-dip galvanized coil/sheet China, South Korea Final duties in the range of 4.22%-77.3%, with producers from South Korea hit with the

heaviest penalty of 77.3%.

Taiwan AD Heavy plate Brazil, China, India, Indonesia, South Korea, Ukraine

Final duties of 30.29%-59.73% for China, Brazil 31.1%, India 25.85%, Indonesia 46.84%, South Korea 8.66%-80.5% and Ukraine 26.57%

South Korea Import tariff Stainless steel bars Italy, Taiwan The Korea Trade Commission has proposed duties of 9.47%-18.56% for Taiwan and 10.21%-13.74% for Italy for a period of five years

Taiwan AD Steel products China Investigation launched

South Korea AD Stainless steel plate Japan The Korea Trade Commission has requested the Ministry of Trade extend 13.17% duty for three years

South Korea AD Galvanized steel wire China Final duty of 8.6% for five years, as of May 2018

Thailand AD HRC Brazil, Iran, Turkey Final duties of 34.4% for Brazil, Iran 7.25%-38.27% and Turkey 6.88%-38.23%, effective for five years from May 16 2017

Thailand AD HDG coil/sheet China, South Korea, Taiwan Investigation launched in September 2016

Thailand AD Pickled and oiled HRC South Korea Investigation announced on February 4. Sahaviriya Steel Industries alleges a dumping margin of 22.11%

Thailand AD Al-Zn alloy coated sheet Vietnam Final duties of 6.20%-40.49% levied

Thailand AD Painted HDG, Painted Al-Zn alloy steel Vietnam Final duties of 4.3%-60.26% levied

Thailand AD Mild HRC, pickled coil & HR plate China, Malaysia Duties of 30.91% for China and 23.57%-42.51% for Malaysia extended for another five years, effective June 23 2017

Thailand AD Welded pipe China, South Korea Final duties of 3.22%-66.01% for China and 3.49%-53.88% for South Korea, effective for five years from July 19 2017

Thailand AD Alloy-added high-carbon Wire rod China Final duties of 12.26%-36.79%, effective from December 22 2016, for five years




Thailand AD Low-carbon Wire rod China Duties of 12.81%-31.15% no longer apply to products under the single HS code of 7227.9000.090

Thailand AD HRC 14 countries including South Korea, Japan, India, Taiwan, Russia

AD duties of 3.45%-128.11% extended for five years from May 2015.

Thailand AD Stainless steel pipes China, South Korea, Taiwan, Vietnam Duties of 310.74% for Vietnam, South Korea 11.96%-51.53%, China 145.31% and Taiwan 2.38%-29.04%

Thailand Safeguard duties

Alloy-added H-beam All suppliers Final duties will span two years, at an initial rate of 31.43% for the first year and 31.05% thereafter. 180 countries exempt

Malaysia AD HRC China Duties of 6.35%-12.19% imposed in February 2015

Malaysia AD CRC China, South Korea, Vietnam Final duties of 3.78%-23.78% for China, 3.78%-21.64% South Korea and 3.06%-13.68% Vietnam

Malaysia Safeguard duties

HR plate All suppliers Safeguard duties extended for further three years in July 2016

Malaysia Safeguard duties

Rebar, wire rod, deformed bar-in-coil 42 countries including China, Japan, US and EU countries

Rebar 13.42% in year one, down to 12.27% & 11.10% in years two & three; Wire rod & bar-in-coil 13.90% in year one, down to 12.90% & 11.90% in years two & three

Malaysia Import dutiesRebar, wire rod Importers 5% import tariff reinstated in June

Malaysia AD Color coated coil China, Vietnam Duties of 00.6% to 52.10% (all Chinese exporters) imposed in January

Malaysia AD CR stainless coil & sheet China, South Korea, Taiwan, Thailand Final duties of 2.68%-23.95% for China; 4.44%-7.27% for South Korea (Hyundai BNG Steel and Hyundai Steel Company are excluded); 2.79%-14.02% for Taiwan (China Far Industrial Factory and Yieh United Steel Corporation (YUSCO) are excluded ); 22.86%-111.61% for Thailand.

Vietnam AD CR plate China, Taiwan, Indonesia, Malaysia Duties imposed in September 2014

Vietnam Safeguard duties

Color coated sheet All importers Investigation launched in July 2016

Vietnam AD HDG and aluminium/zinc-coated steel China, South Korea Final duties of 3.17%-38.34% for China and 7.02%-19% for S. Korea, for five years effective April 14

Vietnam AD HDG, coated sheet China (including Hong Kong), South Korea Temporary duties of 4.02%-38% for China and 12%-19% for South Korea applied in September

Vietnam AD Wide-flange beams China Final duties of 20.48%-29.17%, effective September 5 2017

Vietnam AD PPGI/PPGL color-coated products China, South Korea Investigation launched October 2018

Indonesia Import dutiesAll upstream steel products Most Favored Nations including India, South Korea, Japan, CIS, Latin America

HRC, CRC, plate & wire rod duties raised to 15%; galv & coated sheet raised to 20%; rebar raised to 17.5%

Indonesia AD Color-coated sheets China & Vietnam Indonesia has decided not to implement anti-dumping measures, citing national interests.

Indonesia Safeguard duty

Aluminium/zinc-coated sheet (Galvalume)

All suppliers Duties extend for three years. Initial rate of INR 2,891,858/mt will fall to INR 2,186,030/mt in year two and to INR 1,480,202/mt in year three.

China AD Grain-oriented electrical steel EU, Japan, South Korea Provisional AD duties of 39%-45.7% for Japan, 14.5%-29.5% for South Korea and 46.3% for EU mills

China Export duty Billet All suppliers China’s finance ministry abolished the 10% export duty on steel billet, effective January 1, 2019.

Japan AD Carbon steel butt welding parts China, South Korea Preliminary dumping margins of 43.41%- 73.51% for South Korea and 60.84% for China

India AD HR coil, sheets and plates China, Japan, South Korea, Russia, Brazil, Indonesia

Final duties equivalent to the difference between the CFR Mumbai price and the reference price of $478-489/mt on HRC and $561/mt on HR sheets and plates

India AD Stainless CR South Korea, Taiwan, Thailand, South Africa, US

Duties extended for further five years until 2020. Investigation into claims exporters are circumventing duties

India CVD HR, CR stainless flat products China Unfair trade investigation opened into Jan-Dec 2015 period

India AD HRC, CRC All importers India has pushed the response deadline for it HRC & CRC AD investigations to June 20

India AD CRC China, Japan, South Korea, Ukraine Final duties equivalent to the difference between the CFR Mumbai price and the reference price of $576/mt CFR Mumbai, effective for five years from August 17, 2016

India Safeguard duties

Hot rolled sheet, plates All importers Duties applied at 10% on imports of hot rolled sheets and plates of thickness 150mm or less and width 600mm and more, for 1 year

India AD Alloy and non-alloy color-coated/pre-painted flats

China, EU Investigation launched

India AD Seamless pipes and tubes China Duties of $961.33-$1,610.67/mt on popular grades of seamless tubular products imported from China.

India AD Hot rolled alloy and non-alloy steel bars and rods

China Finance ministry imposed at minimum price on import of $449-538/mt for six month, effective November 2 2016

India AD Coated/pre-painted steel 6mm+ China, EU Margins of 50%-60% for China and 70%-80% for EU

India AD Straight length alloy steel bars and rods

China Duties ranging from $44.89-$185.51/mt imposed for five years effective October 2018

India Tariff Iron and steel products US Tariffs in the range of 20%-25% for several steel and iron products, including some flat-rolled steel

India AD Non-cobalt grade, high-speed steel Brazil, China, Germany Investigation launched

Pakistan AD CRC China, Ukraine Preliminary duties of 8%-19% imposed on January 13, final ruling by June 13

Pakistan AD Wire rod China Investigation launched in October, preliminary determination by mid-April

Pakistan AD Billet China Duty maintained at 15%

Pakistan AD Rebar China Preliminary dumping margin of 52.52%

Pakistan AD CRC China, Ukraine Provisional duties of 13.17%-19.04% on imports from thirteen companies based in China and Ukraine

Pakistan AD Color-coated steel China, South Africa Duties of 5.36%-10.88% for China and 14.24% for South Africa

australia Australia AD, CVD Rebar China Preliminary dumping duties of 5%-24% imposed ahead of final ruling in March, CVD

probe to start

Australia AD, CVD Rebar Turkey Preliminary dumping margin of 4% set in January 2019




Australia AD Wire rod China Final AD duty on Hunan Valin Xiangtan Iron & Steel of 44.1%, Shagang rod 37.4%, and all other Chinese exporters 53.1%

Australia AD Rebar Singapore, South Korea, Spain, Taiwan Dumping duties of up to 14.3% imposed on the four countries in November

Australia AD Rebar Spain Review opened for the 3-8.2% dumping measures applied in 2015

Australia AD Rebar Greece, Indonesia, Spain (Nervacero SA), Taiwan (Power Steel) and Thailand

Preliminary duties of 42.1% for Greece, 0.0%-12.2% for Indonesia, 7.5% for Spain’s Nervacero S.A, 4.4% for Taiwan’s Power Steel, and 9.6%-12.2% for Thailand

Australia AD Chrome-plated bar Italy, Romania Romania receives definitive AD duties of 22.4%-66.9%

Australia AD Hollow structural sections India, Thailand, UAE Duties of 5.7%-29.7% for Thailand. Probe into India and UAE cancelled

Australia AD Wire rod Indonesia, Taiwan Duties of 10.1% on Indonesian exporters and 2.7% on Taiwanese exporters imposed in June 2015

Australia AD Quenched & tempered plate Finland, Japan, Sweden Duties imposed in November 2014

Australia AD ERW pipes China, Malaysia, South Korea, Taiwan Dumping duties imposed in 2012 continued (China also subject to CVD duties)

Australia AD HDG China, Taiwan Australian AD Commission initiated two reviews of duties in September

Australia AD HDG sheet/coil India, Malaysia, Vietnam Duties of 7.6%-12% for India; 14.5%-16.5% for Malaysia; 8.4%-14.2% for Vietnamese exporters, except Hoa Sen Group and Nam Kim Steel JSC

Australia CVD HDG sheet/coil India CVD of 5% for JSW and 3.6% for Essar. Other exporters subject to a subsidy margin of 5.9%.

Australia AD Alloy steel bar China Investigation launched in January 2017

Source: Compiled by Platts, updated weekly


S&P Global Platts Steel Markets Latin AmericaApril 4, 2019 | Tivoli Mofarrej | Sao Paulo, Brazil

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