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AMM’s Steel Success Strategies XXIX conference in New York was the platform for much debate this week.
Lakshmi Mittal, ceo of the world’s largest steelmaker, ArcelorMittal, delivered the keynote speech. He highlighted the strategic shift of the industry’s growth to developing countries, the structural challenge of overcapacity particularly in China, the importance of infrastructure investment and the threats to competitiveness from one-sided environmental legislation.
Much of the podium debate focused on advances made in the development of high strength steels in an attempt to maintain and grow competitiveness against rival materials such as aluminium. You find the latest contributions to the debate on our dedicated Steel vs Aluminium section on the website.
On the sidelines, discussion was focused on the fate of Severstal’s North American steel mills in Dearborn, Michigan and Columbus, Mississippi.
Coinciding with the conference, we also published our annual Top Steelmakers survey.
The Moroccan government has undertaken first investigative steps which could lead to the introduction of temporary safeguarding duties or quotas on imports of cold rolled steel sheet and plated or coated steel.
Meanwhile the Malaysian government has started an anti-dumping investigation into imports of hot rolled coil from China, South Korea and Indonesia.
The European Union has delayed the creation of a World Trade Organisation disputes panel to rule on complaints from Russia over the restrictions of exports of Russian steel tube and pipe.
In the growing market of steel and raw materials derivatives, the London Metal Exchange told traders earlier this week that it plans to launch cash-settled futures for ferrous scrap and rebar.
In China, the Shanghai Futures Exchange is preparing the first physical delivery against its hot rolled coil futures contract.
In the iron ore market, 62% Fe spot prices dropped below $90 per tonne cfr China for the first time since September 2013 at the start of the week.
The Metal Bulletin Iron Ore Index for 62% Fe material fell to $89.48 per tonne cfr Qingdao on Monday June 16.
The index finished the week slightly higher at $92.13 per tonne cfr Qingdao despite continued weak sentiment.
Editor Vera Blei looks at the main news covered by Steel First this week.