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Iron ore prices consolidate their gains and exceed the level of $140 per ton

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Iron ore futures prices consolidated their gains during Tuesday trading to exceed the level of 140 per ton, with China’s steel production towards recording its first annual increase in about 3 performance. Last week’s data continued that China’s steel production increased by 3.8% in November compared to the previous month, from one ton to 76.1 …

Iron ore prices consolidate their gains and exceed the level of $140 per ton Read More »

Egypt’s import of raw materials of iron, steel and iron ore decreased by 25.5% in January-September 2023

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Foreign trade data showed that Egypt’s imports of raw materials of iron, steel, iron ore and their concentrates in January-September 2023 amounted to $4.163 billion, a decline of 25.5% compared to the same period in 2022, which amounted to $5.589 billion. The value of Egypt’s imports of iron or steel raw materials declined to reach …

Egypt’s import of raw materials of iron, steel and iron ore decreased by 25.5% in January-September 2023 Read More »

Expectations for steel demand in China to slow in 2023 and 2024, affected by the construction sector

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The world’s largest steel producer will consume 890 million tons this year, leaving it with a large surplus, officials at the China Mineral Industry Planning and Research Institute said at a press conference. Official data showed last week that China produced 952.14 million tons of crude steel in the first eleven months of 2023, an …

Expectations for steel demand in China to slow in 2023 and 2024, affected by the construction sector Read More »

China changes tariff codes for HRC, CRC and coated steel,export tax rebates awaited

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Tariff Commission of the State Council of China’s State Council announced on December 21 that it further defines the tariff code for the high value-added steel. Accordingly, five subclassifications have been inserted in categories—hot rolled coil (7208.5120), hot rolled coil (7208.5190), cold rolled coil (7209.1690), cold rolled coil (7209.1790) and coated (coated) coil (7210.4900), which …

China changes tariff codes for HRC, CRC and coated steel,export tax rebates awaited Read More »

World crude steel production increased by 3.3% in November 2023

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World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 145.5 million tonnes (Mt) in November 2023, a 3.3% increase compared to November 2022. Africa produced 1.8 Mt in November 2023, up 3.1% on November 2022. Asia and Oceania produced 104.8 Mt, up 2.2%. The EU (27) produced 10.6 …

World crude steel production increased by 3.3% in November 2023 Read More »

A shareholder reduces his stake in Ezz Steel’s capital by 374.84 million pounds

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Mubasher Securities and Bonds Trading Company said that shareholder Jamal Abdul Qader Abdul Basir reduced his stake in the capital of Ezz Steel Company from 5.85% to 4.99%. The company explained in a statement today, Thursday, that Gamal Abdel Qader sold 4.67 million shares of Ezz Steel, with a total value of the deal amounting …

A shareholder reduces his stake in Ezz Steel’s capital by 374.84 million pounds Read More »

China’s iron ore output up 7.1% in January-November 2023

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In November alone, China’s iron ore production totaled 85.568 million mt, increasing by 6.6% year on year, while decreasing by 1.1% month on month, according to China’s National Bureau of Statistics (NBS). Import iron ore prices have seen an overall upward trend until November 22, while moving down in late November. When entering in December, …

China’s iron ore output up 7.1% in January-November 2023 Read More »

Ukraine: The cost of Metinvest Group’s green steel transformation is approximately $9 billion

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The green transformation of Metinvest Group’s Ukrainian assets could cost about $9 billion. Yuriy Ryzhenkov, CEO of Metinvest, told Forbes in an interview. At the same time, he noted that Ukraine has already lost at least two years to start this process due to the war. According to the Group’s CEO, the implementation of the …

Ukraine: The cost of Metinvest Group’s green steel transformation is approximately $9 billion Read More »

European-American agreement to extend the suspension of duties imposed on steel and aluminum

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The European Union announced an agreement with the United States extending the suspension of special customs duties on steel and aluminum products until March 2025. This step aims to avoid further escalation in a long-term trade dispute with the United States that arose under the administration of former US President Donald Trump. The European Commission …

European-American agreement to extend the suspension of duties imposed on steel and aluminum Read More »

Egypt signs a huge agreement with a Saudi company worth $4 billion

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Egyptian bodies signed an agreement with the Saudi company “CoPower” to develop a green hydrogen project, with investments exceeding $4 billion, in the Suez Canal Economic Zone. The signing was made between the Sovereign Fund of Egypt, the Suez Canal Economic Authority, the Egyptian Electricity Transmission Company, the New and Renewable Energy Development and Utilization …

Egypt signs a huge agreement with a Saudi company worth $4 billion Read More »

Britain intends to implement carbon duties on imports by 2027

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The British government announced that it intends to implement a new mechanism for pricing carbon imports by 2027, whereby fees will be imposed on goods imported from countries that do not impose carbon fees or impose lower fees, as part of efforts to eliminate carbon emissions. The government said the carbon limits adjustment mechanism will …

Britain intends to implement carbon duties on imports by 2027 Read More »

“Nippon Steel” acquires the American steel giant “US Steel” for $14 billion

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US Steel has agreed to be bought by Nippon Steel, Japan’s largest steelmaker, in a $14.1 billion deal. The deal marks the latest step in a gradual decline for the iconic 122-year old company, which was once the largest company on the world. It was one of the first major conglomerates and a symbol of …

“Nippon Steel” acquires the American steel giant “US Steel” for $14 billion Read More »

Condolences on the death of the Emir of the State of Kuwait, Sheikh Nawaf Al-Jaber Al-Sabah

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Condolence In the name of God, the most gracious, the most merciful His Excellency Mr. Awaad Al-Khalidi Chairman of Kuwait Steel Company Chairman of the Board of Directors of the Arab Iron and Steel Union It is with great sadness and sadness that we received the news of the death of the late His Excellency …

Condolences on the death of the Emir of the State of Kuwait, Sheikh Nawaf Al-Jaber Al-Sabah Read More »

Morocco: Sonasid obtains EPD certification for long steel products

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Sonasid Group, the leading national steel company, has obtained the International Environmental Product Declaration (EPD) certificate for its long steel products (rebar and wire rod), thus becoming the first producer of long steel products in Morocco to obtain this certificate. “A certificate confirms the group’s position as a leading African company in the production of …

Morocco: Sonasid obtains EPD certification for long steel products Read More »

China to accelerate decommissioning of obsolete steel capacities

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China’s State Council recently published an action plan to improve the country’s air quality as part of its efforts to promote quality economic development. In particular, it refers to the need to accelerate the elimination of old facilities in key industries, including steel. According to the plan, by 2025, the density of suspended particulate matter …

China to accelerate decommissioning of obsolete steel capacities Read More »

Egypt: 28.3 million pounds in iron and steel sales to mines in October

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The Iron and Steel Company for Mines and Quarries announced that it achieved total sales in last October amounting to 28.29 million pounds. The company explained, in a statement to the Egyptian Stock Exchange, that sales of Bahariya Oasis mines in September amounted to 28.23 million pounds. She added that the sales value of the …

Egypt: 28.3 million pounds in iron and steel sales to mines in October Read More »

Egypt: Continuing the export duty on scrap steel and raising it to 6,000 pounds per ton

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Engineer Ahmed Samir, Minister of Trade and Industry, decided to continue implementing Ministerial Resolution No. 605 of 2022 regarding imposing an export duty on a type of scrap and waste from stainless steel alloys, customs item (7204.21). The second article of the decision stipulated amending the export fee imposed in the previous decision, to be …

Egypt: Continuing the export duty on scrap steel and raising it to 6,000 pounds per ton Read More »

Algeria: Extracting more than 250 thousand tons of iron ore from the Gara Jbeilat mine

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Algiers, Assistant Director General of the National Iron and Steel Corporation (FERAL), Belhadj Reda, confirmed that between 2022 and 2023, more than 250 thousand tons of iron ore were extracted from the Gara Jbeilat mine. Mr. Belhadj explained, in a press interview with Algerian Radio Channel 1, that about a quarter of a million tons …

Algeria: Extracting more than 250 thousand tons of iron ore from the Gara Jbeilat mine Read More »

UAE: Research on green steel production in Khalifa Industrial City

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Liberty Steel, a global steel producer, signed a memorandum of understanding with Abu Dhabi Ports Group to develop solutions to import high-quality magnetite iron ore from Australia to the United Arab Emirates. The agreement would play an important role in decarbonising international iron and steel production by combining Liberty’s access to 4 billion tonnes of …

UAE: Research on green steel production in Khalifa Industrial City Read More »

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