Iron ore prices have fallen below $100 a ton as the market assesses the outlook for China’s property sector, which is expected to deteriorate sharply. Economic analysts expect China’s home prices and sales to continue falling next year, although the decline may be slower than in 2024. The price of iron ore, a key ingredient
Iron ore price falls below $100 a ton as China property crunch fears deepen Read More »
A broad-based US government panel has failed to reach a consensus on the potential risks that a potential acquisition of Japanese steelmaker Nippon Steel of rival US Steel could pose, leaving the final decision on the deal in the hands of President Joe Biden, who has long opposed it. The White House said the Committee
Biden to decide fate of Japan’s acquisition of US Steel Read More »
Iron ore prices rose on expectations of increased purchases by Chinese steel mills to replenish stocks ahead of the New Year holiday season. The most active iron ore futures contracts on the Dalian Exchange for May delivery rose 0.84% to 780 yuan ($106.87) per tonne during today’s trading, after touching the lowest level since November
Iron ore prices rise on expectations of increased demand ahead of the holiday season Read More »
Rebar prices in Egypt this week ranged between EGP 34,000 – EGP38,200. The prices were as follows: Ezz Steel EGP 38,200, Suez Steel EGP 38,100, Bishay Steel EGP 38,200, El Marakby Steel EGP 36,800, Egyptian Steel EGP 38,100, Ashry Steel EGP 35,500. Garhy Steel EGP 36,800, Misr Steel EGP 35,000, El Komy Steel EGP 34,700,
Rebar prices in Egypt December 23, 2024 Read More »
World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 146.8 million tonnes (Mt) in November 2024, a 0.8% increase compared to November 2023. Africa produced 1.8 Mt in November 2024, down 5.0% on November 2023. Asia and Oceania produced 107.4 Mt, up 2.0%. The EU (27) produced 10.7
World crude steel production up 0.8% in November 2024 Read More »
According to preliminary census data from the US Department of Commerce, US imports of rebar totaled 87,770 mt in October this year, up 56.4% month on month and down 8.2% year on year. By value, rebar imports totaled $52.4 million in October this year, compared to $26.3 million in September and $56.5 million in October
US rebar imports up 56.4% in October, Algeria leads Read More »
Sources in the iron and steel industry in Egypt said that the country’s steel production in the first 10 months of this year approached 9 million tons, an increase of 5% year-on-year compared to the production of the corresponding period last year, according to “Al Arabiya Business”. The sources added that the quantities of steel
Egypt’s steel production to rise to 9 million tons in January-October 2024 Read More »
Japanese Nippon Steel has accused the White House of undue influence over a security review of its $14.9 billion acquisition of United States Steel, and threatened legal action if the deal is blocked, Reuters reported. The accusation was made in a letter dated Dec. 17, signed by lawyers for Nippon Steel and U.S. Steel, to
Nippon Steel accuses White House of undue influence in U.S. Steel deal Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $351/ tonne, $3 up compared to last week’s prices. and iron ore prices $100/ tonne, $4 down compared to last week’s prices. While the prices of billets ranged between 440 – 465 Dollars per tonne, while it was between 440 –
Steel prices in the third week of December 2024 Read More »
Japanese steelmaker Nippon Steel has announced that it has achieved the world’s first carbon emission reduction of over 40% in a test furnace at the East Nippon Works Kimitsu Area. In the test conducted from November to December this year, the company verified a 43% reduction in carbon emissions. In this test, this significant carbon
Nippon Steel achieves 43% carbon emission reduction Read More »
GCC economies have proven resilient to external shocks such as regional conflicts and oil production cuts over the past period, according to a report written by analysts at the International Monetary Fund, who expected positive performance for the region in the near term amid balanced risks. “The repercussions of the Red Sea tensions on Gulf
Report: GCC economies have resisted shocks, outlook is positive Read More »
According to preliminary census data from the US Department of Commerce, US monthly steel imports in October this year up 10.7% from September and up 8.2% year on year to total 2,174,363 mt. According to the American Iron and Steel Institute (AISI), the share of imports in the US steel market in October 2024 was
US steel imports up 10.7% in October 2024 Read More »
The African Development Bank has approved a $150 million concessional loan to the National Industrial and Mining Company (SNIM). The loan from the African Development Bank will enable SNIM to acquire up to 36 locomotives and 1,743 wagons to transport iron ore production to the iron ore port in Nouadhibou. The loan, provided by the
Mauritania: SNIM borrows $150 million to expand its iron ore transport capacity Read More »
The Federal Reserve cut its main interest rate for the third time in a row by about a quarter of a percentage point to a range of 4.25%-4.50%. The decision of the US central bank, headed by Jerome Powell, comes in response to the continued slowdown in inflationary pressures that have strained the US economy
US Federal Reserve cuts interest rates for the third time in a row in 2024 Read More »
In November 2024, India’s iron ore exports fell 55% year-on-year and 24% month-on-month to 1.82 million tonnes. This is evidenced by CYBEX data, Kallanish reports. The main reason behind the sharp decline was weak activity in the key market of China, which accounts for about 90% of India’s iron ore exports. Chinese steelmakers prefer lower-grade
India’s iron ore exports fall 55% in November Read More »
In January-November 2024, Ukraine’s flat steel imports increased by 7.8% compared to the same period in 2023, reaching 895.67 thousand tons. This is according to the State Customs Service. Coated steel products (HS 7210) accounted for the largest share of imports with a volume of 426.35 thousand tons, up 4.7% year-on-year. Hot-rolled flat steel products
Ukraine’s flat steel imports up 7.8% in January-November 2024 Read More »
The rebar market in Saudi Arabia witnessed a decrease in prices in the first eleven months of 2024 compared to the same period in 2023. The average price of rebar in January-November of current year amounted to 2899.11 riyals, a decrease of -3.5% compared to the average for the same period in 2023, which amounted
Rebar prices in Saudi Arabia decreased by 3.5% in January-November 2024 Read More »
Talks were held between Lieutenant General Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, and Tian Haikui, Chairman of “Chinese steelmaker XinFeng”, within the framework of discussing the latest developments in the plan to establish an integrated industrial complex with a total area within the integrated Sokhna area, affiliated
Egyptian-Chinese talks to establish HRC and CRC factories Read More »
Egypt’s iron and steel exports declined in January-October of this year to record $1.695 billion, a decline of 13%, compared to the same period in 2023, which amounted to $1.942 billion. A report issued by the Export Council for Building Materials, Refractories and Metal Industries revealed that the total number of countries to which exports
Egypt’s iron and steel exports decline by 13% in January-October 2024 Read More »
Tata Steel UK, a subsidiary of India-based steelmaker Tata Steel Limited, has announced that it has signed an agreement with UK-based construction equipment manufacturer JCB for the supply of green steel. This marks Tata Steel UK’s first supply agreement since the announcement of its transition to low-carbon steel production at Port Talbot. Accordingly, JCB will
Tata Steel UK inks first green steel supply agreement with JCB Read More »
Egyptian Ezz Steel revealed the reasons behind its decision to seek to delist its shares from the Egyptian Stock Exchange for three reasons, including the increase in risks in light of the fluctuations witnessed by the industry resulting from the spread of protectionist measures in Europe. The company added in a letter sent to the
Ezz Steel Decides to Delist Its Shares from the Egyptian Stock Exchange Read More »
Rebar prices in Egypt this week ranged between EGP 34,000 – EGP38,200. The prices were as follows: Ezz Steel EGP 38,200, Suez Steel EGP 38,100, Bishay Steel EGP 38,200, El Marakby Steel EGP 36,800, Egyptian Steel EGP 38,100, Ashry Steel EGP 36,000. Garhy Steel EGP 36,800, Misr Steel EGP 35,000, El Komy Steel EGP 34,700,
Rebar prices in Egypt December 16, 2024 Read More »
Egypt’s imports of iron raw materials decreased by about 19.1% during September, recording $327 million, compared to $405 million in the same period last year 2023, according to data from the external bulletin of the Central Agency for Public Mobilization and Statistics. Ayman Al-Ashry, Chairman of the Board of Directors of Al-Ashry Steel Group, attributed
Egypt’s imports of iron raw materials decreased by 19% in September Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $348/ tonne, $11 up compared to last week’s prices. and iron ore prices $105 / tonne, $1 up compared to last week’s prices. While the prices of billets ranged between 440 – 465 Dollars per tonne, while it was between 435
Steel prices in the second week of December 2024 Read More »
The global longs steel market is now characterized by the slowing down of market activity, even though it had not been too lively previously, due to the approaching holiday season. The shortterm expectations are blurred with a lot of uncertainty including political factors, the situation in China and the difficulties faced by the steel industry
Global long steel trade faces challenges, outlook unstable Read More »
The first slabs and coils have been produced by South African steel producer Scaw Metals, at its Johannesburg Works. The purpose for investing in this brownfield project has been to expand the product portfolio to include flat products and to increase production capacity, making the plant a center of excellence for flat products in sub-Saharan
Germany has scrapped plans to allocate €350 million ($368 million) to support hydrogen projects, complicating its drive to meet clean fuel transition goals. The funding was part of the European Hydrogen Bank program, which allows national subsidies to be used to support the start-up of the hydrogen industry. But Germany and the European Commission have
Germany scraps €350m plan to support hydrogen projects Read More »
The Building Materials Division of the Cairo Chamber of Commerce held an expanded meeting with a delegation from the Turkish Steel Exporters Association to discuss new ways of cooperation in the coming period in this sector between Egypt and Turkey. Ahmed El-Zeiny, Head of the General Division of Building Materials at the Federation of Chambers
Modon and Emsteel Group have entered into a strategic partnership that embodies Modon’s ambitious vision to become the first real estate developer in the UAE to rely on sustainable steel. This collaboration underscores the pivotal role played by Emsteel and Modon in driving the construction sector towards a more sustainable and carbon-free future. In line
Emsteel and Modon Partner to Adopt Sustainable Steel in the Construction Sector Read More »
In November this year, China’s finished steel exports amounted to 9.278 million mt, down 17.0% month on month and rising by 15.8% year on year, according to the latest data released by China’s General Administration of Customs (GACC). In the January-November period this year, China’s finished steel exports rose by 22.6% year on year to
China’s steel exports up 22.6% in January-November 2024 Read More »