According to the prices announced in the global steel markets, scrap prices amounted to $338/ tonne, $6 down compared to last week’s prices. and iron ore prices $105 / tonne, $5 up compared to last week’s prices. While the prices of billets ranged between 445 – 475 Dollars per tonne, while it was between 455
Steel prices at the end of November 2024 Read More »
9th Economic Committee Report – September 2024 Read More »
Troubled German steelmaker Thyssenkrupp has reported a €1bn ($1.06bn) loss at its steel division as demand weakens, with the industrial giant citing a bleak outlook for sales volumes and structural challenges in the sector. The company’s net loss narrowed to €1.5bn in the fiscal year ended Sept. 30, after deducting minority stakes, from a net
Thyssenkrupp posts €1bn loss as steel demand weakens Read More »
The US Commerce Department has approved a tariff increase on Nippon Steel, as the Japanese steelmaker promised to fight imports to secure support for its $14.1 billion deal to acquire US Steel. The Commerce Department imposed a 29% anti-dumping duty on Nippon Steel for selling hot-rolled steel in the United States at below-normal prices from
US raises tariffs on Japan’s Nippon Steel Read More »
Saeed Al Ghafri, CEO of Emirates Steel, a subsidiary of Emsteel Group, revealed a new project to produce low-carbon steel in Abu Dhabi, in cooperation with Japanese partners to meet the growing global demand for environmentally friendly products. Al Ghafri confirmed on the sidelines of the “Middle East Iron and Steel Conference 2024” held in
Emirates Steel CEO: Expected project to produce low-carbon steel in Abu Dhabi Read More »
Egypt’s steel exports declined in January to September of this year to $1.46 billion, a decline of 18% compared to same period last year. Exports fell by about 11.5% in terms of quantities to 2.25 million tons. The value of steel imports in January – September of this year increased by 33% to $4 billion,
Egypt’s steel exports decline, imports increase in Jan. – Sep. 2024 Read More »
Reuters reported that steelmaker Swiss Steel Group will cut about 800 jobs in its home market of Switzerland and abroad due to weak demand in European manufacturing, lower production levels and weak growth prospects. Reuters reported that steelmaker Swiss Steel Group (STLN.S), opens new tab will cut around 800 jobs in its home market of
Swiss Steel to cut 800 jobs amid weak demand Read More »
ArcelorMittal France, a subsidiary of Luxembourg-headquartered steel giant ArcelorMittal, has announced that it has signed a contract with France-based renewable energy device producer Genvia to integrate a 200kg/day low-carbon hydrogen electrolyzer to the industrial processes for the production of high performance electrical steels. This collaboration represents an important step in the joint effort to reduce
ArcelorMittal France and Genvia to collaborate on low-carbon hydrogen Read More »
Rebar prices in Egypt this week ranged between EGP 35,000 – EGP 40,700. The prices were as follows: Ezz Steel EGP 38,200, Suez Steel EGP 38,100, Bishay Steel EGP 40,700, El Marakby Steel EGP 36,800, Egyptian Steel EGP 38,100, Ashry Steel EGP 35,500. Garhy Steel EGP 36,800, Misr Steel EGP 35,500, El Komy Steel EGP
Rebar prices in Egypt November 17, 2024 Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $356/ tonne, $8 down compared to last week’s prices. and iron ore prices $96/ tonne, $6 down compared to last week’s prices. While the prices of billets ranged between 460 – 490 Dollars per tonne, while it was between 460 –
Steel prices in the third week of November 2024 Read More »
China’s steel output rebounded in October, snapping a four-month losing streak, as market sentiment improved on Beijing’s efforts to stimulate economic growth. Improved profit margins helped steelmakers increase output to 81.88 million tonnes, up 6.2% from September and 2.9% higher than a year earlier, according to data from the National Bureau of Statistics. The cumulative
China steel output rebounds after four-month decline Read More »
Meeting on Thursday with non-governmental entities in Baku for the COP29 climate talks, UN Secretary-General António Guterres highlighted the crucial role that cities, regions, businesses and financial institutions must play in driving the worldwide effort towards reaching net-zero emissions by mid-century. “We need a massive global effort to steer our world onto a path to
COP29: Now is the time to fast-track, not backtrack’ on the path to net-zero Read More »
The British newspaper, Financial Times, reported that the frozen trade dispute over steel has become an early test for the European Union’s relationship with the incoming administration of US President-elect Donald Trump. The outgoing US President Joe Biden had reached a truce with the European Union in the conflict that erupted when former President Donald
Financial Times: The trade dispute over steel between Brussels and Washington is renewed Read More »
China’s steel exports in October 2024 increased by 10.1% compared to the previous month – to 11.18 million tons. Shipments increased by 40.8% compared to October 2023. It is reported by Reuters. During January-October this year, Chinese producers exported 91.89 million tons of steel (+23.3% y/y), which already exceeds the total exports of 2023 and
China’s steel exports hit 9-year high Read More »
In October this year, Vietnam’s steel imports reached 2,412,410 mt, up 41.7% compared to September, with China as the largest exporter with 1,856,612 mt, while its scrap imports grew 7.5% month-on-month to 346,153 mt, with Japan as the largest exporter with 189,663 mt, according to data released by the General Department of Customs of Vietnam.
Vietnam’s steel imports up 23.2%, scrap up 7.7% in Jan-Oct 2024 Read More »
The Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth in 2024 and 2025, the fourth downward revision by the group in a row. The group said in its monthly report that global oil demand will rise by 1.82 million barrels per day in 2024, down from its
OPEC cuts oil demand growth forecast for fourth month Read More »
The Industrial Transition Accelerator (ITA) announced that the UAE and Bahrain have joined the ITA initiative, which supports green industrial projects, as the first two countries in the Middle East and North Africa region to expand the scope of carbon emission reduction efforts in the industrial sector in the region. This came in the presence
UAE and Bahrain join ITA initiative to support green projects Read More »
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Protected: Arab Steel Magazine September – October 2024 Read More »
According to export data from the US Department of Commerce, monthly steel exports in September this year decreased 11.3% from August and down 13.3% year on year to 379,700 mt. In terms of value, US steel exports in September totaled $1.19 billion, compared to $1.33 billion in August and $1.27 billion in September last year.
US steel exports down 13.3% in September Read More »
Iron ore prices fell for a second straight session, as investors were disappointed with China’s recent fiscal measures. Iron ore futures for December delivery on the Singapore Exchange fell 1.81% to $100.7 per ton at 10:57 a.m. Mecca time, after falling 2.5% earlier in the trading session, and 2.8% at the end of last Friday’s
Iron ore prices fall by about 2%, approaching $100 per ton Read More »
The net profit of the Saudi Steel Pipes Company “Saudi Pipes” increased by 71% in the third quarter of 2024 to 65 million riyals, from 38 million riyals in the corresponding quarter of 2023. On a quarterly basis, the company’s profits decreased during the third quarter of this year by 9.7% compared to a net
Saudi Pipes’ profits jump 71% to 65 million riyals in Q3 Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $364/ tonne, $1 up compared to last week’s prices. and iron ore prices $102/ tonne, $1 up compared to last week’s prices. While the prices of billets ranged between 460 – 493 Dollars per tonne, while it was between 470 –
Steel prices in the second week of November 2024 Read More »
EMSTEEL Group, the UAE’s largest publicly listed steel and building materials company, and, Tadweer Group, Abu Dhabi’s waste management and recycling services leader, have signed a Memorandum of Understanding (MOU) to explore the use of alternative fuels and raw materials in creating green building materials. The agreement focuses on harnessing Tadweer Group’s production of Refuse
China’s iron ore imports continued to rise in October, supported by improved profit margins in the steel industry thanks to recent government stimulus measures. China’s iron ore imports rose 4.48% year-on-year to 103.84 million metric tons in October, according to data released on Thursday by the General Administration of Customs. This is after imports recorded
China’s iron ore imports rise 4.5% in October 2024 Read More »
The Egyptian Ministry of Investment and Foreign Trade has announced the launch of an anti-dumping investigation into imports of cold-rolled and coated steel products originating from Turkey and China. The investigation was initiated at the request of local steel producers, including Al-Obour Metal Industries and Kama Metal Coating and Processing. The companies claim that products
His Excellency Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority in Sharjah, stressed the leading role played by the zone in promoting the steel and iron industry sector as a dynamic business center that serves investors and provides them with strategic access to regional and global markets, explaining that the authority includes
Italian plantmaker Danieli has announced that it will supply Chinese steel producer Shougang with a new EAF using Danieli’s Zero Bucket technology for producing automotive-exposed grades. Zero Bucket technology features horizontal preheating and continuous charging with a capacity of 160 mt of tapped steel, minimizing carbon emissions. Being flexible in raw material charging and low
Danieli to install ultra-lowemission EAF for China’s Shougang Read More »
In October 2024, the global rebar market showed different price trends depending on the region. In Turkey, price growth took place amid higher scrap quotations and stable demand in the domestic market. At the same time, negative price dynamics were observed in the US due to weak demand caused by economic uncertainty. The European market
Report: Fluctuations in demand and prices of rebar in global markets Read More »
The global scrap market showed mixed trends in October. Most regions saw a decline in prices due to weak demand and high inventories, while in Italy and China, prices rose slightly due to increased demand and limited supply. Prices for scrap metal in Turkey (HMS 1&2 80:20) decreased by 1.1% in the period from September
Report: Global scrap prices down in most regions in October Read More »
