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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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. …
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 »
In September 2024, steel enterprises of Turkey reduced rebar export by 19.3% compared to the same month in 2023 – to 328.8 thousand tons, while it increased by 9.6% compared to August, This is evidenced by the preliminary data of the Turkish Statistical Institute (TUIK). The average registered price in September was $578/t against $567/t …
Turkey’s rebar exports down 19.3% in September 2024 Read More »
Jordan Steel Company announced rebar prices for November 2024, unchanged from last month’s prices. The prices for Grade 60 EXW, between 451 and 457 dinars per tonne, excluding sales tax. However, with sales tax, it is between 537 and about 545 dinars per tonne. Grade Price without tax Price with tax Sales / tonnes …
Jordan Steel announces rebar prices for November 2024 Read More »
South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its consolidated financial results for the third quarter this year. The company reported an operating profit of KRW 743 billion ($539.52 million) in the given quarter, down by 1.2% compared to the second quarter, due to a decline in sales prices. In the third …
South Korea: POSCO posts lower net profit, sales revenue in Q3 2024 Read More »
The work of the 60th regular meeting of specialized Arab unions operating in Cairo began today with the participation of the Arab Iron and Steel Union, in the presence of the permanent delegates of the member states of the Council, and the heads and secretaries-general of the specialized Arab unions. Ambassador Mohammadi Ahmed Al-Ni, Secretary-General …
According to the prices announced in the global steel markets, scrap prices amounted to $363/ tonne, $2down compared to last week’s prices. and iron ore prices $101/ tonne, $1 Unchanged compared to last week’s prices. While the prices of billets ranged between 470 – 500 Dollars per tonne, while it was between 475 – 500 …
Emsteel Building Materials Company recorded a net profit of AED 91.62 million in January – September 2024 compared to AED 387.6 million in the same period last year, a decrease of 76%. The company achieved revenues of AED 5.87 billion in the first nine months of 2024 compared to AED 6.48 billion in the corresponding …
UAE: Emsteel profits AED 91.6 million in January – September 2024 Read More »
Saeed Ghumran Al Rumaithi, CEO of Emsteel Group, explained that the group’s performance is good and appropriate, compared to competitors and steel manufacturers worldwide, noting that the industrial sector is going through many challenges globally, due to the economic conditions and the slowdown in global economies, and the impact on the international shipping sector, which …
Saeed Al Rumaithi: The construction sector supports the steel industry and grows by 3% Read More »
The International Monetary Fund expects the growth rates of the Egyptian economy to reach 4.5% for the years 2024 and 2025, driven by huge investments in infrastructure and the energy sector. In its latest report on the economic outlook for the Middle East and Central Asia region, the IMF explained that economic growth in Egypt …
IMF: 4.5% expected growth rate of the Egyptian economy in 2025 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 37,500, Egyptian Steel EGP 38,100, Ashry Steel EGP 35,500. Garhy Steel EGP 37,200, Misr Steel EGP 35,500, El Komy Steel EGP …
Iron ore prices fell after hitting a two-week high on rising port stocks in China, the world’s largest importer of the metal used in steelmaking. Singapore iron ore futures for November delivery fell 1.06% to $102.30 a tonne. This came after Shanghai-based steel market data provider Steel Home revealed that iron ore stocks at Chinese …
Iron ore prices fall 1% on rising Chinese stocks Read More »
The Ministry of Industry and Trade (MOIT) of Vietnam announced a five-year extension of the anti-dumping (AD) measures on color-coated steel products originating in China and South Korea, valid until October 23, 2029. The investigating authority determined that the termination of the existing AD measure is likely to lead to the continuation or reoccurrence of …
Vietnam extends AD measure on color-coated steel from China, South Korea Read More »
Saudi Iron and Steel Company ( Hadeed ) has announced an increase in rebar prices for November. The company announced an increase in the price of rebar (12-32 mm) by 50 Saudi riyals ($13) per ton, to become 2350 Saudi riyals ($625) per ton. Similarly, the price of wire rod (6.5-16 mm) will increase by …
Saudi Iron and Steel Company (Hadeed) announces rebar prices for November Read More »
Shares of Chinese steelmakers rose on Monday after an industry association said it would propose new policies to policymakers to reshape the sector in the face of weak demand caused by a property slump. At the close, China’s second-largest steelmaker Anzhang Steel jumped 7.24 percent to HK$1.63, while Maanshan Iron surged 9.1 percent to HK$1.32. …
Chinese steel stocks rise after industry restructuring proposals Read More »
Vale and Jinnan Iron and Steel Group have announced an investment of OMR 240 million to establish the first iron ore concentration plant in Sohar Port and Free Zone, which will boost the growth of the iron and steel sector in the Sultanate of Oman and consolidate the country’s position as a key player in …
Vale and Jinnan Iron and Steel Group announce investment of over $600 million Read More »
Abu Dhabi Future Energy Company (Masdar), the world’s leading clean energy company, and Emsteel Group, the largest listed steel and building materials company in the UAE, have announced the successful completion of the development of a pilot project to produce sustainable steel using green hydrogen. The pilot project in Abu Dhabi is the first of …
Italian equipment manufacturer Danieli plans to invest €572 million in sustainable development projects over the next five years. This was announced by the company’s Vice President Camilla Benedetti, ANSA reports. The most important of the projects, according to Benedetti, is the Digital Green Plant, an eco-friendly line that will allow the company to produce 700 …
Danieli invests €572 million in sustainability projects Read More »