Iron ore prices jumped during Tuesday’s trading, as China intends to take several expanded monetary easing measures to stimulate the economy and the real estate sector, which will revive demand for steel in the world’s second-largest economy. The most active iron ore futures prices on the Singapore Exchange rose by 4.74% to $93.70 per tonne …
Iron ore rises more than 4% on Chinese demand outlook Read More »
A report by the Bloomberg Intelligence economic analysis service warned that the steel crisis in China is paving the way for a wave of bankruptcies and accelerating the mergers that the sector needs. Michele Leung, a senior analyst at Bloomberg Intelligence, said that about three-quarters of steel companies in China suffered losses in the first …
Warning of a wave of bankruptcies hitting steel companies in China Read More »
Dr. Mostafa Madbouly, Prime Minister of Egypt, held a meeting with a number of ministers and officials to discuss the mechanism for amending carbon limits to enhance Egyptian competitiveness in the field of exports. Counselor Mohamed El-Homosany, the official spokesman for the Presidency of the Council of Ministers, stated that the meeting discussed the available …
Egypt moves to amend carbon limits to enhance competitiveness Read More »
Tosyali Algeria announced the commissioning of the second direct reduction unit, which operates using 100% natural gas or hydrogen with modification, which reduces carbon emissions. The new module will produce 2.5 million tons of products (HDRI, CDRI) per year. According to equipment supplier Midrex, the plant is capable of operating with an increased percentage of …
Tosyali Algeria launches second DRI production unit Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $367/ tonne, $3 down compared to last week’s prices. and iron ore prices $92/ tonne, $1 down compared to last week’s prices. While the prices of billets ranged between 455 – 585 Dollars per tonne, while it was between 450 – …
Steel prices in the third week of September 2024 Read More »
Total emissions in China’s steel industry in January-July 2024 increased by 4.3% compared to the same period in 2023. This was reported by the China Steel Association (CISA). Sulphur dioxide emissions per ton of steel amounted to 0.18 kg/t (-13.4% y/y), particulate matter – 0.20 kg/t (-9.2% y/y), nitrogen oxide – 0.34 kg/t (-9.9% y/y). …
Emissions in China’s steel industry increased by 4.3% in January-July 2024 Read More »
In the January-August period this year, China’s rebar production totaled 129.685 million mt, down 15.7% year on year, according to China’s National Bureau of Statistics (NBS). In the given period, domestic wire rod production amounted to 88.568 million mt, declining by 4.5% year on year, while welded pipe output came to 38.729 million mt, down …
China’s rebar output down 15.7% in January-August 2024 Read More »
Sweden-based Stegra, formerly known as H2 Green Steel, has announced that the Swedish Energy Agency has granted about €100 million from the country’s Industrial Leap Fund for the company’s fully integrated green steel production plant in Boden. The company stated that the state aid will not only help them to accelerate the transition to sustainable …
Sweden’s Stegra receives €100 million state aid for green steel operations Read More »
U.S. Steel saw its shares rise more than 3% after news that a U.S. security panel has given Nippon Steel permission to resubmit its plans to buy the company for $14.1 billion. A U.S. national security panel reviewing Nippon Steel’s $14.9 billion bid for U.S. Steel has allowed the two companies to resubmit their application …
US Steel shares rise after Nippon takeover decision delayed until after election Read More »
The Arab Iron and Steel Union held the third meeting of the Technical Committee on September 17-18, 2024 in the city of Algiers in the Republic of Algeria at the Algiers Hotel. During this meeting, the opportunities and challenges of Arab steel companies to achieve carbon neutrality in the iron and steel industry and short- …
Arab Iron and Steel Union holds the third meeting of the Technical Committee in Algeria Read More »
Chile’s largest steel mill, Wachipato, is closing after 74 years in operation, leaving thousands of people unemployed. Life in Talcahuano, a town of 160,000 people in the Biobio region 500 kilometres (310 miles) from the capital Santiago, revolved around the landmark steel mill. The closure of the plant affects 2,700 direct jobs, including those held …
Jassim Al Abbas, Vice Chairman of the National Iron Industry Committee and General Manager of Sales, Marketing and Business Development at Al Ittifaq Steel Company, said that the expected demand for reinforcing steel and coils during the current year 2024 is about 7.5 million tons. Al Abbas explained in an interview with Argaam on the …
Canada has issued a final determination on the dumping of Egyptian wire rod, according to a notice from the Canada Border Services Agency (CBSA). The CBSA also confirmed final antidumping margins on wire rod imports from China and Vietnam. As a result, Egyptian wire rod exports, particularly from Suez Steel, will face an 8.6% antidumping …
Canada unveils final dumping margins for Egyptian wire rod exporters Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $370/ tonne, $6 up compared to last week’s prices. and iron ore prices $92/ tonne, $9 unchanged compared to last week’s prices. While the prices of billets ranged between 455 – 565 Dollars per tonne, while it was between 450 – …
Steel prices in the second week of September 2024 Read More »
A report by Ezz Steel expects Egypt’s reinforcing steel consumption to increase by 5% in 2024 to 6.8 million tons, driven by the completion of infrastructure projects, the payment of contractors’ dues, and the expected resumption of new building permits. Flat steel consumption is also expected to remain stable at 1.5 million tons in 2024, …
Report expects Egypt’s steel consumption to grow to 6.8 million tons in 2024 Read More »
China’s steel output fell more than 10% in August from a year earlier amid falling prices and a sharp drop in demand for its products. The world’s largest steel sector experienced a bleak month last month, with China Baowu Steel Group, the world’s largest supplier of the commodity, warning of worsening conditions. With mills losing …
China’s steel crisis sends August output to lowest since 2017 Read More »
Egypt’s rebar consumption increased to 3.059 million tons in H1 2024, up 9%, as a result of the shift in monetary policy that increased the availability of the dollar and stimulated increased construction activity. However, the consumption level is still much lower than the level that prevailed 8 years ago in 2016, which amounted to …
Egypt’s Rebar Consumption Exceeds 3 Million Tons in H1 2024 Read More »
Iron ore prices rose as investors assessed the prospects of an end to the bearish wave that pushed the price below $90 a tonne earlier this week, touching its lowest level in nearly two years. The most active iron ore futures contract on the Singapore Exchange jumped 2.52% to $92.90 a tonne at 10:08 a.m. …
Nippon Steel Vice President Takahiro Mori is heading to Washington today to meet with senior US officials in a last-ditch effort to save the $15 billion US Steel takeover. The visit comes as the deal faces opposition from President Joe Biden and Vice President Kamala Harris, who have expressed concerns about national security. The deal …
Last-ditch effort to save Nippon Steel’s US Steel takeover Read More »
Turkey exported around 1.9 mln tons of rebar in the first seven months of 2024, marking a 10% increase YoY, according to data from the Turkish Statistical Institute (TUIK). The top three destinations for Turkish rebar during this period were Yemen (389,000 tons), Romania (152,000 tons), and Albania (105,000 tons). In July 2024, rebar exports …
Turkey’s Rebar Exports to Increase by 10% in Jan-July 2024 Read More »
Eastern Pipes Integrated Industry Company announced last Thursday that it signed several contracts with the Saudi Arabian Oil Company – Aramco for the manufacture and supply of steel pipes, worth more than 1.65 billion riyals, including value-added tax. The company said in a statement on Tadawul that the contract period is 19 months, noting that …
Iron ore price fell below $90 a ton on Monday as the industrial metal faces challenges from weak demand in China and concerns about global growth. Citigroup Inc. predicted that uncertainty over the U.S. presidential election in November could slow the global economy and weigh on metal prices. In Singapore, iron ore prices fell 2.3% …
Iron ore price falls below $90 for first time since 2022 Read More »
In July this year, Turkey’s hot rolled coil (HRC) exports amounted to 309,800 metric tons, up by 27.6% compared to June and by 314.1% year on year, according to the preliminary data provided by the Turkish Statistical Institute (TUIK). Meanwhile, the revenue generated by these exports totaled $189.93 million, increasing by 25.9% compared to the …
Turkey’s HRC exports increase by 145.2% in January-July 2024 Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $370/ tonne, $6 up compared to last week’s prices. and iron ore prices $92/ tonne, $9 down compared to last week’s prices. While the prices of billets ranged between 450 – 565 Dollars per tonne, while it was between 470 – …
Steel prices in the first week of September 2024 Read More »
A major Chinese steel industry group has warned mills against ramping up production too quickly to avoid disrupting the post-summer economic recovery, especially after iron ore prices fell to their lowest since 2022, currently trading near $90 a tonne. The price of iron ore used in steelmaking has fallen by more than a third this …
Emirates Steel Arkan, one of the largest national companies listed in the steel and building materials sector in the region, announced the change of its corporate identity to Emsteel Group (listed on the Abu Dhabi Securities Exchange under the symbol: (EMSTEEL), as part of its ambitious strategy to lead the sustainable industrial transformation scene and …
Emirates Steel Arkan announces change of corporate identity to Emsteel Group Read More »
US Steel will close its steel mills and possibly move its headquarters out of Pittsburgh, Pennsylvania, if its planned sale to Japan’s Nippon Steel falls through, its chief executive said. Nippon Steel has pledged to invest about $3 billion in its aging Pittsburgh plants, which is crucial to keeping the company competitive and jobs, the …
Emirates Steel Arkan has announced the appointment of Mark Tonkins as Group Chief Financial Officer, effective September 2, 2024. Tonkins, who most recently served as CFO at BME, brings with him a wealth of experience gained through his senior financial positions at Borless and Phillips. In his new role, Tonkins will be responsible for driving …
U.S. Steel shares fell more than 15% after report White House seeks to block Nippon Steel’s takeover of Japan. The drop comes after Democratic presidential candidate Kamala Harris this week echoed President Joe Biden’s concerns about the $15 billion deal, saying U.S. Steel “should remain American-owned and operated.” People familiar with the matter told The …
In late August this year, the average price in China of 16-25 mm HRB 400 rebar increased by RMB 89.4/mt ($12.6/mt) or 2.9 % to RMB 3,183/mt ($448/mt), compared to the price in mid-August (August 11-20), as announced by China’s National Bureau of Statistics. In the given period, the average prices of wire rod, medium …
NBS: Local Chinese rebar prices up 2.9% in late August Read More »