Arab Steel Summit

user

Report expects Egypt’s steel consumption to grow to 6.8 million tons in 2024

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 crisis sends August output to lowest since 2017

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 Exceeds 3 Million Tons in H1 2024

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 rise 2.5% as bearish wave ends

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.

Iron ore prices rise 2.5% as bearish wave ends Read More »

Last-ditch effort to save Nippon Steel’s US Steel takeover

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’s Rebar Exports to Increase by 10% in Jan-July 2024

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 signs a contract with Aramco for the manufacture and supply of steel pipes worth more than 1.65 billion riyals

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

Eastern Pipes signs a contract with Aramco for the manufacture and supply of steel pipes worth more than 1.65 billion riyals Read More »

Iron ore price falls below $90 for first time since 2022

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 »

Turkey’s HRC exports increase by 145.2% in January-July 2024

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 »

Steel prices in the first week of September 2024

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 »

Iron ore price falls as China steelmakers warn

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

Iron ore price falls as China steelmakers warn Read More »

Emirates Steel Arkan announces change of corporate identity to Emsteel Group

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 warns of shutdown if sales fall

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

US Steel warns of shutdown if sales fall Read More »

Emirates Steel Arkan Appoints New CFO

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

Emirates Steel Arkan Appoints New CFO Read More »

U.S. Steel shares fall more than 15% after report White House seeks to block Nippon Steel takeover

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

U.S. Steel shares fall more than 15% after report White House seeks to block Nippon Steel takeover Read More »

NBS: Local Chinese rebar prices up 2.9% in late August

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 »

Egypt’s iron and steel exports decline by 19% during January-July 2024

The value of Egypt’s iron and steel exports declined by about 19% during January-July of this year to reach $1.17 billion, compared to about $1.43 billion in the same period last year, according to government data. The data revealed a decline in Egypt’s iron and steel exports by more than 40% during the month of

Egypt’s iron and steel exports decline by 19% during January-July 2024 Read More »

Egypt: EGP 22.5 million in iron and steel sales for mines in July

The Iron and Steel Company for Mines and Quarries announced achieving total sales in July worth EGP 22.5 million. The company explained, in a statement to the Egyptian Stock Exchange, that sales of the Bahariya Oasis mines in July amounted to EGP 22.49 million. It added that the value of sales of the Beni Khaled

Egypt: EGP 22.5 million in iron and steel sales for mines in July Read More »

Arab Iron and Steel Union holds the ninth meeting of the Economic Committee in Cairo

AISU, News / user

The Arab Iron and Steel Union held the ninth meeting of the Economic Committee in Cairo, Egypt, in the period from 2-3 September. The committee meeting was attended by representatives of the following countries: Egypt – Algeria – Kuwait – Qatar – Tunisia – Libya. During the meeting sessions, the economic conditions in Arab countries

Arab Iron and Steel Union holds the ninth meeting of the Economic Committee in Cairo Read More »

Maghreb Steel’s revenue rose in H1 2024

Morocco’s leading flat steel producer, Maghreb Steel, reported a 5pct YoY revenue growth in H1 2024, driven by increased domestic and export sales. The company’s sales revenue reached MHD 2.55 bln (USD 260 mln) in the first half of 2024, up from MHD 2.43 bln in the same period last year. Maghreb Steel also experienced

Maghreb Steel’s revenue rose in H1 2024 Read More »

Iron ore falls 4%, trades below $100 a tonne

Iron ore prices fell on Monday, trading below $100 a tonne amid continued slowdown in China’s industrial activity and a prolonged crisis in the real estate sector. The most active iron ore futures contracts on the Singapore Exchange fell 4.04% to $96.95 a tonne at 03:39 p.m. Mecca time. This comes after iron ore futures

Iron ore falls 4%, trades below $100 a tonne Read More »

Harris rejects sale of US Steel to Japan’s Nippon Steel

A source close to US Vice President and Democratic presidential candidate Kamala Harris revealed that she insists on the continued ownership and management of US Steel Corp, which represents an obstacle to the Japanese steel company Nippon Steel Corp’s attempt to acquire the US company. Bloomberg quoted the source as saying that Harris, who will

Harris rejects sale of US Steel to Japan’s Nippon Steel Read More »

Steelmaking’s shift from coal to gas could cut emissions by 75%

News, Public Reports / user

Steelmakers are making efforts to shift away from traditional coal-based production methods, which contribute significantly to global carbon emissions. While green hydrogen is a promising solution for the future of steelmaking, its high cost and deployment challenges limit its potential as a near-term alternative to coal. The steel industry is exploring alternative solutions to reduce

Steelmaking’s shift from coal to gas could cut emissions by 75% Read More »

China’s record steel exports threaten global trade tensions

China’s steel exports are set to hit an eight-year high this year, flooding the world with cheap supplies and threatening to inflame global trade tensions. The world’s largest steel producer is forecast to export more than 100 million tonnes in 2024, the highest since 2016, according to Shanghai-based consultancy MySteel, the Financial Times reported. “Steel

China’s record steel exports threaten global trade tensions Read More »

IEA : Global coal demand to remain flat until 2025

Despite the rapid expansion of renewable energy sources, strong growth in electricity demand in key economies indicates that global coal consumption will remain largely stable in 2024-2025. This is stated in the latest report of the International Energy Agency (IEA) – Coal Mid-Year Update. In 2023, global coal consumption increased by 2.6% year-on-year, reaching a

IEA : Global coal demand to remain flat until 2025 Read More »

Steel prices on the last day of August 2024

According to the prices announced in the global steel markets, scrap prices amounted to $364/ tonne, $4 up compared to last week’s prices. and iron ore prices $101/ tonne, $4 up compared to last week’s prices. While the prices of billets ranged between 470 – 490 Dollars per tonne, while it was between 465 –

Steel prices on the last day of August 2024 Read More »

Tosyali Algeria exports 25,000 tons of steel sheets

The iron and steel company Tosyali Algeria has exported 25,000 tons of steel sheets for the first time, according to the company’s investment manager, Ezzi Ramzi. Mr. Ezzi pointed out that “after the partial operation of flat steel production, 25,000 tons of steel sheets were exported for the first time to international markets”, noting that

Tosyali Algeria exports 25,000 tons of steel sheets Read More »

US supports Canada’s move to impose trade restrictions on Chinese exports

The US Trade Representative has expressed strong support for Canada’s decision to impose 100% tariffs on Chinese-made electric vehicles and 25% on Chinese steel and aluminum, as she finalizes planned US restrictions at similar rates. In a statement from her office on Thursday, Katherine Tai commended Canada’s decision to take strong action against state-backed, unfair

US supports Canada’s move to impose trade restrictions on Chinese exports Read More »

Russian Steel Prices Up to 20% as Demand Rebounds

Russian steel prices rose as much as 20% in the first half of 2024, as demand for housing and infrastructure rebounded despite a nearly three-year war with neighboring Ukraine and Western sanctions on Moscow. Russian steel prices have risen between 5% and 20% since the start of the year, with demand up about 6% in

Russian Steel Prices Up to 20% as Demand Rebounds Read More »

Emirates Steel Arkan announces increase in rebar prices for September

Emirates Steel Arkan has announced rebar prices for September at AED 2,447.25 ($666) per tonne CPT Abu Dhabi and AED 2,456.25 ($669) per tonne CPT Dubai, Sharjah and Northern Emirates. An increase of $19-20 per tonne compared to last month’s prices. These prices are exclusive of 5% VAT. 1 USD = 3.67 AED

Emirates Steel Arkan announces increase in rebar prices for September Read More »