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Emirates Steel and SNIM Agree on Vital Feedstock Supply for UAE Steel Production
Emirates Steel, the leading integrated steel plant in the Middle East, has sealed a memorandum of understanding (MOU) with Mauritania’s Société Nationale Industrielle Et Minière (SNIM) to look into the feasibility of creating a joint venture company to produce iron oxide pellets. Under the 18-month agreement, signed by Engineer Saeed Ghumran Al Remeithi, Group CEO …
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“Watani Steel” profits rise 51.4% in 2021, supported by sales
Watani Iron and Steel Company “Watani Steel” achieved a net profit increase of 51.4% during the year 2021 on an annual basis. According to the company’s financial statements issued March 1 on the Saudi Tadawul website, the net profit amounted to 47.06 million riyals after zakat and tax, compared to 31.08 million riyals in 2020. …
“Watani Steel” profits rise 51.4% in 2021, supported by sales Read More »
Tosyali Algerie Sets DRI Production Record in 2021, Contracts 2nd DRI Plant
Tosyali Algerie A.Ş. established a new world record in 2021 for annual direct reduced iron (DRI) production by a single module plant, producing more than 2.28 million tons. The former record was set in 2020 by Tosyali in only its second year of operation. “Our fundamental priority is operational sustainability and full compliance with environmental, …
Tosyali Algerie Sets DRI Production Record in 2021, Contracts 2nd DRI Plant Read More »
Iron and Steel Mines targets 91.8 million pounds in profits in the 2022-2023 budget
The Board of Directors of the Iron and Steel Company for Mines and Quarries has approved the planning budget for the next fiscal year 2022-2023. The company stated in a statement to the Egyptian Stock Exchange, today, Monday, that it aims to achieve a net profit of 91.82 million pounds during the next fiscal year. …
Iron and Steel Mines targets 91.8 million pounds in profits in the 2022-2023 budget Read More »
Brent futures rise above $105 a barrel
Oil prices continued their upward trend, and Brent crude futures rose more than $7 to $105.07 a barrel. Oil prices in US crude futures also rose by more than $7, reaching $99.10 a barrel. Oil prices have crossed the $100 threshold since last Thursday, when Brent crude futures rose more than $4 to record $101.03 …
Japan’s steel exports down 2.9 percent in January
In January this year, Japan’s iron and steel product exports amounted to 2.39 million metric tons, down 14.9 percent month on month and decreasing by 2.9 percent year on year, according to the customs statistics released by the Japan Iron and Steel Federation (JISF). Regarding Japan’s major iron and steel product export markets, in January …
Japan’s steel exports down 2.9 percent in January Read More »
Egypt: Arco Steel applies for a license to produce 1.1 million tons of billet
The Arab Special Steel Company “ARCO Steel” applied to the Industrial Development Authority to obtain a license to produce billet with a production capacity of 1.1 million tonnes, at a value of EGP345 million. Government sources said that the company submitted a request to the Industrial Development Authority on February 15 to obtain a license …
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Newsletter February 2022
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Ukraine war and shipping turmoil raise iron prices in Egypt
Ahmed El-Zaini, head of the Building Materials Chamber in the Cairo Chamber of Commerce, told Masrawy that El-Garhy Steel Company announced an increase in the price of the iron a tonne delivered to the factory land by 650 pounds, starting from February 27. According to El-Zaini, the price of the tonne for “delivery to the …
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Vale’s net profit spikes to $5.4 billion in Q4 2021
Brazilian miner and iron ore producer Vale saw its net profit in Q4 2021 spike over 634%, year-over-year, from $739 million in Q4 2020 to $5.4 billion.Net revenues in Q4 2021 reached $13.1 billion, 6.2% up, year-over-year. Adjusted EBITDA in Q4 2021 was $6.9 billion, 23.5% down, year-over-year.Vale said iron ore output capacity by late …
Vale’s net profit spikes to $5.4 billion in Q4 2021 Read More »
Egypt: Approval of a license for “Delta Steel Company” to increase production
Hisham Tawfiq, Minister of Public Business Sector, said that it was agreed to resolve the Delta Steel Company license crisis and for the company to obtain a license to increase production. In statements on the sidelines of Jusoor’s signing of agreements with service providers, the minister explained that the company will pay for the new …
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US rebar exports fell by 40.4% in December
According to export data from the US Department of Commerce, US exports of rebar totaled 13,091 mt in December 2021, up 23.2 percent from November but down 40.4 percent from December 2020 levels. By value, rebar exports totaled $12.7 million in December, compared to $11.1 million in the previous month and $14.2 million the same …
Rebar prices up in Bahrain to offset billet cost
While raw materials and billet tags are on the rise, long steel producers have no choice but to adjust their prices. Among these companies is Universal Rolling (Unirol), the sole manufacturer of steel reinforcement bars in Bahrain, which has made such adjustments in the new sales round. After maintaining a stable price for two months, …
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China Steel to increase prices by 2.44%
China Steel Corp, the largest steelmaker in the country, said on Feb. 19 that it would raise steel prices by 2.44 per cent for next month’s shipments as the domestic customer accelerated inventory build-up amid improving demand during the peak season. China Steel said in a statement that China’s Baowu Steel Group Ltd and Angang …
Signing a memorandum of understanding to study the expansion of the iron and steel complex Bellara in Jijel – Algeria
On February 21, 2022, a Memorandum of Understanding was signed in the Qatari capital, Doha, related to the completion of a feasibility study for the expansion of the Algerian-Qatari Iron and Steel Complex in Bellara (Jijel), Algeria. This agreement was signed on the sidelines of the state visit of the President of Algeria, Mr Abdelmadjid …
Opportunities and challenges of the developing countries
The economic picture is rarely clear, and therefore there is an ongoing debate, especially when the topic is the economies of developing countries and their relationship patterns with developed countries. The pace of caution and waiting increases when monetary policy changes in major countries, especially the United States. The importance of the change towards extremism …
Opportunities and challenges of the developing countries Read More »
El Garhy Steel applies for a license to produce billet with investments of 4 billion pounds
Mohamed El Garhy Vice Chairman of the Board of Directors of El Garhy Group, announced that he had applied for a license to produce billets with a production capacity of 1.1 million tonnes per year, and the investment cost of the project exceeds 4 billion pounds. According to a statement by El Garhy Group on …
Sider El Hadjar expects the export of 200,000 tonnes in 2022
The general manager of El Hadjar steel complex, Lotfi Manaa, said, “In 2022, Sider El Hadjar plans to export no less than 200,000 tonnes of steel products”. He added, “For the current year, we expect to export 100,000 tonnes of galvanized coils, hot and cold rolled coils, billets, slabs, as well as 100,000 tonnes of …
Sider El Hadjar expects the export of 200,000 tonnes in 2022 Read More »
Average Rebar prices in Saudi Arabia January 2022
According to the General Authority for Statistics, the average price of a ton of rebar in the Kingdom of Saudi Arabia was 3579.34 riyals in January 2022, a slight increase compared to December 2021, which amounted to 3578.1 riyals, and an increase of 0.5% compared to the price of January 2021, which amounted to 3558.1 …
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Saudi Steel Pipe turns to profitability in 2021
Saudi Steel Pipe Company achieved net profits of SAR 900,000 in 2021, compared to net losses of SAR 34.5 million in the earlier year. The company generated SAR 373.5 million revenues in 2021, down 21.35% from SAR 474.9 million in the previous year, according to a bourse filing on February 17. Meanwhile, the company registered earnings before …
US wire rod imports up 3.9 percent in December
According to final census data from the US Department of Commerce, US imports of wire rod totaled 98,398 mt in December 2021, up 3.9 percent from November and up 76.4 percent from December 2020 levels. By value, wire rod imports totaled $94.9 million in December 2021, compared to $92.9 million in November and $41.6 million …
Tight oil market could see prices hit $125, JP Morgan says
Shortfalls in OPEC+ production and spare capacity concerns are likely to keep the oil market tight and prices could hit $125 per barrel as early as the second quarter of this year, JP Morgan Global Equity Research said. “Supply undershoot set to rise through 2022 as OPEC+ unlikely to deviate from targeted quota increases – …
Tight oil market could see prices hit $125, JP Morgan says Read More »
Steel prices in second week of February 2022
According to the prices of the global steel markets, the scrap price reached 507$/tonne , Iron ore price was 150$/tonne , while the prices of billets ranged between 675 and 710$/tonne, and the prices of rebar ranged between 740 and 780$ / tonne. The following prices of iron and steel in the global markets on …
Saudi GDP grows by 6.8% in fourth quarter – flash estimates
Saudi Arabia’s gross domestic product grew by 6.8% in the fourth quarter, bringing overall growth last year to 3.3%, official flash estimates showed on Thursday. The quarter’s growth was driven by a 10.8% rise in oil activities and a 5% increase in non-oil activities, the General Authority for Statistics said. Government services increased by 2.4%. …
Saudi GDP grows by 6.8% in fourth quarter – flash estimates Read More »
Rebar prices skyrocket in Jordan
In February of this year, the upward trend is strengthening in the Jordanian rebar market, following the positive developments in the global steel market, specifically in the semis and scrap segments, as long-steel demand has improved in the country amid a gradual revival of construction projects. Most Jordanian rebar mills offer their products locally at …
U.S. and Japan strike a deal to roll back us steel tariffs
The Biden administration reached a deal to partly lift tariffs that the Trump administration had imposed on the Japanese steel. The agreement, announced by the US trade officials on February 6, would preserve some protections for US metal makers by turning the current 25 per cent tariff on Japanese steel into a so-called tariff-rate quota, …
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Danieli to supply long product mini-mill to AO Steel Works with 1.46 Mt
Italian plant maker Danieli has announced that it will supply a new long product mini-mill to Russia-based AO Steel Works Balakovo to be installed in Balakovo in the Saratov region of Russia. The new mini-mill is scheduled to start production by 2024. The mini-mill will produce 1.46 million metric tons of high-quality billets, blooms, beams …
Danieli to supply long product mini-mill to AO Steel Works with 1.46 Mt Read More »
Chinese steelmakers upgraded for ultra-low carbon emission
Another 34 steel firms in China were upgraded last year to achieve ultra-low emissions as the country stepped up efforts to achieve carbon goals, industrial data showed. These upgrades involved up to 225 million tonnes of steelmaking capacity, according to the China Iron and Steel Association (CISA). Even in 2021, 11 steel firms completed partial …
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U.S. close to finalizing tariff exemption for Japan steel imports
Washington and Tokyo are in the final stage of talks to exempt a portion of U.S. imports of steel from Japan from extra tariffs imposed in 2018 by U.S. President Donald Trump, sources close to the matter said. The sources said that the two countries are discussing the establishment of a duty-free import quota, but …
U.S. close to finalizing tariff exemption for Japan steel imports Read More »