Australia-based miner Rio Tinto has announced its financial results for 2024.The company has posted a net profit of $11.57 billion for 2024, compared to $9.95 billion in the previous year. In 2024, the company’s consolidated sales revenues decreased by 0.7% to $53.66 billion compared to 2023 due to lower prices in line with slowing global […]
Rio Tinto Reports Lower Results amid Lower Iron Ore Prices Read More »
Japanese brokerage Mitsui is set to buy a stake in an iron ore exploration project in Australia, becoming a partner of Rio Tinto Group. Mitsui said in a statement on Wednesday that it will acquire a 40% stake in the Rhodes Ridge exploration project in Western Australia for $5.3 billion, according to Bloomberg. It explained
Japan’s Mitsui to buy $5.3 billion stake in Rio Tinto’s iron ore project Read More »
Brazilian mining company Vale has confirmed plans to invest R$70 billion ($12.26 billion) in its Carajas complex in northern Brazil by 2030. The investment was initially announced by Brazil’s presidential palace, and Vale confirmed the investment plans in a recent statement. The Carajas complex, located in the Brazilian state of Pará, is Vale’s most important
Vale invests $12.26 billion in Brazil’s Carajas complex by 2030 Read More »
Iron ore prices rose during Wednesday’s trading, amid disruption of shipping traffic in Australian ports due to bad weather conditions, and expectations of a recovery in demand in the short term, especially in China. Iron ore futures for March delivery on the Singapore Exchange rose by 1.80% to $107.80 per tonne at 12:50 pm Mecca
Iron ore prices rise by about 2% due to disruption of shipping traffic in Australia Read More »
The Ministry of Commerce and Industry in Qatar announced the signing of an agreement between Qatar Steel and Bahrain Steel, worth $1.266 billion, covering 5 million metric tons over five years, which will enhance industrial cooperation between the two sides and strengthen the steel industry in the region. The ministry stated in a statement that
Qatar Steel and Bahrain Steel Sign $1.266 Billion Supply Agreement Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $355 / tonne, $6 up compared to last week’s prices. and iron ore prices $106/ tonne, $6 up compared to last week’s prices. While the prices of billets ranged between 430 – 445 Dollars per tonne, while it was between 430
Steel prices in the second week of February 2025 Read More »
The financial indicators of Iron and Steel Mines and Quarries Company revealed, for the first half of the current fiscal year, a 110% increase in the company’s profits, on an annual basis. The company explained in a statement to the Egyptian Stock Exchange that it recorded a net profit of EGP 154.91 million during the
Iron and Steel Mines’ profits jump 110% to EGP 155 million in the first half Read More »
Iron ore prices rose on Australian supply disruption concerns due to the hurricane season. March iron ore futures on the Singapore Exchange rose 2.16% to $150.95 per tonne at 10:52 a.m. Mecca time. According to a note issued by the Chinese consulting firm Hexun Futures, Australia is currently experiencing a hurricane season, which threatens to
Iron ore prices rise more than 2% on Australian supply disruption concerns Read More »
The Iron and Steel Company for Mines and Quarries announced that it achieved total sales in last December amounting to EGP 128.97 million. The company explained, in a statement to the Egyptian Stock Exchange, that the sales of the Bahariya Oasis mines in November amounted to EGP 128.58 million. It added that the value of
Egypt: EGP 129 million in iron and steel sales for mines in December Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $349/ tonne, $9 up compared to last week’s prices. and iron ore prices $105/ tonne, unchanged from last week’s prices. While the prices of billets ranged between 430 – 445 Dollars per tonne, while it was between 435 – 455 dollars
Steel prices in the first week of February 2025 Read More »
The Brazilian miner, Vale, produced 328 million mt of iron ore in 2024, exceeding the target range of 310-320 million mt established for the year. The production of iron ore pellets in the year achieved 37 million mt, 1.2% higher than in 2023, but slightly lower than the target of 38 million mt established for
Vale exceeds its iron ore production target for 2024 Read More »
In a historic achievement that is considered a turning point in the Egyptian mining industry, Sun Rise, a leading company in the field of exporting and recycling industrial waste, announced the signing of an agreement with the Egyptian Iron and Steel Company for Mines and Quarries to export iron ore to China during 2025. This
Sun Rise Paves the Way for Iron Ore Exports in Egypt Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $340/ tonne, $7 up compared to last week’s prices. and iron ore prices $105/ tonne, $1 up compared to last week’s prices. While the prices of billets ranged between 435 – 455 Dollars per tonne, while it was between 435 –
Steel prices in the fourth week of January 2025 Read More »
Vale has announced that its iron ore pelletizing plant at Sohar Port will be powered entirely by renewable electricity by 2030, aligning with the company’s global commitment to decarbonize operations. Nasser Al Azri, CEO of Vale in Oman, highlighted that the transition to green energy supports regional steel mills in their move toward low-carbon steel
Oman : Vale’s Sohar pelletizing plant to transition to renewable power by 2030 Read More »
On the sidelines of the International Mining Conference held in Riyadh, the Mauritanian Minister of Industry and Minerals, Mr. Etiam Tijani, met with the CEO of Hadeed Company and Chairman of the Board of Directors of Takamul Company, Mr. Abdelkader Al-Mubarak, in the presence of the General Manager of SNIM, Eng. Mohamed Fall Ould Talmidi.
Meeting between Mauritanian Minister of Minerals and Industry and CEO of Hadeed Read More »
Iron ore and most base metals prices fell after US President Donald Trump said he would impose a 10% tariff on all Chinese imports, suggesting that February 1 could be the date they would likely take effect. Futures for the steel-making metal fell about 1.3% after the US president’s threat, which he described as a
Iron ore, other metals fall after Trump threatens China tariffs Read More »
Australian authorities have closed Port Hedland, the country’s largest iron ore export hub, due to a tropical cyclone developing off the coast of Western Australia’s Pilbara region. The Pilbara Ports Authority, which operates the port, has ordered all cargo ships to leave the port by 6pm local time, amid expectations that two tropical depressions will
Australia closes major iron ore export ports due to tropical cyclone Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $333/ tonne, $11 down compared to last week’s prices. and iron ore prices $104/ tonne, $6 up compared to last week’s prices. While the prices of billets ranged between 435 – 455 Dollars per tonne, while it was between 435 –
Steel prices in the third week of January 2025 Read More »
Iron ore prices have topped $100 a tonne again after data showed China’s annual imports of the steel-making metal hit a record high and the country’s trade surplus soared, with futures in Singapore rising more than 4% for a fourth straight day. Iron ore futures rose 1.6% to $100.35 a tonne in Singapore, while in
Iron ore rises as demand outlook boosted by China imports Read More »
In 2024, China’s iron ore imports reached 1.24 billion mt, up 4.9% year on year, according to the latest data released by China’s General Administration of Customs (GACC). This happened even though overall crude steel production posted a negative trend with a 2.7% decline in the first 11 months of the year. Iron ore port
China’s iron ore imports increase by 4.9% in 2024 Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $344/ tonne, $5 down compared to last week’s prices. and iron ore prices $98/ tonne, $1 down compared to last week’s prices. While the prices of billets ranged between 435 – 460 Dollars per tonne, while it was between 440 –
Steel prices in the second week of January 2025 Read More »
The Iron and Steel Company for Mines and Quarries announced its success in exporting its first shipment abroad in late November, and work is underway to load the export products during December. The company explained in a disclosure that the total export shipments reached 150 thousand tons, with 3 export shipments. It is noteworthy that
According to the prices announced in the global steel markets, scrap prices amounted to $350/ tonne, $1 down compared to last week’s prices. and iron ore prices $99/ tonne, $1 down compared to last week’s prices. While the prices of billets ranged between 440 – 465 Dollars per tonne, while it was between 440 –
Steel prices in the fourth week of December 2024 Read More »
Iron ore prices fell to their lowest in more than 5 weeks after industrial company earnings data in China showed the country’s economy continued to weaken. Chinese data showed industrial company profits fell for a fourth straight month, on track for their worst annual decline since records began in 2000. Singapore-traded iron ore futures fell
Iron ore prices fall to lowest in more than 5 weeks Read More »
Iron ore prices edged up slightly as Chinese steel mills built up inventories in preparation for a spring resumption. Singapore iron ore futures rose 1.2% on Thursday, after falling earlier in the month as producers scaled back off-season operations during the winter. Output from major mills fell to the lowest in about three months, data
Iron ore recovers some losses as mills rebuild inventories Read More »
Iron ore prices have fallen below $100 a ton as the market assesses the outlook for China’s property sector, which is expected to deteriorate sharply. Economic analysts expect China’s home prices and sales to continue falling next year, although the decline may be slower than in 2024. The price of iron ore, a key ingredient
Iron ore price falls below $100 a ton as China property crunch fears deepen Read More »
Iron ore prices rose on expectations of increased purchases by Chinese steel mills to replenish stocks ahead of the New Year holiday season. The most active iron ore futures contracts on the Dalian Exchange for May delivery rose 0.84% to 780 yuan ($106.87) per tonne during today’s trading, after touching the lowest level since November
Iron ore prices rise on expectations of increased demand ahead of the holiday season Read More »
According to the prices announced in the global steel markets, scrap prices amounted to $351/ tonne, $3 up compared to last week’s prices. and iron ore prices $100/ tonne, $4 down compared to last week’s prices. While the prices of billets ranged between 440 – 465 Dollars per tonne, while it was between 440 –
Steel prices in the third week of December 2024 Read More »
The African Development Bank has approved a $150 million concessional loan to the National Industrial and Mining Company (SNIM). The loan from the African Development Bank will enable SNIM to acquire up to 36 locomotives and 1,743 wagons to transport iron ore production to the iron ore port in Nouadhibou. The loan, provided by the
Mauritania: SNIM borrows $150 million to expand its iron ore transport capacity Read More »
In November 2024, India’s iron ore exports fell 55% year-on-year and 24% month-on-month to 1.82 million tonnes. This is evidenced by CYBEX data, Kallanish reports. The main reason behind the sharp decline was weak activity in the key market of China, which accounts for about 90% of India’s iron ore exports. Chinese steelmakers prefer lower-grade
India’s iron ore exports fall 55% in November Read More »