Brent crude futures tumbled 3%, down from the level of $80 a barrel, while US oil futures lost $3 to $77.75 a barrel before closing trading, Wednesday. Oil fell, after a report showed that the United States reduced strategic petroleum reserve stocks by 3.2 million barrels last week. The Energy Information Administration said: The strategic […]
Oil loses $3.. Brent is below $80 Read More »
According to data released by the statistics bureau on November 15, 2021, China’s daily crude steel output fell by 6.1% from a month earlier to 2.3 million tonnes in October, which is the lowest since December 2017. Data from the National Bureau of Statistics (NBS) showed that the world’s top steel producer made 71.58 million
China’s Oct daily crude steel output plunges to nearly 4-year low Read More »
According to final census data from the US Department of Commerce, US imports of wire rod totaled 102,866 mt in September 2021, up 36.6 percent from August and up 166.4 percent from September 2020 levels. By value, wire rod imports totaled $94.9 million in September 2021, compared to $70.9 million in August and $25.9 million
US wire rod imports up 36.6 percent in September Read More »
Japan’s economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending while new COVID-19 cases soured the consumer mood, undermining efforts to stoke a virtuous growth cycle. While many analysts expect the world’s third-largest economy to rebound this quarter as virus curbs ease, worsening global production
Japan’s economy shrinks more than expected as supply shortages hit Read More »
India’s Tata Steel Limited has reported a consolidated net profit of INR 119.18 billion ($1.6 billion) in the second quarter (July-September) of the fiscal year 2021-22, up 661.3 percent over the corresponding period of the previous year, according to a company statement. The company reported total revenue of INR 602.83 billion ($8.1 billion) during the
Tata Steel’s net profit up 661% in July-September Read More »
ArcelorMittal SA warned that Chinese steel demand will contract this year due to headwinds facing the real estate sector, in the latest sign of the widening fallout from the China Evergrande Group’s crisis. China dominates global steel markets as the largest producer and consumer, accounting for more than half of total demand. The real estate
ArcelorMittal : Chinese Steel Demand Will Contract This Year Read More »
In the January-October period this year, China imported 11.843 million mt of finished steel, down 30.3 percent year on year, 1.4 percentage points faster compared to the declining pace recorded in the first nine months of the current year, as announced by the Chinese customs authorities on November 7. In October alone, China imported 1.127
China’s steel imports down 30.3 percent in Jan-Oct Read More »
The Brazilian miner and South Korean steelmaker Posco have signed a memorandum of understanding (MoU) to seek opportunities to develop solutions for the steel industry aimed at reducing CO2 emissions. Both companies will work to develop “decarbonizing solutions” for the steel industry. The two companies are in talks to achieve such a goal. They will
Vale and Posco sign MoU to develop cleaner steel products Read More »
According to preliminary census data from the US Department of Commerce, US imports of rebar totaled 143,950 mt in September 2021, up 69.7% from August and up 268.3% from September 2020 levels. By value, rebar imports totaled $115.6 million in September 2021, compared to $69.2 million in August and $18.9 million in September 2020. The
US rebar imports up 69.7% in September, Algeria ranked first Read More »
Concluding a ‘sunset review’ of the antidumping (AD) duty on imports of alloy and nonalloy wire rod imports from China, India’s Directorate General for Trade Remedies (DGTR) has recommended continuation of the levy, a government official said on Monday, November 1, quoting from the DGTR’s notification. The official said that recommendation has been forwarded to
India extends AD duty on wire rod imports from China by 5 years Read More »
The US and EU have reached a deal to end a long-standing dispute over steel and aluminum tariffs set by former US President Donald Trump, European Commission President Ursula von der Leyen announced at the G20 Summit in Rome. According to US Commerce Secretary Gina Raimondo, the new agreement will allow “a limited amount of
US, EU end dispute over steel & aluminum tariffs Read More »
According to preliminary census data from the US Department of Commerce, US monthly steel imports in September 2021 increased 16.7% from August to total 2,938,323 mt. A year-on-year comparison shows a 156.4 percent increase. In terms of value, US steel imports in September totaled $3.49 billion, compared to $3.05 billion in August and $1.05 billion
US steel imports up 16.7 percent in September Read More »
Iron ore prices plunged amid supply growth and expected demand weakness. Much lower prices supported buying activity in the seaborne market. Australian iron ore fines 62% Fe slumped by $8/t to $111.75/t CFR, posting the largest daily decrease in more than a month, while its futures on the DCE fell by RMB 23.5/t ($3.7/t). Several
Iron ore prices down $8/t amid new supply increase, output cuts Read More »
China plans to cap the prices of thermal coal sold by mining companies as part of efforts to ease the country’s energy crisis, which has led to periodic blackouts in many parts of China. The National Development and Reform Commission, the country’s top economic body, aims to set the price of 5500-NAR coal in China
China Plans to Cap Key Coal Price to Ease an Energy Crisis Read More »
In September this year, Brazilian miner Vale’s iron ore export volume totaled 26.37 million mt, down 6.1% compared to August and decreasing by 4.4% compared to September 2020, according to Brazil’s National Union of the Industry of Extraction of Iron and Base Metals (Sinferbase). In the January-September period of the current year, Vale’s iron ore
Vale’s iron ore exports down 4.4% in September Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 144.4 million tonnes (Mt) in September 2021, an 8.9% decrease compared to September 2020. China produced 73.8 Mt in September 2021, down 21.2% on September 2020. India produced 9.5 Mt, up 7.2%. Japan produced 8.1 Mt, up 25.6%. Crude
World crude steel production decreased by -8.9% in September 2021 Read More »
China’s average daily output of crude steel recorded a three-year low in September, according to the China Iron and Steel Association (CISA). The average daily output in September fell 21.2 percent year on year to 2.46 million tonnes, CISA vice chairperson Qu Xiuli said at a press conference. She noted the drop in output is
China’s daily crude steel output hits 3-years low Read More »
According to a new report issued by the China Iron and Steel Association (CISA), steel prices in China in September shifted from a downward trend to an uptrend amid restrictions on energy consumption which resulted in declining steel output and expectations of tight steel supply for the near future. There are a number of factors
CISA: Steel prices unlikely to change sharply amid demand-supply balance Read More »
In September this year, China’s rebar and wire rod outputs totaled 17.698 million mt and 11.171 million mt, down 24.7% and 27.2% year on year, while down 12.0% and 11.2% month on month, respectively, according to China’s National Bureau of Statistics (NBS). The rebar and wire rod outputs indicated big declines due to production restrictions
China’s rebar output down by 24.7% in September Read More »
According to export data from the US Department of Commerce, US exports of rebar totaled 22,193 mt in August 2021, down 12.5% from July and down 0.8% from August 2020 levels. By value, rebar exports totaled $23.2 million in August, compared to $24.2 million in the previous month and $14.4 million the same month last
US rebar exports down 12.5 % in August Read More »
Oil prices hit multi-year highs buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation. Brent crude oil futures were up 59 cents, or 0.7%, to $85.45 a barrel, after hitting $86.04, their highest level since October 2018. U.S. West Texas Intermediate
Oil prices rise above $80 as demand recovers Read More »
China’s National Bureau of Statistics (NBS) announced that China’s crude steel outputs amounted to 73.75 million mt in September, down 21.2% compared to the same month last year. The production of iron ore was 65.19 million mt in the same month, down 16.1%, and finished steel products was 101.95 million mt 14.8% on year-on-year. At
China’s crude steel output down 21.2% in September Read More »
The world’s steelmakers need a makeover. Their industry is one of the dirtiest, and it’s blamed for about 7% of global carbon emissions. At the moment, the manufacturing processes of the biggest producers are doing the same old fashion and now they face a reckoning. With the planet’s viability at stake because of global warming,
A Swedish company succeeds in producing the World’s First Green Steel Read More »
The U.S. has submitted a new proposal to the European Union to solve a Trump-era dispute on steel tariffs, offering more-generous terms, according to people familiar with the matter. The updated proposal involves so-called tariff-rate quotas that Bloomberg reported last month, but provides for a bigger quantity of steel to enter the U.S. before higher
U.S. Revises EU Steel Proposal as Tariff-Increase Date Looms Read More »
China has asked steel mills in more cities in northern China to cut production from Nov. 15 to March 15 next year, in order to clear the smog-blanketed sky in the region and to ensure the achievement of the country’s steel output reduction target. Steel mills should keep to their plans to cut production for
China orders more northern steel mills to cut winter output Read More »
Malaysia has imposed antidumping (AD) duties on CRC imports from China, Vietnam and South Korea to protect domestic producers from unfair imports. On October 8, 2021, the Ministry of International Trade and Industry (MITI) of Malaysia has announced its decision to impose final AD duties ranging from 0% to 42.08% on “CRC of alloy and
Malaysia sets AD duty on CRC from China, Vietnam and South Korea Read More »
Australian mining company BHP Billiton has announced that it has officially opened its new South Flank mine in Western Australia. When fully operational, the mine, with a US$3.6 billion investment, will produce an annual 80 million mt of premium iron ore. The South Frank mine and the existing Mining Area C will form the largest
BHP officially opens South Flank iron ore mine,with a capacity of 80 million mt Read More »
In the January-August period of this year, Turkey’s billet import volume amounted to 2.15 million mt, increasing by 100%, while the value of these imports increased by 203% to $1.38 billion, both year on year. In the given period, Turkey imported 1.31 million mt of billet and bloom from Russia, up 101.32% year on year,
Turkey’s billet imports up 100 percent in January-August, including Arab countries Read More »
Britain’s most energy intensive manufacturers, including producers of steel, glass, ceramics and paper, have warned the government that unless something is done about soaring wholesale gas prices they could be forced to shut down production. Wholesale gas prices have increased 400% this year in Europe, partly due to low stocks and strong demand from Asia,
Rising gas prices threaten British factories to stop production Read More »
Turkey’s total export value rose by 30 percent year on year to $20.8 billion in September, while the export value of the steel industry stood at $2.6 billion in the given month, according to Turkish Steel Exporters’ Association (CIB). The Turkish steel industry left the automotive industry behind with its exports and ranked first among
Turkey’s steel industry becomes its No.1 exporting sector in Sept Read More »