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Oil prices rise to highest since Oct 2018, Brent reaches $76.18 per barrel

Oil prices recorded $76.18 a barrel for the Brent crude futures contract at the settlement on Friday, and the US West Texas Intermediate crude futures recorded $74.05 a barrel. International media reports stated that oil prices in global markets rose to their highest levels since October 2018, as prices were supported by expectations that demand […]

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China’s production of iron ore in May is the highest in 3 years

China’s run-of-mine (ROM) iron ore output refreshed its three-year high in May, reaching 87.6 million tonnes, up 14.4% on year and 0.8% higher on month. Though the total output over January-May at 405.8 million tonnes, grew more slowly at 17.9% on year than the 18.6% on-year gain for the first four months, according the data

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Maghreb Steel’s revenue increased by 54% in Q1 2021

Maghreb Steel’s sales increased by 39% in Q1 2021 to 124,000 tons, as the company indicated that this increase comes within Stronger shipments resulted from the continuing recovery of the national economy that began in Q4 2020, and had a positive impact on business performance during Q1 2021, As the company relied on the local

Maghreb Steel’s revenue increased by 54% in Q1 2021 Read More »

World production of crude steel increased by 16.5 % in May 2021

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 174.4 million tonnes (Mt) in May 2021, a 16.5% increase compared to May 2020. China produced 99.5 Mt in May 2021, up 6.6% on May 2020. India produced 9.2 Mt, up 46.9%. Japan produced 8.4 Mt, up 42.2%. Top

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EU Wants U.S. Metal – Duties Halt by Year-End

The European Union is working toward having the U.S. lift its national-security tariffs on metal imports by the end of the year, EU Ambassador to Washington Stavros Lambrinidis said. “We’re going to be sitting down in the next five months until the end of the year

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Oil rallies above $75 for first time since April 2019

Global prices for crude extended their rally, pushing above $75 a barrel for the first time since April 2019, as a rapid rebound from the Covid-19 pandemic across the world underpins increasing fuel consumption. The international benchmark Brent rose 0.36% to $75.17 per barrel as of 6:32am GMT on Tuesday. West Texas Intermediate, which tracks

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US rebar exports up 21.9 percent in April

According to export data from the US Department of Commerce, US exports of rebar totaled 20,640 mt in April 2021, up 21.9 percent from March and up 55.9 percent from April 2020 levels. By value, rebar exports totaled $17.5 million in April, compared to $13.9 million in the previous month and $8.3 million the same

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Thailand cancels preliminary anti-dumping duty on Chinese HDG

Thailand’s commerce ministry has cancelled a preliminary anti-dumping duty of 35.67% on imports of hot-dipped galvanised steel from China. Until further notice, the ministry has cancelled, effective 1 June, the collection of a security deposit and will also return the collateral that has been collected for the anti-dumping duty. The decision is temporary until a

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China’s crude steel and finished steel production output rises in January-May

China’s crude steel output continued to grow rapidly over January-May, with the total volume surging 13.9% on year to 473.1 million tonnes, according to the latest release by the country’s National Bureau of Statistics (NBS) on June 16. However, the on-year growth has slower compared with the 15.6% on-year gain for the January-April period. For

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Brazilian crude steel output increases 40.1 percent in May

Brazilian crude steel production in May rose 40.1 percent, year-over-year, to 3.1 million mt, according to a report this week from the local steel association, IABr. Brazilian domestic steel sales volumes in May this year grew 73.9 percent, year-over-year, to 2.1 million mt. Apparent steel consumption in May totaled 2.5 million mt, 83 percent up,

Brazilian crude steel output increases 40.1 percent in May Read More »

Mills’ daily steel output up 2.15% in China and stocks up 6.14%

The China Iron and Steel Association (CISA) has announced that in early June (June 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China – all CISA members – totaled 2.3353 million mt, up 2.15 percent compared to late May (May 21-31). In late May, the average

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Thailand maintains AD duties on HRC from 14 countries for 5 years

Thailand’s Department of Foreign Trade (DFT) has announced the final decision of its expiry review of the antidumping duty on imports of certain hot rolled coil products from Japan, South Africa, Russia, Kazakhstan, India, South Korea, Taiwan, Venezuela, Argentina, Ukraine, Algeria, Indonesia, Slovakia and Romania. The DFT decided to maintain antidumping duties on the imports

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EU to extend steel import quotas for another three years

The European Commission has sent member states a draft proposal to extend the steel import safeguards for another three years. The Commission is also expected to increase the quota volumes by three per cent; which are due to expire on June 30. The import quotas were expected to be extended for one year. However, market

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USA could lift 25% steel tariff for EU by December

The EU and USA will next week discuss a possibility of the cancelation of Section 232 tariffs imposed by the US on steel imports for the EU. The 25% tariff on steel imports could be lifted by December this year. As part of the trade thaw discussions between the US and EU started in May,

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Turkey’s wire rod exports up 10.4% in January-April

According to the data provided by the Turkish Statistical Institute (TUIK), in April this year Turkey’s wire rod exports increased by 149.0 percent year on year to 140,641 metric tons, up 29.5 % compared to the previous month. The revenue from these exports amounted to $96.62 million, up 38.0 % month on month and increasing

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OECD raises world GDP growth forecast to 5.8% but fears ‘headwinds’

The Organisation for Economic Co-operation and Development (OECD) raised its 2021 global GDP growth forecast Monday but warned that “too many headwinds persist” as not enough COVID-19 vaccines are reaching emerging economies, making the world vulnerable to variants. The world economy will expand by 5.8 percent this year, the highest since 1973 and up from

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Scrap imports to Turkey reach almost 2.5 million t in April due to increased sales

April expectedly became a hot month for scrap imports to Turkey, first of all owing to strong support from overseas steel buyers. Moreover, it was the tenth consecutive month of robust demand for scrap in the country, supporting the overall positive trend for January-April 2021. The EU traditionally supplied the lion share of both the

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EU imposes provisional AD duty on stainless CRC imports from India and Indonesia

The European Commission has published provisional antidumping duties (AD) on imports of stainless steel cold rolled flat products from India and Indonesia. The provisional antidumping duty rates range between 13.6 percent and 34.6 percent for India and between 19.9 percent and 20.2 percent for Indonesia. The Commission investigation confirmed that dumped imports from India and

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Covid Outbreak Partly Closes One of China’s Busiest Ports

An outbreak of Covid-19 has partly closed one of the world’s busiest ports, a shutdown that may add to the already record cost of shipping goods out of China. Yantian Port in the export and industrial hub of Shenzhen in southern China will not accept any containers for export until Sunday May 30, according to

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China’s steel industry is seeking to reduce carbon emissions despite increased production

Forging ahead toward a greener future, China is ever more committed to transforming the steel industry into a low carbon-emitting one amid its long-term green pledges. As China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060, the steel industry remains the largest emitter among all manufacturing sectors in

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Russia to approve €70/t minimum scrap export duty

The Russian economic development ministry’s regulations sub-committee has recommended to increase the minimum fiscal value of ferrous scrap export duty from the existing €45/tonne to €70/t ($85). The existing level is set to expire in late July. The initial recommendation by the ministry was to double the minimum duty level to €90/t. The new suggested

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US steel imports 2.4 million tons in April

According to preliminary census data from the US Department of Commerce, US monthly steel imports in April 2021 increased 14.1 percent from March to total 2,391,729 mt. A year-on-year comparison shows a 5.2 percent decrease. In terms of value, US steel imports in April totaled $2.39 billion, compared to $2.05 billion in March and $1.83

US steel imports 2.4 million tons in April Read More »

CISA: China’s steel prices to stabilize in late May

According to a new report issued by the China Iron and Steel Association (CISA), demand for steel in China in April has been very good, strongly bolstering steel prices. Moreover, steel prices surged at a higher speed following the Labor Day holiday due to decent demand and high levels of raw material prices. Reaching their

CISA: China’s steel prices to stabilize in late May Read More »

Goldman sees oil hitting $80/bbl in Q4 2021

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply. “The case for higher oil prices therefore remains intact given the large vaccine-driven increase in demand in

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Turkey’s construction sector demands examination of steel price increase

Still having not fully recovered from pandemic challenges, the construction industry of Turkey faced another issue – the galloping increase in input prices, including those for steel components. The representatives of construction contractors voiced their concerns, asking for governmental support and intervention. Turkey’s construction sector urged the government to find a solution, stressing the sharp

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China’s HRC output up amid higher prices

In April this year, hot rolled coil (HRC) output in China totaled 16.156 million mt, rising by 8.2 percent from March results. In the January-April period this year, China’s hot rolled coil (HRC) production amounted to 61.225 million mt, up 18.1 percent year on year, which was 2.1 percentage points faster than the increase rate

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China’s rebar and wire rod outputs rise gradually in April as prices increased

In April this year, China’s rebar and wire rod outputs totaled 23.656 million mt and 14.174 million mt, up 11.8 percent and 8.3 percent year on year, while up 3.04 percent and 2.96 percent month on month, respectively. Local rebar prices in China indicated an overall rising trend in April, increasing by 6.9 percent to

China’s rebar and wire rod outputs rise gradually in April as prices increased Read More »

World production of crude steel increased by 23.3% in April

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 169.5 million tonnes (Mt) in April 2021, a 23.3% increase compared to April 2020. China produced 97.9 Mt in April 2021, up 13.4 % on April 2020. India produced 8.3Mt, up 152.1%. Japan produced 78 Mt, up 18.9%. Top

World production of crude steel increased by 23.3% in April Read More »

Global trade rebounds in Q1 of 2021 on Asian exports .. It rose 10%

Global trade enjoyed a record rebound in the first quarter of 2021, according to UN estimates, growing 10 per cent year-on-year largely on the back of booming exports from East Asia.

Global trade rebounds in Q1 of 2021 on Asian exports .. It rose 10% Read More »

U.S. and Europe Seek to End Trump-Era Dispute Over Steel and Aluminum

The European Union and United States are to start talks to address the steel tariffs imposed by President Donald Trump. In a joint statement Monday, U.S. and European trade representatives said they were looking “to find solutions before the end of the year” that will address the overcapacity in the steel sector. This issue has

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